The main routes to send money abroad

You have four practical ways to move money to a foreign bank account: a wire transfer through your own bank, a money transfer service like Wise or OFX, a peer-to-peer platform, or cash pickup at a physical location. Each one differs in speed, cost, and how much the recipient's bank charges on the receiving end. Your choice depends on how much you're sending, how fast it needs to arrive, and whether the recipient has a bank account or needs cash instead.

Wire transfers through your bank are the most traditional method and work in nearly every country, but they often cost $15 to $50 per transfer and the recipient's bank may charge a fee to receive the money. Money transfer services like Wise, OFX, and Remitly typically offer better exchange rates and lower fees, especially for larger amounts. Peer-to-peer platforms like PayPal or Wise also work if both parties have accounts set up. Cash pickup services like Western Union and MoneyGram let you send money that the recipient picks up in person at a physical location, which is useful when the recipient doesn't have a bank account.

Key Takeaways

  • Wire transfers through your bank work everywhere but usually cost $15 to $50 and may include hidden fees charged by the recipient's bank on the receiving end.
  • Money transfer services like Wise and OFX often offer better exchange rates and lower fees than banks, especially if you're sending more than $1,000.
  • The recipient's bank account details must be exact—wrong account numbers or routing codes will cause the transfer to fail or be returned.
  • Transfers typically take one to five business days depending on the country and method, though some services offer same-day options for a higher fee.
  • Cash pickup services let you send money without requiring the recipient to have a bank account, but fees are usually higher.

What information you need from the recipient

Before you initiate any transfer, you need the recipient's full banking details. This includes their full name exactly as it appears on their account, the account number, and the bank's routing code or SWIFT code. For some countries, you may also need an IBAN (International Bank Account Number), which is a standardized format used in Europe and many other regions. Ask the recipient to provide this information directly from their bank statement or by logging into their online banking—do not guess or abbreviate.

The recipient should also confirm their bank's name and the country where the account is held. If any detail is wrong—a transposed digit in the account number, a middle initial missing from the name, or a routing code for the wrong branch—the transfer will either fail or arrive in the wrong account. Some banks will return the money to you; others will hold it while the bank investigates. Getting the details right the first time saves days of back-and-forth.

Wire transfers through your bank

A wire transfer is a direct electronic payment from your bank to the recipient's bank. You initiate it through your bank's website, mobile app, or by visiting a branch in person. You'll provide the recipient's banking details, the amount, and your bank will send the money directly. Most banks charge a flat fee of $15 to $50 for an outgoing international wire, though some charge more for certain countries.

The recipient's bank may also charge a fee to receive the wire—this is called an incoming wire fee and typically ranges from $5 to $25. You won't know this fee in advance unless you ask the recipient to check with their bank first. The money usually arrives within one to three business days, though some countries take longer. Your bank will give you a reference number (called a SWIFT reference or tracking number) that you can use to follow the transfer if it doesn't arrive on time.

Money transfer services and their costs

Services like Wise, OFX, Remitly, and WorldRemit are designed specifically for international transfers and often charge less than banks. They work by converting your money at the real mid-market exchange rate (the rate banks use with each other) rather than the marked-up rate your bank uses. A transfer that costs $45 through your bank might cost $5 to $15 through Wise, depending on the amount and destination country.

To use these services, you create an account online, verify your identity, and link your bank account or debit card. You enter the recipient's banking details, the amount, and the service converts and sends the money. Most transfers take one to three business days. Some services offer faster options—Wise offers same-day delivery to certain countries for an extra fee. Compare the total cost (service fee plus exchange rate markup) across a few services before you send, because rates and fees change and vary by destination.

Peer-to-peer platforms and cash pickup

PayPal, Wise, and similar platforms let you send money directly if both you and the recipient have accounts. You log in, enter the recipient's email or username, and send the money. The recipient can then withdraw it to their bank account or keep it in their digital wallet. These transfers are often faster than bank wires—sometimes within hours—but fees vary. PayPal charges a percentage of the amount plus a fixed fee; Wise charges a flat fee based on the amount and destination.

Cash pickup services like Western Union and MoneyGram work differently: you send money through their website or at a physical location, and the recipient picks it up in cash at another Western Union or MoneyGram location. This is useful when the recipient doesn't have a bank account or doesn't trust digital transfers. Fees are usually higher—often 5 to 10 percent of the amount—and the money is available for pickup within minutes to a few hours. The recipient will need a valid ID to collect the cash.

How long transfers actually take

The time a transfer takes depends on the destination country, the method you use, and whether it's a business day. A wire transfer to Canada or the UK typically arrives within one business day. Transfers to countries with less developed banking infrastructure—parts of Africa, Southeast Asia, or Central America—may take three to five business days or longer. Weekends and holidays add time because banks don't process transfers on those days.

Money transfer services are often faster than banks. Wise and OFX often deliver within one business day to major countries. Same-day or next-day options exist but usually cost extra. If you're sending money on a Friday afternoon, assume it won't arrive until Tuesday or Wednesday. If the transfer doesn't arrive within the timeframe the service promised, contact them with your reference number and ask for a trace. Banks and transfer services can track where the money is and sometimes speed up a delayed transfer.

What to do if a transfer goes wrong

If money doesn't arrive after the promised timeframe, contact the service or bank you used with your reference number. They can trace the transfer and tell you whether it's still in transit, stuck at the recipient's bank, or returned to your account. If the recipient's bank rejected it because of incorrect details, the money will come back to you, usually within five to ten business days. You can then correct the information and send it again.

If the money arrived but in the wrong account, contact your bank or transfer service immediately. They can request a reversal, though this is harder once the recipient's bank has accepted the transfer. If you sent cash through Western Union or MoneyGram and the recipient never picked it up, the money will be held for a set period (usually 90 days) before being returned to you. Keep your reference number and receipt until the transfer is confirmed received.

Frequently Asked Questions

Can I send money to any country?

Most countries accept international transfers, but some are restricted due to sanctions or banking regulations. The United States, for example, restricts transfers to Iran, North Korea, Syria, and a few others. Your bank or transfer service will tell you if a country is blocked. If it is, you cannot legally send money there through standard banking channels.

What's the difference between a SWIFT code and a routing number?

A SWIFT code is used for international transfers and identifies a specific bank branch worldwide. A routing number is used for transfers within the United States only. If you're sending money outside the US, you need the SWIFT code. If the recipient is in the US, you need the routing number. Some countries use an IBAN instead of or in addition to a SWIFT code.

Will the recipient see my name and address?

Yes. The recipient's bank statement will show your name and the sending bank's information. This is standard for all international transfers. If you want privacy, you cannot use a bank wire or transfer service—you would need to use cash pickup, though the recipient still sees the sender's name.

How do I know which service has the best rate?

Check the total cost: the service fee plus the exchange rate markup. Most services show you the exact amount the recipient will receive before you confirm. Compare this across two or three services for the same amount and destination. Rates change daily, so the cheapest option today might not be cheapest tomorrow.

What if I send too much money by mistake?

Contact your bank or transfer service immediately with your reference number. If the money hasn't been received yet, they may be able to cancel it. If it's already arrived, you'll need to ask the recipient to send it back. Once money reaches a recipient's account, reversing it is difficult and depends on whether the recipient cooperates.