Transferring money in between banks internationally may seem like it should be very simple, such as a Bank of America wire transfer. However, what goes on behind the scenes of an international transfer is the work of a SWIFT code.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, the cooperative utility that created the SWIFT messaging network banks use to facilitate these international funds transfers. This network connects more than 11,000 entities, including banking and securities organizations, in more than 200 countries and territories. Continue reading to learn more on Bank of America SWIFT codes.
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What Is a SWIFT Code?
A SWIFT code — also known as a bank identifier code, or BIC — is what banks use during international wire transfers to identify the particular bank to which the funds will be sent. SWIFT codes contain either eight or 11 characters.
The first four characters of the SWIFT code serve as a bank identification code and are often closely related to the bank’s name in some way, such as an abbreviated version of the name or an acronym.
Here is what the characters used in Bank of America’s SWIFT codes means:
- Characters one through four: Identify Bank of America using an abbreviation of the bank’s name
- Characters five and six: Two-letter country code identifying the United States as the country where Bank of America is located
- Characters seven and eight: Two-character code representing the city where Bank of America’s head office is located
How To Find Your Bank of America SWIFT Code
Your Bank of America’s SWIFT code will depend on where you live. Find your SWIFT code here. Additionally, you can contact your local Bank of America branch, log in to your online banking account or reference the following table to find your bank’s SWIFT code.
|SWIFT code||U.S. Dollars: BOFAUS3N
Foreign Currency: BOFAUS6S
|Bank of America’s address for incoming wires in U.S. dollars||Bank of America, NA
New York, New York 10038
|Bank of America’s address for incoming wires in foreign currency||Bank of America, NA
555 California St
San Francisco, CA 94104
|Information you’ll need to provide||You will need to provide your bank account number, the type of currency in your account and the purpose of the wire.|
|Bank of America Wire Transfer Fees||Incoming domestic wire: $15
Incoming international wire: $16
Outbound domestic wire: $30
Outbound international wire, foreign currency: $35
Outbound international wire, U.S. dollars: $45
How Is Your Bank of America SWIFT Code Used?
Bank of America uses SWIFT codes to help verify and confirm wire transfers between your account and whatever international bank you are dealing with. International banks use SWIFT codes to verify which institutions are facilitating the payments in order to make sure you’re actually receiving your money.
Bank of America SWIFT Code vs. Routing Number
SWIFT codes and an American Bankers Association routing number may sound the same, but they are not. Here is a quick run down on their differences.
- Also known as a bank identifier code, or BIC
- Made up of eight or 11 characters
- Used for international transfers via the SWIFT network
- Based on the international bank’s name, branch, country and location
ABA Routing Number:
- Also known as a routing transit number, or RTN
- Nine numbers
- Used for domestic transfers
- Based on the U.S. bank where the account was opened
If you are trying to send money to friends and family overseas, then it is imperative that you know your SWIFT code. This is especially the case if you are also a Bank of America customer. They have their own unique set of SWIFT codes and it will depend on where you are located. For more post like this, check out our list of bank guides and bank bonuses!