Sending Money From Your US LLC via Bank of America
Whether you're paying an international contractor or moving funds to your personal account abroad, you can initiate a wire transfer online or by visiting a BoA branch (though for most digital nomads, online is the only feasible option).
Required Recipient Information
Before you start, gather these details from your recipient. Getting this right the first time saves headaches later:
Recipient’s Bank Details: Full name, address, and country of the bank.
Bank Identifier: The bank's SWIFT/BIC code is essential for international transfers. For domestic US transfers, you'll need the routing code.
Recipient’s Account Number: For Europe and many other regions, this will be an IBAN (International Bank Account Number).
Currency: Decide whether you want the recipient to receive a specific amount in their local currency or if you're sending a fixed amount of U.S. dollars.
Reason for Transfer: A brief description, like "Payment for services" or "Invoice #123".
Online Transfer Steps
Sign into your Bank of America online banking portal.
Navigate to the “Transfers” tab and select the option for sending money “using their account number at another bank”.
Choose the “same-day wire transfer” option.
Follow the prompts, carefully entering all the recipient information you collected.
A Note on Security: For online transfers over $1,000, BoA requires you to use its SafePass feature. This involves receiving a 6-digit code via text to your registered phone number to authorize the payment. This can be a hurdle if you're abroad and don't have access to that number.
Receiving International Payments Into Your US LLC Account
When a client needs to pay your US LLC, you must provide them with precise information to ensure the funds arrive without delay. Any small error can cause the transfer to be rejected or lost in the system for weeks.
Information to Provide the Sender
Bank Name: Bank of America, N.A.
Bank Address: 222 Broadway, New York, NY 10038 (Use this address for all incoming wires, regardless of where you opened your account).
SWIFT Code: This is critical and depends on the currency of the transfer.
For transfers sent in U.S. Dollars (USD): BOFAUS3N
For transfers sent in any foreign currency: BOFAUS6S
Routing Transit Number (ABA): 026009593
Beneficiary Account Number: Your complete Bank of America account number (include all leading zeros).
Beneficiary Name: The full legal name of your LLC as it appears on your account statements.
The High Cost: Bank of America's International Wire Fees
Here’s where traditional banks like BoA show their age. The fees are steep, especially when compared to modern fintech solutions built for global citizens.
Outgoing Domestic Wire: $30
Outgoing International Wire (sent in foreign currency): $35
Outgoing International Wire (sent in U.S. dollars): $45
Warning: The $45 fee for sending USD internationally is often the worst option. While it seems straightforward, intermediary banks may take their own cut, and the recipient's bank will convert the currency at a poor retail exchange rate. Sending in the local currency is usually more transparent, but always be aware that BoA's exchange rates include a significant markup over the mid-market rate. This hidden fee can often cost you more than the transfer fee itself.
Waiting Game: How Long Do BoA Transfers Take?
In a world of instant payments, wire transfers are notoriously slow.
Domestic Wires: Typically arrive within 1-2 business days.
International Wires: Expect a wait of 2-3 business days, and sometimes longer if intermediary banks are involved.
All transfer requests must be submitted by the daily cut-off time of 5:00 PM EST. If you miss it, your transfer won't even begin processing until the next business day.
A Major Limitation: Bank of America's $1,000 Online Wire Limit
This is arguably the single biggest drawback for any serious business owner. According to BoA's Service Agreement, the standard limit for online outbound wire transfers is a mere $1,000. To send more, you must make an appointment and visit a physical branch. For a digital nomad running their business from across the globe, this is simply not an option. This low limit makes it incredibly difficult to pay large invoices, move substantial profits, or handle significant business expenses, forcing you to look for alternative solutions.
