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International wiring instructions

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Anonymous asked this question 2 years ago
  • Bankbuster

    Nix on investments but everything else is fair game!

    Accepted answer

    There are two methods that can be used by businesses through Bank of America to wire international funds.

    One is to visit a banking center with the appropriate information for the receiving bank. The other is to utilize the Online Banking feature for transferring/wiring funds.
    Either method is going to to require the SWIFT or ADA code for the receiving bank (in your case, Singapore), the correct account number, the name on the account and the physical address of the bank. Most critical, of course, is the bank's ID (SWIFT or ADA) number and the account number for the business you're trying to send funds to. If you have not received this information from the merchant you are doing business with as yet, they are your only resource.

    Bank of America cannot furnish you the receiving bank numbers; they would have no way to verify the accuracy.

    Once you have contacted your merchant and gotten their bank information, should you choose to use the Online Banking feature, which has a smaller fee attached, go to www.bankofamerica.com and scroll down the page until you see "Online Banking Service Agreement." The limitations and conditions can be found there.
    To add the merchant as a transfer account, you would log in to Online Banking, use the Transfer Funds tab and follow the step-by-step instructions for adding the merchant. Once that is done, you can make the transfer as you like. The one condition that is tied to the amount of the transfer is, if the funds exceed $1000 USD, you may need to set up a SafePass account, a security program for wiring funds. There is no charge for this as long as you choose to use a mobile device to receive the authorization code.

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    • Original Poster

      This response was submitted by telephone. Click here to hear the full message http://ow.ly/5KtxN
    • Original Poster

      This response was submitted by telephone. Click here to hear the full message: http://ow.ly/5Lp48
    • Bankbuster

      I did misunderstand - so sorry! The directions go into reverse a bit for your situation. Bank of America’s SWIFT Code number is BOFAUS3N. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an industry-owned co-operative supplying secure, standardized messaging services and interface software to nearly 8,100 financial institutions in 207 countries and territories. SWIFT members include banks, broker-dealers and investment managers. While not always required, a SWIFT Code number may be required by some banks for the completion of wire transfers. If your Singapore customer is not able to use the SWIFT code and asks for an IBAN number, I'm afraid that you'll have a bit of a problem as the US doesn't use IBANs. Give your customer the Bank of America SWIFT code, your account number with Bank of America and the exact title of your account with a physical address for the bank. Once they have that information, they can then go to their financial institution and initiate the transfer in whatever currency you have agreed upon. Hope this does the trick for you!