You can transfer money from Bank of America to another bank using an ACH transfer, a wire transfer, or by linking your external account through online banking. The best method depends on how much you’re sending and how quickly you need it to arrive. Most people will use a standard ACH transfer because it’s free, but wires are available when speed matters more than cost.
Link Your External Account First
Before you can send money to another bank electronically, you need to link that account to your Bank of America profile. Log into online banking or the mobile app, navigate to the “Transfer” section, and select the option to add an external account. You’ll enter the other bank’s routing number and your account number there.
Bank of America verifies the link by sending two small deposits (usually a few cents each) to the external account. Once those show up, typically within one to three business days, you’ll confirm the amounts to complete verification. After that, the external account appears as a transfer destination whenever you initiate a payment. This one-time setup applies to ACH transfers. Wire transfers don’t require pre-linking since you enter the recipient’s bank details each time.
ACH Transfers: Free but Slower
ACH transfers are the standard way to move money between banks, and Bank of America does not charge a fee for outgoing ACH transfers from personal accounts. You initiate them through online banking or the mobile app by choosing your Bank of America account as the source and your linked external account as the destination.
The trade-off is speed. Bank of America offers two ACH options for consumer accounts: a next-business-day transfer with a $1,000 per-transaction limit, and a three-business-day transfer that may allow higher amounts. Small business accounts get a higher cap of $5,000 per transaction for both speeds. In practice, funds sent via ACH often take one to three business days to appear in the receiving account, depending on the option you choose and the other bank’s processing schedule.
If you’re moving a large sum, you may need to split it across multiple transactions or multiple days to stay within the limits. Keep in mind that the receiving bank may also place a hold on incoming ACH deposits, especially for larger amounts or new account relationships.
Wire Transfers: Fast but Not Free
When you need money to arrive the same day, a domestic wire transfer is the fastest option. Bank of America charges $30 for an outgoing domestic wire, and funds typically arrive the same business day as long as you submit the request before the 5 p.m. Eastern cutoff.
For international wires, you have two pricing structures. Sending in U.S. dollars costs $45. Sending in a foreign currency has no wire fee, but Bank of America applies an exchange rate markup, so you’ll pay more than the mid-market rate on the currency conversion.
Consumer accounts have a $1,000 per-transaction limit for both domestic and international wires initiated online, with a $10 minimum. Small business accounts can send up to $5,000 per transaction. If you need to wire more than these online limits allow, you’ll likely need to visit a branch or call Bank of America to process the transfer with higher thresholds. International wires typically take one to five business days to reach the recipient, depending on the currency and the receiving bank’s processing time.
Using Zelle for Person-to-Person Transfers
If you’re transferring money to someone at another bank rather than to your own account elsewhere, Zelle is built into the Bank of America app and sends funds at no cost. The recipient needs to be enrolled in Zelle through their own bank or the Zelle app. Money sent this way usually arrives within minutes.
After you’ve had your Zelle enrollment for more than 60 days, consumer accounts can send up to $3,500 per day, $10,000 per week, and $20,000 per month. Small business accounts get significantly higher caps: $15,000 daily, $45,000 weekly, and $60,000 monthly. Newer enrollments have lower limits during the initial period. Zelle works well for paying rent, splitting costs, or sending money to family, but it’s designed for transfers to people you know and trust since payments can’t be reversed once the recipient accepts them.
Writing a Check or Getting a Cashier’s Check
For larger amounts that exceed online transfer limits, a paper check or cashier’s check is a straightforward alternative. You can write a personal check from your Bank of America account and deposit it at the other bank, either in person or through their mobile deposit feature. The downside is clearing time: the receiving bank may hold the funds for several business days before making them fully available.
A cashier’s check is guaranteed by Bank of America itself, so the receiving bank treats it as more secure and may release funds faster. You’ll need to visit a branch to get one, and there’s typically a small fee. This method is especially useful for large transfers like a down payment or moving your entire balance to a new bank.
Transferring Your Entire Balance to Close an Account
If you’re switching banks entirely rather than just sending a one-time transfer, the process takes a few extra steps. Start by opening your new account and setting up direct deposits, automatic bill payments, and any recurring transfers there first. Give those changes at least one to two billing cycles to fully take effect before draining your Bank of America account.
Once everything is redirected, transfer your remaining balance using one of the methods above. An ACH transfer works fine for most balances, though you may need multiple transactions if your balance exceeds the per-transaction limit. After the balance reaches zero and all pending transactions have cleared, contact Bank of America to formally close the account. You can do this at a branch, by phone, or by sending a written request. Closing before all automatic payments have switched over can trigger overdraft fees or missed payments, so timing matters.
Choosing the Right Method
- Free and no rush: Use a standard ACH transfer through online banking. No fee, arrives in one to three business days, works for amounts up to $1,000 per transaction for consumer accounts.
- Same-day delivery: Use a domestic wire for $30. Best when timing is critical and you’re comfortable with the fee.
- Sending to another person: Use Zelle for free, near-instant transfers up to $3,500 per day for established consumer accounts.
- Large one-time transfer: Visit a branch for a wire with higher limits or get a cashier’s check. Online limits are relatively low for consumer accounts, so in-person options give you more flexibility for five-figure or six-figure moves.
Whichever method you choose, double-check the routing number and account number before confirming. Sending money to the wrong account is difficult to reverse, especially with wires and Zelle, and recovery is never guaranteed.