What an international bank transfer is and how it differs from a domestic wire

An international bank transfer moves money from your bank account to someone's bank account in another country. Your bank sends the funds through a network of correspondent banks — intermediary banks in other countries that help route the money to its final destination. This is different from a domestic wire, which stays within the U.S. banking system and typically arrives within one business day.

International transfers take longer because each correspondent bank must verify the receiving account, convert currency if needed, and comply with regulations in multiple countries. A transfer to Canada or Mexico often arrives in two to three business days. A transfer to Europe, Asia, or Africa typically takes three to five business days, though some routes take longer. The exact timing depends on the receiving bank's location, the banks involved in the chain, and whether the receiving country has weekend banking hours.

You will need more information to send an international transfer than a domestic one. For a U.S. wire, you usually need a routing number and account number. For an international transfer, you need the recipient's full name, bank account number, and the bank's SWIFT code or IBAN (International Bank Account Number) — a standardized format that identifies banks and accounts outside the U.S. Some banks also ask for the recipient's address.

Key Takeaways

  • International transfers route through multiple correspondent banks and take three to five business days for most countries, longer for some regions.
  • You must provide the recipient's SWIFT code or IBAN, not just a routing number, and your bank may ask for their address and bank name as well.
  • Fees vary widely by bank and destination country; some banks charge a flat fee ($15 to $50), others charge a percentage of the amount sent, and the receiving bank may deduct an additional fee.
  • Exchange rates offered by banks are typically higher than the mid-market rate, meaning you receive less foreign currency than you would at the true market rate.
  • Mistakes in the recipient's account number or bank code can delay the transfer by days or send the money to the wrong account, so verify all details before submitting.

How to find the SWIFT code and IBAN you need

The SWIFT code is an eight- or eleven-character code that identifies a specific bank branch worldwide. It is also called a BIC (Bank Identifier Code). The IBAN is a longer code — up to 34 characters — that includes the country, bank, and account number in a single standardized format. Not all countries use IBANs; the U.S., Canada, and Australia do not. Countries in Europe, the Middle East, and parts of Asia use IBANs instead of or alongside account numbers.

Ask the recipient directly for both codes. They can find them on their bank statement, in their online banking portal, or by calling their bank. If you search online for "SWIFT code [bank name] [city]," you can usually find it, but verify it matches what the recipient tells you — a wrong SWIFT code sends your money to the wrong bank, and recovery takes weeks.

Your own bank can also look up the receiving bank's SWIFT code once you tell them the country and bank name. When you initiate the transfer, your bank will ask you to enter these codes, and the system will often validate them before you submit. If the codes do not match the account number or recipient name, your bank will flag it and ask you to confirm.

Understanding fees and exchange rates

International transfer fees vary widely. Some banks charge a flat fee per transfer ($15 to $50 depending on the destination), others charge a percentage of the amount (typically 1 to 3 percent), and many charge both. A $1,000 transfer might cost $20 at one bank and $50 at another. Call your bank or check their website for the fee schedule for the specific country you are sending to, because fees often differ by region.

The receiving bank may also deduct a fee from the amount that arrives. If you send $1,000 and your bank charges $30, the receiving bank might deduct another $10 to $15, so the recipient receives $955 to $960 instead of $970. Ask your bank whether the fee you see is the total cost or whether the receiving bank will deduct additional fees. Some banks offer "OUR" transfers, where you pay all fees upfront, so the recipient gets the full amount you intended.

Your bank will also convert the money at their own exchange rate, which is usually 1 to 3 percent higher than the mid-market rate (the true market rate you see on financial news sites). If the mid-market rate is 1.10 USD per euro, your bank might offer 1.07 or 1.08 instead. Over a large transfer, this difference adds up. Some online transfer services like Wise or OFX offer rates closer to mid-market, though they charge their own fees. Compare your bank's rate and fee against these alternatives before sending a large amount.

Step-by-step: initiating an international transfer at your bank

Log into your online banking portal or call your bank's international transfer line. You will be asked to enter the recipient's full name exactly as it appears on their bank account — middle initials and spelling matter. Mismatches can cause delays or rejection.

Enter the recipient's bank account number and SWIFT code or IBAN. Double-check both against what the recipient gave you. Enter the amount in U.S. dollars (your bank will show you the foreign currency equivalent at their exchange rate). Enter the recipient's bank name and country. Some banks ask for the recipient's address; provide it if asked.

