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 payment app if both you and the recipient use the same one. Each costs differently, takes different amounts of time, and works best for different amounts of money.
A wire transfer through your own bank is the most straightforward if you have an established account there, but it is often the most expensive per transaction. Money transfer services are faster for smaller amounts but charge higher percentage fees. Peer-to-peer platforms like Wise tend to have the lowest fees and best exchange rates for mid-sized transfers. Digital apps work only if the recipient has the same app and is in a country where that app operates.
The recipient needs to give you their bank account number, routing number or SWIFT code, and the name and address of their bank. Some countries also require an IBAN (International Bank Account Number). Ask the recipient to confirm these details in writing before you send anything, because a typo can send money to the wrong account and make recovery difficult.
Key Takeaways
- International wire transfers through your bank are reliable but usually cost $25 to $50 per transaction plus unfavorable exchange rates.
- Money transfer services and peer-to-peer platforms charge lower fees but may take 1 to 3 business days instead of same-day delivery.
- You need the recipient's full bank details including SWIFT code or IBAN, and a small mistake in these details can send money to the wrong account.
- Exchange rates vary widely between providers, so comparing the total cost (fee plus conversion) across at least two services before sending is worth the time.
- Transfers under $500 usually cost less through money transfer services; transfers over $5,000 may be cheaper through your bank despite the higher per-transaction fee.
International wire transfers through your bank
Call your bank or log into your online account and ask for their international wire transfer form. You will need to provide the recipient's full name, their bank account number, their bank's SWIFT code (a unique identifier for banks worldwide), and the bank's name and address. Some banks also ask for an IBAN. Fill out the form, confirm the amount you want to send, and ask the bank representative what the total cost will be—both the wire fee and the exchange rate they are applying.
Most banks charge $25 to $50 to send a wire, though some charge more. On top of that, they apply their own exchange rate, which is usually less favorable than the mid-market rate you see online. This means you are paying both a flat fee and a hidden percentage on the conversion. A $1,000 transfer can easily cost $50 to $100 in total fees and unfavorable rates combined.
Wire transfers typically arrive within one to two business days, sometimes the same day if sent before your bank's cutoff time (usually mid-morning). The recipient's bank may take an additional day to post the money to their account. Ask your bank for a reference number so you can track the transfer and confirm it arrived.
Money transfer services like Western Union and MoneyGram
These services let you send money online or in person at a physical location. You create an account, enter the recipient's details and bank information, choose how much to send, and pay the fee upfront. The money is usually delivered to the recipient's bank account within 1 to 3 business days, though some services offer same-day options for a higher fee.
Fees are usually a flat amount plus a percentage of the transfer—for example, $5 plus 2% of the amount. For a $500 transfer, that might be $15 total. For a $5,000 transfer, it could be $105. Compare the total cost (fee plus the exchange rate they are offering) before you commit, because these services make money on both the fee and the conversion rate.
The advantage is that these services operate in most countries and do not require the recipient to have a bank account in some cases—they can pick up cash at a physical location instead. The disadvantage is that fees add up quickly on larger amounts, and the exchange rates are rarely competitive.
Peer-to-peer transfer platforms
Services like Wise, OFX, Remitly, and Revolut are designed specifically for international transfers and typically offer lower fees and better exchange rates than banks or traditional money transfer services. You create an account, verify your identity, enter the recipient's bank details, and send the money. Most transfers arrive within 1 to 3 business days depending on the destination country.
Wise is popular because it uses the real mid-market exchange rate and charges only a small, transparent fee—often $2 to $10 for transfers under $1,000, and a percentage for larger amounts. OFX and Remitly work similarly. These platforms are especially cost-effective for transfers over $1,000, where the percentage-based fee structure becomes cheaper than a flat fee.
The trade-off is that these services require both you and the recipient to have bank accounts, and they may not operate in every country. Check the platform's website to confirm it serves the recipient's country before you sign up. Some also have daily or monthly limits on how much you can send, especially when you are new to the service.
Digital payment apps
If you and the recipient both use PayPal, Google Pay, Apple Pay, or a similar app, you may be able to send money directly. This is the fastest and cheapest option if it is available—transfers can happen in minutes and fees are often waived for transfers between friends and family.
