How to Transfer Money to Another Country

What happens when you send money internationally

When you transfer funds to another country, your bank sends the money through a network of correspondent banks — intermediaries that handle the currency conversion and routing. The money leaves your account in US dollars, gets converted to the destination currency, and arrives in the recipient's account abroad. The process typically takes three to five business days, though it can be faster or slower depending on the destination country and which method you use.

You will pay a fee for this service. The fee covers the currency conversion, the work of the correspondent banks, and your bank's cut. Some banks charge a flat fee (say, $15 to $45), others charge a percentage of the amount sent, and many charge both. The recipient may also face a fee on their end, deducted from what they receive. The exchange rate your bank offers is usually not the mid-market rate you see online — banks add a markup, which is another cost you bear.

Before you send anything, you need the recipient's bank details: their full name, account number, bank name, and the bank's SWIFT code or IBAN (International Bank Account Number). Without these, the money will not arrive. If the details are wrong, the transfer may bounce back to you after several days, and you will have paid the fee for nothing.

Key Takeaways

• International transfers through your bank take three to five business days and cost between $15 and $50 depending on the amount and destination.
• You need the recipient's full name, account number, bank name, and SWIFT code or IBAN before you initiate the transfer.
• Your bank's exchange rate includes a markup above the mid-market rate, so the amount the recipient gets will be less than the mid-market value of what you sent.
• Wire transfers are faster than ACH transfers but cost more and cannot be reversed once sent.
• Money transfer services like Western Union and Wise often charge lower fees than banks for smaller amounts, but compare rates before you choose.

Wire transfers through your bank

A wire transfer is the fastest way to send money internationally through a traditional bank. You initiate it in person, by phone, or through your bank's online portal. You provide the recipient's bank details, the amount, and your bank sends the funds through the SWIFT network (Society for Worldwide Interbank Financial Telecommunication). The money usually arrives within one to two business days.

Wire transfers cost more than other methods — typically $25 to $50 per transfer — but they are irreversible once sent. If you wire money to the wrong account, you cannot get it back through your bank. For this reason, confirm the recipient's details twice before you submit the transfer. Some banks allow you to call and verify the details with a representative before the wire goes out.

Wire transfers work well for large amounts or time-sensitive payments. If you are sending less than $500, the fee may eat up a significant portion of what you send, so compare other options first.

ACH and bank-to-bank transfers

An ACH transfer (Automated Clearing House) is slower but cheaper than a wire. It takes five to ten business days because the money moves through a clearing house rather than directly between banks. ACH transfers cost $10 to $25 and work well for smaller amounts or when you are not in a hurry.

Not all banks offer ACH transfers to all countries. Check with your bank whether they support ACH to your recipient's country. If they do, you will set it up the same way as a wire — through online banking or by visiting a branch — but the lower cost makes it worth the wait for amounts under $1,000.

Some banks also offer their own bank-to-bank transfer services if both you and the recipient use the same bank or a partner bank. These are sometimes faster and cheaper than standard wires. Ask your bank whether they have a partnership with banks in the destination country.

Money transfer services and online platforms

Money transfer services like Western Union, MoneyGram, and Wise are alternatives to banks. They often charge lower fees than banks for smaller transfers and offer competitive exchange rates. Western Union and MoneyGram let you send cash that the recipient picks up at a physical location, or they can deposit it directly into a bank account. Wise specializes in bank transfers and is known for using the mid-market exchange rate with a small markup, rather than the larger markup banks explore.

The tradeoff is speed and convenience. Western Union and MoneyGram transfers can arrive within minutes to a few hours, but you pay for that speed. Wise transfers take one to two business days but cost less overall. Compare the total cost — fee plus exchange rate — across at least two services before you send.

To use these services, you typically create an account online, enter the recipient's details, choose how much to send, and pay by debit card, credit card, or bank transfer. The recipient receives the money in their bank account or picks it up in cash, depending on the service and destination country.

Understanding exchange rates and hidden costs

The mid-market exchange rate is the real-time rate you see on financial websites. Your bank or transfer service will not give you that rate. Instead, they add a markup — anywhere from 1% to 5% — and charge you the marked-up rate. On a $1,000 transfer, a 3% markup means you lose $30 in exchange rate alone, on top of any flat fee.

Some services advertise "no hidden fees" but still profit from the exchange rate markup. Read the details before you confirm. The service should show you the exact amount the recipient will receive before you authorize the transfer. If it does not, ask for that information before you proceed.

Fees also vary by destination. Sending money to Canada or the UK usually costs less than sending to countries with less developed banking infrastructure. If you send regularly to the same country, ask your bank or service whether they offer a lower rate for frequent transfers.

What information you need from the recipient

Before you start a transfer, collect these details from the recipient:

• Full name (exactly as it appears on their bank account)
• Bank account number
• Bank name and address
• SWIFT code (an eight or eleven-character code that identifies the bank internationally)
• IBAN (International Bank Account Number, used in Europe and some other regions)
• Routing number or sort code (if the bank uses one)

Not all countries use all of these. Europe uses IBAN; the US and many other countries use SWIFT codes. Ask the recipient which details their bank requires. If you are unsure, provide all of them — extra information will not hurt, but missing information will stop the transfer.

Some banks also ask for the recipient's address. Have that ready too. The more details you provide, the less likely the transfer is to be delayed or rejected.

Timing, limits, and what can go wrong

Most banks set daily and monthly limits on how much you can transfer internationally. A typical limit might be $10,000 per day or $50,000 per month, but this varies by bank and account type. If you need to send more, contact your bank to request a higher limit or split the transfer across multiple days.

Transfers can be delayed if the recipient's bank is closed (weekends and holidays), if there is a mismatch in the recipient's details, or if the destination country has banking restrictions. If your transfer does not arrive within the expected timeframe, contact your bank and ask for the SWIFT reference number. Use that number to track the transfer and find out where it is stuck.

If the transfer is rejected or bounces back, your bank will usually refund it to your account within five to ten business days. You will have paid the fee for nothing, so confirm the recipient's details carefully before you send. Some banks let you cancel a transfer before it settles — ask when ready if something goes wrong.

Frequently Asked Questions

How long does an international transfer actually take?

Wire transfers usually arrive in one to two business days. ACH transfers take five to ten business days. Money transfer services like Western Union can deliver within hours, while Wise typically takes one to two business days. The exact timing depends on the destination country and whether the transfer is sent on a business day or weekend.

Can I send money to someone without a bank account?

Yes, through services like Western Union and MoneyGram. The recipient can pick up cash at a physical location using a reference number you provide. Some services also partner with local banks or mobile money providers to deposit funds into mobile wallets. Ask the service what options are available in the recipient's country.

What happens if I send money to the wrong account?

Wire transfers cannot be reversed. Contact your bank when ready and provide the SWIFT reference number. Your bank can try to contact the receiving bank and ask them to return the funds, but there is no may provide. For this reason, always verify the recipient's account details twice before you send a wire.

Why is the amount the recipient gets less than what I sent?

The difference comes from the exchange rate markup and fees. Your bank converts your dollars at a marked-up rate (not the mid-market rate), and both your bank and the recipient's bank may deduct fees. Always ask the service to show you the final amount the recipient will receive before you authorize the transfer.

Is it cheaper to send money through a bank or a money transfer service?

It depends on the amount and destination. For amounts under $1,000, money transfer services like Wise often cost less. For larger amounts, banks may be competitive. Always compare the total cost — fee plus exchange rate — across at least two options before you send.