Review the fee and exchange rate your bank is showing you. If the fee seems high, you can cancel and try another bank or service, but once you submit, the transfer is usually locked in. Confirm the details one more time, then submit. Your bank will give you a confirmation number and an expected delivery date. Save this confirmation number in case you need to track the transfer or dispute it later.

What happens after you submit and how to track the transfer

Your bank will debit your account when ready and send the funds to the first correspondent bank, usually within one business day. From there, the money moves through the correspondent banking chain. Each bank in the chain takes one to two business days to process and forward it. You cannot see this movement in real time the way you can with a domestic wire.

Your bank will send you a confirmation email with the SWIFT reference number (also called the transaction reference or trace number). The recipient's bank will send them a similar confirmation once the funds arrive. If the transfer does not arrive by the expected date, contact your bank with the confirmation number. They can submit a trace request to find where the money is in the chain, though this process takes several business days.

Some banks offer a tracking tool in their online portal that shows the status as "sent," "in transit," or "delivered." Others require you to call. If more than five business days pass and the money has not arrived, contact your bank when ready — delays beyond that window suggest the transfer may have been rejected or sent to the wrong account.

Common mistakes that delay or lose international transfers

The most common error is a mismatch between the account number and the recipient's name. Banks in some countries reject transfers if the name on the account does not match the name in the transfer instruction, even if the account number is correct. Always ask the recipient how their name appears on their account and enter it exactly.

Another frequent mistake is using an incomplete or incorrect SWIFT code. An eleven-character SWIFT code is more specific than an eight-character one; if you use the eight-character code for a large bank with many branches, the money may go to the wrong branch and take days to reroute. Ask the recipient for the full eleven-character code if possible.

Sending to a country with currency controls or sanctions can also cause delays or rejection. Some countries restrict incoming transfers or require special documentation. Your bank will tell you if this is an issue before you submit, but it is worth asking if the transfer is to a less common destination.

Finally, do not assume the recipient's bank will contact them automatically. Many banks do not notify account holders of incoming transfers until the money has settled. Tell the recipient to expect the transfer and ask them to check their account a few days after you send it, rather than waiting for a notification.

When to use alternatives to your bank's international transfer service

Your bank's international transfer service is reliable but often expensive. Online transfer services like Wise, OFX, Remitly, and MoneyGram offer lower fees and better exchange rates for many routes, especially to developing countries. These services work by holding money in local bank accounts in multiple countries and matching senders and receivers, so the money does not have to cross borders physically. Transfers often arrive faster and cost less.

However, these services have limits. Some do not send to all countries, some have daily or monthly transfer limits, and some require you to verify your identity more thoroughly than a bank does. If you are sending a large amount or to an unusual destination, your bank may be the only option. If you are sending regularly to the same person in a common destination (like Mexico, India, or the Philippines), an online service usually saves money.

Compare the total cost — fee plus exchange rate markup — across your bank and at least one online service before you send. For a $500 transfer, the difference might be $10 to $30. For a $5,000 transfer, it could be $100 or more.

Frequently Asked Questions

How long does an international bank transfer actually take?

Most transfers to Canada, Mexico, and Europe arrive in two to five business days. Transfers to Asia, Africa, and the Middle East often take five to seven business days. Weekends and holidays in either country add time. Your bank will give you an expected delivery date when you submit; if the money does not arrive by then plus two business days, contact your bank to trace it.

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

If the account number does not exist or belongs to someone else, the receiving bank will reject the transfer and send it back to your bank. This reversal takes another three to five business days. Your bank will credit your account, though some banks charge a fee for the reversal. Always verify the account number with the recipient before submitting.

Can I cancel an international transfer after I submit it?

If you cancel within a few hours of submitting, your bank may be able to stop it before it leaves their system. Once it reaches the first correspondent bank, cancellation is difficult and may not be possible. Contact your bank when ready if you need to cancel. They will tell you whether it can be stopped and what fee they charge.

Why is the exchange rate my bank offers different from the rate I see online?

Banks buy and sell currency at wholesale rates and mark them up for retail customers. The rate you see on financial websites is the mid-market rate — the true market rate between banks. Your bank's rate is typically 1 to 3 percent higher, meaning you receive less foreign currency. This markup is how banks profit on transfers. Online transfer services usually offer rates closer to mid-market but charge a separate fee instead.

Do I need to report international transfers to the IRS or FinCEN?

If you send more than $10,000 in a single transfer or multiple transfers in one day, your bank must file a Currency Transaction Report (CTR) with FinCEN. This is automatic and does not require you to do anything. If you are sending money as part of a pattern designed to avoid this reporting requirement, that is illegal. For questions about reporting requirements, consult a tax professional or attorney.