The basic steps for an international bank transfer

An international bank transfer moves money from your bank account to someone else's bank account in another country. You initiate the transfer through your bank, provide the recipient's banking details, and your bank sends the funds through a network of correspondent banks until the money reaches the destination account. The process typically takes three to five business days, though some routes are faster and others slower depending on the countries involved and the banks' processing speeds.

You will need the recipient's full name, their bank account number (or IBAN for European accounts), the bank's name and address, and the bank's SWIFT code — an eight or eleven-character code that identifies the bank internationally. Some banks also ask for an intermediary bank code if the destination bank is not directly connected to yours. Ask the recipient to provide these details from their bank statement or by contacting their bank directly, because a single wrong digit can send money to the wrong account or cause the transfer to fail.

Your bank will quote you an exchange rate and a fee before you confirm. The fee typically ranges from $15 to $50 depending on your bank and the destination country, though some banks charge a percentage of the amount sent. The exchange rate your bank offers is usually not the mid-market rate — it includes a markup that varies by bank and can cost you 1 to 3 percent of the total amount.

Key Takeaways

  • International bank transfers require the recipient's full name, account number or IBAN, bank name, and SWIFT code — ask them to provide these from their bank statement to avoid errors.
  • Most transfers take three to five business days, but some banks offer expedited options that cost more and deliver in one to two days.
  • Your bank charges a flat fee (usually $15 to $50) plus applies an exchange rate markup that can add 1 to 3 percent to the cost.
  • Alternative services like Wise, OFX, and Remitly often charge lower fees and offer better exchange rates than traditional banks, though they work differently than bank-to-bank transfers.
  • The recipient's bank may also charge a receiving fee, which varies by country and institution — ask them to confirm before you send.

How to initiate a transfer through your bank

Log into your bank's online platform or mobile app and look for "International Transfer," "Wire Transfer," or "Send Money Abroad" — the exact label varies by bank. Some banks require you to visit a branch or call a phone number instead. Enter the recipient's name exactly as it appears on their bank account, then enter their account number and the bank's SWIFT code.

Enter the amount you want to send in your home currency. Your bank will show you the exchange rate and the fee, then calculate how much the recipient will receive in their local currency. Review these numbers carefully — the recipient will receive the amount shown, not a round number you may have intended. Confirm the transfer, and your bank will debit your account immediately. You will receive a confirmation number and a reference code to track the transfer.

Some banks send a separate notification to the recipient's bank, while others require you to inform the recipient that money is coming. Ask your bank whether the recipient needs to do anything on their end or whether the money will arrive automatically once the transfer clears.

Timing: when the money arrives

Standard international transfers take three to five business days. This timeline assumes both banks process the transfer on the same day you initiate it — if you send money on a Friday evening or a holiday, the clock does not start until the next business day. Weekends and public holidays in either country add extra days to the timeline.

Some banks offer expedited transfers that arrive in one to two business days, but these cost significantly more — often $30 to $75 on top of the standard fee. A few banks offer same-day transfers to certain countries, though this is rare and expensive. Ask your bank what options are available for the specific destination country before you commit to a timeline.

The recipient should see the money in their account once their bank processes the incoming transfer. Some banks post the funds immediately; others hold them for a day or two while they verify the transaction. If the money does not arrive within the timeframe your bank quoted, contact your bank with the confirmation number and ask them to trace the transfer.

Fees and exchange rates: what the transfer actually costs

Your bank charges an outgoing transfer fee, typically $15 to $50, though some banks charge a percentage of the amount (often 1 to 2 percent for larger transfers). The recipient's bank may charge an incoming fee as well, which varies widely by country and institution — in some countries it is standard practice, in others it is rare. Ask the recipient to check with their bank about incoming fees before you send, so you both understand the true cost.

The exchange rate is where most of the cost hides. Your bank does not use the mid-market rate (the real-time rate you see on financial websites) — it applies a markup of 1 to 3 percent. On a $1,000 transfer, that markup can cost you $10 to $30 without appearing as a separate line item. Different banks apply different markups, so it is worth comparing rates between banks if you are sending a large amount.

The total cost of a $1,000 transfer through a traditional bank typically ranges from $30 to $80 when you add the outgoing fee, the exchange rate markup, and any incoming fee the recipient's bank charges. For smaller amounts, the percentage cost is higher; for larger amounts, it is lower.

