What you need before you start an international transfer

An international bank transfer moves money from your account in one country to a bank account in another. Your bank will need the recipient's full name, their bank account number or IBAN (International Bank Account Number), the bank's name and address, and a SWIFT code or BIC code — an eight or eleven-character code that identifies the specific bank branch worldwide. Without these details, your bank cannot route the money correctly.

Before you initiate the transfer, confirm with the recipient that they have provided accurate information. A single digit wrong in an account number can send money to the wrong account, and recovering it is difficult and slow. Ask the recipient to double-check their own bank details with their bank, not from memory.

You will also need to know how much the transfer will cost. Your bank charges a fee — typically $15 to $50 USD depending on the amount and destination country — and the receiving bank may charge a fee as well. The exchange rate your bank uses is usually not the mid-market rate; banks typically add a markup of 1 to 3 percent. These costs are not always disclosed upfront, so call your bank or check their website before you commit.

Key Takeaways

  • You need the recipient's full name, account number or IBAN, bank name, and SWIFT or BIC code before your bank can process the transfer.
  • International transfers through traditional banks typically take three to five business days, but can take longer if the receiving country has fewer banking connections.
  • Your bank will charge a fee ($15–$50 USD typically) and apply an exchange rate that includes a markup; the total cost is often higher than advertised.
  • Money transfer services like Wise, OFX, and Remitly often charge lower fees and offer better exchange rates than banks, though they work differently and have their own limits.
  • The receiving bank may also charge a fee, and the recipient should ask their bank what to expect before the money arrives.

How to send money through your bank

Log into your bank's online platform or call the international transfer department. Most banks offer online initiation, though some still require a phone call or in-person visit. You will enter the recipient's name, account number or IBAN, the bank's SWIFT code, the amount you want to send, and the currency. The bank will show you the exchange rate and total fees before you confirm.

Once you submit the transfer, your bank will debit your account immediately. The money itself typically leaves your bank within one business day. The receiving bank usually receives it within three to five business days after that, though transfers to some countries take longer — India, Mexico, and the Philippines often take five to seven business days because of how their banking systems connect to international networks.

Your bank will give you a reference number or tracking code. Write it down. If the money does not arrive within the timeframe your bank quoted, use this number to file a trace request. The bank will investigate where the money is and why it has not arrived.

Using money transfer services instead of your bank

Money transfer services like Wise (formerly TransferWise), OFX, Remitly, and MoneyGram operate differently from banks. They typically offer better exchange rates and lower fees, but they work only for personal transfers, not business payments, and they have daily or monthly limits on how much you can send.

Wise, for example, uses the real mid-market exchange rate with no markup and charges a flat fee based on the amount and destination — often $1 to $10 USD for smaller transfers. OFX charges a percentage fee (typically 1 to 2 percent) plus a flat amount. Remitly charges a flat fee ($2 to $15 USD depending on speed and destination) and applies a small exchange rate markup. All three are faster than banks for some corridors — Wise often delivers within hours to Europe and Australia, though transfers to other regions still take one to three business days.

To use these services, you create an online account, verify your identity (they will ask for a government ID and proof of address), and then initiate the transfer. The money comes from your bank account or debit card. The recipient receives it in their local bank account or, in some cases, as cash pickup or mobile wallet credit. Each service has different payout options depending on the destination country.

Understanding exchange rates and hidden costs

Banks do not use the mid-market exchange rate — the rate you see on financial news sites. They add a markup, typically 1 to 3 percent, which means you receive fewer units of the destination currency than you would at the true rate. A $1,000 USD transfer at a 2 percent markup costs you roughly $20 USD in lost value, on top of the stated fee.

The receiving bank may also deduct a fee from the amount that arrives. If you send $1,000 USD and the receiving bank charges $15 USD, the recipient receives $985 USD. Some banks call this a "correspondent banking fee." Ask the receiving bank in advance what they will charge so the recipient knows what to expect.

