Advice Requested: Transferring Pension Funds from Bank of America (US) to UK

Can anyone advise on how best to wire transfer funds from a Bank of America (USA) account to a UK bank?

I have pension funds cashed out from a 401K in a BoA account in the US going back to the days when I was working in the US, and now wish to transfer a lump sum across as I live in the UK. 

According to BoA "customer service," the only way to transfer funds is by logging into my account online, and authorising a transfer using "SafePass" authorisation.  So far so good.  But SafePass requires that I receive an SMS text code sent by BoA to a US mobile number.  As I have been living in the UK for many years, I do not have a US mobile number.  I imagine many other former US residents will be in the same position.

Several BoA customer service staff have suggested that I use a US mobile number of a personal contact in the US, who can then forward on to me, but that's not an option for me.  Apparently BoA will not accept my written instructions.   If I close the account BoA will issue a cheque, but evidently that could take months.

BoA hasn't been very helpful to an overseas customer!  I have now wasted many hours on the telephone long distance to BoA.  It's extremely frustrating that I cannot access my own money.  Any advice or experience with this issue much appreciated.

Thanks -- 

Transferwise. https://transferwise.com

You'll get better rates, it's really easy.. almost all of us use them. 

Transferwise. https://transferwise.com

You'll get better rates, it's really easy.. almost all of us use them. 

+1

Thanks.  But if BoA won't permit me to wire to myself without a US mobile number for SafePass, how will they permit me to release funds to TransferWise without a US mobile number/SafePass?   

Assuming you are not and never have been a US citizen or green card holder, a complete distribution will be US taxable and you'll have to file a US tax return for 2019 in the New Year. You'll want to make sure you have left enough in dollars to pay any tax you owe.

Thanks.  Tax was withheld at source by my 401k provider.  Problem now is transferring funds from BoA to my UK bank when a US mobile number is required for SMS authentication purposes.  This is a pretty significant gap in BoA process that freezes out BoA customers living overseas.   

Thanks.  But if BoA won't permit me to wire to myself without a US mobile number for SafePass, how will they permit me to release funds to TransferWise without a US mobile number/SafePass?   

 You can use debit or credit card if you like. It's done through the Transferwise website, just like buying something. In this case you're buying GBP and having it sent directly to your UK account.

That sounds logical in principle.  But this would hit a credit card limit well below the pension fund amount?  It could be done in tranches but that would take a fairly long time and rack up transaction fees. 

That sounds logical in principle.  But this would hit a credit card limit well below the pension fund amount?  It could be done in tranches but that would take a fairly long time and rack up transaction fees.

Use your debit card then, it's a little cheaper doing it that way although you may have a limit imposed by Transferwise in any case.

I don't think it's a bad idea to bring it over in tranches anyway. You are not putting all your eggs in the one exchange rate basket that way.

If you are transferring a large amount and want to do it all at once, you may want to shop around. I can't remember which but some have used another of the currency exchange companies when moving a larger sum.

For smaller amounts though, you'll not beat Transferwise.

Use your debit card then, it's a little cheaper doing it that way although you may have a limit imposed by Transferwise in any case.

I don't think it's a bad idea to bring it over in tranches anyway. You are not putting all your eggs in the one exchange rate basket that way.

Thank you for these suggestions! Also hoping a fellow BoA sufferer can weigh in.  Seems a lot of trucking for a wire transfer of my own money.

Transferwise is excellent and very easy to use. I would however recommend an ACH transfer from BoA to Transferwise. As this would be classed as a domestic transfer, perhaps no U.S. mobile number is then needed. A Transferwise Boarderless account would be a good option for recurring payments, although in your circumstances this would not be helpful. ACH payments are very cheap, while debit card are vastly more expensive and you'll have a low daily limit too.
If you need a U.S. number, try Magic Jack https://www.magicjack.com  You can get an ip number on your iOS or Android phone. can text and call back to the U.S. and Canada for free. Had Magic Jack for about 10 years now, it really is fantastic.

Thanks for this suggestion, Barcrest.  Still struggling with this.  I think even BoA domestic wire transfers beyond a certain USD limit require the customer to first receive a security SMS text code sent to a US mobile number (i.e. cannot be via apps like WhatsApp).   

Magic Jack is a paid subscription, so you get a real U.S. number. Based on where you lived in the States, you could have an area code for there. It's not a Whatsapp, which is more an overlay for an existing number  - only other users can message. Magic Jack can receive from any number anywhere and make calls to landlines/mobile anywhere too. I can receive/make texts also. My only other thought would be to set up a wire PIN, if BoA allows it. Good luck

Many thanks for the suggestions!  Will look into it.