What you need to make an international bank transfer

An international bank transfer moves money from your bank account to someone else's bank account in another country. You initiate it through your own bank, provide the recipient's banking details, and your bank handles the rest—routing the money through correspondent banks and currency conversion if needed. The whole process typically takes three to five business days, though some routes take longer.

Before you start, gather the recipient's full banking information. You will need their full name exactly as it appears on their account, their bank account number, and their bank's SWIFT code (an eight- or eleven-character code that identifies their bank internationally). For some countries, you may also need an IBAN (International Bank Account Number), which is a standardized account identifier used mainly in Europe and some other regions. Ask the recipient to provide these details directly from their bank statement or banking app—do not guess or abbreviate.

You will also need to know the purpose of the transfer for your bank's records. Banks are required to ask this, and common answers are "family support," "payment for goods," or "loan repayment." Be straightforward; vague answers can slow down processing.

Key Takeaways

  • International transfers require the recipient's full name, account number, SWIFT code, and sometimes their IBAN—get these directly from them, not from memory.
  • Most transfers take three to five business days, but some routes (particularly to certain African and Asian countries) can take one to two weeks.
  • Your bank will charge a fee for the transfer, and the recipient's bank may charge a fee too; ask your bank upfront what you will pay.
  • The exchange rate your bank uses is usually not the mid-market rate; compare what your bank offers against services like Wise or OFX if you are sending a large amount.
  • Once you send the transfer, you cannot cancel it if the recipient's bank has already received it, so verify all details before confirming.

How to initiate a transfer through your bank

Log into your online banking portal or call your bank's international transfer department. Most banks now let you set up international transfers online, though some still require a phone call or in-person visit. If you are sending money for the first time to a new recipient, your bank may require you to verify the recipient's identity and the transfer purpose before processing.

Enter the recipient's information exactly as you received it. Mismatched names or account numbers can cause the transfer to be rejected or delayed. Some banks offer a "name check" service where they verify the recipient's name against their account before sending; ask if yours does, because this catches errors before money moves.

Confirm the amount in your home currency and review the fee. Your bank will show you the exchange rate they are applying and the total amount the recipient will receive after their bank's fees are deducted. Write down the transfer reference number your bank gives you—you will need this to track the payment.

Understanding fees and exchange rates

Your bank charges a flat fee for the transfer, which typically ranges from $15 to $50 depending on the bank and the destination country. The recipient's bank may also charge a fee to receive the money, usually $10 to $25. These fees come out of the amount the recipient receives, so if you send $1,000, the recipient might receive $950 or less after both banks take their cut.

The exchange rate is where banks make additional money. They do not use the mid-market rate (the real-time rate you see on financial websites); instead, they mark it up by 1 to 3 percent. If you are sending a large amount—$5,000 or more—this markup can cost you hundreds of dollars. Before sending, ask your bank what rate they are offering and compare it to the mid-market rate on XE.com or OANDA. If the difference is large, consider using a money transfer service like Wise, OFX, or Remitly, which often offer better rates and lower fees for large transfers.

How long the transfer takes and where it goes

Most transfers between major banks in developed countries (US, Canada, UK, Australia, Western Europe) take three to five business days. The money leaves your account immediately, but it travels through at least two correspondent banks before reaching the recipient's bank, and each one processes it during their business hours.

Transfers to developing countries, smaller banks, or less common currency pairs can take one to two weeks. Transfers to some African and South Asian countries may take even longer if the recipient's bank does not have a direct relationship with your bank's correspondent network. When you initiate the transfer, your bank should tell you the expected delivery date for that specific route.

Weekends and public holidays do not stop the transfer, but they do pause processing. If you send money on Friday evening, it will not move until Monday morning. If a public holiday falls during the transfer window, add an extra day or two.

Tracking your transfer and what to do if it does not arrive

Use the reference number your bank gave you to track the transfer. Log into your online banking or call your bank's international department and provide this number. They can tell you whether the money has left your account, whether it has been received by the recipient's bank, and whether any issues have come up.

