The main ways to move money overseas
You have four main routes to send money to a foreign bank account: a wire transfer through your own bank, a money transfer service like Western Union or Wise, a peer-to-peer payment app, or a cash pickup service. Each one differs in speed, cost, and how much the recipient's bank will charge on the receiving end.
A wire transfer through your bank is the most direct method. You give your bank the recipient's name, account number, routing number (or SWIFT/IBAN code for international accounts), and the amount. Your bank sends the money directly to the foreign bank, which deposits it into the recipient's account. This typically takes three to five business days and costs $15 to $50, depending on your bank.
A money transfer service like Wise, OFX, or MoneyGram specializes in international payments and often charges lower fees than banks—sometimes 1 to 3 percent of the amount sent. These services hold money in multiple countries and match senders with receivers, which can make the transfer faster and cheaper than a traditional wire. Speed varies from same-day to three business days.
A peer-to-peer app like PayPal or Remitly works if the recipient has an account with the same service. You transfer money from your bank to the app, then send it to the recipient's account within the app. They can then withdraw it to their local bank account. This is usually faster than a wire but may have daily or monthly limits.
Key Takeaways
- Wire transfers through your bank are direct but slow and expensive, taking three to five business days and costing $15 to $50 per transfer.
- Money transfer services like Wise often charge lower fees (1 to 3 percent) and deliver money faster than traditional banks.
- You will need the recipient's full name, account number, and either a routing number (US banks) or SWIFT/IBAN code (international banks).
- The recipient's bank may charge a receiving fee of $5 to $25, which comes out of the money that arrives in their account.
- Exchange rates vary by service and by the time of day you send, so comparing rates before you transfer can save you money.
What information you need before you send
Before you initiate any transfer, gather the recipient's banking details. You will need their full legal name exactly as it appears on their bank account, their account number, and the bank's routing code. For US banks, this is the nine-digit routing number. For banks outside the US, you will need either the SWIFT code (an eight or eleven-character code that identifies the bank) or the IBAN (International Bank Account Number), which is a longer code used in Europe and some other regions.
Ask the recipient to provide these details directly from their bank statement or by logging into their online banking. Do not guess or abbreviate a name—banks reject transfers when the name on the sending end does not match the account name on the receiving end, and your money gets held or returned.
You will also need to know the country where the account is held and the currency. Some services let you send in US dollars and the recipient's bank converts it; others require you to specify the foreign currency amount. The exchange rate you receive depends on which service you use and when you send the money.
Wire transfers: the traditional bank method
To send a wire transfer, log into your bank's online portal or call the wire transfer department. You will provide the recipient's name, account number, bank name, and SWIFT or routing code. Your bank will quote you a fee (usually $25 to $50 for international wires) and an exchange rate if you are converting currencies.
Once you approve, your bank deducts the money from your account immediately. The transfer itself takes one to three business days to reach the recipient's bank, and then the recipient's bank processes it into their account—sometimes the same day, sometimes another one to two days. Total time is usually three to five business days.
The recipient's bank may also charge a receiving fee, typically $5 to $25, which is deducted from the amount that lands in their account. This fee is separate from what your bank charged you, so the recipient receives less than you sent. Always tell the recipient to expect this and confirm the amount they should receive before you send.
Money transfer services: faster and often cheaper
Services like Wise, OFX, Remitly, and MoneyGram let you send money without using your bank. You create an account, link your bank account or debit card, and enter the recipient's bank details. The service quotes you an exchange rate and fee upfront—usually 1 to 3 percent of the amount sent, though some charge a flat fee instead.
These services often deliver money faster than banks because they hold accounts in multiple countries and can move money between them without routing through the traditional banking system. A transfer might arrive in one to two business days instead of three to five. Some services offer same-day delivery for a higher fee.
The trade-off is that not all services work with all countries or all banks. Before you send, check whether the service covers the recipient's country and bank. Some services also have daily or monthly sending limits, especially if you are new to the platform. The recipient's bank may still charge a receiving fee, though some money transfer services negotiate lower fees with partner banks.
