The main routes: wire transfer, international money transfer service, or your bank's app

You can send money to an international bank account through your own bank's wire transfer service, through a specialized money transfer company like Wise or OFX, or through your bank's mobile app if it offers international payments. Each route has different costs, exchange rates, and delivery times. Your choice depends on how much you're sending, how fast it needs to arrive, and whether you want the lowest fee or the best exchange rate.

A bank wire transfer is the most traditional method and works with almost any bank worldwide, but it often charges $15 to $50 per transaction and may take 3 to 5 business days. Money transfer services like Wise, Remitly, or OFX typically charge lower fees (often 1 to 3 percent of the amount) and sometimes deliver money the same day, but they work best for smaller amounts and may not reach every bank. Your bank's app or online portal may offer international transfers at rates between these two, depending on your bank.

Key Takeaways

  • Bank wire transfers work with any bank but cost $15 to $50 and take 3 to 5 business days; money transfer services cost less but may not reach all banks or countries.
  • You will need the recipient's full name, bank account number, bank name, and SWIFT code or IBAN (the international account identifier your recipient's bank provides).
  • Exchange rates vary by provider; your bank usually offers worse rates than Wise or other transfer services, which means you lose money on the conversion.
  • Delivery time ranges from same-day (some transfer services) to 5 business days (bank wires), depending on the destination country and the method you choose.
  • Fees are either a flat charge per transaction or a percentage of the amount sent; compare the total cost (fee plus exchange rate loss) across providers before you send.

What information you need from the recipient

Before you initiate any transfer, ask the recipient for their complete bank details. You will need their full legal name (exactly as it appears on their account), their bank account number, and the name of their bank. For international transfers, you also need either the SWIFT code (a unique identifier for banks worldwide, usually 8 to 11 characters) or the IBAN (International Bank Account Number, which varies in length by country but always starts with a two-letter country code).

The recipient can find this information on their bank statement, by logging into their online banking, or by calling their bank directly. Do not guess or abbreviate any of these details—a wrong account number or SWIFT code will send your money to the wrong account or cause the transfer to fail and bounce back after several days. Ask the recipient to confirm the information in writing before you send anything.

Bank wire transfers: how they work and what they cost

A bank wire is a direct transfer from your bank to the recipient's bank. You initiate it through your bank's website, app, or by visiting a branch in person. Your bank will ask you to enter the recipient's name, account number, bank name, and SWIFT code or IBAN. The bank then sends the money through the SWIFT network (the international banking system) to the recipient's bank, which deposits it into their account.

Bank wires typically cost $15 to $50 per transaction, depending on your bank and whether the transfer is domestic or international. Delivery takes 3 to 5 business days in most cases, though some banks offer expedited wires that arrive in 1 to 2 days for an extra fee. Your bank will also apply its own exchange rate if you are converting currency, and this rate is usually worse than what you would get from a money transfer service—you may lose 2 to 4 percent of the amount to the exchange rate alone.

The main advantage of a bank wire is that it works with virtually every bank in the world. The main disadvantage is the combination of high fees and poor exchange rates, which makes it expensive for smaller transfers.

Money transfer services: lower costs but with limits

Companies like Wise, Remitly, OFX, and MoneyGram offer international transfers at lower costs than banks. These services typically charge 1 to 3 percent of the amount you send as a fee, plus they use mid-market exchange rates (the real rate banks use with each other) rather than the inflated rates your bank applies. For a $1,000 transfer, you might pay $10 to $30 in fees instead of $25 to $50.

Delivery times vary. Wise often delivers within hours or the same business day to major countries. Remitly typically takes 1 to 3 business days. OFX and other services may take 2 to 5 business days depending on the destination country and the recipient's bank. You set up an account online, enter the recipient's bank details, and the service handles the rest.

The catch is that money transfer services do not reach every bank or country. Some smaller banks or countries outside major financial hubs may not be on their network. Before you commit to a service, check whether it covers the recipient's country and bank. Most services show you this on their website—you enter the country and currency, and the site tells you whether they can deliver there.

Your bank's app or online portal

Many banks now offer international transfers through their mobile app or website without requiring you to visit a branch. These transfers usually cost less than a traditional wire ($5 to $25) and may deliver faster (1 to 3 business days), though the exchange rate is still typically worse than a money transfer service. The process is straightforward: you enter the recipient's details, confirm the amount and fee, and submit.

The advantage is convenience and the fact that you are working with your own bank, so there is no new account to set up. The disadvantage is that your bank may not support transfers to all countries or may have daily or monthly limits on how much you can send. Check your bank's website or app to see what international transfer options are available to you.

Comparing costs: the real difference between providers

The cheapest option is not always the one with the lowest advertised fee. You have to compare the total cost: the fee plus the exchange rate loss. Here is how to do it.

Get a quote from each provider before you send. Enter the amount you want to send and the destination country. The provider will show you the fee and the exchange rate, and will tell you how much the recipient will receive. Write down the final amount the recipient gets from each option. The provider that delivers the most money to the recipient is the cheapest, even if its advertised fee is higher.

For example: sending $1,000 to the UK. Your bank charges $35 and gives an exchange rate of 1.25 USD per GBP, so the recipient gets £800 minus any fees their bank charges. Wise charges $3 and gives an exchange rate of 1.27 USD per GBP, so the recipient gets £787 plus Wise's fee structure. The math shows Wise delivers more money even though it costs less upfront. Always do this comparison before you commit.

What happens after you send the money

Once you initiate the transfer, you will receive a confirmation number or reference code. Save this. You can use it to track the transfer through your bank or the money transfer service. Most providers offer a tracking tool on their website or app where you enter the reference code and see the status.

The money will move through the international banking system and arrive at the recipient's bank. The recipient's bank may hold it for a day or two before depositing it into the account, depending on their internal processes. Once it arrives at their bank, it is their responsibility to check their account and confirm receipt. Ask them to let you know when they see the money so you know the transfer was successful.

If the transfer fails or takes longer than expected, contact your bank or the money transfer service immediately. Provide them with the reference code. They can investigate where the money is and either reroute it or reverse the transaction so you can try again.

Frequently Asked Questions

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

A SWIFT code identifies a specific bank and branch worldwide. An IBAN is a standardized account number format that includes the country, bank, and account details in one string. Some countries use SWIFT codes, others use IBANs, and some use both. Ask the recipient which one their bank requires, or provide both if you have them.

Can I send money if I do not have a bank account?

Some money transfer services like MoneyGram and Western Union let you send money from a cash pickup location or through their app without a bank account, though fees are usually higher. You will still need the recipient's bank details to send to a bank account. Check whether the service you want to use requires a bank account.

How long does it really take for money to arrive?

Bank wires typically take 3 to 5 business days. Money transfer services range from same-day to 5 business days depending on the country and service. Weekends and holidays add time. The recipient's bank may also hold the money for 1 to 2 days before depositing it. Ask the provider for an estimated delivery date when you send, not just a range.

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

Once a wire transfer leaves your bank, it is very difficult to recover. Contact your bank immediately and provide the reference code. They can try to recall the transfer, but success depends on whether the receiving bank has already released the funds. Money transfer services sometimes have better recall policies—check with them right away if you make a mistake.

Do I have to pay taxes on money I send internationally?

Sending money to your own account or to family members is not taxable income in most cases. However, if you are sending money as payment for goods or services, or if you are a business, different rules may apply. Consult a tax professional or your country's tax authority for guidance specific to your situation.