How to Transfer Money From Abroad to the United States

The main ways to move money into the U.S. from another country

You have four main routes to transfer money from abroad: a wire transfer through your bank, a money transfer service like Western Union or MoneyGram, an international payment app, or a peer-to-peer transfer. Each one works differently, costs different amounts, and takes a different amount of time. The right choice depends on how much you're sending, how fast you need it to arrive, and whether you want to use your bank or a separate service.

Wire transfers are the oldest method and still the most common for large amounts. Money transfer services are fastest for small amounts under $1,000. Apps like Wise (formerly TransferWise) and Remitly are cheapest for mid-range transfers because they use real exchange rates instead of bank markups. Peer-to-peer transfers through PayPal or Square Cash work only if both people have accounts set up already.

Key Takeaways

• Bank wire transfers take three to five business days and cost $15 to $50 per transfer, but work for any amount and any country.
• Money transfer services like Western Union deliver cash in minutes to hours for fees of $5 to $15 on small amounts, but charge much more on larger transfers.
• International payment apps charge lower percentages (1 to 3 percent) than banks or wire services, but require both sender and receiver to have accounts.
• You will need the receiver's full name, bank account number, routing number or SWIFT code, and the bank's address to complete most transfers.
• Exchange rates vary by provider and change throughout the day, so the amount received will differ based on when you send and which service you use.

Bank wire transfers: how they work and what they cost

A wire transfer sends money directly from one bank account to another through the banking system. You go to your bank, give them the receiver's bank details, and the money moves electronically. This is the standard method for large transfers, business payments, and situations where you need a paper trail.

The process takes three to five business days because the money passes through multiple banks and clearing systems. Your bank charges a fee of $15 to $50 depending on whether the transfer is domestic or international. The receiving bank may also charge a fee of $10 to $25, which comes out of the amount the receiver gets. You will need the receiver's full name, account number, bank name, routing number (if in the U.S.) or SWIFT code (if outside the U.S.), and sometimes the bank's address.

The exchange rate your bank uses is not the real market rate — banks add a markup of 1 to 3 percent on top of the actual rate. This means if the real rate is 1 USD = 0.92 EUR, your bank might give you 0.89 EUR per dollar. You pay the difference without seeing it as a separate fee.

Money transfer services: Western Union, MoneyGram, and similar providers

Money transfer services let you send cash that the receiver picks up at a physical location, usually within minutes to a few hours. These services operate thousands of locations worldwide — Western Union has over 500,000 agent locations, and MoneyGram has over 350,000. You can send money online or in person at a store, and the receiver collects it at a nearby agent location using a reference number.

Fees depend on the amount and destination. Sending $100 to Mexico might cost $5 to $10, while sending $1,000 to the Philippines might cost $30 to $50. The exchange rate includes a markup similar to banks. The speed is the main advantage — money is usually ready to pick up within an hour, sometimes when ready. The main disadvantage is that the receiver must go to a physical location, and fees climb steeply on larger amounts.

You need the receiver's full name and the country and city where they will pick up the money. You do not need their bank account details. This makes these services useful when the receiver does not have a bank account or when you need money to arrive the same day.

International payment apps: Wise, Remitly, and OFX

Apps like Wise, Remitly, and OFX transfer money directly to a bank account and charge lower fees than banks or wire services. Wise is known for using the real mid-market exchange rate with only a small markup (usually 1 to 2 percent), while Remitly charges a flat fee plus a percentage depending on the destination country. Both require you and the receiver to have accounts set up before you can send money.

Transfers through these apps take one to three business days for most countries. Wise offers faster delivery (sometimes same-day) for an extra fee. Fees are lower than traditional banks — you might pay $3 to $10 on a $500 transfer, compared to $25 to $50 through a bank wire. The tradeoff is that both the sender and receiver must read the app and complete identity verification, which takes 10 to 30 minutes.