Money transfer services typically show you the exact amount the recipient will receive before you confirm, so there are fewer surprises. This is one reason they are often cheaper than banks for international transfers under $10,000 USD.

What happens if the money goes to the wrong account

If you provide an incorrect account number or IBAN, the money may land in someone else's account. Recovering it is slow and uncertain. Your bank will file a recall request with the receiving bank, but the receiving bank has no obligation to return the money if the account holder refuses. The process can take weeks or months, and you may never recover the full amount.

This is why confirming the recipient's details before you send is critical. Ask them to provide their account number and IBAN from their own bank statement or online banking platform, not from a text message or email. If you are sending a large amount, consider sending a small test transfer first — $10 to $50 USD — and asking the recipient to confirm it arrived in their account before you send the full amount.

Timing: how long transfers actually take

A bank transfer typically takes three to five business days from the time your bank sends it. Weekends and holidays do not count as business days. If you initiate a transfer on Friday evening, it may not leave your bank until Monday, and the receiving bank may not process it until Wednesday or Thursday.

Some countries have slower banking infrastructure. Transfers to India, Pakistan, Nigeria, and the Philippines often take five to seven business days. Transfers within Europe and to Australia, Canada, and New Zealand usually arrive within one to three business days. Your bank should tell you the expected timeframe when you initiate the transfer.

Money transfer services are sometimes faster. Wise delivers to many European countries within hours and to the US within one business day. Remitly offers a "fast" option that costs more but delivers within 24 hours to some destinations. Check the service's website for the specific timeframe to your recipient's country.

Reporting and tax considerations

If you are sending money from the United States, transfers over $10,000 USD in a single transaction trigger a Currency Transaction Report (CTR) that your bank files with the US Financial Crimes Enforcement Network (FinCEN). This is automatic and does not mean you have done anything wrong — it is a reporting requirement, not a penalty. You do not need to report it yourself.

If you are sending money to the United States from abroad, the receiving bank may ask the recipient about the source of the funds. This is standard anti-money-laundering procedure. The recipient should be prepared to explain that it is a personal transfer from family or a business partner.

If you are transferring money as part of a business transaction, consult a tax professional in both countries. Tax treatment of international transfers varies by country and by the nature of the transfer — whether it is income, a loan, a gift, or a business payment.

Frequently Asked Questions

Can I cancel an international transfer after I send it?

It depends on how far the transfer has progressed. If you cancel within a few minutes of initiating it, your bank may be able to stop it. Once the money has left your bank and entered the international system, cancellation is much harder. Call your bank immediately if you need to cancel. They will tell you whether it is still possible and what it will cost.

What if the recipient's bank rejects the transfer?

The receiving bank may reject a transfer if the account number is wrong, the account is closed, or the account holder's name does not match the name on the transfer. When this happens, the money is returned to your bank, usually within five to ten business days. Your bank will credit your account, though they may keep the fee you paid. Contact your bank to confirm the money has been returned.

Do I need to declare international transfers to my government?

Requirements vary by country. In the United States, you do not declare outgoing transfers to the IRS, but your bank reports transfers over $10,000 USD to FinCEN. If you are sending money from another country, check your local tax authority's rules. Some countries require reporting of large outgoing transfers; others do not.

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

For most transfers under $5,000 USD, a money transfer service is cheaper because of lower fees and better exchange rates. For very large transfers, compare the total cost — fee plus exchange rate markup — from both your bank and at least two money transfer services before you decide. The cheapest option depends on the amount, destination country, and how quickly you need the money to arrive.

What if I need to send money urgently?

Money transfer services offer faster delivery than banks for many destinations. Wise delivers within hours to Europe and within one business day to the US. Remitly's fast option delivers within 24 hours to many countries. If your bank's standard transfer is too slow, check whether a money transfer service can deliver to your recipient's country faster, and compare the extra cost of expedited delivery against the value of speed.