Sending money across borders has simplified significantly over the last couple of decades, with people no longer having to rely primarily on banks. However, some of the world’s leading banks continue to find a number of takers. Selecting either TransferWise or Bank of America for your next overseas money transfer is not difficult, provided you know what aspects to consider.
Trustpilot, a review-based website, gives you easy means to look at what previous customers have to say about different kinds of businesses. If you take the Bank of America vs. TransferWise comparison to this platform, you see that while the former averages at 5.5 out of 10, the latter does much better, with an average score of 9.2 out of 10.
Using the services of either Bank of America or TransferWise requires that you pay attention to other aspects as well.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
This section of the Bank of America vs. TransferWise comparison tilts the scale in favor of the latter.
- You need to pay a small percentage of the transfer amount as fees.
- The fee you end up paying depends on where you and the recipient live, the transfer amount, and the mode of payment.
- Get a better indication of how much you might need to pay by referring to the TransferWise fee table.
- With the TransferWise Borderless account, you pay no fees to add funds or receive payments.
- Converting currencies and making withdrawals attract nominal fees.
Bank of America
- International wire transfers sent in foreign currencies attract U.S. $35 as fees.
- International wire transfers sent in U.S. dollars attract U.S. $45 as fees.
Ease of Use
No matter whether you select Bank of America or TransferWise, carrying out an overseas money transfer is fairly simple. However, Bank of America’s international money transfer services are available only to the bank’s existing account holders.
- You may use the TransferWise website in English, Spanish, Italian, French, Portuguese, German, Hungarian, or Japanese.
- Depending on your country of residence, you may pay via a bank account transfer, a debit card, a credit card, or SOFORT.
- If you register for the Borderless account, you get free receiving accounts in U.S. dollars, pound sterling, euros, Australian dollars, New Zealand dollars, and Polish zloty.
- If you have a Borderless account, you get to set up direct debits in EUR and GBP.
- The TransferWise Mastercard is available for personal customers from the UK, the U.S., Australia, New Zealand, Singapore, Switzerland, and EEA (except Greece).
- You may access money in your Borderless account by using a prepaid Mastercard.
Bank of America
- You may initiate your transfer online or in person by visiting a Bank of America financial center.
- You will need a SafePass to make an international transfer if you exceed a specific limit.
Regular Overseas Payments
This section of the Bank of America vs. TransferWise comparison puts both services providers at par. Both do not allow their customers to schedule overseas money transfers yet. If you wish to make regular payments, consider turning to alternatives such as WorldFirst, OFX, or TorFX.
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