Bank of America swift code is a code which helps in the international money transfer from the BOA to a foreign bank. To make international money transaction, a swift or bic code is needed for it to be successful.
Each bank has its own unique swift code, and it is that which is used to identify a particular bank or branch bank.
In banking, it is a must that a bank must have a bic code or routing number. Before going into bank of america swift code, let’s fully understand what it all about.
What is a swift code
SWIFT codes are a combination of various kinds of letters and are used to identify the branch codes of the banks. These codes are used as Bank Identifier Codes (BIC).
A SWIFT code is used to identify a particular branch of a bank. These codes play an important role in various bank transactions, especially when it comes to international transactions.
A SWIFT code may also be used by various banks to transfer other messages.
A SWIFT code may be of eight to eleven digits and has the following components:
- The first four characters are used as the bank codes. Only letters can be used.
- The next two characters, only letters, are to describe or give the country code.
- The next two characters can be a mix of both numbers and letters. These are used for location-based codes.
- The last three characters of the code can be digits and letters, and are optional. These last three characters in a SWIFT code are used to give details about the branch code.
The code is made of either 8 or 11 letters and numbers. They are arranged like this: AAAABBCCDDD
It must be remembered that BICs and SWIFT Codes can be used interchangeably and are one and the same thing. A SWIFT code is usually used during international bank wire transfers.
However, these codes may also make you pay a higher rate, depending on the ongoing rates at the time of the transaction. At present, there are more than forty thousand live SWIFT codes.
A SWIFT code is sometimes called a BIC (Bank Identifier Code) – but they’re exactly the same thing. But it is different from iban number, as SWIFT is used to identify a specific bank during an international transaction.
An IBAN (International Bank Account Number) identifies an individual account in the individual transaction.
What is bank of america swift code(bic)
The swift code for the bank of america is BOFAUS3N and through this code, you can wire money from your bank account to other banks overseas.
|Bank Name||Bank of America|
|SWIFT/BIC Code for Bank of America||BOFAUS3N|
|Bank of America routing number||026009593|
|Bank address, city & state||Bank Of America, N.A., 222 Broadway, New York, Ny 10038, United States Of America|
|Beneficiary Account Number||Complete Bank of America bank account number of the recipient (including leading zeros)|
|Beneficiary Name||The name of recipient’s account as it appears on a bank statement|
The above table is how the details you need in the case that you want to receive money to your account from abroad, or send money from your boa account to another bank abroad.
Even though swift code vary from bank branch to the other, as long as you have the bank official bic code number and the address(head office) then you don’t need to worry about the branch swift/bic code.
If you want to receive or wire money from various online platforms like moneygram, western union, ria, transferwise etc, it is recommended that you use the official bank of america swift code. And the code is BOFAUS3N.
You can also use a routing number to wire or recieve money to your boa account. Routing number is a nine-digit numbers that identify your bank or credit union in a financial transaction.
The routing number were adopted by the banking industry in 1910 to make transactions quicker and more efficient. With each bank having one specific number assigned to it, the chances of miscommunication are reduced, for example in the case of two banks with similar names.
Most banks in the US makes use of the routing number while banks in the UK, New Zealand, Candace etc makes use of the swift/bic code. Bank of America routing number is 026009593, but if you sending money to a bank outside the US, please use the swift/bic code.
So for the last time the BOA or bank of america swift code is BOFAUS3N, and it is used for international money transfer like receiving or sending money from your bank to barclays bank uk.