The main ways to move money across borders

You have four realistic routes to send money to an international bank account: a wire transfer through your US bank, a money transfer service like Wise or OFX, a peer-to-peer app like PayPal, or a cash pickup service. Each one costs differently, takes a different amount of time, and works best for different amounts of money. Wire transfers are slowest and most expensive but work everywhere. Money transfer services are faster and cheaper for mid-sized amounts. Apps are convenient for small amounts but charge more per dollar. Cash pickup is useful when the recipient needs physical money or doesn't have a bank account.

The choice depends on three things: how much you're sending, how fast it needs to arrive, and whether the recipient has a bank account in their country. A $50 payment to a friend looks different from a $5,000 payment to a business vendor, and both look different from sending money to a country with limited banking infrastructure.

Key Takeaways

  • Wire transfers through your US bank work everywhere but typically cost $15 to $50 and take one to five business days.
  • Money transfer services like Wise and OFX usually charge 1 to 3 percent and deliver in one to three business days, making them cheaper for most amounts under $10,000.
  • You will need the recipient's full name, bank account number, routing code (SWIFT or IBAN), and the country and bank name to send money internationally.
  • Exchange rates vary by service and change throughout the day, so the amount the recipient gets depends on when you send, not when they receive.
  • Some services hold money for fraud checks, which can add one to three days even after the transfer is marked complete.

Wire transfers: the traditional method that works everywhere

A wire transfer is a direct electronic payment from your US bank to a bank account anywhere in the world. You call your bank or log into online banking, provide the recipient's bank details, and the money moves through the banking system. Most US banks charge $15 to $50 per outgoing wire, and the money usually arrives in one to five business days depending on the destination country and whether the receiving bank processes it the same day.

Wire transfers are reliable and work to almost every country, but they are expensive and slow compared to newer services. The recipient's bank may also charge a fee to receive the wire, which comes out of the money they get. You will need the recipient's full legal name, bank account number, the bank's SWIFT code (an eight or eleven-character code that identifies the bank internationally), the country, and sometimes the bank's address. If any detail is wrong, the money may be delayed or returned.

Call your bank before you send to confirm they can reach the destination country and to ask what information you need. Some banks require you to visit a branch in person for large amounts or for certain countries. Ask whether the receiving bank will charge a fee and whether your bank will deduct it from the amount you send or charge you separately.

Money transfer services: faster and cheaper for most amounts

Services like Wise, OFX, Remitly, and MoneyGram let you send money online without using your bank. You create an account, enter the recipient's bank details, choose how much to send, and the money moves in one to three business days. These services typically charge 1 to 3 percent of the amount you send, which is much less than a wire transfer fee. They also show you the exact exchange rate and total fee before you confirm, so you know exactly what the recipient will get.

Wise is popular for mid-sized transfers because it uses the real mid-market exchange rate and charges a flat percentage. OFX is common for business transfers and larger amounts. Remitly focuses on smaller amounts and countries with large diaspora populations. Each service covers different countries and has different speed options, so check whether your destination country is covered before you start.

Most of these services require you to verify your identity by uploading a photo ID and sometimes a recent bank statement or utility bill. The first transfer may take longer because of these checks. After that, sending money is usually faster. Some services let you set up a standing order to send money on a schedule, which is useful if you send money regularly to the same person.

Peer-to-peer apps: convenient for small amounts

Apps like PayPal, Wise, and Square Cash let you send money to someone's email or phone number if they also have an account. You link your US bank account or debit card, enter the recipient's details, and the money moves in hours or days. These apps are convenient and familiar, but they charge more per dollar than dedicated money transfer services—usually 2 to 4 percent plus a flat fee.

The main limitation is that the recipient must have an account with the same app and must be in a country where that app operates. PayPal works in most countries but charges high fees for international transfers. Wise has an app and works in over 80 countries, but the recipient needs a Wise account to receive money instantly; otherwise it goes to their bank account and takes longer. Square Cash and similar apps work mainly in the US and a few other countries.

These apps are best for small amounts to people you know who already use the same service. For larger amounts or recipients without an app account, a dedicated money transfer service is usually cheaper.

Cash pickup services: when the recipient needs physical money

Services like Western Union and MoneyGram let you send money that the recipient picks up in cash at a local agent location. You send the money online or at an agent location, the recipient gets a reference number, and they walk into a participating store or bank to collect cash. This usually takes a few hours to one business day and works in almost every country.

