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SWIFT codes also called as BIC codes are essential for International wire transfers. For domestic wire transfers, the routing numbers are used but when it comes to incoming International Fund transfers, swift codes for Bank of America are used. In order to send or receive money from other countries of US to Bank of America, say in NA then your bank will ask you to provide the SWIFT code of Bank of America NA.
SWIFT codes or BIC are and can be used only for International Wire Transfers. In case you want to make domestic payments then you will need routing number of the Bank of America NA rather than the Swift Codes.
Swift Codes Bank of America Decoded:
SWIFT codes mean Society for Worldwide Interbank Financial Telecommunication. A majority of all International funds and payment transfers are made through SWIFT messaging systems. A swift code allows the bans to trade and exchange finances i.e. any data fragment related to money transfers, account debits, account status, account credits etc.
What is crucial for a money sender is to know that a bank is not capable of identifying mode of payment or transfers without the above mentioned codes. Every bank, right before making the transfer will ask you to at least provide SWIFT code or the IBAN code of the recipient. You are suggested to know it in advance and provide the bank with it.
However, you cannot rule out the possibility that one can make bank transfers without these codes. To make money transfers without IBAN or SWIFT codes by using the services of non banking provider services. They may include money transfer companies. A money transfer company, using its internal transaction systems can help to transfer your funds. You will need to provide them with a valid ID and same goes for the recipient. He or she will also need to provide you with an ID as well.
While some International banks need IBAN number, but major banks in USA do not support the IBAN system. You will need to provide your account number, the Swift code Bank of America and the ABA routing number to initiate any International wire transfer.
Swift Codes Bank of America for International Wire Transfers
A SWIFT code is 11 character longs among which the first three characters are optional and are used to denote the branch code. It must be preferred to be used and known if you are unsure about it. If there are numerous SWIFT codes mentioned for Bank of America then use only the first 8 characters.
You can acquire the swift code for any Bank of America then you can either confirm it from the bank branch. If not possible to reach them, then you can also find it from various online sites that provide details on Swift codes. You will be needed to enter some information, not the personal ones, and within a click the swift code will be produced on your screen.