Yes, you can send money internationally, but the method, cost, and speed depend on where the account is and which bank you use

International bank transfers are possible from the United States, but they work differently than domestic transfers. Your bank may charge a fee between $15 and $50, the recipient's bank may charge another fee, and the money may take three to ten business days to arrive. Some routes are faster and cheaper than others, and the exchange rate you get matters — your bank's rate is often worse than the real market rate.

The most common method is a wire transfer through the SWIFT network, which connects banks worldwide. You provide the recipient's bank account number, the bank's SWIFT code (an eight or eleven-character identifier), and sometimes an IBAN (International Bank Account Number). Your bank sends the money through a series of intermediary banks, each taking a small fee. This is reliable but slow and expensive.

Before you send anything, confirm with the recipient's bank what information you need to include. A missing or wrong detail can delay the transfer by days or send the money to the wrong account.

Key Takeaways

  • Wire transfers through SWIFT are the standard method but typically cost $25 to $50 and take three to ten business days.
  • You need the recipient's bank account number, their bank's SWIFT code, and sometimes an IBAN — ask the recipient to confirm all details with their bank first.
  • International money transfer services like Wise, OFX, and Remitly often charge lower fees and offer better exchange rates than traditional banks.
  • The total cost includes your bank's outgoing fee, the recipient's bank's incoming fee, and any intermediary bank fees — ask your bank for the full breakdown before sending.
  • Some countries restrict which banks can receive transfers or require additional documentation; confirm this with the recipient before initiating the transfer.

Wire transfers through your bank

A wire transfer is the most straightforward route if you have a checking or savings account at a U.S. bank. You go to your bank in person, online, or by phone and provide the recipient's details. Your bank deducts the money immediately and sends it through the SWIFT network.

You will need the recipient's full name, bank account number, the bank's SWIFT code, and the bank's name and address. Many banks also require an IBAN, which is a standardized account number used in Europe and many other countries. Ask the recipient to contact their bank and provide all of this information — do not guess or abbreviate.

Costs vary by bank. Most U.S. banks charge $25 to $50 to send an outgoing wire. The recipient's bank may charge $10 to $30 to receive it. Some banks charge an additional fee if the transfer passes through intermediary banks, which happens when the two banks do not have a direct relationship. Ask your bank for the total cost before you authorize the transfer.

Timing is three to ten business days in most cases. Weekends and holidays add time. Some banks offer expedited wires that arrive in one to two business days, but these cost more.

International money transfer services

Companies like Wise (formerly TransferWise), OFX, Remitly, and MoneyGram specialize in moving money across borders. They often charge lower fees than banks — sometimes $1 to $10 — and give you a real market exchange rate rather than the inflated rate your bank uses.

The trade-off is speed. Wise and OFX typically take one to four business days, which is faster than a bank wire but slower than a domestic transfer. Remitly offers both standard and express options, with express costing more but arriving in hours in some countries.

To use these services, you create an online account, enter the recipient's bank details, and authorize a debit from your U.S. bank account or credit card. The service converts your dollars at the real market rate, deducts their fee, and sends the money to the recipient's bank. You can track the transfer online.

These services work best for countries with large diaspora populations — India, Mexico, the Philippines, and parts of Africa and Southeast Asia. If you are sending to a smaller country or a less common bank, confirm that the service covers that destination before you start.

Exchange rates and hidden costs

Your bank's exchange rate is almost always worse than the real market rate. If the real rate is 1 USD = 0.92 EUR, your bank might offer 1 USD = 0.88 EUR, pocketing the difference. Over a large transfer, this markup can cost you hundreds of dollars.

International money transfer services use the real market rate or charge a small percentage markup (usually 1 to 2 percent) instead of a hidden spread. This is why a transfer that looks cheap in fees can still be expensive if the exchange rate is bad.

Before you send, ask your bank for the exact exchange rate and total cost. Compare that to the rate and fee a transfer service would charge. The cheapest option is not always the one with the lowest advertised fee.

What information you need from the recipient

Do not send money based on guesses or partial information. Ask the recipient to log into their online banking or call their bank and provide these details in writing:

  • Full name on the account (exactly as it appears on the account)
  • Bank account number
  • Bank name and city
  • SWIFT code (eight or eleven characters)
  • IBAN (if the country uses one — most of Europe, the Middle East, and parts of Africa do)
  • Any reference or memo field the bank requires

If any detail is wrong, the transfer may be rejected or sent to the wrong account. Some banks will not reverse a wire transfer if the recipient account number is incorrect, so verification is critical.

If the transfer is delayed or does not arrive

If money does not arrive within the promised timeframe, contact your bank immediately. Ask for the SWIFT reference number (also called the transaction reference), which tracks the transfer through the network. Your bank can use this to trace the money and find out where it is stuck.

Delays often happen at intermediary banks, especially on weekends or holidays. If the money has been in transit for more than ten business days, your bank can file a trace request with the receiving bank.

If the transfer was sent to the wrong account, recovery is difficult. Some banks will attempt to recall the money, but this only works if the receiving bank has not released it. If the money was sent to a valid account but the wrong person, you may have no recourse. This is why confirming all details with the recipient beforehand is essential.

Restrictions and documentation in certain countries

Some countries restrict international transfers or require additional documentation. Banks in countries with capital controls may delay or reject transfers without explanation. Some require the sender to provide proof of the transfer's purpose — a contract, invoice, or letter explaining why the money is being sent.

If you are sending money to a country you are unfamiliar with, ask the recipient's bank whether there are any restrictions or documentation requirements. Your bank can also tell you if they have had issues sending to that country in the past.

Transfers related to business, investment, or large amounts may trigger additional scrutiny under anti-money-laundering rules. Be prepared to explain the purpose of the transfer if your bank asks.

Frequently Asked Questions

How long does an international wire transfer actually take?

Most wire transfers take three to ten business days. Weekends and holidays do not count. Some banks offer expedited wires that arrive in one to two business days for an extra fee. International money transfer services like Wise often arrive in one to four business days and are sometimes faster than banks.

What is the difference between SWIFT and IBAN?

A SWIFT code identifies the bank itself — it is eight or eleven characters and tells the network which bank to send the money to. An IBAN is the account number, used mainly in Europe and the Middle East, and can be up to 34 characters. You need both for most transfers outside North America.

Can I get my money back if I send it to the wrong account?

Recovery is difficult and often impossible. If the money went to a valid account at the correct bank but the wrong person, the receiving bank has no obligation to return it. This is why confirming all details with the recipient before sending is critical. Some banks will attempt a recall, but this only works if the receiving bank has not released the funds.

Why is my bank's exchange rate so much worse than the real rate?

Banks mark up the exchange rate as profit. If the real rate is 1 USD = 0.92 EUR, your bank might offer 1 USD = 0.88 EUR. International money transfer services use the real rate or charge a small percentage fee instead, which is why they are often cheaper for large transfers despite lower advertised fees.

Do I need to report international transfers to the IRS?

Transfers of your own money to your own account abroad do not require IRS reporting. However, transfers over $10,000 trigger a Currency Transaction Report (CTR) filed by your bank. If you are sending money on behalf of someone else or for business purposes, consult a tax professional about reporting requirements.