Cash pickup is useful when the recipient doesn't have a bank account, needs money urgently, or lives in a place where banking is limited. The fees are usually 3 to 8 percent depending on the amount and destination. The recipient needs to bring a photo ID to collect the money, and some locations have daily limits on how much can be withdrawn.

The main drawback is that cash is less secure than a bank transfer—if the recipient doesn't pick it up, you have to contact the service to cancel or redirect it. Also, the recipient has to travel to an agent location, which may not be convenient. For regular transfers to someone with a bank account, a money transfer service is usually better.

What information you need to send money internationally

Before you send, gather the recipient's banking details. You will need their full legal name (exactly as it appears on their bank account), their bank account number, and a routing code that identifies their bank. In most countries outside the US, this is called an IBAN (International Bank Account Number), which is a standardized format that includes the country code and account details. In some countries, you may need a SWIFT code instead, which is an eight or eleven-character code that identifies the specific bank branch.

Ask the recipient to provide these details from their bank statement or online banking, or to contact their bank directly. Do not guess or abbreviate—a wrong account number or routing code will send the money to the wrong place, and recovering it is slow and expensive. Some services let you test a small amount first before sending the full amount, which is a good idea if you are unsure about the details.

You will also need to know the recipient's country and the name of their bank. Some services ask for the bank's address as well. Write down all of this information before you start the transfer so you can enter it correctly.

Exchange rates and when your money converts

When you send money internationally, it converts from US dollars to the recipient's currency at an exchange rate. The rate you get depends on which service you use and when you send. Banks and money transfer services do not use the same rate—they add a markup to the mid-market rate (the rate you see on financial news sites), and the markup varies by service and by amount.

Wise and OFX advertise that they use the mid-market rate with a small fee, so you get a better rate than your bank. PayPal and other apps typically add a larger markup, so the recipient gets less money. The exchange rate changes throughout the day, so if you wait to send, the rate may be better or worse. Most services lock in the rate when you confirm the transfer, not when the money arrives, so you know exactly what the recipient will get.

Before you send, compare the total amount the recipient will get from different services. Enter the same amount and destination on Wise, your bank, and one other service, and see which one gives the recipient the most money. The cheapest option is not always the fastest, so decide whether speed or cost matters more for this transfer.

How long it actually takes and what can slow it down

The time from when you send to when the recipient's bank receives the money varies by service and destination. Wire transfers through banks typically take one to five business days. Money transfer services usually take one to three business days. Apps can be faster if both people use the same service, but if the money goes to a bank account, it takes the same time as a money transfer service.

Several things can add time. If the receiving bank is in a country with limited banking infrastructure or different time zones, it may take longer. Weekends and holidays slow everything down because banks do not process transfers on those days. Fraud checks can hold the money for one to three days even after it is marked as sent. Large amounts or transfers to high-risk countries may trigger additional review.

If you need the money to arrive by a specific date, send it at least one week early to account for delays. Tell the recipient to check their account a few days after you send, not on the day you send. If the money does not arrive within the time the service promised, contact the service with your transfer reference number and ask them to trace it.

Frequently Asked Questions

What happens if I send money to the wrong account number?

The money usually goes to the account number you provided, even if it belongs to the wrong person. You will need to contact the service or your bank immediately with your transfer reference number and ask them to recall the transfer. Recovery is slow and not always possible, so double-check the account number before you send. Some services let you test with a small amount first.

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

No. US banks and money transfer services cannot send money to countries under US government sanctions, including Iran, North Korea, Syria, and Cuba. Some services also restrict transfers to other countries due to compliance rules. Check the service's website or call them to confirm whether your destination country is covered before you start.

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 in one day, your bank must file a Currency Transaction Report with FinCEN. You do not file this yourself—your bank does. If you are sending money regularly, keep records of the amounts and dates. Consult a tax professional if you are unsure whether your transfers need to be reported.

What if the recipient's bank charges a fee to receive the money?

Many banks charge a fee to receive an incoming wire transfer, usually $5 to $15. This fee comes out of the money the recipient gets, so they receive less than you sent. Ask the recipient to check with their bank about incoming transfer fees before you send. Some money transfer services absorb this fee or let you choose to pay it yourself instead of deducting it from the recipient's amount.

Can I cancel a transfer after I send it?

It depends on how far the transfer has gone. If you cancel within a few minutes of sending, most services can stop it. Once the money reaches the recipient's bank, cancellation is much harder and may not be possible. Contact the service immediately with your transfer reference number if you need to cancel. For this reason, always double-check the recipient's details before you confirm.