The main ways to send money from Bank of America

You can move money out of your Bank of America account in four ways: a wire transfer, an ACH transfer, a check, or a debit card payment. Which one you use depends on who you're sending the money to, how fast you need it to arrive, and whether you're sending it to another bank or keeping it within Bank of America.

Wire transfers are the fastest but cost money and work best for large amounts or urgent transfers. ACH transfers are free, slower, and work between most U.S. banks. Checks take the longest but cost nothing. Debit card payments move money when ready but only to merchants, not to other people's bank accounts.

Each method has different limits, different timelines, and different rules about who can receive the money. Understanding which one fits your situation saves you time and money.

Key Takeaways

  • Wire transfers arrive the same day or next business day but cost $15 to $30 and work best for amounts over $500.
  • ACH transfers are free and take three to five business days, and you can set them up online or through your Bank of America app.
  • You can only wire money to another bank account or to a wire service like Western Union, not to a person's cash account.
  • Bank of America limits wire transfers to $10,000 per day for online transfers unless you call and request a higher limit.
  • Checks clear in five to ten business days depending on the bank that receives them, and you can mail them or deposit them at any bank.

Wire transfers: same-day or next-day arrival

A wire transfer moves money directly from your Bank of America account to another bank account. The receiving bank gets the money the same business day if you send it before the cutoff time (usually 2 p.m. Eastern), or the next business day if you send it after.

To send a wire, you need the recipient's full name, their bank's name, their account number, and their bank's routing number. You can send a wire through your Bank of America app, online banking, or by calling 1-800-869-3557. If you use the app or online banking, the transfer costs $15 domestically. If you call, it costs $30. International wires cost $45.

Bank of America limits domestic wire transfers to $10,000 per day if you send them online. If you need to send more, call the number above and speak to a representative, who can raise your limit or process the transfer over the phone. There is no daily limit on wire transfers you make in person at a branch.

ACH transfers: free but slower

An ACH transfer (Automated Clearing House) moves money between bank accounts through the Federal Reserve's clearing system. It takes three to five business days and costs nothing. Most people use ACH to pay bills, send money to friends or family, or move money between their own accounts at different banks.

Set up an ACH transfer through your Bank of America app or online banking. Go to "Transfer & Pay," select "Pay a Person," and enter the recipient's name and bank account number. Bank of America will ask you to verify the account by depositing two small amounts (usually under $1 each) into it. Once verified, you can transfer up to $10,000 per transaction, with a monthly limit of $25,000.

The three- to five-day timeline is a Federal Reserve standard, not something Bank of America controls. The money leaves your account when ready, but the receiving bank does not credit it until the clearing process completes. If you send an ACH transfer on a Friday after business hours, it will not arrive until Tuesday or Wednesday.

Checks: no fee, longest timeline

Writing a check is still a valid way to move money out of your account. The recipient deposits or cashes the check at their bank, and the money clears in five to ten business days depending on the receiving bank's processing speed. Checks cost nothing if you order them through Bank of America, though you may pay a small fee if you order expedited delivery.

You can mail a check, hand it to someone in person, or deposit it at any bank or ATM. The receiving bank has no obligation to clear it faster than ten business days, so if the recipient needs money urgently, a check is not the right choice. If the check is lost or stolen, you can stop payment through Bank of America for a fee of around $30.

Debit card payments and transfers to merchants

When you use your Bank of America debit card to pay a merchant—online, in person, or over the phone—the money moves from your account to the merchant's account. The timeline depends on the merchant's bank, but most transactions post within one to three business days. There is no fee to you.

Debit card payments work only when you are paying a business or organization that accepts cards. You cannot use a debit card to send money to another person's bank account. If you need to send money to a person, use a wire transfer, ACH transfer, or check instead.

Limits and daily maximums

Bank of America sets different limits depending on the transfer method and how you initiate it. Online wire transfers are capped at $10,000 per day. ACH transfers are limited to $10,000 per transaction and $25,000 per month. Checks have no daily limit. Debit card transactions are limited to your available balance and any daily spending limit you have set.

If you need to send more than your daily limit, call Bank of America at 1-800-869-3557 to request a temporary increase. For wire transfers, you can also visit a branch in person and send an unlimited amount. The bank may ask why you need the increase, especially for amounts over $10,000, because of federal reporting requirements.

Transfers within Bank of America

If you are sending money to another Bank of America account—your own or someone else's—the money arrives when ready. You can set this up through your app or online banking by selecting "Transfer Between My Accounts" or "Send Money to a Bank of America Customer." You need only the recipient's email address or phone number if they are a Bank of America customer, or their account number if they are not.

Transfers between Bank of America accounts are free and have no daily limit. This is the fastest way to move money if both accounts are at Bank of America.

Frequently Asked Questions

Can I cancel a transfer after I send it?

It depends on the transfer type. Wire transfers cannot be cancelled once they leave Bank of America, usually within minutes of sending. ACH transfers can sometimes be stopped if you contact Bank of America before the receiving bank processes them, which is typically within one business day. Checks can be stopped for a fee of around $30 if you call before the check clears.

What happens if I send money to the wrong account number?

The money will go to whatever account the number belongs to. Bank of America cannot retrieve it. If you sent it to the wrong person, contact that person's bank and explain the mistake. They may be able to reverse it, but they are not required to. Always double-check the account number before sending.

Do I need to report large transfers to the IRS?

Bank of America reports wire transfers over $10,000 to the federal government as part of anti-money-laundering rules. This is routine and does not mean you have done anything wrong. You do not need to report it yourself unless the transfer is related to income or a business transaction that you would report on your taxes anyway.

How do I know if my transfer went through?

Check your Bank of America app or online banking account. Wire transfers and ACH transfers show a confirmation number when ready. Wire transfers show a status of "sent" or "delivered" within hours. ACH transfers show "pending" for three to five days, then "completed." Checks do not show in your account history until the recipient deposits them.

Can I set up automatic transfers from Bank of America?

Yes. Through your app or online banking, you can schedule recurring ACH transfers or bill payments to happen weekly, biweekly, monthly, or on a date you choose. Wire transfers cannot be scheduled automatically. You must initiate each one separately.