Transferring money to a friend or family member from your Bank of America accounts to a Chase credit card is easy.
You just have to be ready to pay the fees because BofA wire transfers to over 200 countries.
However, you should be charged nothing for a payment made either online or in-person so long as it’s not critical because these payments go through a bank-to-bank processing system known as ACH (Automated Clearing House).
But for large payments where you need immediate availability in close to real-time. You’ll need to send a “wire”.
So if you want to transfer money from a BofA account to a Chase account, read through this article to get a clear understanding of how to do that.
The best way to transfer money from a Bank of America account to a Chase account, is to create your Chase account under the Transfer as a personal account in your BOA account.
When you sign in, you will see this in your BOA account. Once you create this, then transfer the funds.
You can go through a direct wire transfer like Zelle Transfer or Quickpay. Interestingly, both banks offer this service. And if you need to transfer abroad, you use Transferwise.
Table of contents
- Can You Transfer Money from Bank of America to Another Bank?
- Does Bank of America Charge for Transfers between Banks?
- How Long Does It Take Bank of America to Process a Transfer?
- How Do I Transfer Money from BofA (Bank of America) to a Chase Account?
- BofA to Chase Account Transfer for Free
- Final Thought
- References
- Related Articles
Can You Transfer Money from Bank of America to Another Bank?
Yes, you can easily transfer money from Bank of America to another bank, and the process is quite easy.
The step below will show you how to easily transfer money between your Bank of America account to another bank such as your Chase credit card account or from your accounts to other banks.
- Set up automatic transfers from checking to savings
- Move funds between business and personal accounts
- Set future-dated transfers up to a year in advance
From the mobile app:
- Use your fingerprint to sign in securely.
- Select Transfer | Send and then Make a Transfer.
- Select the account you want to transfer From and then the account you want to transfer To.
- Enter the Amount you’d like to transfer.
- Enter the Date you want the transaction to occur, and then tap Continue.
- Confirm the transaction details, tap Make Transfer, and you’re done!
Check Out: Transfer Money From Bank Of America To Chase | Easy Step-by-step Guide
Does Bank of America Charge for Transfers between Banks?
The Bank of America charges transfers from your account to another bank for $3 if the delivery time is for 3 days. If you want the delivery time to be the next day, you will be charged $10.
However, if the transfer is from a savings account, the laws governing those accounts which limit the number of transfers out from any account to 6 per quarter influence it.
In this case, the service charge application totally depends on the bank policy.
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How Long Does It Take Bank of America to Process a Transfer?
If you transfer funds to an international account from BOA, they will debit your account the same day and Bank of America will send the payment out immediately.
The beneficiary’s bank will generally receive the funds 1 to 2 days later. They will usually credit the funds to the beneficiary within 2 days.
But if you’re making a wire transfer to any other account like a Chase credit account, the funds will be received by 8:00 p.m. ET by the recipient’s bank either the next business day or within 3 business days.
This type of transfer costs lesser for the recipient account.
While for the recipient’s bank will receive same-business-day (wire) domestic outbound transfers either the next business day by 5:00 p.m. ET.
If the recipient uses Zelle transfer and they’re a registered member, funds are typically available within minutes.
But if the recipient is not a registered member of the Zelle transfer, BOA will place a hold on your account for the transfer amount.
Once your recipient registers with Zelle or any other network bank, the first transfer may take up to 2 business days to be credited to the registered account.
If your recipient doesn’t register within 14 days, the transfer will be canceled and the funds will be returned to your account.
How Do I Transfer Money from BofA (Bank of America) to a Chase Account?
This question sounds unclear to people, probably because it doesn’t state the transfer method.
But, let’s say you want to transfer money to any Chase credit account from a Bank of America (BofA) account, there are many ways to approach this.
We’ll discuss them here, then you can choose the suitable one.
To make a BofA to Chase credit card transfer, you can:
- Open an account at Chase as a paperless account, securing your username and password. Then login into your BOA account and go to Pay/Transfer, and empty one account into another if you so wish.
- You can create your Chase account under the Transfer as a personal account in your BOA account. You can see this in your BOA account. Once you create this, then transfer the funds.
- Use Zelle Transfer or Quickpay, both banks offer this service. And if you need to transfer abroad, you use Transferwise.
Another way to go about this is to either:
- Withdraw cash from one bank and deposit to the second bank.
- The second way is to get a checkbook from Bank of America and Virtual Deposits into Chase via the Chase Banking App.
BofA to Chase Account Transfer for Free
If someone transfers money from a BofA account to a Chase account, how much would the bank charge for the transfer?
My account does not charge for this but, of course, I really can’t speak about yours.
However, here is how to transfer money from a BofA account to a Chase account for free.
These are the 2 ways to do it for FREE!:
Step 1: If you’re the owner of both accounts, you can set your BofA account up as an external account on Chase’s website.
It’s under the payments and transfers tab. Once you verify the BofA info, you can move money back and forth.
Step 2: If you’re not the owner of the BofA account, you can use Chase QuickPay to send/receive money.
Basically, you have to activate the QuickPay service and send a request to the other person using their e-mail address or cell phone number.
They will redirect you to www.Chase.com/QuickPay, where you must set up your Chase user ID and password.
They will have to verify their BofA information, and then you can send and receive funds from each other for free!
Final Thought
Now that you know you can transfer money from Bank of America to Chase, it is expedient to point out some things.
Firstly, ensure that you follow the tips and guides we’ve outlined in this article regarding account security.
Also, note that Bank of America has a longstanding history of financial accountability, so the inherent risks are quite low.
Finally, those who are looking for the best way to transfer money from a BofA (Bank of America) account to a Chase account, should know the method that best works for them.
We’ve mentioned a good number of ways to achieve this above. All you need to do is select the method that best suits your situation.
References
