The most direct route: wire transfer through your US bank
A wire transfer is the fastest way to send money to an international bank account. You initiate it at your own US bank, provide the recipient's bank details, and the money typically arrives within one to three business days. Your bank will charge a fee—usually $15 to $50 depending on the bank and destination country—and the receiving bank may charge a fee as well.
To send a wire, you need the recipient's full name, their bank account number, the bank's name and address, and the bank's SWIFT code (an eight or eleven-character code that identifies banks worldwide). Some banks also require an IBAN (International Bank Account Number), which is standard in Europe and many other regions. You can get all this information by asking the recipient directly or having them provide a bank statement.
Walk into your bank branch or call their international wire department to start the transfer. Many banks now allow you to initiate wires online through their website or app, though you may still need to visit in person or verify by phone for your first transfer. The bank will confirm the amount, fees, and expected delivery date before you authorize it.
Key Takeaways
- Wire transfers through your US bank arrive in one to three business days and cost $15 to $50, but require the recipient's SWIFT code and full bank details.
- Money transfer services like Wise, OFX, and Remitly often charge lower fees than banks and offer better exchange rates, especially for large amounts or frequent transfers.
- PayPal and similar apps work for smaller amounts but charge higher fees and exchange rates than banks or dedicated transfer services.
- The recipient's bank details must be exact—a wrong account number or SWIFT code will cause the transfer to fail or be returned.
- Exchange rates and fees vary by provider and destination country, so comparing options before you send saves money on larger transfers.
Specialist money transfer services: often cheaper than banks
Companies like Wise (formerly TransferWise), OFX, and Remitly specialize in international transfers and often charge less than traditional banks. Wise, for example, charges a small percentage fee (usually 0.5% to 2% depending on the amount and destination) plus uses the real mid-market exchange rate rather than the inflated rate banks apply. For a $5,000 transfer, you might save $50 to $150 compared to your bank.
These services work online or through an app. You create an account, enter the recipient's bank details, choose the amount and currency, and authorize the payment. The money is usually deducted from your US bank account or debit card. Delivery times vary—Wise typically delivers within one to two business days, while others may take two to four days depending on the destination country and the receiving bank's processing speed.
The trade-off is that these services are less familiar to many people and may not work for every destination country. Check the service's website to confirm it sends to the country you need before you create an account. Also verify that the service covers the currency pair you need—some specialize in certain corridors (like US to UK or US to Mexico) and may not serve less common routes.
PayPal, Venmo, and cash app transfers for smaller amounts
If you are sending a small amount—under $500—and the recipient has a PayPal account, PayPal's international transfer feature may be convenient, though it is not the cheapest option. PayPal charges a fee of 2% to 3% of the amount plus a fixed fee ($0.99 to $2.99 depending on the destination), and applies its own exchange rate on top. For a $200 transfer, you might pay $8 to $12 in fees and exchange markup.
Venmo and Cash App do not officially support international transfers to bank accounts outside the US, so they are not an option for this purpose. Some users have worked around this by sending money to someone in the US who then sends it onward, but that adds complexity and risk.
PayPal works if both you and the recipient have accounts and the recipient's country is supported. Log into PayPal, select "Send money," enter the recipient's email or phone number, choose the amount and currency, and confirm. The money goes to the recipient's PayPal account, and they can then withdraw it to their bank account—which may trigger another fee from PayPal or their bank.
What information you need before you send
The most common reason a transfer fails or gets delayed is incomplete or incorrect recipient information. Before you initiate any transfer, collect these details from the recipient:
- Recipient's full legal name (exactly as it appears on their bank account)
- Bank account number or IBAN
- Bank name and address
- Bank SWIFT code (eight or eleven characters)
- Recipient's country and city
Ask the recipient to provide this information from their bank statement or online banking portal rather than from memory. A single digit wrong in the account number or SWIFT code can cause the transfer to fail. Some banks also require a reference or memo line—a note that explains the purpose of the transfer (like "payment for invoice 123" or "family support"). Ask your bank or transfer service whether they need this.
If the recipient's bank uses an IBAN (common in Europe, the Middle East, and parts of Asia), get that instead of or in addition to the account number. An IBAN is longer—typically 15 to 34 characters—and includes the country code and account number in one string. Wise and some other services require an IBAN for certain countries.