Peer-to-peer apps and digital wallets
If the recipient has a PayPal account, Wise account, or Remitly account, you can send money directly through the app without needing their bank details. You log in, enter the recipient's email or phone number, and transfer the money. The recipient then withdraws it to their bank account or keeps it in the digital wallet.
This method is usually the fastest—often same-day or next-day—and fees are lower than traditional wires. However, it only works if the recipient has already set up an account with the same service. If they do not, you will need to use one of the other methods.
Digital wallets also have daily and monthly limits on how much you can send, which vary by service and by how long you have had the account. A new account might have a $500 daily limit, while an established account might allow $5,000 or more per day.
Understanding exchange rates and hidden costs
When you send money in US dollars to a foreign bank account, the recipient's bank converts it to the local currency. The exchange rate you receive is not the same as the mid-market rate you see on financial websites—banks and money transfer services add a markup, usually 1 to 3 percent, which is how they profit on the conversion.
Money transfer services typically offer better exchange rates than traditional banks because they specialize in currency conversion. Wise, for example, uses the mid-market rate and charges only a small fee, while your bank might add 2 to 4 percent to the rate. Over a large transfer, this difference adds up.
The recipient's bank may also charge a receiving fee, which is separate from the exchange rate markup. This fee is deducted from the money that arrives in their account, so if you send $1,000, they might receive $975 after the receiving bank takes $25. Always ask the recipient's bank what their receiving fee is before you send, so you can tell the recipient how much will actually land in their account.
What to do if a transfer is delayed or does not arrive
If a wire transfer does not arrive within the timeframe your bank quoted, contact your bank's wire transfer department immediately. Provide the confirmation number from your transfer and ask them to trace it. They can check whether the money left your account, whether it reached the recipient's bank, and where it is stuck if it has not been delivered.
If the transfer was rejected—usually because the recipient's name or account number did not match—your bank will return the money to your account. This can take another three to five business days. Once it is back, you can correct the recipient's information and send again.
If you used a money transfer service and the transfer did not arrive, contact the service's customer support with your transaction ID. They can check the status on their end and may be able to contact the recipient's bank directly. Keep records of all confirmation numbers, receipts, and correspondence in case you need to dispute the transfer later.
Frequently Asked Questions
How long does it actually take to send money to a foreign bank account?
Wire transfers through your bank typically take three to five business days. Money transfer services often deliver in one to two business days. Peer-to-peer apps can transfer same-day or next-day if both parties have accounts set up. The recipient's bank may take an additional one to two days to process the deposit into their account.
What is the cheapest way to send money internationally?
Money transfer services like Wise usually charge the lowest fees—often 1 to 2 percent of the amount sent—and offer better exchange rates than banks. Peer-to-peer apps are cheaper if the recipient already has an account with the same service. Traditional bank wire transfers are the most expensive, typically costing $25 to $50 plus unfavorable exchange rates.
Can I send money to a bank account if I do not know the SWIFT code?
Yes. Ask the recipient to provide their SWIFT code, or look it up on their bank's website. Most banks list their SWIFT code in the international transfer section. If you cannot find it, call the bank directly or ask the recipient to call their bank and provide you with the code. Do not guess or use an incomplete code, as the transfer will be rejected.
Will the recipient's bank charge them a fee to receive the money?
Yes, most foreign banks charge a receiving fee of $5 to $25, which is deducted from the amount that arrives in their account. The fee varies by bank and by country. Ask the recipient to check with their bank before you send so you both know how much will actually be deposited.
What happens if I send money to the wrong account number?
If the account number does not exist or does not match the name you provided, the receiving bank will reject the transfer and it will be returned to your account. This can take five to ten business days. Once it is back, verify the correct account number with the recipient and send again. If the account number exists but belongs to someone else, the money may be deposited into their account, and recovering it is difficult and time-consuming.