The fastest and cheapest way depends on where the money is going and how much you're sending

International payments move through different channels than domestic ones, and the route you choose affects both cost and speed. A wire transfer to a bank account abroad can arrive in one to three business days but may cost $15 to $50. A money transfer service like Western Union or MoneyGram can deliver cash to a pickup location in minutes to hours for a higher percentage fee. A peer-to-peer app like Wise or OFX works best for larger amounts and gives you the real exchange rate, not a marked-up one. Bank-to-bank transfers through SWIFT (the international banking network) are reliable but slow, often taking five to seven business days.

The choice also depends on whether the recipient has a bank account, whether they need cash immediately, and what countries are involved. Some services don't operate in all countries, and some banks charge receiving fees that the sender doesn't see until after the transfer lands. Before you send anything, ask the recipient what method works for them and whether their bank charges a fee to receive the money.

Key Takeaways

  • Wire transfers through your bank take one to three business days and cost $15 to $50, but require the recipient to have a bank account.
  • Money transfer services like Western Union deliver cash to a pickup location in hours but charge a percentage of the amount sent, typically 3 to 8 percent.
  • Peer-to-peer apps like Wise give you the real exchange rate and lower fees for larger transfers, but require both sender and recipient to have accounts with the service.
  • Exchange rates vary by service and update throughout the day, so the amount the recipient gets depends on when you send, not when they receive.
  • The recipient's bank may charge a receiving fee that reduces the amount they get, so confirm the total cost before you send.

Wire transfers through your bank: reliable but not the cheapest option

A wire transfer sends money directly from your bank account to a bank account abroad. You provide your bank with the recipient's name, account number, bank name, and SWIFT code (an eight or eleven-character identifier that every international bank has). Your bank deducts the amount plus the wire fee from your account immediately, and the money typically arrives in the recipient's account within one to three business days.

Wire transfer fees range from $15 to $50 depending on your bank and whether the transfer is domestic or international. Some banks charge an additional "incoming wire fee" that the recipient's bank deducts from the amount received, which you won't know about until after the transfer lands. Ask your bank for the full cost before you initiate the transfer, and ask the recipient's bank whether they charge a receiving fee.

Wire transfers are irreversible once sent, so verify the recipient's account details carefully. A typo in the account number or bank code can send the money to the wrong account, and recovering it is difficult and slow. Some banks offer a verification service where they confirm the recipient's name matches the account number before the transfer goes through; ask if yours does.

Money transfer services: fast cash pickup, higher fees

Services like Western Union, MoneyGram, and Remitly let you send money to a recipient who picks it up in cash at a physical location or receives it in a bank account. You can initiate the transfer online, by phone, or in person at a Western Union or MoneyGram agent location. The recipient gets a reference number and picks up the cash at a partner location in their country, usually within minutes to a few hours.

Fees for money transfer services are typically 3 to 8 percent of the amount sent, plus a flat fee of $1 to $5. A $500 transfer might cost $20 to $45 in fees. The exchange rate is also marked up, meaning the recipient gets fewer units of their local currency than the real rate would give them. These services are more expensive than wire transfers or peer-to-peer apps, but they work in countries where banking infrastructure is limited and the recipient doesn't need a bank account.

The recipient needs a valid ID to pick up cash, and some services limit how much can be picked up in a single transaction. If the recipient is picking up cash, confirm that a Western Union or MoneyGram location is near them before you send.

Peer-to-peer apps: lower fees for larger amounts, requires both parties to have accounts

Apps like Wise, OFX, and Remitly (which also offers bank transfers) let you send money to a recipient's bank account using the real exchange rate with a transparent, low fee. You create an account, link your bank account or debit card, enter the recipient's bank details, and the money arrives in their account in one to three business days. Fees typically range from 1 to 3 percent of the amount sent, making these services cheaper than Western Union or MoneyGram for most transfers.

The trade-off is that both you and the recipient need accounts with the service, and the recipient needs a bank account to receive the money. Wise is available in over 80 countries; OFX operates in fewer countries but offers larger transfer limits. Check whether the service operates in both your country and the recipient's country before you sign up.

These services update exchange rates throughout the day, so the amount the recipient gets depends on when you send, not when they receive. If the exchange rate is moving in the recipient's favor, sending sooner gets them more money. If it's moving against them, waiting might cost them.

SWIFT transfers: the traditional bank-to-bank route

SWIFT is the international banking network that banks use to send money to each other. When you ask your bank to send an international wire transfer, your bank uses SWIFT to route the money to the recipient's bank. The process is the same as a wire transfer from your perspective—you provide the recipient's bank details and your bank deducts the amount—but SWIFT transfers can take five to seven business days because the money passes through multiple intermediary banks.

