Yes, you can transfer money to an overseas bank account, but the method, cost, and speed depend on the country, the amount, and which bank or service you use
International transfers are not the same as moving money between your US accounts. Your bank can send money abroad, but it will take longer, cost more, and require specific information about the receiving bank. The receiving country's regulations, currency conversion, and intermediary banks all affect whether the transfer goes through and how much arrives on the other end.
You have several routes: your own bank's wire transfer service, a money transfer specialist like Wise or OFX, your bank's app if it offers international transfers, or services like PayPal for smaller amounts. Each has different fees, exchange rates, and delivery times. Choosing the right one means understanding what you are paying for and how long you are willing to wait.
Key Takeaways
- International wire transfers through your bank typically take three to five business days and cost $15 to $50, but the receiving bank may charge an additional fee.
- Money transfer services like Wise and OFX often offer better exchange rates and lower fees than traditional banks, especially for amounts under $10,000.
- You will need the receiving bank's name, address, SWIFT code or IBAN, and the recipient's full account number to complete any international transfer.
- The receiving country's regulations may delay or block transfers, and some banks refuse to accept incoming wires from certain nations.
- Currency conversion happens at the time the money leaves your account, not when it arrives, so the amount received depends on the exchange rate your provider uses.
Wire transfers through your bank
A wire transfer is the most direct route and the one most banks offer. You initiate it through your bank's website, app, or by visiting a branch. Your bank sends the money through the SWIFT network (Society for Worldwide Interbank Financial Telecommunication), which connects banks globally. The transfer typically takes three to five business days, though some banks promise faster delivery for an extra fee.
Costs vary by bank. Most US banks charge $15 to $50 to send an outgoing wire. The receiving bank may also charge a fee to accept it—this can be $10 to $25 or more, and it comes out of the amount that arrives. Some banks charge a fee just to look up the receiving bank's details. Ask your bank upfront for the total cost, including any fees the receiving bank might charge, because you will not know the final amount until after the transfer completes.
You will need the receiving bank's SWIFT code (an eight or eleven-character code that identifies the bank internationally), the recipient's full name, account number, and sometimes the bank's address. If any detail is wrong, the money may be returned or held in limbo while the banks sort it out. Before you send, contact the recipient and ask them to confirm every piece of information.
Money transfer services: often cheaper for smaller amounts
Money transfer specialists like Wise, OFX, Remitly, and MoneyGram compete on exchange rates and fees rather than speed. Wise, for example, uses the real mid-market exchange rate (the rate banks use with each other) and charges a flat fee plus a small percentage. OFX does the same. These services often cost less than a bank wire, especially if you are sending under $10,000.
The trade-off is speed. Wise typically delivers in one to two business days for most countries, but some routes take longer. OFX can take two to four business days. You set up an account online, link your US bank account, enter the recipient's details, and initiate the transfer through their website or app. The money leaves your account immediately, but the recipient does not receive it until the service's timeline is met.
These services are regulated by state money transmitter laws, so your money is protected while it is in transit. However, not all countries are supported—check the service's website to confirm the destination country is available. Fees are transparent upfront: you see the exchange rate, the fee amount, and the total the recipient will receive before you confirm the transfer.
PayPal and other digital wallet services
PayPal, Google Pay, and similar services can send money internationally, but they work best for smaller amounts and informal transfers. PayPal charges a percentage-based fee (typically 2% to 3% of the amount sent) plus a fixed fee that varies by country. The recipient must have a PayPal account or a linked bank account in their country.
Delivery is usually fast—often within hours—but the exchange rate PayPal uses is not the mid-market rate; it includes a markup. For amounts under $500, the convenience may be worth the higher cost. For larger amounts, a specialist service or bank wire is usually cheaper. PayPal also has limits on how much you can send per transaction and per month, depending on your account history and verification status.
What information you need before you start
No matter which method you choose, you must have accurate information about the receiving account. Ask the recipient to provide or confirm all of the following:
- Recipient's full legal name (exactly as it appears on their bank account)
- Receiving bank's name and address
- Recipient's account number
- SWIFT code (for wire transfers) or IBAN (International Bank Account Number, used in Europe and some other regions)
- The country and currency of the receiving account
If the receiving bank is in Europe, you may only need the IBAN, which includes the bank code and account number in one string. If you are sending to Asia, Africa, or the Middle East, the SWIFT code is usually required. Some banks ask for both. Do not guess or abbreviate—banks reject transfers with mismatched names or account numbers, and corrections take time.
Timing and when the money actually arrives
The timeline depends on the method and the receiving country. A wire transfer through your bank takes three to five business days in most cases, but weekends and holidays extend this. If you send on a Friday afternoon, the money does not leave until Monday, and the receiving bank may not process it until the following day. Some countries have slower banking infrastructure, and transfers can take a week or more.
