As with any major bank, there are many ways to transfer money from Bank of America to another bank. All of them have their benefits. If you want to transfer a small amount of money quickly, that is one case. But if you want to transfer a large amount of money, then use another way. If your recipient doesn’t want to share the account number then you can use a third way.
Wire transfer money from Bank of America
If you want to quickly move a large amount of money from Bank of America to another bank account then a wire transfer is a good choice. An external bank account can be yours or someone else’s. Wire transfers are frequently used to send a down payment when you purchase a house. It usually takes one business day and often requires some extra security verification.
To perform the transfer you have to first set up the external bank account using the account number and routing number. Only then you can transfer funds. Bank of America charges a $30 fee for wire transfers. At the same time, other banks may charge you for incoming wire transfers. People often use wire transfers to send money internationally.
Transfer money via ACH transfer
To transfer money from Bank of America to your other bank account you can use ACH transfer. ACH stands for Automated Clearing House. You cannot send money to someone else using ACH.
At Bank of America, the 3 business days transfer fee is $3 and the next business day transfer cost is $10. While it may seem not much keep in mind, that ACH transfers at other banks are free and take only 2 business days. So if you initiate a transfer from another bank it is going to be free.
Transferring using the Bank of America website cost $3-$10 and transferring using other banks’ websites is free. Good to know!
Send money with Zelle
Big banks like Bank of America, Chase, Wells Fargo, Capital One, and others created a payment system called Zelle. With Zelle, you can send money without any fee among those banks. Since 2016 the network of banks that participate in Zelle expanded dramatically.
Sending money from Bank of America is free, but it has some limits. You can send up to $2,500 per day and up to $20,000 per month. Therefore using Zelle to make a down payment for your house is not going to work and moving your savings worth $50,000 is not going to work either.
In Zelle to send money, you only need a phone number or email of the recipient. It doesn’t matter what bank the recipient has.
Send paper check
Paper checks are still used in the United States. If you have a checkbook, then you can write a check and hand it in like cash. Alternatively, you can set up bill payments and Bank of America will print and send the check on your behalf.
The signed paper check can be deposited in many ways. The recipient of the check can deposit it using a mobile phone, in the bank’s branch, or mail it to the bank. You can even write the check in your name and then deposit it.
Withdraw and deposit cash
The least convenient and advisable way is to withdraw cash from Bank of America and deposit it at your other bank. You can use Bank of America ATM to withdraw cash. However, keep in mind that the amount you can withdraw per day is limited. You can then deposit cash at your other bank. This way is going to take lots of time.
The bottom line
There are many ways to transfer money from Bank of America and each is appropriate for its purpose.