SWIFT transfers are reliable and work between any two banks that are part of the network, but they are slower and more expensive than direct wire transfers or peer-to-peer apps. Some banks charge SWIFT fees in addition to wire fees, and intermediary banks may deduct their own fees from the amount received. Ask your bank whether they charge a SWIFT fee and whether intermediary banks will deduct fees before the money reaches the recipient.

Exchange rates: what you see is not always what the recipient gets

When you send money internationally, the amount is converted from your currency to the recipient's currency at an exchange rate. The real exchange rate—the one banks use with each other—changes throughout the day. Most services mark up this rate, meaning the recipient gets fewer units of their local currency than the real rate would give them.

Wire transfers through banks typically mark up the rate by 1 to 3 percent. Money transfer services like Western Union mark it up by 2 to 5 percent. Peer-to-peer apps like Wise use the real rate with no markup, which is why they are cheaper for larger transfers. Before you send, ask the service what exchange rate they are using and calculate what the recipient will actually receive.

Exchange rates update throughout the day, so the amount the recipient gets depends on when you send. Some services let you lock in a rate for a short period (usually 24 to 48 hours) so you know exactly what the recipient will receive before you complete the transfer.

Receiving fees and hidden costs

The recipient's bank may charge a fee to receive international money, which is deducted from the amount that lands in their account. This fee is not always visible to you when you send, so the recipient may receive less than you expected. Some banks charge $5 to $15 per incoming international transfer; others charge a percentage of the amount.

Before you send, ask the recipient to check with their bank about receiving fees. Some banks waive receiving fees for transfers above a certain amount, or for customers with premium accounts. If the recipient's bank charges a high fee, you might save money by using a money transfer service that delivers cash instead, or by splitting the transfer into multiple smaller amounts (though this increases your sending fees).

Intermediary banks that process the transfer may also deduct fees, which you won't see until the money arrives. This is most common with SWIFT transfers that pass through multiple banks. Ask your bank whether intermediary banks will deduct fees and request that the full amount you send reach the recipient, even if it means your bank deducts the intermediary fees from your account instead.

What to do if a transfer is delayed or doesn't arrive

International transfers can be delayed by weekends, holidays, or bank processing backlogs. A transfer that should arrive in one to three business days might take longer if it's sent on a Friday or before a holiday. If a transfer hasn't arrived within the timeframe the service promised, contact the service or your bank and provide the reference number or tracking information.

If a transfer arrives in the wrong account or doesn't arrive at all, contact your bank or the transfer service immediately. They can trace the transfer and attempt to recover the money, but this process is slow and not always successful. Wire transfers are irreversible, so if the money went to the wrong account, recovery depends on whether the receiving bank will cooperate.

Keep records of the transfer details—the recipient's name, account number, bank name, amount sent, fee paid, exchange rate, and reference number. If something goes wrong, you'll need this information to trace the transfer and dispute the transaction with your bank or the service.

Frequently Asked Questions

How much does it cost to send money internationally?

Costs vary by service and amount. Wire transfers cost $15 to $50 plus possible receiving fees. Money transfer services charge 3 to 8 percent of the amount sent. Peer-to-peer apps charge 1 to 3 percent. Exchange rate markups add another 1 to 5 percent depending on the service. For a $500 transfer, expect to pay $25 to $60 total.

How long does an international transfer take?

Wire transfers and peer-to-peer apps typically take one to three business days. Money transfer services that deliver cash can complete in minutes to hours. SWIFT transfers can take five to seven business days. Weekends and holidays extend these timelines.

Can I send money to a country that doesn't have a Western Union or bank account?

Some countries have limited banking infrastructure or money transfer service coverage. Check whether the service operates in the recipient's country before you send. If no service reaches them, you may need to send to a nearby country and have the recipient travel to pick it up, or use a service that partners with local agents in that region.

What information do I need to send a wire transfer?

You need the recipient's full name, bank account number, bank name, city, and SWIFT code. Some banks also require an IBAN (International Bank Account Number) for European transfers. Ask the recipient to provide this information from their bank statement or by contacting their bank directly.

Is it safe to send money internationally online?

Established services like your bank, Western Union, Wise, and MoneyGram use encryption and fraud detection to protect your information. Never send money through an unsecured link or to someone you don't trust. Verify the recipient's identity before sending, and be cautious of requests to send money to an unfamiliar account or country.