Yes, you can transfer 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

Most US banks allow international wire transfers, but they are not the only way to move money abroad. You can also use money transfer services like Western Union or MoneyGram, peer-to-peer apps like Wise or PayPal, or your bank's own international payment platform. Each route has different fees, exchange rates, and delivery times. The fastest is usually a wire transfer (one to three business days), but it often costs $15 to $50. The cheapest is often a specialist money transfer service, which may charge $2 to $10 but can take three to five business days.

The receiving bank's country matters as much as the sending method. Banks in Canada, the UK, Australia, and most of Europe accept wire transfers the same way US banks do. Banks in some other countries may require additional information, have lower daily limits, or take longer to process incoming transfers. Some countries restrict how much money can enter or require documentation of where the money came from.

Key Takeaways

  • Wire transfers through your bank are fastest (one to three business days) but usually cost $15 to $50 per transfer.
  • Money transfer services like Wise, OFX, or Remitly often have lower fees ($2 to $10) but may take three to five business days and offer less favorable exchange rates than banks.
  • You will need the recipient's full name, bank account number, bank name, and the bank's routing code (called SWIFT, BIC, or IBAN depending on the country).
  • Some countries limit how much money can be transferred in or require proof that the money is not from illegal activity.
  • Exchange rates vary by provider and change throughout the day, so comparing rates before you transfer can save you hundreds of dollars on large amounts.

Wire transfers through your US bank

A wire transfer is the most direct route: your bank sends money directly to the recipient's bank. Call your bank or log into online banking and look for "international wire transfer" or "SWIFT transfer." You will need to provide the recipient's full legal name, their bank account number, their bank's name and address, and the bank's SWIFT code (an eight or eleven-character code that identifies banks worldwide). Some banks also ask for an IBAN (International Bank Account Number), which is standard in Europe but less common elsewhere.

Most US banks charge $15 to $50 per outgoing wire transfer. Some banks charge an additional fee if the receiving bank is in a country outside Europe or North America. The transfer usually arrives in one to three business days, though some countries take longer. Your bank will give you a confirmation number; keep it in case the money does not arrive or the recipient's bank asks questions.

Wire transfers are reliable but inflexible. Once you send the money, you cannot cancel it if the recipient's account details are wrong. Before you wire, have the recipient confirm their account number and SWIFT code in writing. If the details are incorrect, the money may be returned to you (which can take weeks) or held by the receiving bank.

Money transfer services and their lower fees

Services like Wise, OFX, Remitly, and WorldRemit often charge less than banks—sometimes as little as $2 to $10—and offer exchange rates closer to the real market rate. They work by holding money in local bank accounts in both countries and matching senders with receivers, which cuts out the middleman fees that banks charge. You set up an account online, enter the recipient's bank details, and the money is usually sent within one to five business days.

The trade-off is speed and simplicity. Wire transfers through your bank are one step; money transfer services require you to create an account, verify your identity, and sometimes wait for approval. Some services also have daily or monthly limits on how much you can send, especially if you are new to the service. Read the fine print on fees—some charge a flat fee, some charge a percentage of the amount, and some charge both.

Wise is popular for transfers to Europe and other developed countries because it uses real mid-market exchange rates and charges a small percentage-based fee. Remitly and WorldRemit focus on transfers to developing countries and often have lower fees for those routes. OFX is used mainly by businesses but also serves individuals. Compare the total cost (fee plus exchange rate) across at least two services before you send.

PayPal and peer-to-peer payment apps

PayPal and similar apps like Square Cash or Venmo can send money internationally, but they are usually slower and more expensive than wire transfers or specialist money transfer services. PayPal charges 3.49% plus $0.49 for international transfers, which adds up quickly on large amounts. The money goes into the recipient's PayPal account first; they then have to withdraw it to their bank account, which adds another step and sometimes another fee.

These apps work best for small amounts to people you know well, not for regular or large transfers. If the recipient does not have a PayPal account, they will have to create one, which requires an email address and identity verification. The transfer can take three to five business days.

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), their bank account number, their bank's name and city, and their bank's SWIFT code or IBAN. In some countries, you may also need a routing number or branch code. If the recipient is unsure, they can ask their bank or check their bank statement—the SWIFT code and IBAN are usually printed there.

