Overview of DBS India Remit service that provides remittances to India for DBS account holders in Singapore with a How-to Guide and expected costs.
Bank of America, or BofA for short, is an American based financial institution and is one of the largest and most popular banks in the US.
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|⚠️ Bank of America is not available to retail customers in India, so you cannot open a personal bank account with them in India.
But if you are an existing Bank of America customer from the US, you are most likely able to use your debit and credit cards in India.
It is recommended to inform Bank of America ahead of your travels to ensure your transactions don’t get blocked in India or flagged.
BofA in India is primarily for Indian corporate clients, financial institutions, multinational corporate or MNCs, American companies that are in India, and foreign government entities.
Here are the different offerings for these corporate and government clients:¹
- Financial products
- Working capital
- Treasury services
- Trade services
- Foreign Exchange
- Interest rates
There are 4 branches in India for Bank of America:²
|5th Floor, B WingSalarpuria WindsorNo. 3, Ulsoor RoadBengaluru (Bangalore), Karnataka 560 042
|1st and 2nd Floor, DLF CentreSansad MargNew Delhi 110 001
|7F and 8F, EA ChambersExpress AvenueNo.49, 50-L, Whites Road Royapettah Chennai 600 014
|Ground, 16th, 17th & 18th Floor,A Wing, One BKCG Block, Bandra Kurla ComplexBandra (East)Mumbai 400 051
Bank of America Securities is also available to corporate clients. It was previously named DL Merrill Lynch Limited but now has been renamed to BofA Securities India Limited.
But when using your BofA card in India, you may be hit with international transaction fees and an exchange rate fee.
|For Indians based in the US, the Wise Multi Currency Account and Card gives you the real USD-INR exchange rate every time, with one low upfront fees
At the moment it is not possible to open a traditional personal bank account in India with Bank of America. Bank of America in India, and Bank of America Securities in India, are only available to corporate clients.
If you have an existing Bank of America account, you can make global money transfers using the bank’s service. Here is how it works.
You can send a wire transfer from your US BofA account to over 200 countries in 140 different currencies. You can take a look at the BofA’s Global Payments Guide to the full list of countries.
Here is a step by step guide on sending an international transaction for Bank of America account holders:
- Gather your recipient’s full bank details
- Sign in to Online Banking
- Click on Transfers
- Click on Send Money to Someone
- Click on Using their account number at another bank
- Follow the instructions to complete the transfer
If you are unsure of which bank details are required, click on the intended country in the BofA’s Global Payment Guide and then click on Payment Formatting Rules. This will tell you which information you will need to collect.
For India, you will be required to provide the following details:
- Your full name and address
- Recipient’s full name and address
- Recipient’s account number
- The beneficiary bank name
- The beneficiary bank address
- The 11 digit bank IFSC code (Indian Financial Sorting Code)
- The beneficiary bank branch phone number (optional)
Specifically for transfers to India, you will be required to answer the purpose of the transfer. ³
Bank of America has 2 fees with international wire transfers.
The first is a transfer fee. The international transfer fee is $35 if you are sending the funds in a foreign currency. However, if you are sending the transfer as US dollars, the fee is $45. ⁴
The fee you get on an international transfer can also depend on the depth of your relationship with Bank of America. In some instances, the transfer fee can be waived.
The second fee is the exchange rate fee. The exchange rate fee is a hidden fee in the exchange rate that takes a bite out of every dollar that is converted. Bank of America has a markup on the exchange rate they offer, which becomes the fee.
That is why you will find their exchange rate to be weaker than the mid market exchange rate. That's the same rate banks use amongst themselves. And although the difference looks small, it can add up quickly.
While there is no set limit for wire transfers, amounts about $10,000 US Dollars can require additional security and verification. But the limit may vary depending on your relationship with Bank of America.
In most cases, the funds arrive in the recipient bank account within 1-2 business days if submitted by 5pm Eastern Time. It can take longer if the transfer is done on a weekend or at night.
Want to send money to local bank accounts overseas from India? Instead of losing money to exchange rate and transfer fees, Wise makes it simple to save money on international transfers. With just one low transfer fee and the real exchange rate, you can send more money to your recipients than with a bank.
|🚀 International transfers are fast, simple, and cheap with the Wise Web/Android/ iOS app
Safepass is an added layer of security and protection when you are using Online Banking with BofA.
If you sign up for Safepass, BofA will send you a One Time Password or code to your mobile phone to double check and authorize transactions using your account. This can also be for international transfers above $1,000 US Dollars.
Sources used for this article:
All sources checked as of 27 October, 2021
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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