The main routes for international transfers

You have three practical ways to move money to an overseas bank account: a wire transfer through your bank, a money transfer service like Wise or OFX, or a peer-to-peer app if the country is supported. Wire transfers are the slowest and most expensive but work almost everywhere. Money transfer services are faster and cheaper for most routes but require the recipient's bank details. Apps are fastest for supported countries but often have lower limits per transaction.

The choice depends on how much you're sending, how fast you need it to arrive, and which country the money is going to. A $500 transfer to Canada moves differently than $5,000 to the Philippines or $2,000 to India. Each route has different fees, exchange rates, and delivery times.

Key Takeaways

  • Wire transfers work in nearly every country but cost $15 to $50 per transaction and take 3 to 7 business days; money transfer services cost $2 to $15 and arrive in 1 to 3 days for most routes.
  • You will need the recipient's full name, bank account number, routing or SWIFT code, and bank address; missing or incorrect details cause delays or rejection.
  • Exchange rates vary by provider and change throughout the day; locking in a rate before you send protects you from rate swings.
  • Money transfer services often offer better rates than banks for the same route, so comparing two or three before sending saves money on larger amounts.
  • If money doesn't arrive within the promised timeframe, contact your provider immediately with your transaction reference number and the recipient's bank details.

Wire transfers: how banks move money internationally

A wire transfer is a direct electronic payment from your bank account to a recipient's bank account overseas. Your bank sends the money through the SWIFT network (Society for Worldwide Interbank Financial Telecommunication), which connects banks globally. The recipient's bank receives the funds and deposits them into their account.

Wire transfers work to almost every country, but they are expensive and slow. Fees range from $15 to $50 depending on your bank and the destination country. The money typically arrives in 3 to 7 business days, though some routes take longer. Your bank will also apply an exchange rate that is usually less favorable than what money transfer services offer.

To send a wire, you need the recipient's full legal name, bank account number, bank routing code or SWIFT code, and the bank's address. Some banks also require an IBAN (International Bank Account Number) for European transfers. Any error in these details can cause the transfer to be rejected or delayed. Call your bank before sending to confirm you have the correct information.

Money transfer services: faster and cheaper for most routes

Money transfer services like Wise, OFX, Remitly, and MoneyGram specialize in international payments and often charge less than banks. Fees typically range from $2 to $15 per transaction, and delivery times are 1 to 3 business days for most countries. These services also offer exchange rates closer to the real market rate than banks do.

The trade-off is that money transfer services work only to countries they support. Wise covers over 80 countries; Remitly covers around 50. Before you choose a service, check whether it sends to your recipient's country. You can usually see this on the service's website by entering the destination country.

Most money transfer services let you lock in an exchange rate for 10 to 30 minutes before you send the money. This protects you if the rate moves against you while you're entering your details. After you send, you receive a reference number to track the transfer and share with the recipient if they need to follow up with their bank.

Peer-to-peer apps: fastest for supported countries

Apps like PayPal, Wise, and Square Cash can send money internationally to users in supported countries. These transfers are often the fastest option—sometimes arriving within hours—and fees are low or zero if both people use the app. The catch is that both the sender and recipient must have accounts, and not all countries are supported.

Apps work best for smaller amounts and for sending to people you know. If the recipient doesn't already have an account with the app, they will need to create one before they can receive the money. Some apps also have daily or monthly limits on how much you can send, which may not work for larger transfers.

What information you need before you send

Before you initiate any transfer, collect the recipient's bank details. For a wire transfer, you need: full legal name (exactly as it appears on their account), bank account number, bank routing code or SWIFT code, and the bank's full address including city and country. For money transfer services, you typically need the same information, though some services ask for an IBAN instead of a routing code.

Ask the recipient to provide this information directly from their bank statement or by logging into their online banking. Do not guess or abbreviate. A single digit wrong in the account number can send the money to the wrong account or cause the transfer to fail. If you are unsure about any detail, contact the recipient's bank directly to confirm.

Some countries require additional information, such as a reference number or purpose of transfer. The service or bank you use will tell you if this is needed. Providing accurate information the first time prevents delays and rejected transfers.

Exchange rates and how they affect the amount received

The exchange rate determines how much money the recipient receives in their local currency. Banks and money transfer services set their own rates, which differ from the real market rate. The difference is how they make money on the transfer.

Exchange rates change throughout the day based on currency markets. If you send $1,000 USD to Mexico at 9 a.m., the recipient might receive 17,000 MXN. If you send the same amount at 3 p.m., they might receive 16,950 MXN because the rate moved. On large transfers, this difference adds up.

Most money transfer services let you see the exact rate and total amount the recipient will receive before you confirm the transfer. Use this to compare services: send $1,000 through Wise and through OFX, see what rate each offers, and choose the one that gives the recipient more money. For transfers over $5,000, comparing rates can save $50 to $200.

What to do if the money doesn't arrive on time

If the transfer doesn't arrive within the timeframe the service promised, contact them immediately. Have your transaction reference number ready, along with the recipient's bank details and the date you sent the money. The service will investigate whether the money is stuck in the banking system or if there was an error in the recipient's details.

If the recipient's bank details were wrong, the money may be returned to your account within 5 to 10 business days. If the details were correct but the money is delayed, the service will contact the recipient's bank to track it down. This process can take 1 to 2 weeks. In rare cases, the money is lost; most services will refund your fee if this happens, but recovering the full amount depends on the service's policy.

To avoid this situation, confirm the recipient's details with them before you send. Ask them to read back their account number and routing code. A 30-second phone call prevents a week of troubleshooting.

Frequently Asked Questions

How much does it cost to send money overseas?

Wire transfers through banks cost $15 to $50 per transaction. Money transfer services cost $2 to $15 depending on the amount and destination. Some peer-to-peer apps charge nothing if both people use the app, but may charge a fee if the recipient needs to cash out to their bank account. Always check the fee before you send.

How long does an international transfer take?

Money transfer services typically deliver in 1 to 3 business days. Wire transfers take 3 to 7 business days. Peer-to-peer apps can deliver within hours if both people use the app. Weekends and holidays add time to all transfers. The service will tell you the expected delivery date when you send.

What if I send money to the wrong account?

If the account number was wrong, the receiving bank will reject the transfer and send the money back to your account within 5 to 10 business days. If the account number was correct but belonged to the wrong person, recovering the money is much harder and depends on whether that person's bank will cooperate. Always confirm the recipient's details before sending.

Can I cancel a transfer after I send it?

Once a wire transfer leaves your bank, it cannot be stopped. Money transfer services sometimes allow cancellation within a few hours if the money hasn't been picked up yet. Check the service's cancellation policy before you send. If you need to cancel, contact them immediately with your transaction reference number.

Do I need to report international transfers to the government?

In the United States, banks must report wire transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN). This is routine and does not mean you did anything wrong. If you send multiple transfers under $10,000 to the same person within a short time, the bank may file a report if it appears you are structuring to avoid the reporting requirement. Send the full amount in one transfer if possible.