How to Send Money Across Borders: Methods, Costs, and Timing

The main ways to transfer money internationally

You can move money across borders through a bank wire, a money transfer service, a peer-to-peer app, or your bank's own international transfer product. Each method differs in cost, speed, and the exchange rate you receive. A bank wire is the oldest option and works through the SWIFT network, which connects banks worldwide. Money transfer services like Western Union, MoneyGram, and Wise (formerly TransferWise) specialize in cross-border payments and often charge lower fees than banks. Peer-to-peer apps like PayPal and Remitly let you send money through your phone. Your own bank may also offer an international transfer service built into your account.

The method you choose depends on how much you're sending, how fast you need it to arrive, and whether the recipient has a bank account. Someone picking up cash at a physical location needs a different service than someone receiving money into a bank account in another country.

Key Takeaways

• Bank wires move money through the SWIFT network and typically take 1 to 5 business days, but often cost $15 to $50 per transfer.
• Money transfer services like Wise and Western Union usually charge lower fees than banks but may offer worse exchange rates, so compare the total cost, not just the fee.
• The exchange rate you receive varies by provider and changes throughout the day — some services use the real mid-market rate while others add a markup.
• Peer-to-peer apps are fast and cheap for small amounts but may have daily or monthly sending limits that don't work for larger transfers.
• You will need the recipient's bank details (account number, routing number, SWIFT code, or IBAN) for most methods, or their name and location if they are picking up cash.

Bank wires: how they work and what they cost

A bank wire sends money from your bank account to a recipient's bank account through the SWIFT network, a messaging system that connects thousands of banks worldwide. You initiate the wire at your bank by providing the recipient's bank details: their account number, the bank's routing number or SWIFT code, and sometimes an IBAN (International Bank Account Number). Your bank deducts the money from your account when ready and sends the instruction to the recipient's bank, which deposits it into their account.

Bank wires typically arrive within 1 to 5 business days, though some can take longer if the recipient's bank is in a country with slower processing. The cost varies by bank but usually ranges from $15 to $50 per outgoing wire. Your bank also sets the exchange rate, which often includes a markup above the real market rate — this markup is a hidden cost on top of the stated fee. Some banks charge an additional fee to the recipient's bank as well, which may be deducted from the amount they receive.

Bank wires are reliable and work to almost every country, but they are not reversible once sent. If you send money to the wrong account, you cannot get it back through the banking system — you would have to contact the recipient's bank and ask them to return it, which they may refuse to do.

Money transfer services: lower fees, variable exchange rates

Money transfer services operate outside the traditional banking system and often charge lower fees than banks. Wise, for example, charges a percentage of the amount you send (typically 0.5% to 2%) plus a small fixed fee, and uses the real mid-market exchange rate with no markup. Western Union and MoneyGram charge a flat fee or percentage depending on the amount and destination country, but they add a markup to the exchange rate, which can be 2% to 5% above the real rate.

These services move money faster than banks in many cases. Wise typically delivers within 1 to 2 business days. Western Union and MoneyGram can deliver same-day or next-day if the recipient picks up cash at a physical location, though bank transfers through these services take 1 to 3 business days. The trade-off is that money transfer services work best for smaller amounts — many have daily or monthly limits, and sending very large sums may require additional verification or may not be possible at all.

To use a money transfer service, you create an account online or at a physical location, enter the recipient's details, and pay through your bank account, debit card, or credit card. The service then sends the money to the recipient's bank account or to a pickup location, depending on what the recipient chooses. Some services let the recipient collect cash at a store or bank branch in their country, which is useful if they do not have a bank account.

Peer-to-peer apps and digital wallets

Apps like PayPal, Remitly, and Wise also offer peer-to-peer transfers, where you send money directly from your phone to someone else's account. These are usually the cheapest option for small amounts under $500. Remitly charges a flat fee of $1 to $3 depending on speed and destination, plus a small exchange rate markup. PayPal charges a percentage (typically 2% to 3%) plus a fixed fee. Wise's app works the same way as its website — a percentage fee plus the real mid-market rate.

The main limitation is that most apps have daily sending limits, often $500 to $2,000 per day, and monthly limits of $5,000 to $10,000. If you need to send more, you will have to use a bank wire or money transfer service instead. Also, the recipient must have an account with the same app or a compatible bank account in their country — they cannot pick up cash at a location.

