Surely, you have come to this article because you have to make an international transfer to or from your Bank of America account, and you need the IBAN.
However, this is the first time you’ve heard of this code, so you’re wondering, what is it? Does Bank of America have an IBAN? Well, here we are going to answer these questions and much more. But first let’s start at the beginning.
Well, the IBAN, for International Bank Account Number, is an international system developed with the aim of identifying a bank account for international transactions.
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- 1 And how does the IBAN work?
- 2 IBAN codes vs. SWIFT
- 3 So does Bank of America have an IBAN number?
- 4 What information do I need to provide to complete an international transfer to/from a BoA account?
- 5 If you prefer, you can look up the Bank of America SWIFT code yourself
- 6 Is the Bank of America SWIFT code the same as the ABA routing number?
- 7 Are there any limits on international wire transfers to/from my Bank of America account?
- 8 How long does it take for an international transfer to/from my BoA account to arrive?
And how does the IBAN work?
The IBAN number consists of a two-letter country code, followed by two check digits, and up to thirty-five alphanumeric characters. These alphanumeric characters are known as the Basic Bank Account Number (BBAN).
It is up to each country’s banking association to determine which BBAN they will select as the standard for bank accounts within their borders. However, only European banks use the IBAN, although the standard has become popular in other countries.
As you probably already know, the IBAN number is necessary when sending money between banks, especially across international borders. In the registry of countries that currently use the IBAN system, several examples are the following:
- Albania: AL47 2121 1009 0000 0002 3569 87411
- Cyprus: CY 17 002 00128 00000012005276002
- Kuwait: KW81CBKU0000000000001234560101
- Luxembourg: LU 28 001 94006447500003
- Norway: NO 93 8601 1117947
IBAN codes vs. SWIFT
Currently, there is another system besides the IBAN that is used for international transfers, and it is the code of the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, for its acronym in English. The fundamental difference between the two systems lies in what they identify.
The SWIFT code is used to identify a specific bank during an international transaction, while the IBAN is used to identify an individual account involved in the international transaction. However, both play an essential and essential role in the proper functioning of the international financial market.
The SWIFT system it predates attempts to standardize international banking transactions through the IBAN, and remains the most widely used system for international fund transfers. One of the main reasons for this is that the SWIFT messaging system allows banks to share a significant amount of financial data such as account statements, debit and credit amounts, and details related to the transfers in question.
So does Bank of America have an IBAN number?
The United States does not currently participate in the IBAN system. Therefore, Bank of America does not have an IBAN number. In fact, the United States together with Canada are two of the main countries that do not use the system; however, they acknowledge and process payments in accordance with it.
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What information do I need to provide to complete an international transfer to/from a BoA account?
In this case, you must use the SWIFT code. Nowadays, Bank of America has two SWIFT codes:
- BOFAUS3N, for incoming transfers in US dollars.
- BOFAUS6S, for incoming transfers in foreign currency.
If you do not know or are not sure of the type of currency, the bank recommends that its clients use the code for transfers in dollars.
Now, someone sending you a transfer from another country might need some additional information, like your address. In the case of Bank of America, there are two possible addresses that you can use depending, once again, on the type of currency involved in the transaction.
Bank of America, N.A.
New York, New York 10038
Bank of America, N.A.
555 California St
San Francisco, CA 94104
In addition, the following information is also essential:
- The name and address of the account holder
- The number and type of account
- The ABA routing number (if applicable)
- The SWIFT code (if applicable)
- The IBAN code (if applicable)
- The amount to transfer
- The reason for the transfer
If you prefer, you can look up the Bank of America SWIFT code yourself
To do this, you have four different alternatives.
- Call the bank and ask an employee to give you the SWIFT code. One of the easiest ways to find out a bank’s SWIFT code is to simply call and ask. Tellers and bank employees will be able to tell you what the SWIFT code is, as well as the steps you need to follow to make a money transfer.
- Go to the bank’s website. Whether you are looking for the SWIFT code of your bank or another, go to the corresponding web page and check if it appears in any list. If not, check the FAQ section, international payments, or other related links; and if the website has a search function, write “SWIFT code” in the corresponding box.
- Check your account statement. Banks often include information such as the SWIFT code on bank statements. Therefore, we recommend that you review one of your recent statements. And if you don’t receive paper statements, log in to the bank’s online banking platform.
- Use an online search engine. Another extremely easy way to find the Bank of America SWIFT code is by using a search engine, such as theswiftcodes.com or bankswiftcode.org, for which you must enter information such as the country and the bank, in this case the United States and Bank of America, of course!
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Is the Bank of America SWIFT code the same as the ABA routing number?
In a nutshell: no. The ABA routing number is used in the United States exclusively for domestic transactions, and consists of nine digits that identify the bank, branch, and account number. You can find the ABA routing number from Bank of America at the bottom left of your personal checks or by logging into the online banking platform.
Are there any limits on international wire transfers to/from my Bank of America account?
Fees and limits may apply depending on the type of account and the type of transfer. You can review information about fees and limits before completing your transfer by logging into your online banking account.
How long does it take for an international transfer to/from my BoA account to arrive?
If you are transferring funds to a foreign account, the money will be charged from your account the same day and the bank will send the payment immediately. The beneficiary’s bank will usually receive the funds 1-2 days later.
As usual, funds will be credited to the beneficiary within 2 days. However, there are a number of factors that could delay the process. These include: local bank holidays, intermediary bank delays, or other local conditions.
In addition, it is necessary to clarify that some countries have been designated as “slow payment countries”, so transactions to one of these countries may take longer than normal.
As for the time it will take for a transfer to reach your account, will depend on the issuing bank, as well as the factors just mentioned.