The catch is that both people must have the app, both must be in countries where the app operates, and the recipient must have linked a bank account to receive the money. PayPal, for example, works in most countries but not all, and some countries have restrictions on how much you can send or receive. Check the app's website to confirm it supports transfers to the recipient's country.
For larger amounts or countries where the app does not operate, this route will not work, and you will need to fall back on one of the other methods.
Comparing costs across providers
Before you send money, get a quote from at least two providers. Most will show you the fee, the exchange rate, and the exact amount the recipient will receive. Write these down and compare the total cost, not just the fee.
| Provider Type | Typical Fee | Speed | Best For |
|---|---|---|---|
| Your bank | $25–$50 plus unfavorable exchange rate | 1–2 business days | Large amounts ($10,000+) or when speed is critical |
| Western Union / MoneyGram | $5–$20 plus percentage, or flat fee for cash pickup | 1–3 business days (or same-day for cash) | Smaller amounts ($500–$2,000) or when recipient needs cash |
| Wise / OFX / Remitly | $2–$10 flat or 1–2% for larger amounts | 1–3 business days | Mid-sized transfers ($1,000–$10,000) with best rates |
| PayPal / Google Pay | Often free for friends and family | Minutes to hours | Small amounts ($100–$500) when both parties use the app |
For a $1,000 transfer, Wise might cost $12 total, Western Union might cost $25, and your bank might cost $60. For a $10,000 transfer, your bank's flat fee becomes less painful relative to the total, but Wise or OFX may still be cheaper overall. Always ask for the final amount the recipient will receive, not just the fee you are paying.
What to do if the transfer goes wrong
If money does not arrive within the promised timeframe, contact the provider immediately with your reference number. Most services have a customer service line or online chat. Ask them to trace the transfer and confirm whether it has been delivered to the recipient's bank.
If the money was sent to the wrong account because of incorrect bank details, recovery is difficult and may not be possible. The receiving bank may refuse to return the money, or it may take weeks or months to recover it. This is why confirming the recipient's details in writing before sending is so important.
If the provider made an error—for example, they applied the wrong exchange rate or charged you twice—they are usually responsible for fixing it. Keep records of all confirmations, screenshots of the quoted rate, and the receipt showing what you paid. Most providers will refund the error within 5 to 10 business days if you can show proof.
Frequently Asked Questions
How long does an international transfer actually take?
Wire transfers through banks usually arrive in 1 to 2 business days. Money transfer services and peer-to-peer platforms typically take 1 to 3 business days. Digital apps like PayPal can transfer money in minutes to hours. The exact time depends on the destination country, the recipient's bank, and whether you sent the money on a weekend or holiday.
What is a SWIFT code and where do I find it?
A SWIFT code is an 8 or 11-character code that identifies a specific bank worldwide. Your recipient's bank can provide it, or you can search for it on the bank's website or on SWIFT's official directory. It looks something like DEUTDEFF for Deutsche Bank in Frankfurt. Do not guess or use an incomplete code, because it will send the money to the wrong bank.
Can I send money to a country that the US has sanctions against?
No. US banks and money transfer services are prohibited by law from sending money to certain countries, including Iran, North Korea, Syria, and Cuba. If you try to send money to someone in one of these countries, the transfer will be rejected and your money will be returned to your account. Check the US Treasury Department's Office of Foreign Assets Control (OFAC) list if you are unsure whether a country is restricted.
What happens if I send too much money by mistake?
Contact the provider immediately and ask them to recall or reverse the transfer. If the money has already arrived in the recipient's bank account, you will need to ask the recipient to return it. If they refuse or cannot be reached, you may have limited legal recourse. This is why confirming the amount with the recipient before sending is important.
Do I need to report large international transfers to the government?
Yes. If you send more than $10,000 in a single transfer or multiple transfers that total more than $10,000 in a calendar year, your bank or money transfer service is required to file a Currency Transaction Report (CTR) with the US Treasury Department. This is routine and does not mean you have done anything wrong—it is a standard reporting requirement. You do not need to file anything yourself; the provider handles it.