The main ways to move money overseas

You have four practical routes to send money to a foreign bank account: an international wire transfer through your bank, a money transfer service like Western Union or MoneyGram, a peer-to-peer platform like Wise or OFX, or a digital wallet if both you and the recipient use the same app. Each costs differently, takes a different amount of time, and works best for different amounts of money.

The choice depends on how much you're sending, how fast you need it to arrive, which country it's going to, and how much you want to pay in fees. A $50 wire transfer through a traditional bank might cost $15 to $50 and take three to five business days. The same $50 through Wise might cost $1 to $3 and arrive in hours or a day. But if you're sending $10,000, the percentage fee on Wise stays the same while a bank wire's flat fee becomes cheaper relative to the total.

Key Takeaways

  • International wire transfers through your bank are slowest and most expensive but work to almost any country; expect three to five business days and fees of $15 to $50.
  • Money transfer services like Western Union and MoneyGram are fastest for cash pickup but charge high percentage fees; good for small amounts under $500.
  • Peer-to-peer platforms like Wise, OFX, and Remitly offer the best exchange rates and lowest fees for bank-to-bank transfers but require both parties to have bank accounts.
  • You will need the recipient's full name, bank account number, bank routing or SWIFT code, and sometimes their address, depending on the country and service.
  • Transfers to some countries face delays or restrictions due to sanctions or banking regulations; check with your service before sending.

International wire transfers through your bank

A wire transfer is the traditional method: you go to your bank, provide the recipient's bank details, and your bank sends the money electronically to their bank. This works to almost every country in the world. Most U.S. banks charge a flat fee of $15 to $50 for outgoing international wires, plus your bank may charge an additional fee if the receiving bank passes a charge back to you (called a "receiving fee" or "correspondent bank fee"), which can add another $10 to $25.

The money typically arrives in three to five business days, though some corridors take longer. You need 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 internationally). Some banks also ask for the recipient's address. Call your bank before you go in; they will tell you exactly what information to bring and what the total cost will be.

Wire transfers are most useful when you need to send a large amount (over $5,000) and the recipient's bank is in a country where other services do not operate, or when speed is less important than certainty. The downside is the exchange rate: your bank will convert your dollars at their own rate, which is usually worse than the mid-market rate you see online, so you lose money on the conversion.

Money transfer services for cash pickup

Western Union, MoneyGram, and similar services let you send money that the recipient picks up in cash at a local agent location, usually within minutes to a few hours. You can start the transfer online, by phone, or in person at a Western Union or MoneyGram location. The recipient does not need a bank account—they just need to go to an agent and show ID.

The fees are high: typically 3% to 10% of the amount sent, depending on the country and the service. A $500 transfer might cost $25 to $50. The exchange rate is also worse than mid-market. But the speed and the fact that no bank account is required make these services useful for small amounts or for sending money to someone who does not have banking access.

The recipient needs to know the reference number or tracking code you receive when you send the money. They will need a valid ID that matches the name on the transfer. Most services allow you to send up to $2,500 to $5,000 per transaction, though limits vary by country and by how much you have sent before.

Peer-to-peer platforms with better rates

Services like Wise (formerly TransferWise), OFX, Remitly, and Xoom are designed specifically for international transfers and offer exchange rates much closer to the real mid-market rate. Wise, for example, charges a small percentage fee (usually 0.5% to 2% depending on the amount and destination) plus a small fixed fee, and uses the real exchange rate. A $1,000 transfer to most countries costs $10 to $20 total.

The money goes directly into the recipient's bank account, so they need a bank account in the destination country. The transfer usually takes one to two business days, though some routes are faster. You set up an account online, link your bank account or debit card, enter the recipient's bank details, and send. The recipient does not need to do anything except wait for the money to arrive in their account.

These platforms work best for regular transfers or larger amounts because the fees are so much lower than banks or cash pickup services. Most have limits on how much you can send per transaction and per month, but the limits are usually high enough for personal transfers. Check the service's website to see which countries it covers; not all services operate in all countries.

What information you need to provide

The exact details required depend on the destination country and the service, but you will almost always need: the recipient's full legal name (exactly as it appears on their bank account), their bank account number or IBAN (International Bank Account Number), their bank's name, and the bank's SWIFT code or routing number. Some services also ask for the recipient's address, date of birth, or phone number.

