Bank of America Corporation SWIFT/BIC code

SWIFT/BIC code of Bank of America Corporation

MLCOUS33 and MLCOUS33XXX are two spellings of the same SWIFT/BIC code, and both point to Bank of America Corporation in Charlotte,nc. Banks worldwide use BIC codes to direct payments between countries to the correct bank. It comes up mainly for transfers between countries or a currency.

Below we go through the practical side: receiving money at Bank of America Corporation, paying someone in another country and how to check a SWIFT code before you confirm a payment. A SWIFT code identifies an institution, never a single account, which is why you always need the account number too.

Verifying the SWIFT code of Bank of America Corporation

Ask the recipient to copy the bank details straight from a recent statement. If the code you have differs from MLCOUS33 or MLCOUS33XXX, do not guess.

Mistakes in the SWIFT code tend to be costly rather than disastrous. Do not forget the account number: a mistake there is harder to undo than a wrong BIC.

Many banking apps check the format of an IBAN and sometimes look up the BIC automatically. If your bank offers it, a payee name check on the recipient gives an extra layer of safety. A small test payment is worth it for a large first payment, even if it costs an extra fee.

Scams that use SWIFT codes

A common scam works like this: an email arrives with a message saying that a company has a new bank account and asking you to pay there from now on. A valid SWIFT code says nothing about who owns the account – scammers simply use real codes.

Before paying, verify a change of bank details through a phone call on a number you know, not one from the message. Be suspicious of time pressure, unusual wording or an email address that differs by one letter. Already paid? Contact your bank without delay and ask them to try to recall the payment; also report it to the police.

Scams also target the receiver. Someone claims to have sent too much and wants you to refund the difference via a different route. Wait until the money is actually in your account – ask Bank of America Corporation if something looks wrong.

What a transfer from Bank of America Corporation abroad really costs

An international bank payment can cost more than the fee suggests. There is the fee for the transfer itself, possibly charges from correspondent banks along the way and, most importantly, the margin on the exchange rate.

The markup on the rate tends to be the largest item. Check their rate with the mid-market rate; the gap is what conversion costs you.

For a lot of currency pairs, a transfer service is less expensive than a bank. GoldexPay compares these services next to each other, showing the amount the recipient gets. You can still keep your account at Bank of America Corporation as the source of the money.

The US Dollar and what conversion costs you

The currency of United States is the US Dollar (USD). If you send another currency, the amount gets converted somewhere along the way: by your bank, an intermediary or Bank of America Corporation itself. There is rarely a separate charge for the conversion.

Which bank converts the payment matters, because each party uses its own rate. Often it is cheaper if you send USD directly through a provider with a good rate.

The rate for USD changes throughout the day. If you pay regularly, a slightly better rate make a real difference over time.

Why Bank of America Corporation has an 8- and an 11-character code

A BIC is made up of fixed blocks: characters one to four stand for the bank, characters five and six show the country and characters seven and eight mark the location. In this case, the 8-character core is MLCOUS33.

The 11-character version adds a three-character extension for a branch or department. If the last three are XXX, they simply mean the head office, so MLCOUS33XXX and MLCOUS33 are interchangeable.

Leave out spaces when you type MLCOUS33 or MLCOUS33XXX. Copying the code beats retyping it: a typo can point to another bank.

Which of the 30 codes of Bank of America Corporation do you need?

Bank of America Corporation has 30 different SWIFT/BIC codes. One of them is the head office code; the rest identify branches.

For the vast majority of payments to a private or business account, the head office code MLCOUS33XXX is the right choice. If you have been given a branch code, use it as it is rather than swapping it for the head office code.

The best way is to take the code straight from the account holder’s bank details. Branch codes are more prone to change than MLCOUS33XXX when a bank merges or closes offices.

When will the money arrive at Bank of America Corporation?

An international transfer typically needs one to a few business days – it depends on currency, route and the banks in between. Weekends and public holidays in the sending or receiving country can add a day or more to the journey. Extra checks on larger or unusual payments can also cause a delay, even when all details are correct.

A growing number of banks are connected to SWIFT gpi. Each gpi transfer gets a unique reference, the UETR, which your bank can use to see where the money is. Specialist transfer services usually show tracking online so you can see how far the money is.

If a payment has not arrived within the expected time, the sender needs to contact their own bank rather than Bank of America Corporation. Ask the sender for a copy of the payment confirmation – it helps your own bank look for the money.

Receiving money from abroad at Bank of America Corporation

If you expect a payment from another country, send the payer a complete set of details. The basics are: the account holder’s name, account number or IBAN, MLCOUS33XXX or MLCOUS33 and, for some countries, your postal address.

Their bank may also ask for the bank address of Bank of America Corporation; the head office in Charlotte,nc is usually fine. Double-check the details before you send them.

What lands in your account is often lower than what was sent. Charges on incoming payments vary from bank to bank. For business payments, you can state who bears the costs, so that nobody is left short.

How up to date is this code?

This directory draws on publicly available sources and is updated regularly. It can happen that a code on this page is no longer current. The number of codes we show are based on our own data.

See our directory here as a handy check. GoldexPay is not affiliated with Bank of America Corporation. Spotted outdated information? Tell us through the contact page.