Yes, you can transfer money to a foreign bank account online, but the method depends on the amount, the destination country, and how fast you need it to arrive

The most common routes are wire transfers through your bank, money transfer services like Wise or OFX, and payment apps that support international transfers. Wire transfers are the slowest and most expensive but work to almost every country. Money transfer specialists are faster and cheaper for most amounts under $10,000. Payment apps are fastest for small amounts but have daily limits and don't reach all countries.

Before you choose, you'll need the recipient's full name, their bank account number, and their bank's SWIFT code or IBAN (International Bank Account Number). Some countries use one, some use the other, and some use both. If you don't have these details, ask the recipient to provide them or contact their bank directly—guessing wrong means your money gets sent back, which takes another week or two.

Key Takeaways

  • Wire transfers through your bank reach almost any country but cost $15 to $50 and take three to seven business days.
  • Money transfer services like Wise and OFX are cheaper and faster for most transfers under $10,000, with rates that change daily based on the exchange rate.
  • You need the recipient's SWIFT code, IBAN, or bank account number before you start—the format varies by country.
  • Payment apps like PayPal and Wise have daily or monthly limits on how much you can send, and not all countries are supported.
  • Exchange rates vary by service and change throughout the day, so compare the total cost (fee plus conversion rate) before you send.

Wire transfers through your bank

A wire transfer is the oldest and most widely accepted method. You go to your bank in person or online, provide the recipient's bank details, and your bank sends the money directly to their bank. This works to almost every country in the world, which is why banks still use it despite the cost and speed.

Wire transfers typically cost $15 to $50 depending on your bank and whether the destination is considered "domestic" or "international." The money usually arrives in three to seven business days, though some banks promise faster delivery for an extra fee. Your bank will give you a confirmation number and tracking reference—keep this in case something goes wrong.

The main drawback is the exchange rate. Banks add a markup to the official rate, sometimes 2 to 4 percent, which means you're paying more than the real cost of converting your money. If you're sending $5,000 to Europe, that markup could cost you $100 or more.

Money transfer services (Wise, OFX, Remitly)

Specialized money transfer services are faster and cheaper than banks for most amounts. Wise (formerly TransferWise) uses the real mid-market exchange rate with a small transparent fee, usually 1 to 2 percent of the amount you send. OFX and Remitly work similarly. These services are designed specifically for international transfers, so they've optimized the process.

You set up an account online, enter the recipient's bank details, and the money usually arrives in one to three business days. Some services offer same-day delivery for an extra fee. The total cost is almost always lower than a wire transfer, especially if you're sending more than $1,000.

The catch is that not every country is supported. Wise reaches over 190 countries, but smaller services may not. Check the service's website to confirm the destination country is available before you create an account. Also, these services have daily or monthly limits—you might not be able to send $50,000 in a single transaction, though you can usually send multiple transfers over time.

Payment apps and digital wallets

PayPal, Google Pay, and similar apps let you send money internationally, but they're best for small amounts under $1,000. The fees are lower than banks but higher than specialized transfer services, and the daily limits are strict—often $500 to $2,000 per day depending on your account age and verification status.

The advantage is speed and convenience. You can send money from your phone in minutes, and the recipient gets it in hours or a day. The disadvantage is that not all countries are supported, and the recipient usually needs a PayPal account or compatible wallet to receive the money. If they just have a regular bank account, this route won't work.

What information you need before you start

Every transfer requires the recipient's full name exactly as it appears on their bank account. Misspellings or nicknames can cause delays or rejection. You also need their bank account number, which varies in format by country—it might be 10 digits, 20 digits, or a mix of letters and numbers.

Most countries use either a SWIFT code (an 8 or 11-character code that identifies the bank) or an IBAN (International Bank Account Number, which includes the country code and account number in one string). Some countries use both. Ask the recipient which one their bank requires, or ask their bank directly. If you provide the wrong code, the transfer may be rejected or sent to the wrong account.

For some countries, you may also need the recipient's address and the bank's address. This is less common now, but some banks still ask for it. The transfer service will tell you what's required before you confirm the payment.

How exchange rates work and why they matter

When you send money to another country, your bank or transfer service converts your currency to the recipient's currency. The exchange rate changes throughout the day based on global currency markets. The "mid-market rate" is the real rate used by banks to trade with each other. Most services add a markup on top of this rate, which is how they make money.

Banks typically add 2 to 4 percent to the mid-market rate. Wise and similar services add 0.5 to 2 percent. Payment apps add 1 to 3 percent. If you're sending $10,000 and the markup is 2 percent, you're losing $200 before the money even leaves your account. Over large transfers, this adds up fast.

Compare the total cost across services before you send. Most services show you the exact amount the recipient will get before you confirm. Use this to compare—don't just look at the fee percentage, because the exchange rate varies too.

Timing and what happens if something goes wrong

Wire transfers take three to seven business days because they pass through multiple banks and clearing systems. Money transfer services take one to three days because they use their own networks. Payment apps can deliver in hours, but only if both you and the recipient are verified users.

If the money doesn't arrive on time, contact the service or bank immediately. They can check the status using your confirmation number. If the transfer was rejected (usually because of incorrect bank details), the money is sent back to your account, which takes another three to seven days. If it was sent to the wrong account, recovery is harder and may require the recipient's bank to help trace it.

Some services offer a money-back may provide if the transfer doesn't arrive within a stated timeframe. Wise, for example, guarantees delivery by a certain date or refunds the fee. Check the terms before you send.

Frequently Asked Questions

What's the cheapest way to send money internationally?

Wise and similar mid-market rate services are usually cheapest for amounts over $1,000. For smaller amounts under $500, payment apps like PayPal may be competitive if the recipient has an account. Always compare the total cost (fee plus exchange rate markup) across at least two services before sending.

Can I send money to a bank account if I don't know the SWIFT code?

Yes. Ask the recipient to provide it, or contact their bank directly with the account number and bank name—they can give you the SWIFT code. Most transfer services also have a bank lookup tool where you type the bank name and country, and it shows you the code.

How long does a wire transfer actually take?

Three to seven business days is standard. Weekends and holidays don't count as business days, so a transfer sent on Friday may not arrive until Wednesday. Some banks offer expedited wire transfers that arrive in one to two days for an extra $10 to $25 fee.

What happens if I send money to the wrong account?

If the bank details were wrong, the transfer is usually rejected and sent back to you within a week. If the details were correct but belonged to the wrong person, recovery depends on whether that person's bank will cooperate. Contact your bank or transfer service immediately with your confirmation number—they can file a trace request, but there's no may provide the money will be returned.

Do I need to report international transfers to the government?

In the United States, banks must report wire transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN). This is routine and doesn't mean you've done anything wrong—it's a standard reporting requirement. If you're sending from another country, check your local tax authority's rules about reporting international transfers.