Struggling to move money from Bank of America into Nationwide Intl US $ Account

deanogiraffe

Hello,

Can anyone advise me on the safest and cheapest way to transfer a large amount of money from a Bank of America account to a Nationwide International US dollar account based in the Isle of Man?

The figure I want to transfer is $130,000, from an account which gives me next to no interest, to the Nationwide International US dollar account which pays 1.4% which is obviously a much better return.

Bank of America, via my online banking, will only allow me to transfer a maximum of $1000 at a time with a fee. With something called SafePass I can do up to $10,000, but the problem with this is this system texts a code to the user to allow the transfer, but as I live in the UK I can't get this code as I don't have a US mobile number. This way would also still take 13 transfers to transfer the whole amount, each with a fee attached.

So does anyone know how I can transfer this amount safely, and with a minimal fee all at once? I am willing to go through a third party organisation if they are proven to be reputable and safe.

Thanks.

atush

You need to do it offline, ie thru the bank, and do a wire transfer.

You need to call your BOA branch and ask aobut the proceedure and if they have a form, or if you need to write in etc.

I have an acct at BOA, but I am always transferring in, never out (apart from paying bills within the USA).

If you are a US cit, you are still required to pay tax on interest even in the IOM.

deanogiraffe

I did phone Boa and tell them the situation about a month or so ago, but they didn't seem to be able to offer any solutions other than those presented on my online banking, which has the problems I mentioned earlier.

I'll try and call them again to clarify. Maybe I just got an inexperienced member of staff. In the case of them not being able to offer any solution, does anyone know of another method?