Write down this information carefully. A single wrong digit in an account number can send the money to the wrong account or cause the transfer to be rejected. If you are not sure, have the recipient read the information back to you over the phone or send it in a message you can copy directly into the transfer form. Do not retype it by hand if you can avoid it.

Exchange rates and how they affect the total cost

When you send money to another country, your dollars are converted to the local currency. The exchange rate—how many units of foreign currency you get per dollar—changes throughout the day and varies by provider. A difference of even 0.5% on a $5,000 transfer can cost you $25.

Banks usually offer worse exchange rates than specialist money transfer services or mid-market rates. Your bank might quote you a rate that is 2% to 4% worse than the real market rate, which means they are keeping the difference as profit. Wise and OFX advertise that they use mid-market rates (the real rate you see on financial news sites) plus a small fee, so you know exactly what you are paying.

Before you transfer, ask your bank for the exact exchange rate they will use, or check the rate offered by a money transfer service. Write down the rate and the total amount you will receive in the foreign currency. Then compare across providers. On large transfers, this comparison can save hundreds of dollars.

Limits, taxes, and documentation requirements

The US does not limit how much money you can send abroad, but the recipient's country may. Some countries restrict the amount of foreign currency that can enter in a single transfer or per year. Others require documentation showing where the money came from—a bank statement, a letter from your employer, or a tax return. A few countries require you to report large transfers to their central bank or tax authority.

If you are sending more than $10,000 in a single transfer, your US bank must file a Currency Transaction Report (CTR) with the US Treasury. This is routine and does not mean you have done anything wrong; it is a reporting requirement for all large transfers. The bank will ask you to confirm the purpose of the transfer (a gift, a loan, a business payment, etc.) and may ask for documentation.

If you are sending money regularly to the same person or account, tell your bank upfront. Some banks flag repeated international transfers as suspicious activity, which can slow down future transfers or cause them to be blocked. Explaining the pattern in advance prevents delays.

What to do if the money does not arrive

If the transfer does not arrive within the expected timeframe, contact your bank or money transfer service with your confirmation number. They can trace the transfer and tell you whether it has been delivered to the receiving bank, is stuck in processing, or was rejected because of incorrect account details. If it was rejected, the money will be returned to your account, which can take one to three weeks.

If the money arrived at the receiving bank but the recipient did not receive it, the problem is usually on their end. The receiving bank may be holding the money pending verification, or the recipient's account may have restrictions. Have the recipient contact their bank with the transfer details and ask them to release the funds.

Keep your confirmation number and any emails from your bank or the money transfer service. If there is a dispute, you will need proof that you sent the money and when.

Frequently Asked Questions

How long does an international wire transfer actually take?

Most wire transfers arrive in one to three business days, but some countries take longer. Banks in Canada, the UK, and Western Europe usually receive transfers within one to two business days. Banks in Asia, Latin America, and Africa may take three to five business days. Your bank can tell you the expected timeframe for the specific country you are sending to.

What is the difference between a SWIFT code and an IBAN?

A SWIFT code identifies a specific bank worldwide and is used by all countries. An IBAN (used mainly in Europe, the Middle East, and North Africa) is a longer code that includes the bank's routing information and the account number in one string. You usually need one or the other, not both. Ask the recipient which one their bank uses.

Can I cancel an international wire transfer after I send it?

Once a wire transfer leaves your bank, you usually cannot cancel it. If the account details are wrong, the money may be returned, but this can take weeks. Some money transfer services allow you to cancel within a short window (usually a few hours) if the transfer has not been picked up yet. Always confirm the recipient's details before you send.

Do I have to report sending money abroad to the IRS?

Sending money abroad is not taxable income and does not require a separate report to the IRS. However, if you are sending money as a gift to someone outside the US, there are gift tax rules that may apply depending on the amount. If you are sending money for business or investment purposes, keep records of the transfer. Consult a tax professional if you are unsure.

Why is the exchange rate I see online different from what my bank quoted?

Banks and money transfer services add a markup to the mid-market rate (the real rate you see on financial websites). This markup is how they make money on the transfer. Banks typically mark up the rate by 2% to 4%, while specialist money transfer services mark it up by 0.5% to 1.5%. Always ask for the exact rate your provider will use before you send.