Yes, but your bank will charge you and the money takes several days
You can transfer money internationally from most U.S. bank accounts, but it is not the same as sending money to another account in the U.S. Your bank will take a cut, the receiving bank will take a cut, and the money will move through multiple intermediary banks along the way. The transfer typically takes three to five business days, sometimes longer depending on the receiving country and bank.
The cost varies widely. Some banks charge a flat fee ($15 to $50), others charge a percentage of the amount you send (1% to 3%), and many charge both. The exchange rate your bank uses is often worse than the mid-market rate you see online, which means you lose money on the conversion itself. If you are sending $1,000, you might pay $30 to $50 in fees plus another $20 to $40 in unfavorable exchange rates.
Before you start, confirm that the receiving bank account exists and that you have the correct details. International transfers cannot be reversed once they leave your bank. If the account number or routing information is wrong, the money may be returned to you after weeks of delay, or it may be lost.
Key Takeaways
- Your bank can send money internationally using SWIFT transfers, but you will pay fees on both ends and receive an unfavorable exchange rate.
- The transfer takes three to five business days minimum, and you cannot cancel or reverse it once it leaves your bank.
- You need the receiving bank's SWIFT code, the recipient's full name, account number, and sometimes their address to complete the transfer.
- Alternatives like wire transfers, PayPal, Wise, and OFX may be cheaper or faster depending on the amount and destination country.
- Always confirm the receiving account details with the recipient before sending, because mistakes cannot be undone.
What information you need from the recipient
Before you can send money, you need accurate details from the person receiving it. Ask them for their full name exactly as it appears on their bank account, their account number, and their bank's SWIFT code. The SWIFT code is an eight or eleven-character code that identifies the bank internationally; it is different from a routing number.
For some countries, you may also need the recipient's address, their bank's address, or an IBAN (International Bank Account Number), which is a standardized account number used in Europe and many other regions. If the recipient is unsure, they should contact their own bank and ask for the information needed to receive an international transfer from the United States.
Do not guess or use incomplete information. A wrong account number or SWIFT code will send your money to the wrong place, and recovering it is difficult and slow. Call the recipient and verify the details, or ask them to send you a screenshot of their bank statement showing the account number.
How to initiate the transfer through your bank
Log into your bank's online platform or call the bank directly. Most banks offer international transfers through their website, but some require you to visit a branch or call a phone number. Search for "international transfer," "wire transfer," or "SWIFT transfer" in your bank's menu.
You will be asked to enter the recipient's name, account number, SWIFT code, and the amount in U.S. dollars. Your bank will show you the fee and the exchange rate before you confirm. Review both carefully—the exchange rate shown at that moment is the one you will receive, and it may be different from the rate you saw online.
After you confirm, your bank will debit the money from your account immediately. You will receive a confirmation number and a reference code. Save both. The money will leave your account that day or the next business day, but it will not arrive in the recipient's account for three to five business days, depending on the receiving bank's processing speed.
Why the money takes so long to arrive
International transfers do not move directly from your bank to the recipient's bank. Instead, your bank sends the money through a network of intermediary banks, each of which processes it and passes it along. This chain can include banks in New York, London, and the recipient's country before the money finally arrives.
Each intermediary bank takes time to verify the information, check for fraud, and process the transaction. Weekends and holidays add delay—if you send money on a Friday afternoon, it may not leave your bank until Monday, and the receiving bank may not process it until the following week. Some countries have their own banking holidays that also slow things down.
You cannot speed up the process by paying more. The timeline is determined by the banking system itself, not by your bank's willingness to rush. If you need money to arrive faster, consider alternatives like wire transfers (which may arrive the same day within certain countries) or digital payment services.
Comparing bank transfers to other methods
A traditional bank SWIFT transfer is reliable but expensive and slow. Here are the main alternatives:
| Method | Cost | Speed | Best for |
|---|---|---|---|
| Bank SWIFT transfer | $15–$50 plus unfavorable exchange rate | 3–5 business days | Large amounts to established banks |
| Wire transfer (domestic bank) | $15–$30 | Same day to next day (U.S. only) | Urgent transfers within the U.S. |
| Wise (formerly TransferWise) | 1–2% of amount sent | 1–3 business days | Mid-sized transfers to most countries |
| PayPal | 3–4.99% plus $0.30 | 1–3 business days | Small amounts to PayPal users |
| OFX | Flat fee ($9–$15) | 2–4 business days | Regular transfers to Australia, Canada, UK |
Wise and OFX typically offer better exchange rates than banks because they do not mark up the rate as much. PayPal is convenient if the recipient has a PayPal account but charges more in fees. If you are sending a large amount (over $5,000), a bank SWIFT transfer may be your only option, since some digital services have limits.
What happens if something goes wrong
If the recipient says they never received the money after five business days, contact your bank immediately. Ask for the SWIFT reference number (also called the SWIFT tracking number or transaction reference). Your bank can use this to trace the money through the intermediary banks and find out where it stopped.
If the money went to the wrong account because of an error on your part, recovery is slow and uncertain. Your bank can file a retrieval request, but the receiving bank is not required to return the money. The process can take weeks or months. If the money went to a fraudulent account, it may be gone permanently.
If your bank made the error—for example, they used the wrong SWIFT code—they are responsible for recovering it. File a complaint with your bank in writing and ask them to pursue the retrieval. Keep copies of all confirmations and correspondence.
Fees and exchange rates: what to expect
Your bank's fee is usually disclosed upfront, but the exchange rate markup is often hidden. Banks buy foreign currency at the mid-market rate (the real rate you see on financial websites) and sell it to you at a higher rate. The difference is their profit.
For example, if the mid-market rate is 1 USD = 0.92 EUR, your bank might offer you 1 USD = 0.89 EUR. On a $1,000 transfer, that difference costs you about $30. Combined with the flat fee, you might lose $50 to $80 on a $1,000 transfer.
Before you send, ask your bank for the exact exchange rate they will use. Compare it to the mid-market rate on XE.com or OANDA. If the difference is more than 2%, consider using Wise or another service that offers a better rate. For transfers under $500, the fee difference may not matter much, but for larger amounts, it adds up quickly.
Frequently Asked Questions
Can I cancel an international transfer after I send it?
Not reliably. Once the money leaves your bank, it is in the hands of intermediary banks and the receiving bank. Your bank can try to recall it, but there is no may provide. If the receiving bank has already credited the money to the recipient's account, they may refuse to return it. Always confirm the details before you send.
Do I need to report international transfers to the IRS?
If you are sending money as a gift or personal transfer, you do not need to report it to the IRS. If you are sending money as payment for goods or services, or if you are a business owner, different rules may apply. Consult a tax professional about your specific situation. Banks report large transfers to the Treasury Department, but that is separate from IRS reporting.
What is the maximum amount I can send?
Most banks do not have a hard limit on international transfers, but they may flag large transfers (usually over $10,000) for fraud review. This can delay the transfer by a day or two. If you are sending a very large amount, call your bank in advance to let them know it is coming.
Will the recipient's bank charge them a fee?
Yes, usually. The receiving bank often charges a fee to receive international transfers, typically $10 to $25. This fee is deducted from the amount that arrives, so the recipient gets less than you sent. Ask the recipient what their bank charges before you send, so they know what to expect.
Is it safer to use my bank or a digital service like Wise?
Both are safe if you use them correctly. Banks are regulated and insured, but they charge more. Digital services like Wise are also regulated in most countries and offer better rates, but they have lower transaction limits. For amounts under $5,000, a digital service is usually cheaper. For larger amounts or to countries with fewer digital service options, your bank is the more reliable choice.