The fastest and cheapest way depends on where you're sending and how much

Overseas payments move through different channels than domestic transfers, and which one you use changes both what you pay and how long it takes. A wire transfer to a bank account abroad can land in one to three business days but costs $15 to $50. A money transfer service like Wise or OFX takes two to four business days and often costs less, especially for larger amounts. International ACH (if available to your bank) is cheapest but slowest—five to ten business days. Peer-to-peer apps like PayPal work for smaller amounts but charge percentage-based fees. The right choice depends on the amount, the destination country, whether the recipient has a bank account, and whether speed or cost matters more to you.

Before you choose a method, confirm that the recipient's country supports it. Some nations restrict wire transfers or do not have money transfer service coverage. Your bank or the service's website will tell you whether your destination is supported. Also gather the recipient's banking details early—you will need their full name, account number, and either a SWIFT code or IBAN depending on the country and method.

Key Takeaways

  • Wire transfers reach most countries in one to three business days but cost $15 to $50 per transaction.
  • Money transfer services like Wise often offer better exchange rates and lower fees than banks, especially for amounts over $1,000.
  • The recipient's country, bank infrastructure, and account type all affect which payment methods are available to you.
  • Exchange rates vary by provider and change throughout the day, so locking in a rate before you send protects you from currency swings.
  • International ACH and SWIFT transfers require the recipient's full banking details, including SWIFT code or IBAN, depending on the country.

Wire transfers: fastest but most expensive

A wire transfer (also called a SWIFT transfer) moves money directly from your bank to a bank account abroad. Your bank sends the payment through the SWIFT network, which connects banks worldwide. The transfer typically arrives in one to three business days, though some corridors are faster. You pay a flat fee—usually $15 to $50—plus the bank's exchange rate, which is typically 1 to 3 percent higher than the mid-market rate.

To send a wire, you need the recipient's full banking details: their name, bank name, account number, and SWIFT code (an eight- or eleven-character code that identifies their bank). Some countries also require an IBAN (International Bank Account Number). Call your bank or log into online banking to initiate the transfer. Most banks let you send a wire online, by phone, or in person. Once sent, a wire cannot be reversed, so confirm all details before submitting. Double-check the account number and SWIFT code character by character—a single mistake can send the money to the wrong bank or account.

Wire transfers work to almost every country with a functioning banking system, making them the most reliable option when you are unsure whether other methods will work. They are also the right choice when speed is critical—if you need money to arrive within days rather than weeks. However, the combination of flat fees and unfavorable exchange rates makes wires expensive for smaller amounts under $1,000.

Money transfer services: better rates for mid-sized amounts

Services like Wise, OFX, Remitly, and MoneyGram specialize in international payments and often charge lower fees and offer better exchange rates than banks. Wise, for example, uses the mid-market exchange rate (the rate you see on Google or XE.com) with a small markup, typically 0.5 to 2 percent. A bank wire often marks up the rate by 1 to 3 percent, so the difference adds up quickly on larger transfers. For a $5,000 transfer, the exchange rate difference alone can save you $50 to $150.

These services work by holding money in local bank accounts in multiple countries. When you send money to India through Wise, for instance, Wise takes your dollars, holds them in a U.S. account, and sends rupees from its India account to the recipient. This avoids the SWIFT network's fees and delays. Transfers typically take two to four business days. Fees range from $2 to $15 for smaller amounts, or a percentage (usually 0.5 to 1.5 percent) for larger transfers. You can see the exact fee and final amount the recipient gets before you confirm the transfer.

The tradeoff is that money transfer services do not work everywhere. They cover most developed countries and many developing ones, but some nations have restrictions or limited coverage. Check the service's website to see if your destination country is supported. Also verify that the recipient can receive money the way you plan to send it—some services deposit to a bank account, others to a mobile wallet, and some offer cash pickup at physical locations.

International ACH: cheapest but slowest

International ACH (Automated Clearing House) is the overseas version of the domestic ACH system. Not all banks offer it, but those that do charge very low fees—often $0 to $5—because the transfer moves through automated clearing networks rather than the SWIFT system. The catch is speed: international ACH typically takes five to ten business days, sometimes longer depending on the receiving country's banking infrastructure. For routine or predictable payments, this delay is often worth the savings.

International ACH works only to countries with ACH-compatible banking systems, primarily Canada and Mexico, though some banks support it to other nations. You need the recipient's bank account number and routing information. Ask your bank whether they offer international ACH and to which countries. If they do, the process is usually as simple as setting up a domestic ACH transfer—you provide the recipient's details and authorize the payment online or by phone. Your bank will give you a confirmation number and estimated delivery date.

International ACH makes sense when you are sending a predictable amount on a regular schedule (like supporting a family member abroad) and can afford to wait a week or more. The low cost over time outweighs the slower speed. It is also a good choice for larger amounts where even a small percentage fee difference saves significant money.

