How international bank transfers work and what you'll pay
An international bank transfer moves money from your account at one bank to someone else's account at a bank in another country. Your bank sends the money through a network called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which connects banks worldwide. The transfer does not happen instantly — it typically takes three to five business days, though some routes take longer.
You will pay a fee for this service. Most banks charge between $15 and $50 per outgoing transfer, though some charge more. You may also encounter an exchange rate markup — your bank converts your money to the destination currency and adds a percentage on top of the real market rate. This markup is often 1 to 3 percent, meaning you lose money on the conversion itself before the recipient ever sees a dollar.
The receiving bank may also charge a fee to accept the transfer, typically $10 to $25. In some cases, the receiving bank deducts this fee from the amount that arrives, so the recipient gets less than you sent. Ask the receiving bank in advance whether they charge an incoming fee and whether they deduct it from the transfer amount.
Key Takeaways
- International bank transfers through SWIFT take three to five business days and cost $15 to $50 per transfer, plus an exchange rate markup of 1 to 3 percent.
- You need the recipient's full name, account number, bank name, and SWIFT code or IBAN (International Bank Account Number) to send money.
- Specialist money transfer services like Wise, OFX, and Remitly often charge lower fees and offer better exchange rates than traditional banks.
- The receiving bank may charge an incoming fee and may deduct it from the amount the recipient receives.
- Wire transfers are faster than ACH transfers but cost more; confirm which method your bank offers before you send.
Information you need before you send
Gather the recipient's banking details before you contact your bank. You will need their full legal name (exactly as it appears on their account), their account number, their bank name, and either a SWIFT code or an IBAN. A SWIFT code is an eight or eleven-character code that identifies a specific bank branch worldwide. An IBAN is a longer account number (up to 34 characters) used mainly in Europe, the Middle East, and parts of Asia; it includes the country code and bank routing information built in.
The recipient can find their SWIFT code and IBAN on their bank statements, through their online banking portal, or by calling their bank directly. If you have the wrong code or number, the transfer may be rejected or sent to the wrong account. Ask the recipient to confirm these details in writing before you initiate the transfer.
You will also need to know the purpose of the transfer — many countries require banks to record why money is moving across borders. Common purposes are "family support," "invoice payment," "salary," or "loan repayment." Be honest and specific; vague descriptions can slow the transfer or trigger additional questions from the bank.
Sending through your bank versus a money transfer service
Your traditional bank (Chase, Bank of America, Wells Fargo, or your local bank) can send international transfers, but they are usually the most expensive option. Banks charge high fees, offer poor exchange rates, and take the full three to five business days. Use your bank if you have an existing relationship with them and the amount is small enough that the fee does not matter much, or if the recipient's bank requires a transfer from a major institution.
Specialist money transfer services like Wise (formerly TransferWise), OFX, Remitly, and MoneyGram often charge lower fees (sometimes $0 to $10) and offer exchange rates much closer to the real market rate. Many of these services also offer faster delivery — Wise can deliver money in as little as one business day to some countries. These services work by holding accounts in multiple countries and matching senders and receivers, which lets them avoid some of the SWIFT network costs that traditional banks pay.
The trade-off is that specialist services may not work for every country or currency pair. Check whether the service covers the destination country and currency before you create an account. Also confirm the delivery timeline for that specific route — speed varies by destination.
Step-by-step: sending through your bank
Log into your online banking portal or call your bank's international transfer department. Tell them you want to send an international wire transfer (or ask whether they offer ACH transfers to that country, which are sometimes cheaper). Provide the recipient's full name, account number, SWIFT code or IBAN, bank name, and the amount you want to send.
Your bank will quote you a fee and an exchange rate. Ask whether the fee is fixed or whether additional fees may be charged by the receiving bank. Confirm the exact amount the recipient will receive after all fees and currency conversion. Some banks show this upfront; others do not.
