What you need before you send an international transfer

To send money internationally, you need the recipient's full name, their bank account number, and their bank's routing information. The routing information differs by country — some use a SWIFT code (an eight or eleven-character code that identifies the bank worldwide), others use an IBAN (International Bank Account Number, which can be 15 to 34 characters depending on the country), and some use both. Ask the person receiving the money for all of these details in writing, because a single wrong digit will send the money to the wrong account or cause the transfer to fail.

You also need to know how much the transfer will cost. Your bank charges a fee for sending the money — typically $15 to $50 depending on the bank and the amount. The receiving bank may charge a fee as well, which the recipient's bank deducts from what arrives. Some banks also apply an exchange rate markup on top of the actual currency conversion rate, which can add another 1 to 3 percent to your cost. Before you initiate the transfer, ask your bank for the total cost and how much will actually arrive on the other end.

Key Takeaways

  • International transfers require the recipient's full name, account number, and either a SWIFT code or IBAN — ask for these details in writing before you start.
  • Your bank will charge a fee ($15 to $50 is typical), and the receiving bank may charge a separate fee that comes out of what arrives.
  • A wire transfer through your bank usually takes three to five business days, but can take longer if the receiving bank is in a country with slower processing.
  • Online transfer services like Wise, OFX, and Remitly often charge less than banks and show you the exact amount the recipient will receive before you confirm.
  • If money does not arrive within the timeframe your bank quoted, contact your bank immediately with the transfer confirmation number.

Wire transfer through your bank

A wire transfer is the most common way to send money internationally. You go to your bank in person, call them, or use their online banking portal and provide the recipient's information, the amount, and the currency. Your bank then sends the money through the SWIFT network (a secure system banks use to communicate) to the receiving bank, which deposits it into the recipient's account.

Wire transfers typically take three to five business days, though this varies by country. Some countries have faster systems — transfers within Europe using SEPA (Single Euro Payments Area) can arrive the next business day. Transfers to countries with less developed banking infrastructure can take a week or longer. Your bank should tell you the expected timeline when you initiate the transfer. Once the money leaves your account, you cannot cancel it, so triple-check the recipient's details before you confirm.

The advantage of using your bank is that it is familiar and straightforward if you already have an account there. The disadvantage is cost — bank wire fees are usually higher than online alternatives, and the exchange rate they apply is often worse than the real market rate.

Online money transfer services

Wise (formerly TransferWise) is designed specifically for international transfers and typically charges less than banks. You create an account online, enter the recipient's details and the amount, and Wise shows you the exact exchange rate and fee before you confirm. The money is deducted from your bank account and arrives in the recipient's account in one to three business days for most countries. Wise is available in over 80 countries and handles transfers in dozens of currencies.

OFX and Remitly work similarly — you set up an account, enter the transfer details, and see the total cost upfront. OFX tends to be cheaper for larger transfers (over $10,000), while Remitly is often better for smaller amounts and has a mobile app. All three show you the real exchange rate rather than a marked-up one, which saves money compared to banks.

The trade-off is that these services are online-only, so if you prefer to handle money in person or over the phone, your bank may feel more comfortable. However, if you are sending money regularly or want to save on fees, an online service usually costs significantly less. Most of these services also let you set up a standing order, so the same transfer happens automatically each month if you need it to.

How exchange rates and fees affect what arrives

When you send $1,000 internationally, three things reduce what the recipient actually receives: your bank's fee, the exchange rate markup, and the receiving bank's fee. If your bank charges $30, applies a 2 percent markup on the exchange rate, and the receiving bank charges another $15, the recipient might receive 15 to 20 percent less than the nominal amount you sent.

Online services like Wise publish their exchange rate and fee clearly before you confirm, so you know exactly what will arrive. Banks often do not make this transparent until after the transfer is complete. If you are sending a large amount or sending regularly, the difference between a bank and an online service can be hundreds of dollars per year. For a one-time transfer of a few hundred dollars, the savings may not justify the extra step of setting up a new account, but for larger or recurring transfers, it usually does.

What to do if the money does not arrive

If the transfer does not arrive within the timeframe your bank or service quoted, contact them immediately. Provide the confirmation number or reference number from your transfer. Your bank or service can check the status with the receiving bank and find out whether the money is stuck in the system, was rejected, or arrived but was not deposited into the recipient's account.

If the money was rejected because of incorrect recipient details, it will be returned to your account, usually within five to ten business days. If it arrived but went to the wrong account because of a typo in the account number, recovery is much harder — you may need to contact the receiving bank directly and ask them to help trace the money, which can take weeks or may not be possible at all. This is why verifying the recipient's details in writing before you send is so important.

If your bank or service cannot locate the money after two weeks, ask them to file a trace. This is a formal request to find the transfer through the banking system. The process can take several weeks, and there is no may provide the money will be recovered, but it is your only option if the money has truly disappeared.

Choosing between a bank and an online service

Use your bank if you are sending money once or rarely, prefer to handle everything in person, or are sending to a country where online services do not operate. Use an online service if you are sending regularly, want to see the exact cost upfront, or are sending a large amount where the fee difference matters. Some people use both — they keep their bank account for emergencies and use an online service for routine transfers because it is cheaper.

If you are sending money to support family in another country, an online service will almost always save you money over time. If you are sending a one-time payment for a specific purpose and do not want to set up a new account, your bank is simpler even if it costs more. The key is knowing the total cost before you commit, so you can make the choice that makes sense for your situation.

Frequently Asked Questions

How long does an international bank transfer actually take?

Most transfers arrive within three to five business days. Transfers within Europe or to countries with modern banking systems can arrive in one to two days. Transfers to countries with slower banking infrastructure can take a week or longer. Your bank or service should tell you the expected timeline when you initiate the transfer. Weekends and holidays do not count as business days.

What is the difference between a SWIFT code and an IBAN?

A SWIFT code identifies the bank; an IBAN identifies the specific account within that bank. Most countries use one or the other, and some use both. Ask the recipient which one their bank requires. If you have both, provide both — it reduces the chance of an error. A SWIFT code is always eight or eleven characters; an IBAN varies by country but is usually 15 to 34 characters.

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

No. Banks and money transfer services are required by law to refuse transfers to certain countries and to certain individuals. If you try to send money to a sanctioned country, the transfer will be rejected and the money returned to your account. Check your bank's or service's list of restricted countries before you attempt a transfer.

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

If the account number was wrong, the receiving bank may reject the transfer and return it to you within five to ten business days. If the account number was close enough to be valid but belonged to someone else, the money will arrive in their account and recovery is difficult. You would need to contact the receiving bank and ask them to help trace the money, which can take weeks. This is why confirming the recipient's details in writing is critical.

Do I need to report international transfers to the government?

That depends on your country and the amount. In the United States, banks report transfers over $10,000 to the government as a routine matter — this is not a problem unless the money is from an illegal source. Some countries have different thresholds or reporting requirements. Check with your bank or a tax professional in your country to understand what you need to report.