What Bank of America's New International Payment Service Means for Your Business
Bank of America is rolling out a faster way to send money across borders for business accounts
Bank of America announced plans to launch a new international payment service designed to move corporate money between countries more quickly than traditional wire transfers. The service is being built for businesses that regularly send payments abroad—to suppliers, contractors, branch offices, or partners in other countries. Instead of waiting several business days for a wire transfer to clear, this new option aims to settle payments in hours rather than days.
The exact launch date has not been announced yet, and the service is still in development. When it does launch, it will be available to Bank of America business customers through their online banking platform. The bank has not yet released full details about which countries will be included, what the fees will be, or what minimum transaction sizes will apply.
Key Takeaways
- Bank of America's new international payment service is designed to move corporate money faster than standard wire transfers, potentially settling in hours instead of days.
- The service will be available through Bank of America's business online banking platform once it launches, but the exact date and full terms have not been announced.
- You will need a Bank of America business account to use this service; personal accounts and accounts at other banks will not have access to it.
- The service is intended for businesses that send money regularly to other countries, such as payments to suppliers, contractors, or international offices.
How international corporate payments work today
Right now, when a business sends money to another country, it typically uses a wire transfer. The money leaves your Bank of America account, moves through a network of correspondent banks (banks that handle transfers between countries), and arrives in the recipient's account abroad. This process usually takes two to five business days because each bank in the chain has to verify the payment, check for fraud, and process it during their own business hours.
The delay happens partly because international payments still rely on older systems—the SWIFT network is the main one—that were built decades ago and process payments in batches rather than in real time. A payment sent on a Friday afternoon might not start moving until Monday morning, and then it sits in each bank's queue waiting to be processed.
Bank of America's new service is built on faster infrastructure that can move money around the clock and settle it the same day or next business day, depending on the receiving country and bank. This matters most to businesses that need cash to arrive quickly—manufacturers waiting for payment from overseas customers, companies paying international payroll, or businesses managing tight cash flow across multiple countries.
What we know about the new service so far
Bank of America has stated that the service will be called Instant International Payments (or a similar name—the bank has not finalized the official title). It will be built into the bank's existing business banking platform, so you will not need to sign up for a separate system or learn new software if you already use Bank of America for business payments.
The bank has indicated that the service will support payments to major economies first, likely including Canada, the United Kingdom, Europe, and parts of Asia. Smaller or less-developed banking systems may not be included at launch. The bank has not announced pricing, but international payments typically cost between $15 and $50 per transaction depending on the amount and destination country.
Bank of America has also not yet said whether the service will work with all currencies or only major ones like euros, pounds, and Canadian dollars. Currency conversion rates and whether you can lock in a rate in advance are also unknown at this stage.
Who this service is designed for
This service is built for business accounts only. If you have a personal Bank of America account, you will not have access to it. The bank is targeting mid-sized and large companies that send international payments regularly—importers, exporters, companies with overseas offices, and businesses that pay international contractors or suppliers.
Small businesses and sole proprietors with business accounts may eventually have access, but Bank of America has not confirmed whether the service will be available to all business account tiers or only to premium or commercial accounts. If you have a small business account, you may want to contact your Bank of America business banker to ask whether your account will be may be able to access when the service launches.
The service is less relevant for one-time international payments or for people who rarely send money abroad. For those situations, a standard wire transfer or a third-party service like Wise or OFX may still be the better choice.
How this compares to other ways to send money internationally
Bank of America is not the only company offering faster international payments. Other banks and fintech companies have already launched similar services. Here is how the landscape looks:
| Service Type | Speed | Cost | Who Offers It |
|---|---|---|---|
| Traditional wire transfer | 2–5 business days | $15–$50 per transaction | All banks |
| Faster international payment (new) | Same day to next business day | Likely $20–$60 per transaction (not yet confirmed) | Bank of America (launching soon), JPMorgan Chase, Citibank, and others |
| Third-party transfer service | 1–3 business days | $5–$25 per transaction, or percentage-based | Wise, OFX, Remitly, WorldRemit |
| ACH transfer (US only) | 1–2 business days | Free to $3 | All US banks |
The main trade-off is speed versus cost. Bank of America's new service will likely be faster than a wire transfer but may cost more than a third-party service like Wise. If you send large amounts regularly and speed is critical, the extra cost may be worth it. If you send smaller amounts and can wait a few days, a cheaper third-party service might make more sense.
What to do before the service launches
If you think this service might be useful for your business, there are a few steps you can take now. First, make sure you have a Bank of America business account and that you are set up for online banking. If you do not have one, you can open a business account at any Bank of America branch or through their website.
Second, contact your Bank of America business banker or call the business customer service line to ask about the timeline for the new service and whether your account will be may be able to access. The bank may offer early access to certain customers or may have a waitlist. Getting on that list early could mean you have access as soon as the service launches.
Third, if you currently use wire transfers or another service to send international payments, keep track of how often you send them, how much they cost, and how long they take. This information will help you decide whether the new service is worth using once it is available. You may find that it saves you money, time, or both—or you may find that your current solution already works well enough.
Frequently Asked Questions
When will Bank of America's instant international payment service launch?
Bank of America has not announced a specific launch date. The service is still in development. You can check with your Bank of America business banker or the bank's website for updates on when it will become available.
Will I be able to use this service if I bank with a different bank?
No. This service is only for Bank of America business customers. If you bank elsewhere, you would need to open a Bank of America business account to use it. Other banks are developing similar services, so check with your own bank about what they offer.
Is this service the same as a wire transfer, just faster?
It is similar in purpose—moving money to another country—but it uses different technology behind the scenes. Instead of routing through the older SWIFT network, it uses newer infrastructure that can process payments around the clock. The end result is faster settlement, but the basic idea is the same.
What if the receiving bank in another country does not support this service?
Bank of America will only be able to send payments to banks that have agreed to participate in the service. If the recipient's bank is not part of the network, the payment may fall back to a standard wire transfer or may not be possible. This is why the bank has not yet confirmed which countries will be supported at launch.
Will this service work for all currencies?
Bank of America has not confirmed which currencies will be supported. It is likely that major currencies like euros, pounds, and Canadian dollars will be included at launch, but smaller or less-traded currencies may not be available initially.