These services work best for regular transfers to the same person, since the setup happens only once. If you send money to multiple countries or multiple people, you may need different apps because each one covers different destinations and has different fee structures.

Peer-to-peer transfers: PayPal, Square Cash, and Venmo

PayPal, Square Cash, and Venmo let you send money to someone who also has an account with the same service. These are the cheapest option if both people are already set up, since fees are often zero for transfers between friends. However, they work best for small amounts and people you know, not for business payments or large transfers.

International transfers through PayPal work to over 200 countries and take one to three business days. PayPal charges a fee of 2.99 percent plus $0.30 for international transfers, which is higher than Wise but lower than a bank wire. Square Cash and Venmo do not currently support international transfers, so they work only for sending money between people in the U.S.

The main limitation is that the receiver must have an account and must be willing to use it. These services are not designed for situations where you need to send money to someone's bank account directly — the money stays in their app account until they transfer it out themselves.

What information you need before you send

The details you need depend on which method you choose. For a bank wire, you need the receiver's full legal name, bank account number, the bank's name and address, and either a routing number (for U.S. banks) or a SWIFT code (for banks outside the U.S.). A SWIFT code is an eight or eleven-character code that identifies a specific bank worldwide.

For money transfer services like Western Union, you need only the receiver's full name and the country and city where they will pick up the money. For apps like Wise or Remitly, you need the receiver's bank account details plus their full name and date of birth for identity verification.

Before you send, confirm the receiver's information with them directly — a typo in an account number or name can cause the transfer to fail or go to the wrong person. Ask them to spell their name and read their account number back to you. If you are sending to a business, ask for their SWIFT code or routing number in writing.

Exchange rates and hidden costs

The exchange rate you see advertised is rarely the rate you actually get. Banks and transfer services buy and sell currency at wholesale rates, then mark up the rate they give you. The markup is usually 1 to 3 percent, but can be higher depending on the service and the currency pair.

For example, if the real market rate is 1 USD = 0.92 EUR, a bank might quote you 0.89 EUR per dollar. On a $1,000 transfer, that difference means the receiver gets €890 instead of €920 — a loss of €30 that you never see itemized as a fee. Wise and similar apps publish their markup upfront, so you can see exactly what rate you are getting before you confirm the transfer.

Some services also charge receiving fees that come out of the amount the receiver gets. A bank wire might arrive as $1,000 but the receiver gets $975 after the receiving bank takes $25. Always ask the receiver whether their bank charges a receiving fee, and factor that into how much you need to send.

Frequently Asked Questions

How long does a bank wire take?

Bank wires take three to five business days for the money to clear. Weekends and holidays add extra time. Some banks offer expedited wires that arrive in one to two business days for an additional fee of $15 to $25. International wires take longer than domestic wires because the money passes through multiple banking systems.

Can I send money if I don't have a bank account?

Yes. Money transfer services like Western Union and MoneyGram accept cash payments at their agent locations. You can also use a debit card or prepaid card at most services. Apps like Wise require a bank account to send money, but some services partner with prepaid card companies to accept payments without a traditional bank account.

What happens if I send money to the wrong account number?

If the account number does not exist or belongs to someone else, the transfer may fail and the money returns to you within five to ten business days. If the account number is valid but belongs to the wrong person, the money goes to that person and recovery is difficult. Always confirm the account number with the receiver before sending.

Which method is cheapest for sending $500?

Wise or Remitly are usually cheapest for $500, with fees of $3 to $8 depending on the destination. A money transfer service like Western Union costs $10 to $20. A bank wire costs $25 to $50 plus potential receiving fees. The exact cost depends on which country you are sending to and which bank or service you use.

Do I need to report large transfers to the government?

Banks report wire transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN) as part of anti-money-laundering rules. This is routine and does not mean you have done anything wrong. You do not need to file any paperwork yourself — your bank handles the report. Money transfer services also report large transfers, and some report transfers as low as $3,000 depending on the destination country.