How exchange rates and fees affect the amount received
When you send money internationally, the recipient does not receive the full amount you send. Two things reduce it: the exchange rate and the fees.
Exchange rates vary by provider. Banks typically apply a "markup" of 2% to 4% on top of the real market rate, meaning the recipient gets less local currency for your dollars than they would if you could exchange at the true rate. Wise and OFX use the real mid-market rate with no markup, which is why they are cheaper for large transfers. PayPal applies a markup of 2% to 3%.
Fees are charged by your sending bank, the receiving bank, or both. Your US bank charges an outgoing wire fee ($15 to $50). The recipient's bank may charge an incoming fee ($5 to $25), which is deducted from the amount they receive. Some transfer services bundle this into a single fee you pay upfront; others show it separately.
Before you send, ask the service or your bank for an estimate of the exact amount the recipient will receive. Most online services show this in real time as you enter the amount—you see what you send, the fees, the exchange rate, and what arrives on the other end. Use this to compare options before you commit.
Timing: when the money actually arrives
Delivery time depends on the provider, the destination country, and the receiving bank's processing speed. Wire transfers through US banks typically take one to three business days. Wise and similar services often deliver within one to two business days to major countries, but may take three to five days to smaller or less-connected banking systems.
Business days means weekdays only—transfers initiated on Friday may not clear until Tuesday. If the destination country observes different holidays than the US, delays can extend further. For example, a transfer to India initiated on a US holiday may not process until the next business day in India.
Some services offer expedited delivery for an extra fee. Wise, for instance, offers same-day delivery to certain countries for an additional charge. Check whether this is worth it for your situation—if you are sending $1,000 and expedited delivery costs $15, that is a 1.5% premium on top of the base fee.
Once you initiate a transfer, you should receive a confirmation number or reference code. Use this to track the transfer with your bank or service. If the money does not arrive within the stated timeframe, contact the sending provider first—they can check whether the transfer cleared and whether the receiving bank has it.
What to do if a transfer fails or gets stuck
A transfer can fail for several reasons: incorrect account number or SWIFT code, a name mismatch between your bank's records and the recipient's account, insufficient funds in your account, or a problem at the receiving bank. If your transfer fails, your bank will usually return the money to your account within five to ten business days, though some banks take longer.
If the money does not arrive after the stated timeframe, contact your bank or transfer service immediately. Provide your confirmation number and ask them to trace the transfer. They can check whether it cleared your account, whether it reached the receiving bank, and where it is stuck. If it is stuck at the receiving bank, they may ask you to have the recipient contact their bank to locate it.
If the transfer was sent to the wrong account number, recovery is harder. Some banks can recall the transfer 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 to the wrong account holder, you may need to pursue a civil claim or work with law enforcement—a slow and uncertain process. This is why verifying the account details before you send is critical.
Frequently Asked Questions
Can I send money to a bank account if I do not know the SWIFT code?
You can ask your bank or the transfer service to look it up if you provide the bank name and country, but it is faster to ask the recipient for it directly. The recipient can find it on their bank statement, in their online banking portal, or by calling their bank. Without the correct SWIFT code, the transfer may fail or be delayed.
What is the difference between a wire transfer and an ACH transfer?
ACH transfers are domestic US transfers only and do not work for international accounts. Wire transfers are the standard for sending money abroad. Some transfer services like Wise use different technology behind the scenes but still deliver to international bank accounts—the key is that the money ends up in the recipient's foreign bank account.
Do I need to report international transfers to the IRS or FinCEN?
If you send more than $10,000 in a single transfer or multiple transfers that total more than $10,000 in a calendar year, your bank is required to file a Currency Transaction Report (CTR) with FinCEN. This is automatic and does not require action from you, but you should be aware it happens. Structuring transfers specifically to avoid the $10,000 threshold is illegal.
Can I cancel a transfer after I send it?
It depends on how far the transfer has progressed. If you cancel within minutes of initiating it, before it leaves your bank, you can usually stop it. Once it has been sent, cancellation is much harder—your bank can try to recall it, but the receiving bank is not obligated to return it. Contact your bank or transfer service immediately if you need to cancel.
Why does the recipient's bank charge a fee if I already paid a fee?
Your bank charges an outgoing fee for processing the transfer on the US side. The recipient's bank charges an incoming fee for receiving and processing it on their side. These are separate services and separate fees. Some transfer services like Wise include both in a single upfront fee, which is why they are often cheaper overall.