What a wire transfer is and when to use it

A wire transfer is a way to send money directly from your Bank of America account to someone else's bank account, usually the same day or within one business day. The money moves electronically through the banking system, and once it leaves your account, you cannot cancel it — so wire transfers are best for payments you are certain about, like paying a contractor, sending money to family, or paying a bill to a company that requires it.

Wire transfers cost money. Bank of America charges a fee for domestic wire transfers (within the United States) and a different, usually higher fee for international wire transfers (to accounts outside the United States). The fee comes out of your account when you send the transfer. Ask at your branch or check your account online to see the current fee, since it can change.

Wire transfers are different from other ways to move money. An ACH transfer (also called an electronic funds transfer) is slower but free or cheaper, and you can cancel it before it processes. A check takes several days to clear. A wire transfer is fastest and most final, which is why it costs more and why you need to be careful with the details.

Key Takeaways

  • You can send a domestic wire transfer online through your Bank of America account, by phone, or in person at a branch, and it usually arrives the same day if you send it before the cutoff time.
  • You will need the recipient's full name, bank name, account number, and routing number — getting any of these wrong means the money goes to the wrong place or bounces back.
  • Bank of America charges a fee for wire transfers, and the fee is higher for international transfers than for transfers within the United States.
  • Once you send a wire transfer, you cannot cancel it, so double-check all the details before you confirm.
  • If a wire transfer fails or goes to the wrong account, contact Bank of America right away — the sooner you report it, the better your chances of recovering the money.

How to send a wire transfer online

Log into your Bank of America account on the website or mobile app. Look for the "Transfer funds" or "Payments" section — the exact name depends on which version you are using. Select "Wire transfer" from the menu of transfer types.

You will be asked whether the transfer is domestic (within the United States) or international (to another country). Choose the correct one, because the process and fees are different.

Enter the recipient's information. You will need their full name exactly as it appears on their bank account, the name of their bank, their account number, and their bank's routing number. For international transfers, you will also need the bank's SWIFT code (a code that identifies banks internationally) and possibly an IBAN (International Bank Account Number). If you are missing any of this information, ask the person you are sending money to — they can get it from their bank or their account statements.

Enter the amount you want to send and a description of what the transfer is for (this is optional but helpful for your records). Review all the details carefully — especially the account number and routing number, because a single wrong digit sends the money to the wrong place. When you are certain everything is correct, confirm the transfer. Bank of America will show you a confirmation number. Write it down or take a screenshot.

Sending a wire transfer by phone or in person

If you prefer not to use the website or app, you can call Bank of America's wire transfer line or visit a branch in person. Call the number on the back of your debit card or the number listed on the Bank of America website. Have the recipient's information ready — their full name, bank name, account number, and routing number.

A Bank of America representative will walk you through the process, confirm the details with you, and process the transfer. They will give you a confirmation number. Write it down.

At a branch, bring a photo ID and the recipient's banking information. A teller will help you fill out a wire transfer form, review it with you, and process it. You will receive a receipt with a confirmation number.

Timing and cutoff times

Domestic wire transfers sent before the cutoff time usually arrive the same business day. The cutoff time is typically in the late afternoon (around 4 or 5 p.m. Eastern Time), but it varies depending on which day of the week it is and whether it is a bank holiday. Check with Bank of America for the exact cutoff time on the day you are sending.

If you send a wire transfer after the cutoff time, it will process the next business day. Weekends and bank holidays do not count as business days, so a transfer sent on Friday evening will not arrive until Monday at the earliest (unless Monday is a holiday).

International wire transfers take longer — usually three to five business days — because the money has to move through multiple banks in different countries. The exact timing depends on the destination country and the banks involved.

What information you need before you start

Gather all the recipient's information before you log in or call. You will need:

  • The recipient's full name, exactly as it appears on their bank account
  • The name of their bank
  • Their account number
  • Their bank's routing number (for domestic transfers) or SWIFT code and IBAN (for international transfers)
  • The amount you want to send

If you are sending money to someone in another country, also ask whether there are any special codes or reference numbers their bank needs — some banks require additional information for international transfers to process correctly.

Do not guess at any of this information. A wrong routing number or account number means the money goes somewhere else, and recovering it takes time and effort. If you are unsure, ask the recipient to confirm the details or have them contact their bank directly.

Fees and what they cover

Bank of America charges a fee for sending a wire transfer. The fee for a domestic wire transfer is different from the fee for an international wire transfer, and both fees come out of your account when the transfer is sent. The exact amount varies, so check your account online or ask at a branch for the current fee.

The fee covers the cost of processing and sending the transfer through the banking system. It does not cover any fees that the recipient's bank might charge them for receiving a wire transfer — some banks charge a fee to receive money, and that comes out of what they receive. This is between the recipient and their bank.

What to do if something goes wrong

If you realize you made a mistake before the transfer is sent, cancel it when ready. Log into your account or call Bank of America right away and tell them to stop the transfer. If the transfer has already been sent, it is much harder to get the money back, but contact Bank of America when ready anyway. The sooner you report it, the better your chances.

If the transfer was sent to the wrong account, Bank of America can file a trace to try to recover the money. This takes time — sometimes weeks — and there is no may provide the money will come back. The receiving bank has to cooperate, and if the recipient has already spent the money, recovery may not be possible.

If the transfer failed and bounced back to your account, you will see a credit back to your Bank of America account within a few business days. The fee you paid may not be refunded. Contact Bank of America to find out why it failed — usually it is a wrong account number or routing number — and correct the information before you try again.

Frequently Asked Questions

Can I cancel a wire transfer after I send it?

Not usually. Once a wire transfer leaves your account, it is in the banking system and cannot be stopped. Contact Bank of America when ready if you need to try, but be prepared for the answer to be no. This is why it is so important to check all the details before you confirm the transfer.

What is the difference between a wire transfer and an ACH transfer?

A wire transfer is fast (usually same day) and costs money. An ACH transfer is slower (three to five business days) and is free or very cheap. You can cancel an ACH transfer before it processes, but you cannot cancel a wire transfer. Use a wire transfer when speed matters and you are certain about the payment. Use an ACH transfer when you have time and want to save the fee.

Do I need to tell the recipient I am sending a wire transfer?

Yes. Let them know the amount, when you are sending it, and which bank it is coming from. This way they can watch for it and let you know when it arrives. If it does not arrive within the expected time, they can contact their bank to trace it.

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

Contact Bank of America right away and explain what happened. They can file a trace to try to recover the money, but there is no may provide. The receiving bank has to cooperate, and if the account holder has already spent the money, recovery may not be possible. This is why checking the account number and routing number twice is so important.

Can I send a wire transfer from a savings account or only from a checking account?

You can send a wire transfer from either a checking account or a savings account at Bank of America. The process is the same. The fee is the same regardless of which account type you use.