What you need before you start an international transfer

To send money from your bank account to someone in another country, you will need the recipient's full name, their bank account number, and their bank's routing information. The routing information is usually called a SWIFT code (an eight or eleven-character code that identifies the bank) or an IBAN (International Bank Account Number, which is longer and used mainly in Europe and some other regions). Some banks also ask for a bank address.

Before you transfer, confirm with your own bank whether they charge a fee for outgoing international transfers and what the exchange rate will be. Banks vary widely on both. Some charge a flat fee ($15 to $50 is common), some charge a percentage of the amount, and some do both. The exchange rate your bank offers may be worse than the mid-market rate you see online, meaning you lose money on the conversion itself.

Check your bank's daily or monthly limit on international transfers. Many banks cap how much you can send in a single day or over a rolling period, and the limit may be lower than your normal domestic transfer limit.

Key Takeaways

  • You need the recipient's full name, account number, SWIFT code or IBAN, and sometimes their bank address before you can start a transfer.
  • Your bank will charge a fee (usually $15 to $50) and may offer an exchange rate worse than the mid-market rate, so compare costs before you send.
  • International transfers through traditional banks typically take three to five business days, but can take longer if the receiving bank is in a country with slower payment systems.
  • Money transfer services like Wise, OFX, or MoneyGram often charge less and move money faster than banks, especially for smaller amounts or less common currency pairs.
  • If a transfer does not arrive, contact your bank within a few days with the transfer confirmation number and ask them to trace it.

How to send money through your bank

Log into your bank's online portal or mobile app and look for "international transfer," "wire transfer," or "send money abroad." Some banks still require you to visit a branch or call, so check your bank's website if you cannot find the option online.

Enter the recipient's information exactly as it appears on their bank account. Misspellings or incorrect account numbers are the most common reason transfers fail or get delayed. If you are unsure, ask the recipient to confirm their details in writing or have them contact their own bank to verify what information you need.

Enter the amount you want to send. Your bank will then show you the fee, the exchange rate, and the amount the recipient will receive in their local currency. Review these numbers before you confirm. Once you submit, most banks will send you a confirmation number — save this number in case you need to trace the transfer later.

How long an international transfer takes

A transfer sent on a business day usually arrives within three to five business days. Transfers sent on a weekend or holiday may not start processing until the next business day. The receiving bank then needs time to process the incoming payment, which can add another day or two.

Some country pairs are slower. Transfers to or from countries with older banking infrastructure, or to banks that do not use SWIFT, can take a week or longer. If your recipient's bank is in a country you are unfamiliar with, ask them how long they typically wait for international payments.

A few banks offer same-day or next-day international transfers, but these usually cost more and are available only for certain countries and currencies. Ask your bank whether this option exists for your specific transfer.

When to use a money transfer service instead of your bank

Services like Wise, OFX, MoneyGram, and Western Union often charge less than banks and sometimes move money faster. Wise in particular is known for offering mid-market exchange rates and low fees, especially for transfers under $10,000. These services work by taking your money in your home currency, converting it at a transparent rate, and sending it to the recipient's bank account in their local currency.

Money transfer services are most useful if you are sending to a country where your bank charges a high fee, if you need the money to arrive quickly, or if you are sending a smaller amount (under $5,000). For very large transfers, your bank may offer a better rate because they can negotiate better wholesale exchange rates.

To use a money transfer service, you typically create an account online, enter the recipient's bank details, and fund the transfer from your bank account or debit card. The service then handles the rest. Read the terms carefully — some services hold the money for a day or two before sending it, and some charge different fees depending on how you fund the transfer.

What to do if the money does not arrive

If the transfer does not arrive within the expected timeframe, contact your bank or money transfer service right away. Have your confirmation number ready. Ask them to trace the transfer using the SWIFT network or their internal tracking system. They will need the recipient's bank details and the exact amount sent.

Tracing a transfer usually takes a few business days. If the money was sent to the wrong account by mistake, recovery is difficult and may not be possible. If the receiving bank never received the money, your bank can usually reverse the transaction and return the funds to your account within a week or two.

If your bank cannot locate the transfer after ten business days, ask them to file a formal investigation. Keep copies of all confirmation emails and receipts. If you used a money transfer service, follow their dispute process instead of your bank's.

Reducing fees and getting a better exchange rate

Compare the total cost across at least two providers before you send. The fee is only part of the cost — the exchange rate matters just as much. A bank with a $20 fee but a poor exchange rate may cost you more than a service with a $10 fee and a better rate. Use a calculator to work out what the recipient will actually receive.

If you send money regularly to the same person or country, ask your bank whether they offer a better rate for repeat transfers. Some banks do. Money transfer services like Wise also offer slightly better rates if you set up a recurring transfer.

Avoid sending money on a weekend or holiday if you can, because the transfer will not start processing until the next business day. Sending on a Tuesday or Wednesday usually means the fastest delivery.

Understanding SWIFT codes and IBANs

A SWIFT code is an eight or eleven-character code that identifies a specific bank and branch. The first four characters are the bank code, the next two are the country code, the next two are the location code, and the last three (if present) identify the branch. For example, a SWIFT code might look like DEUTDEFF (Deutsche Bank in Frankfurt). You can find a bank's SWIFT code on their website or by searching online.

An IBAN is used mainly in Europe, the Middle East, and North Africa. It is longer than a SWIFT code — typically 15 to 34 characters — and includes the country code, a check digit, and the account number. An IBAN looks like this: DE89370400440532013000. If the recipient is in a country that uses IBANs, you usually need the IBAN instead of a SWIFT code, though some banks ask for both.

If you are not sure which one you need, ask the recipient or their bank. Providing the wrong code will not send the money to the wrong place — it will usually cause the transfer to be rejected or delayed.

Frequently Asked Questions

Can I send money to a cash pickup location instead of a bank account?

Yes, but only through money transfer services like Western Union or MoneyGram, not through your bank. The recipient goes to a local pickup location, provides an ID and the reference number you receive, and collects the cash. This is useful if the recipient does not have a bank account, but fees are usually higher and the money may take longer to arrive.

What happens if I send money to the wrong account by mistake?

Recovery is very difficult. Once the money reaches another bank, that bank is not required to reverse it or return it without the account holder's consent. Contact your bank immediately and ask them to attempt a reversal, but do not expect success. This is why confirming the recipient's details before you send is critical.

Do I need to report an international transfer to my government?

Rules vary by country. In the United States, banks report transfers over $10,000 to the IRS, but you do not need to do anything — the bank handles it. Some countries have different thresholds or require the sender to report. Check your country's tax authority website or ask your bank if you are unsure.

Is it cheaper to send cash or a check instead of a bank transfer?

No. Mailing cash is risky and illegal in many countries. Mailing a check is slow (two to four weeks) and many banks outside the United States do not accept checks. A bank transfer or money transfer service is faster and safer, even with fees.

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 hours and the money has not left your bank yet, you can usually stop it. Once the money has been sent to the receiving bank, cancellation is not possible. Contact your bank immediately if you need to cancel — do not wait.