Transferwise & BofA....

[pgrahmm]

Does anybody have success with moving funds from a Bank of America account via Transferwise to their Thailand bank.....

I set up with TW using debit card and sent a $100 trial transfer = no problem.....

I then went to send a few thousand = no go - bank rejected.....Tried $1000 - rejected.....

I plan on moving  bigger amounts, but am stymied.....

In checking google there's some reports indicating BofA is uncooperative when it comes to the use of Transferwise.....

Does anybody have any insight or experience with this? 

I'm not about to bring it over at BofA's rate of $48 per $1000.....

[bkk6060]

Where did you see the $48 per $1000?

I had a BofA account it was $45 and I transferred almost $10,000.

I have Chase now theirs is $25.

This is for wire transfers directly from the account to Bangkok Bank.

[pgrahmm]

It's $45 + $3 for foreign bank fees - don't know who actually gets that.....For anything over 1k they want a phone number but can't take a Thai number....

 

[Puchaiyank]

You might need to notify BOA that you are travelling internationally and will need access to your funds outside the US...

[pgrahmm]

42 minutes ago, Puchaiyank said:

You might need to notify BOA that you are travelling internationally and will need access to your funds outside the US...

Thank you....They have our Thailand address & the zip code is the cross check when I use a card.....New cards are sent to our address & they've all gotten here, snail mail.....

[John Drake]

Bank of America has put a limit on all transfers to other accounts, international and, now, domestic of $1000 per week. And another new feature is you must verify the transfer now through their safe pass feature, which doesn't work if you don't have a US phone number. This means you can no longer use a Transferwise ACH pull from your US account through Transferwise to your Thai Bank Account. You must use a wire transfer, which costs $45 for each transfer. So you want to transfer, say, $9000, which used to be done in two days and cost you $30 using Transferwise? Now it will cost you $405 and must be spread out over nine weeks. But don't worry, BofA will get a much worse exchange rate than Transferwise did. Nice, huh?

[Pib]

9 hours ago, John Drake said:

Bank of America has put a limit on all transfers to other accounts, international and, now, domestic of $1000 per week. And another new feature is you must verify the transfer now through their safe pass feature, which doesn't work if you don't have a US phone number. This means you can no longer use a Transferwise ACH pull from your US account through Transferwise to your Thai Bank Account. 

 

Now I no longer have a BOA acct (use to a half dozen years ago...had a Safe Pass card also), but per the BOA 10 Aug 2020 Terms of Service does not say you say above.   Different limits that what you said.  And also, the Terms of Service below deals with initiating a transfer "from" BOA to checking/savings acct owned by someone else.  That is, pushing funds to someone else; not when a "pull" (Bank Debit ACH) is initiating by another financial entity like Transferwise....like you authorizing Transferwise to pull funds from your BOA acct.

 

https://www.bankofamerica.com/online-banking/service-agreement.go#cat5_topic3