Yes, your savings account can receive international transfers, but the method and speed depend on the bank, the sending country, and the amount
Most U.S. savings accounts can receive wire transfers from other countries. Your bank will need to provide you with specific routing information — usually your account number, the bank's routing number, and the bank's SWIFT code (a code that identifies your bank internationally). The sender will use this information to move money through the international banking system.
However, not all savings accounts are set up the same way. Some banks restrict international transfers on savings accounts, or they charge higher fees for them than for checking accounts. Before you expect money from abroad, contact your bank directly and ask whether your specific account can receive international wires, what information the sender needs, and what fees will be charged.
Key Takeaways
- Your bank's SWIFT code, routing number, and your account number are what a foreign sender needs to transfer money to your savings account.
- International wire transfers typically take three to five business days, but can take longer depending on the sending bank, receiving bank, and any intermediary banks involved.
- Your bank may charge a receiving fee (typically $15 to $25) and may apply an exchange rate that is less favorable than the market rate if the money is sent in a foreign currency.
- Some banks do not allow international transfers to savings accounts, so you must confirm with your bank before the sender attempts the transfer.
- If money does not arrive within the expected timeframe, you will need the sender's bank details and the wire transfer reference number to investigate with your bank.
What information the sender needs from you
The person or business sending you money will ask for your bank details. Provide them with your account number, your bank's routing number (a nine-digit code used for domestic transfers), and your bank's SWIFT code (used for international transfers). Some senders may also ask for your bank's address or your full name as it appears on the account.
You can find this information by logging into your online banking, calling your bank's customer service line, or visiting a branch in person. Write it down carefully — a single digit wrong will cause the transfer to fail or go to the wrong account. If you are unsure whether you have the correct SWIFT code, ask your bank to confirm it rather than guessing.
How long international transfers take
A wire transfer from abroad typically arrives within three to five business days. However, the actual timeline depends on several factors: the time of day the sender initiates the transfer, whether the sending bank and your bank have a direct relationship, whether the money passes through intermediary banks, and the sending country's banking hours and holidays.
Some transfers arrive the next business day. Others take a week or longer. If the sender's bank is in a different time zone, a transfer sent late in their business day may not process until the next day, which can add time to the overall timeline. Ask the sender to provide you with a wire transfer reference number or tracking number so you can follow up with your bank if the money does not arrive when expected.
Fees your bank may charge
Most banks charge a fee to receive an international wire transfer. This fee typically ranges from $15 to $25, though some banks charge more. The fee is usually deducted from the amount that arrives in your account, so if someone sends you $1,000 and your bank charges a $20 receiving fee, you will receive $980.
If the money is sent in a foreign currency, your bank will convert it to U.S. dollars. The bank applies an exchange rate, but it is often not the same as the market rate you see online — banks typically offer a less favorable rate and keep the difference as part of their profit. Ask your bank what exchange rate it uses before the transfer is sent, so you know how much money will actually arrive.
Why a transfer might fail or be delayed
International transfers fail most often because of incorrect bank details. A single wrong digit in the routing number or account number can send the money to the wrong bank or account. If this happens, the sending bank may be able to recall the transfer, but the process takes time and is not always successful.
Transfers are also delayed when they pass through intermediary banks. If your bank does not have a direct relationship with the sending bank, the money may route through one or more other banks before reaching you. Each intermediary bank adds processing time. Additionally, if the sending bank suspects fraud or if the amount is unusually large, they may hold the transfer for review, which can add several days.
If money does not arrive within the timeframe the sender was given, contact your bank with the wire transfer reference number. Your bank can check the status and tell you whether the transfer is still in process, has been rejected, or has been sent to the wrong account.
Alternatives to wire transfers
Wire transfers are the most common method for receiving money from abroad, but they are not the only option. Some people use international money transfer services like Wise, OFX, or Remitly, which sometimes charge lower fees and offer better exchange rates than banks. These services transfer money to your bank account, so the end result is the same, but the cost and speed may differ.
Another option is a bank-to-bank transfer using ACH (Automated Clearing House), but this method is typically only available between U.S. banks, not for international transfers. If the sender has a U.S. bank account, they could transfer money to you that way, which is usually faster and cheaper than an international wire.
What to do if your bank does not allow international transfers
Some banks, particularly smaller regional banks or online banks, do not accept international wire transfers on savings accounts. If your bank falls into this category, you have a few options. You can open a checking account at the same bank if they allow international transfers to checking accounts. You can switch to a different bank that does accept international transfers. Or you can ask the sender to use an international money transfer service instead, which may deposit the money to your account regardless of whether your bank directly accepts wires.
Before you switch banks, call and confirm the policy. Some banks have restrictions that are not clearly stated online, and speaking to a representative may reveal options you did not know about.
Frequently Asked Questions
Will my bank report the incoming international transfer to the IRS?
Banks report large deposits to the IRS as part of standard anti-money-laundering procedures. If a single transfer exceeds $10,000, your bank will file a Currency Transaction Report. This does not mean you owe taxes on the money — it is simply a report. If the money is a gift, a loan repayment, or income you have already reported, you have nothing to worry about.
Can I receive money from abroad if I do not have a SWIFT code?
No. The SWIFT code is required for international wire transfers. If your bank does not have a SWIFT code, they do not accept international wires. You would need to use a different bank or ask the sender to use an international money transfer service instead.
What if the sender says the transfer failed on their end?
Ask the sender for the wire transfer reference number and the name of their bank. Contact your bank with this information and ask them to search for the transfer. Sometimes a transfer appears to fail on the sender's end but actually goes through. Your bank can confirm whether the money arrived or is still in process.
Can I receive money from abroad if I am not a U.S. citizen?
Yes, but your bank may ask for additional documentation. Banks are required to verify the identity of account holders, and they may ask for a passport, visa, or other proof of identity if you are not a U.S. citizen. Contact your bank ahead of time to find out what documents they need.
Do I need to pay taxes on money I receive from abroad?
It depends on what the money is. If it is a gift, you typically do not owe federal income tax. If it is income from work or a business, you owe taxes on it. If it is a loan repayment, you do not owe taxes. Keep records of what the money is for in case the IRS asks questions later.