These apps are fastest for small, routine transfers. Money usually arrives within a few hours to 1 business day. They work well for sending money to family members who already have a bank account and a smartphone, but not for sending cash to someone without banking access.

Exchange rates: the real cost you might not see

The exchange rate is how much of the recipient's currency you get for each unit of your currency. The real rate, called the mid-market rate, changes throughout the day and is set by currency markets. Most banks and transfer services do not use this rate — they add a markup, which is their profit on the exchange. A 2% markup means you lose 2% of your money to the exchange rate alone, on top of any stated fee.

Wise advertises using the mid-market rate with no markup, which is why it is often cheapest for large transfers. Western Union and MoneyGram typically add 2% to 5% to the rate. Your bank may add 3% to 5%. When comparing services, calculate the total cost: the stated fee plus the exchange rate markup, applied to the full amount you are sending. A service with a lower stated fee might cost more overall if its exchange rate is worse.

You can check the mid-market rate for any currency pair on Google, XE.com, or OANDA. Compare that rate to what each service quotes you, and the difference is the markup you are paying.

Speed and timing: when the money arrives

How fast money arrives depends on the method and the countries involved. Bank wires typically take 1 to 5 business days. Wise and other money transfer services take 1 to 2 business days for bank transfers. Western Union and MoneyGram can deliver same-day if the recipient picks up cash, but bank transfers through these services take 1 to 3 business days. Peer-to-peer apps like Remitly deliver within a few hours to 1 business day.

Some countries process international transfers slower than others. Transfers to or from countries with less developed banking infrastructure, or countries under sanctions, may take longer or may not be possible at all. Banks also process wires only on business days, so a wire sent on Friday evening may not arrive until Tuesday or Wednesday.

If you need money to arrive by a specific date, send it several days early. Do not assume next-day delivery — confirm the expected arrival time with the service before you send, especially if the recipient is in a country you have not sent to before.

What information you need to send money

For a bank-to-bank transfer, you need the recipient's full name, bank account number, and the bank's SWIFT code or routing number. Some countries also require an IBAN, a standardized account number format used in Europe and many other regions. You may also need the bank's full name and address. If you are missing any of this information, the transfer may be rejected or delayed.

For a money transfer service or peer-to-peer app, you typically need the recipient's full name and either their bank account details or their account with that service. If the recipient is picking up cash, you need their full name and the location where they will pick it up.

Before you send, ask the recipient to confirm their bank details in writing. A single wrong digit in an account number can send your money to the wrong account, and you may not be able to recover it.

Frequently Asked Questions

Can I reverse an international transfer if I sent it to the wrong account?

Bank wires cannot be reversed once they leave your bank. You would have to contact the recipient's bank and ask them to return the money, which they may refuse. Money transfer services sometimes can reverse a transfer if you contact them within a few hours, but this is not may provide. Always double-check the recipient's details before you send.

Why does the recipient get less money than I sent?

The recipient receives less because of the exchange rate markup and fees. If you send $1,000 and the service charges a 2% exchange rate markup plus a $10 fee, the recipient loses $30 before the money even reaches their bank. Some banks also charge the recipient a fee to receive international money, which is deducted from the amount they get. Ask the service for a quote showing exactly how much the recipient will receive before you send.

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

For amounts under $1,000, a money transfer service like Wise or Remitly is usually cheaper because their fees are lower and their exchange rates are better. For very large amounts, compare quotes from your bank and at least two money transfer services, calculating the total cost including the exchange rate markup. The cheapest option depends on the specific amount, destination country, and current exchange rates.

How do I know if a money transfer service is safe?

Use services that are regulated in your country. In the United States, money transfer services must be licensed by state regulators and registered with FinCEN (Financial Crimes Enforcement Network). Check your state's financial regulator website or the Money Services Business registry. Established services like Wise, Western Union, MoneyGram, and Remitly are all regulated. Never send money through an unregistered service or someone offering to transfer money informally.

What happens if the recipient's bank rejects the transfer?

A bank may reject a transfer if the account number is wrong, the account is closed, or the recipient's bank suspects fraud. If this happens, the money is returned to your account, usually within 5 to 10 business days. You will not lose the money, but you will have to resend it with the correct information. Contact the recipient and confirm their details before sending again.