Review the details carefully — a wrong account number or SWIFT code can send money to the wrong person. Once you authorize the transfer, it cannot be reversed easily. Your bank will give you a reference number (sometimes called a transaction ID or confirmation number). Save this number and share it with the recipient so they can track the transfer on their end.
The money typically leaves your account within one business day. It arrives at the receiving bank within three to five business days, though some routes take up to ten days. The recipient should see the funds in their account once the receiving bank processes the incoming transfer.
Step-by-step: sending through a money transfer service
Create an account on the service's website or app. You will need to verify your identity (usually by uploading a photo ID and proof of address) and link a bank account or debit card as your funding source. This verification typically takes a few hours to one business day.
Once verified, enter the recipient's name, country, and bank details (SWIFT code or IBAN). The service will show you the exchange rate it offers and the total fee. Review this carefully — the fee and rate are locked in at this point, so you know exactly what the recipient will receive.
Authorize the transfer and fund it from your linked bank account. The service will send the money to the recipient's bank. Delivery times vary: Wise often delivers within one business day to major currencies and countries, while other services may take two to three business days. You will receive a confirmation email with a reference number.
The recipient will see the money arrive in their account once their bank processes the incoming transfer. Some services let you track the transfer in real time through their app or website.
What to do if the transfer is delayed or goes wrong
If the money does not arrive within the stated timeframe, contact your bank or money transfer service with your reference number. They can check the status of the transfer in the SWIFT system. Delays often happen because the receiving bank is processing a high volume of transfers, or because additional information is needed (such as clarification on the purpose of the transfer).
If the transfer was sent to the wrong account, contact your bank or service immediately. Some transfers can be recalled if the receiving bank has not yet released the funds, but this is not may provide. If the receiving bank has already released the money, recovery becomes much harder and may require legal action in the destination country.
If the recipient never receives the money and your bank confirms it was sent, ask your bank to file a trace. This is a formal investigation that can take several weeks. The receiving bank will search their records for the incoming transfer. If they find it but it went to the wrong account, they may be able to recover it. If they cannot find it, your bank may refund the fee, though they cannot always recover the principal amount.
Comparing costs: bank versus money transfer service
| Method | Typical Fee | Exchange Rate Markup | Delivery Time | Best For |
|---|---|---|---|---|
| Traditional bank (SWIFT wire) | $25–$50 | 1–3% | 3–5 business days | Large amounts, established relationships |
| Wise | $0–$10 | 0% (real market rate) | 1–3 business days | Regular transfers, best rates |
| OFX | $5–$15 | 0.5–1% | 2–4 business days | Business transfers, multiple currencies |
| Remitly | $2–$10 | 1–2% | 1–3 business days | Smaller amounts, frequent transfers |
The table above shows typical costs, but rates and fees change frequently and vary by destination country and currency. Always get a quote from your chosen service before you commit to sending money.
Frequently Asked Questions
How long does an international bank transfer actually take?
Most transfers take three to five business days from the time you send them. Some routes, especially to smaller banks or less common currencies, take up to ten business days. Money transfer services like Wise often deliver faster — sometimes within one business day — but this depends on the destination country and currency pair.
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 countries under international sanctions, including Iran, North Korea, Syria, and Crimea. Attempting to send money to these destinations will result in your transfer being rejected or your account being frozen.
What happens if I send money to the wrong account number?
If the account number is valid but belongs to someone else, the receiving bank will deposit the money into that account. Recovery is difficult and may require the recipient to voluntarily return the funds or legal action in that country. Always verify the account number and SWIFT code with the recipient before sending.
Do I need to report international transfers to the government?
In the United States, banks must report outgoing transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN). This is routine and does not mean you have done anything wrong. Other countries have similar reporting requirements. The bank handles this reporting automatically.
Is it cheaper to send cash or use a wire transfer?
Wire transfers are almost always cheaper than carrying cash across borders. Cash is subject to currency exchange fees at airports or money changers, and you risk losing it or having it seized at customs if you do not declare it. A wire transfer costs $15 to $50 and offers a better exchange rate than any airport money changer.