Money transfer services are faster in most cases—one to three business days—but the receiving country matters. Transfers to major financial hubs (UK, Canada, Australia) are usually faster than transfers to smaller countries or regions with less developed banking systems. Check the service's website for the specific timeline to your destination.
Currency conversion happens at the moment your bank or service processes the transfer, not when the money arrives. If the exchange rate moves between when you initiate the transfer and when it settles, the recipient receives the amount based on the rate at processing time. Lock-in rates are available from some services if you want to may provide the exchange rate for a set period, usually 24 to 48 hours.
Regulations, restrictions, and why transfers get blocked
International transfers are subject to anti-money-laundering laws in both the US and the receiving country. Your bank or service may ask you why you are sending the money and may request documentation (a receipt, invoice, or letter from the recipient). This is normal and required by law. Provide honest answers and any documents they request to avoid delays.
Some countries restrict incoming transfers or have capital controls that limit how much money can enter. Your bank will know if the destination country has restrictions, but you should also ask the recipient whether their country has rules about receiving money from abroad. A few countries are on international sanctions lists, and US banks cannot send money there at all.
The receiving bank may also refuse the transfer if it comes from a country or entity the bank has decided not to do business with. This is rare but happens. If your transfer is rejected, your bank will return the money to your account, usually within five to ten business days, though some banks hold it longer.
Comparing costs: bank wire vs. specialist service
| Method | Typical Cost | Exchange Rate | Delivery Time | Best For |
|---|---|---|---|---|
| Bank wire transfer | $15–$50 (your bank) + receiving bank fee | Mid-market + bank markup | 3–5 business days | Large amounts, when speed is less important |
| Wise | Flat fee + 0.5–2% depending on amount and route | Real mid-market rate | 1–2 business days | Amounts $100–$50,000, best exchange rates |
| OFX | Flat fee + 0.5–1.5% depending on amount | Real mid-market rate | 2–4 business days | Amounts $1,000+, recurring transfers |
| PayPal | 2–3% + fixed fee per country | PayPal's rate (includes markup) | Hours to 1 business day | Amounts under $500, informal transfers |
For a $5,000 transfer to the UK, a bank wire might cost $40 plus a $15 receiving fee ($55 total), with an exchange rate that includes a 1–2% markup. Wise would charge a flat fee of around $5 plus a 0.5% conversion fee (roughly $25 total), using the real mid-market rate. The difference is significant, especially for larger amounts or repeated transfers.
What to do if your transfer is delayed or lost
If your transfer does not arrive within the promised timeframe, contact your bank or service immediately. Provide the transfer confirmation number, the date you sent it, and the recipient's account details. They can trace the transfer through the SWIFT network and find out where it is stuck.
Delays usually happen at the receiving bank, especially if there is a mismatch in the recipient's name or account number. The receiving bank may hold the transfer pending verification. Ask your bank to contact the receiving bank directly and ask them to release it or return it. This can take another week or more.
If the money is returned to your account, it will appear as a credit within five to ten business days. You will not be charged twice—the original fee covers the attempt. If you want to resend, correct any information the receiving bank flagged and try again.
Frequently Asked Questions
Can I send money to any country?
Most countries are accessible, but some are restricted. The US has sanctions on Iran, North Korea, Syria, and Cuba, so transfers there are not allowed. Some banks also refuse to send to countries with high money-laundering risk or weak banking regulation. Check with your bank or service before you commit to a transfer.
What is the difference between SWIFT and IBAN?
SWIFT is a code that identifies a specific bank globally. IBAN is a standardized account number format used mainly in Europe and some other regions. You need SWIFT for most countries; IBAN is often required in Europe. Some banks ask for both. The recipient's bank will tell them which one to give you.
Do I have to pay tax on money I send overseas?
Sending money is not a taxable event—you are moving your own money, not earning income. However, if the money is a gift and you are a US citizen, you may have to file a gift tax return if the amount exceeds $17,000 in a single year (the limit varies by year). If the money is income you earned abroad, you may owe US income tax on it. Consult a tax professional if you are unsure.
Can the recipient's bank refuse the transfer?
Yes. If the recipient's bank does not recognize the SWIFT code, if the account number is wrong, or if the bank has decided not to accept transfers from the US, the transfer will be rejected. The money returns to your account. Always confirm the recipient's details before sending, and ask them to contact their bank if they have never received an international transfer before.
How do I know if my transfer was successful?
Your bank or service will send you a confirmation number and a delivery status. For bank wires, the status changes from "pending" to "sent" to "delivered" over several days. Money transfer services usually show real-time tracking. Ask the recipient to confirm when the money arrives in their account—do not assume it is there until they tell you.