If the transfer does not arrive within the expected timeframe, contact your bank first. They can check the status with the correspondent banks. If the money was rejected by the recipient's bank (usually because of a name mismatch or invalid account number), your bank will initiate a reversal and the money will return to your account within five to ten business days. If the money is truly lost, your bank can file a trace, though this process can take weeks and is not always successful.

Tell the recipient to check their bank account and contact their bank if the money does not show up. Sometimes the recipient's bank holds international transfers for a day or two before crediting them, or they may require the recipient to confirm receipt. The recipient should have the transfer reference number ready when they call their bank.

Alternatives to traditional bank transfers

If your bank's fees or exchange rate are poor, or if you need the money to arrive faster, consider a money transfer service. Wise specializes in international transfers and uses the real mid-market exchange rate with a small markup (usually 0.5 to 1.5 percent); transfers typically arrive within one to two business days and cost $1 to $5 depending on the amount. OFX and Remitly work similarly and are strong options if you are sending to specific countries.

These services work by holding money in local bank accounts in multiple countries. When you send money through Wise, for example, you transfer funds to Wise's US bank account, and Wise simultaneously transfers money from their account in the recipient's country to the recipient's bank. This method avoids the slow correspondent bank chain and gives you a better rate.

The tradeoff is that these services work best for regular transfers and larger amounts. If you are sending $200 once a year, your bank's flat fee might be lower. If you are sending $2,000 or more, or sending regularly, a money transfer service usually saves you money.

Special cases: Business transfers and large amounts

If you are sending money as a business payment or receiving payment from abroad, your bank may require additional documentation. They may ask for an invoice, a contract, or proof that the transfer is for a legitimate business purpose. This is standard anti-money-laundering compliance and can add a few days to processing.

Transfers over $10,000 trigger reporting requirements in most countries. In the US, your bank will file a Currency Transaction Report (CTR) with the Financial Crimes Enforcement Network (FinCEN). This is routine and does not mean anything is wrong; it is simply a record-keeping requirement. You do not need to do anything—your bank handles it automatically.

If you are sending money regularly to the same person or business, ask your bank about setting up a standing order or recurring transfer. Many banks allow this and may reduce the fee for repeat transfers to the same recipient.

Frequently Asked Questions

Can I cancel an international transfer after I send it?

If you contact your bank within a few hours of sending the transfer, before it has been processed by the correspondent banks, you may be able to cancel it. Once the recipient's bank has received the money, cancellation is not possible—you would have to ask the recipient to send it back. Always verify all details before confirming the transfer.

What if the recipient's bank account information is slightly wrong?

If the account number or SWIFT code is incorrect, the transfer will be rejected and returned to your account within five to ten business days. If the name is slightly different (for example, "John Smith" instead of "Jon Smith"), the transfer may still go through if the account number is correct, but some banks will reject it. Always ask the recipient to provide their details from their bank statement.

Do I need to report international transfers to my government?

Transfers over $10,000 are reported to your country's financial authorities as a matter of routine compliance. You do not need to report them yourself; your bank does this automatically. If you are sending money regularly in smaller amounts to avoid reporting, that is considered structuring and is illegal. Send the full amount in one transfer.

Why does the recipient receive less than I sent?

The recipient's bank deducts their receiving fee from the amount that arrives. If you send $1,000 and the recipient's bank charges $25, the recipient receives $975. Some banks also apply an additional currency conversion fee. Ask your bank upfront what fees the recipient's bank typically charges for transfers from your country.

Is it safer to use a money transfer service or my bank?

Both are safe if you use an established service. Your bank is regulated by your country's financial authority. Money transfer services like Wise and OFX are also regulated and licensed. Avoid unknown or unregistered services, especially those that ask you to send cash or wire money to a personal account. Stick with banks and services you can verify online.