Peer-to-peer apps and digital wallets

PayPal, Wise, and some other apps let you send money to another person's email address or phone number, even if they do not have a bank account. The recipient receives the money in their digital wallet or can withdraw it to a bank account. These methods work well for smaller amounts—typically under $5,000—and are convenient when the recipient is not comfortable sharing full banking details or does not have a traditional bank account.

Fees vary widely. PayPal charges 2.2 percent of the amount plus a flat fee (usually $0.30 to $2.00) for international transfers. Wise charges a percentage based on the amount and destination. Digital wallets like Google Pay or Apple Pay do not directly support international transfers, but you can link them to PayPal or another service that does. The recipient may also face fees when they withdraw the money to a bank account, so confirm the total cost before sending.

The downside is that these methods often have lower daily or monthly limits than bank transfers, and the recipient may face fees when they withdraw the money to a bank account. They are best for smaller, occasional transfers or when speed and convenience matter more than cost. If the recipient needs the money in their bank account rather than a digital wallet, ask them first whether they are comfortable with the withdrawal fees.

Exchange rates and how they affect what you send

When you send money overseas, your dollars are converted to the recipient's currency. The exchange rate you get depends on the provider and the time of day. The mid-market rate is the real-time rate you see on Google or XE.com—the rate banks use to trade with each other. No consumer gets this rate directly; every provider marks it up slightly to make money.

Banks typically mark up the rate by 1 to 3 percent. Money transfer services mark it up by 0.5 to 2 percent. Some services let you lock in a rate for a set period (usually 24 to 48 hours), which protects you if the currency swings before the transfer completes. If the rate moves in your favor during that window, you still get the locked rate. If it moves against you, you are protected. Locking in a rate costs nothing and is worth doing if you are sending a large amount and the rate looks favorable.

Exchange rates change throughout the day based on global currency markets. If you are sending a large amount and the rate is favorable, locking it in immediately protects you from a worse rate later. For smaller amounts or routine transfers, the markup difference is usually small enough that speed or convenience matters more than hunting for the best rate. Check the rate on multiple services before sending to see which offers the best deal for your destination.

What to do if the transfer fails or takes too long

If a wire transfer does not arrive within the stated timeframe, contact your bank immediately. Provide the confirmation number, recipient's bank details, and the amount sent. Your bank can trace the payment through the SWIFT network and determine where it is stuck. Common delays happen when the recipient's bank details are incomplete or incorrect, or when the receiving country's banking system is slow. Most banks will investigate at no charge, though some charge a tracing fee ($15 to $50) if the delay is not their fault.

If you sent money through a money transfer service and it did not arrive, contact the service's customer support with your transaction ID. Most services may provide delivery within their stated timeframe and will refund or resend the money if it fails. Keep your confirmation email and any receipts until the money reaches the recipient. Response times vary, but most services respond within 24 to 48 hours.

If you sent money to the wrong account or the recipient never received it, recovery depends on the method. Wire transfers cannot be reversed once sent, so you would need to contact the recipient's bank directly and ask them to return the funds—a process that can take weeks or fail entirely. Money transfer services are more flexible; contact them immediately and they may be able to recall the payment if it has not been claimed yet. The sooner you report an error, the better your chances of recovery.

Frequently Asked Questions

How do I know what banking details to ask for?

Ask the recipient for their account number and the name and SWIFT code of their bank. If they are in Europe, ask for their IBAN instead. If you are using a money transfer service, check that service's website—it will tell you exactly what details you need for that country. Some services only need a bank account number; others need more.

Can I send money to someone without a bank account?

Yes, if you use a service that supports cash pickup or mobile wallet delivery. Remitly, MoneyGram, and some others let the recipient pick up cash at a physical location or receive money in a mobile wallet. Check the service's website to see what options are available in the recipient's country.

What happens if I send money to the wrong account?

If you used a wire transfer, contact your bank and the recipient's bank immediately. The money may be recoverable if the receiving bank has not released it, but this is not may provide. Money transfer services are more helpful—contact them right away with your transaction ID, and they may recall the payment if it has not been claimed.

Do I need to report overseas payments to the IRS or FinCEN?

If you are sending money as a gift or personal transfer, you do not need to report it. If you are sending money for business or if the amount is very large, consult a tax professional or accountant. Banks report large wire transfers (over $10,000) to FinCEN as part of anti-money-laundering rules, but this is routine and does not affect personal transfers.

Which method is cheapest for sending $500 to Canada?

International ACH is cheapest if your bank offers it—usually $0 to $5 and takes five to ten days. If you need it faster, Wise or a similar service costs $5 to $15 and takes two to four days. A bank wire costs $20 to $40 and arrives in one to two days. For $500, the ACH savings are modest, so speed might matter more.