If you do not have all this information, ask the recipient to check their bank statement or contact their bank directly. The name and account number must match exactly, or the transfer will be rejected or delayed. If the recipient's name on the transfer does not match their bank account name, the receiving bank may refuse to accept it or hold it for verification, which can add days to the process.

For some countries, you may also need to provide a reason for the transfer (such as "family support" or "payment for services"). This is a regulatory requirement in many countries and is not optional.

How long transfers take and what affects speed

Speed varies widely depending on the service and the destination country. Cash pickup services like Western Union are fastest—often within hours. Peer-to-peer platforms like Wise typically take one to two business days. Traditional bank wires usually take three to five business days, though some routes take longer.

Several factors slow things down: weekends and holidays (banks do not process transfers on these days), the destination country's banking hours and processing speed, whether the receiving bank requires additional verification, and whether the transfer triggers compliance checks. Transfers to countries under sanctions or with strict banking regulations (such as Iran, North Korea, or Syria) are either blocked or take much longer.

If you send money on a Friday afternoon, it will not start processing until Monday. If the destination country is many time zones ahead and you send in the evening, processing may not start until the next day in that country. Always send during business hours on a weekday if you need the money to arrive quickly.

Fees, exchange rates, and hidden costs

Three costs add up: the service fee, the exchange rate markup, and sometimes a receiving fee. The service fee is what the transfer company charges you—this is transparent and stated upfront. The exchange rate markup is the difference between the mid-market rate (the real rate you see on Google or XE.com) and the rate the service gives you. A bank might give you a rate that is 2% to 4% worse than mid-market, meaning you lose money on the conversion. Wise and similar services use mid-market or near-mid-market rates, so this loss is much smaller.

A receiving fee is charged by the recipient's bank and passed back to you; this is common with traditional bank wires and can be $10 to $25. Some services absorb this fee, and some do not. Always ask before you send.

To compare costs, calculate the total amount the recipient will receive, not just the fee you pay. A service with a low fee but a bad exchange rate might cost you more overall than a service with a higher fee but a better rate.

What to do if the transfer goes wrong

If the money does not arrive within the expected timeframe, contact the service or your bank immediately with the reference or tracking number. They can check the status. If the transfer was rejected because of incorrect account details, the money will usually be returned to you within five to ten business days, though it can take longer.

If the money was sent to the wrong account, recovery is difficult and depends on whether the receiving bank will cooperate. Some banks will reverse the transfer if you contact them quickly, but others will not. This is why verifying the recipient's account details before sending is critical.

If you suspect fraud or unauthorized activity, contact your bank or the transfer service immediately. Most services have fraud protection and will investigate if you report the issue within a certain timeframe (usually 24 to 48 hours).

Frequently Asked Questions

Do I need to report international transfers to the IRS or FinCEN?

If you send more than $10,000 in a single transfer or multiple transfers that add up to more than $10,000 in a calendar year, your bank must file a Currency Transaction Report (CTR) with FinCEN. This is automatic and does not mean you have done anything wrong. If you structure transfers specifically to avoid the $10,000 threshold, that is illegal. Consult a tax professional if you regularly send large amounts overseas.

Can I send money to a country that is under sanctions?

No. Banks and transfer services are prohibited by U.S. law from sending money to certain countries, including Iran, North Korea, Syria, and Cuba. Attempting to do so is illegal. If you need to send money to someone in a sanctioned country, you will need to consult a lawyer about legal options.

What happens if I send money to the wrong bank account?

The money will go to that account, and recovery depends on the receiving bank's willingness to help. Contact the transfer service or your bank immediately with the reference number and explain the error. Some banks will reverse the transfer or contact the receiving bank to ask them to return it, but this is not may provide. Always verify the account number and recipient name before sending.

Is it cheaper to send money in person or online?

Online is almost always cheaper. In-person transfers at a bank or Western Union location often have higher fees than online transfers through the same service. Online also lets you compare services and fees before you commit, whereas in-person you may not see all your options.

Can the recipient's bank refuse the transfer?

Yes. If the account details do not match, if the receiving bank suspects fraud, or if the transfer triggers compliance concerns, the receiving bank can refuse it. The money will be returned to you, but this can take five to ten business days. This is why verifying all details with the recipient beforehand is important.