Alternative services: Wise, OFX, Remitly, and others

Services like Wise (formerly TransferWise), OFX, Remitly, and MoneyGram offer international transfers with lower fees and better exchange rates than most traditional banks. Wise uses the mid-market exchange rate with a small markup (usually 0.5 to 1.5 percent) and charges a flat fee based on the amount and destination, often resulting in a total cost of $5 to $20 for smaller transfers. OFX and Remitly work similarly, though their rates and fees vary by destination country.

These services work differently than a bank transfer. You create an account online, link your bank account or debit card, and initiate the transfer through their platform. The money is debited from your account and sent to the recipient's bank account, but the transfer goes through the service's banking partners rather than directly from your bank. The process is usually faster than a traditional bank transfer — many deliver within one to two business days.

The trade-off is that these services are not banks themselves, so they are not subject to the same regulations as traditional banks in all countries. They are generally safe and widely used, but you should research the service's reputation and read reviews before sending a large amount. Some countries restrict which services can operate there, so check whether the service you choose works in both your country and the recipient's country.

What to do if the transfer fails or takes too long

If the money does not arrive within the timeframe your bank quoted, contact your bank immediately with the confirmation number. Your bank can trace the transfer through the correspondent bank network and determine where it is stuck. Common reasons for delays include incorrect account details, a mismatch between the account number and the recipient's name, or a bank holiday in the destination country that was not accounted for.

If the transfer fails because of incorrect details, your bank will attempt to return the money to your account. This reversal can take an additional five to ten business days. If the money was sent to the wrong account due to an error on your part, recovery is much harder — you would need to contact the recipient's bank and ask them to help retrieve the funds, which they may refuse to do.

Before you initiate any transfer, verify the recipient's account details with them directly — call them or video chat to confirm the numbers, do not rely on email or text alone. A few minutes of verification can save you weeks of trying to recover a misdirected transfer.

Comparing bank transfers to other methods of sending money

Bank transfers are the standard method for sending money between accounts and work well for larger amounts or regular payments. They are secure, traceable, and the recipient receives the money directly in their account. The downside is the cost and the three to five day timeline.

Cash pickup services like Western Union and MoneyGram allow the recipient to pick up cash at a physical location within hours, which is useful if they need the money immediately and do not have a bank account. These services charge higher fees (often $10 to $30 plus a percentage) and offer worse exchange rates than bank transfers, so they are more expensive overall.

Mobile payment apps like PayPal, Wise, and Remitly work for smaller amounts and are faster and cheaper than bank transfers for many routes. They require both you and the recipient to have accounts with the service, which is not always practical if the recipient is in a country where the service does not operate.

Frequently Asked Questions

What is a SWIFT code and where do I find it?

A SWIFT code is an eight or eleven-character identifier for a specific bank branch. It looks like ABCDUS33NYC. The recipient can find it on their bank statement, by asking their bank directly, or by searching the bank's name on a SWIFT code lookup website. Always ask the recipient to provide it rather than searching online yourself, because some websites list incorrect codes.

Can I send money to a country that my bank does not work with?

Some countries have banking restrictions or limited connections to international networks, making transfers difficult or impossible. If your bank cannot send to the destination country, try an alternative service like Wise or Remitly, which may have different banking partnerships. If no service works, you may need to use a cash pickup service or explore other options with the recipient.

What happens if I send money to the wrong account?

If the account number was wrong, your bank will attempt to return the money, which takes five to ten business days. If the account number was correct but belonged to someone else, recovery is much harder — you would need to contact that person's bank and ask them to help, which they may refuse. Always verify the account details before sending.

Do I need to report international transfers to the government?

This depends on your country's laws. In the United States, banks report transfers over $10,000 to the government, but you are not required to report smaller transfers. Other countries have different thresholds and rules. Check your country's tax authority or financial regulations if you are unsure.

Is it cheaper to send money as a wire transfer or through an app like Wise?

For most routes, an app like Wise is cheaper than a traditional bank wire transfer because of lower fees and better exchange rates. For very large amounts or specific destination countries, compare the quotes from your bank and from Wise before you decide — the cheapest option varies by route and amount.