Yes, you can send money to a foreign bank account, but the method, cost, and speed depend on which country you're sending to and which bank you use

The most common way is a wire transfer through your US bank, which typically takes one to three business days and costs $15 to $50 depending on your bank. You'll need the recipient's full name, bank name, account number, and the bank's SWIFT code or routing number — the exact details vary by country.

Other options include money transfer services like Western Union or MoneyGram (faster for cash pickup, slower for bank deposits), peer-to-peer apps like Wise or PayPal (usually cheaper for smaller amounts), and international ACH transfers (slower but sometimes free). Each has different fees, exchange rates, and delivery times.

The catch: some countries have restrictions on incoming transfers, some banks charge fees on both ends, and exchange rates can vary wildly between providers. You need to know where the money is going before you choose how to send it.

Key Takeaways

  • Wire transfers through your US bank are the standard method and take one to three business days, but cost $15 to $50 per transfer.
  • You must provide the recipient's bank details including SWIFT code or routing number, which you can ask the recipient to confirm or find on their bank's website.
  • Money transfer services like Wise and PayPal often have lower fees than banks for amounts under $1,000 but may take longer to reach a bank account.
  • Exchange rates and fees vary significantly between providers, so comparing costs before sending can save you 5 to 15 percent of the transfer amount.
  • Some countries restrict incoming transfers or require documentation, so check with the recipient's bank before sending large amounts.

Wire transfers through your US bank

A wire transfer is the fastest and most direct route if you have a US bank account. You initiate it online, by phone, or in person at your bank branch. Your bank deducts the money immediately and sends it to the recipient's bank, which usually deposits it within one to three business days depending on the receiving country's banking system.

You'll need to provide your bank with the recipient's full legal name, account number, bank name, and the bank's SWIFT code (an eight or eleven-character code that identifies banks internationally). Some countries also require an IBAN (International Bank Account Number) instead of or in addition to the account number. Ask the recipient to confirm these details or have them get them from their bank's website or statement.

Costs range from $15 to $50 per transfer at most US banks, though some charge more for certain countries. The recipient's bank may also charge a fee to receive the transfer, typically $5 to $25, which comes out of the amount they receive. Always ask the recipient whether their bank charges incoming fees so they know what to expect.

Wire transfers are irreversible once sent, so double-check the account number and recipient name before confirming. A typo in the account number can send money to the wrong person, and you may not be able to recover it.

Money transfer services and peer-to-peer apps

Services like Wise, OFX, and PayPal often charge lower fees than banks, especially for amounts under $1,000. Wise in particular is known for using real exchange rates with minimal markup, while PayPal and similar apps may charge a percentage of the transfer amount (typically 1 to 3 percent) plus a flat fee.

The tradeoff is speed. A wire transfer through your bank usually arrives in one to three days. Money transfer services may take three to five business days to reach a bank account, though some offer expedited options for an extra fee. If the recipient needs cash pickup instead, services like Western Union and MoneyGram can deliver within hours, but they charge more and the recipient has to go to a physical location.

These services also have limits on how much you can send per transaction and per month, which vary by service and your account history. Check the service's website for current limits before you start a transfer.

Exchange rates and hidden costs

The exchange rate you get matters more than the fee itself when sending larger amounts. Your bank may offer a worse exchange rate than a money transfer service, which means the recipient gets less money even if the bank's fee is lower.

Compare the total cost, not just the fee. If you're sending $1,000 to Mexico, for example, one provider might charge $20 with an exchange rate of 17.50 pesos per dollar, while another charges $5 with a rate of 17.00 pesos per dollar. The second option costs less in fees but delivers fewer pesos because the exchange rate is worse. Use a currency converter to calculate what the recipient will actually receive from each provider.

Some banks also charge a separate fee to convert your US dollars to the foreign currency, on top of the wire transfer fee. Ask your bank whether the fee quoted includes currency conversion or if there's an additional charge.

What information you need from the recipient

Before you send money, ask the recipient for their full legal name (exactly as it appears on their bank account), account number, bank name, and SWIFT code. For some countries, you'll also need their IBAN or a local routing number.

The recipient can find this information on their bank statement, by logging into their online banking, or by calling their bank directly. It's worth having them double-check because a wrong account number or SWIFT code can delay the transfer or send it to the wrong account.

For very large transfers, some banks or countries may ask for additional information about the purpose of the transfer or proof of the relationship between you and the recipient. This is part of anti-money-laundering compliance and is normal.

Restrictions and delays by country

Some countries restrict incoming wire transfers or require documentation before a bank will accept them. For example, some nations limit transfers to immediate family members, require proof of the transfer's purpose, or have caps on how much can be received per month.

Banks in countries with strict capital controls may also hold transfers for review, which can add several days to delivery time. If the recipient's country has recently changed its banking rules, their bank may be extra cautious and ask for additional paperwork.

Before sending a large amount, have the recipient contact their bank to confirm they can receive international transfers and whether any documentation is needed. This prevents the money from being held up or rejected after you've already sent it.

What to do if the transfer goes wrong

If money doesn't arrive within the expected timeframe, contact your bank or money transfer service and provide the transfer reference number (you'll receive this when you send the money). They can check the status and see whether the transfer is still in transit, held for review, or rejected.

If the transfer was rejected, it usually bounces back to your account within five to ten business days, though some banks take longer. If it was sent to the wrong account, recovery is difficult and may require the recipient's bank to cooperate, which they're not required to do.

Wire transfers are not covered by the same fraud protections as credit card or ACH transfers, so if you send money to a scammer, you likely won't be able to recover it. Always verify the recipient's identity and account details independently before sending.

Frequently Asked Questions

How long does it take to send money to a foreign bank account?

Wire transfers through a US bank typically take one to three business days. Money transfer services like Wise or PayPal may take three to five business days to reach a bank account. Cash pickup services like Western Union can deliver within hours, but the recipient has to go to a physical location to collect it.

What's the cheapest way to send money internationally?

For amounts under $1,000, peer-to-peer apps like Wise or OFX usually have lower fees and better exchange rates than banks. For larger amounts, compare the total cost (fee plus exchange rate impact) across at least two providers before sending. Your bank's wire transfer may be cheaper than it appears if the exchange rate is competitive.

Can I send money to any country?

Most countries accept international wire transfers, but some have restrictions or require documentation. Countries with strict capital controls or sanctions may not accept transfers at all. Ask the recipient's bank whether they can receive international transfers before you send money.

What if I send money to the wrong account number?

Wire transfers are irreversible once sent. If the account number was wrong, the money may go to another person's account, and you likely won't be able to recover it. Always have the recipient confirm their account details before you initiate the transfer.

Do I need to report international money transfers to the IRS?

If you're sending money as a gift, you generally don't need to report it to the IRS. However, if you're sending money as payment for goods or services, or if the amount is very large, consult a tax professional. Banks report large transfers to the government as part of anti-money-laundering compliance, but this is separate from tax reporting.