How do I transfer money to people online through Bank of America?
Quick Answer
Bank of America account holders can send money online by signing into an Online Banking session and visiting the Transfers tab on the dashboard. According to Bank of America, current account holders can send money using another person's phone number or email address, bank account number or via wire transfer.
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Full Answer
There is typically no fee for Bank of America account holders who wish to send money to another person via the recipient's mobile phone number or email address. The money is delivered to the recipient often on the same day and with high security. An online transfer using the recipient's bank account number and routing number is another option, but the bank that the money is being sent to may change a nominal fee for processing. This option may take two to four days, and the money sender must know the ABA routing number as well as the account number for the person receiving the money, as stated by the official Bank of America website.
For sending large sums of money, the sender or recipient may prefer a wire transfer. Wire transfers do carry a substantial fee but are immediate and are often a choice for those sending money outside of the country, according to About.com. Wire transfers can be conducted online, but as stated on the official website, Bank of America agents are available to help with the process.
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