What you need to know before sending money internationally

An international wire transfer moves money from your bank account to a recipient's account in another country. Your bank acts as the intermediary, routing the funds through a network of correspondent banks — other financial institutions that handle the actual movement of money across borders. The process takes longer than a domestic wire (typically three to five business days instead of one) because each bank in the chain must verify and process the transaction.

You will need specific information about the recipient to complete the transfer: their full name, bank account number, the name and location of their bank, and usually a SWIFT code or IBAN (International Bank Account Number). Without these details, your bank cannot route the money correctly. The recipient's bank will also charge a fee to receive the funds, which may be deducted from the amount that arrives — so if you send $1,000, the recipient might receive $950 after fees.

Exchange rates matter significantly. Your bank converts your dollars to the recipient's currency at a rate they set, which is usually higher than the mid-market rate you see online. The difference — called the markup — is how banks profit on international transfers. Some banks mark up by 2 to 3 percent; others by more. You pay this markup whether you realize it or not.

Key Takeaways

  • International wire transfers require the recipient's full name, account number, bank name, and SWIFT code or IBAN — missing or incorrect details will delay or reject the transfer.
  • The transfer typically takes three to five business days because the money passes through multiple correspondent banks in different countries.
  • Both your bank and the recipient's bank charge fees, and your bank's exchange rate includes a markup that can cost you 2 to 3 percent or more of the total.
  • You can initiate a wire at a branch, by phone, or online, depending on your bank — online is usually fastest, but some banks still require a branch visit for international transfers.
  • If the transfer fails or arrives incorrectly, contact your bank when ready with the wire reference number; recovery can take weeks.

How to gather the information you need

Before you contact your bank, ask the recipient for their banking details in writing. Do not rely on a phone call or text — ask them to send you a screenshot of their bank statement or a letter from their bank showing their account information. Banks are strict about matching names exactly, so if the account is under "Maria Garcia" but the recipient tells you "Maria," use the full legal name on the account.

The SWIFT code is an eight or eleven-character code that identifies the recipient's bank internationally. The IBAN is a longer alphanumeric code (up to 34 characters) that includes the country, bank, and account number. Not all countries use IBANs — the United States, Canada, Australia, and New Zealand typically use SWIFT codes and account numbers instead. Ask the recipient which their bank requires, or ask for both and let your bank choose.

If the recipient is unsure of their own details, they can contact their bank directly or log into their online banking portal — most banks display this information in the account settings or on statements. Some banks provide a "payment details" section specifically for receiving international transfers.

Initiating the transfer through your bank

Contact your bank and ask about their international wire process. Many banks now allow you to initiate international wires online through their website or mobile app, which is faster than visiting a branch. If your bank does not offer online international wires, you will need to call or visit in person. Have all the recipient's information ready before you start.

When you initiate the transfer, you will enter the amount in your home currency (dollars, if you are in the United States). Your bank will show you the exchange rate they are explore and the total fees before you confirm. Write down or screenshot this information — you will need it if something goes wrong. Your bank will also assign a reference number (sometimes called a SWIFT reference or transaction ID). Save this number; you will use it to track the transfer and to contact your bank if there are problems.

Some banks require you to verify the transfer through a second method — a code sent to your phone, a response to a security question, or approval through their mobile app. This is normal and protects you from fraud. Complete this verification before the transfer is sent.

What happens after you send the wire

Once your bank sends the wire, the money leaves your account when ready and the funds are in transit. You cannot cancel or stop the transfer after it has been sent — this is a key difference from other payment methods. Your bank can attempt to recall the transfer, but this requires the recipient's bank to cooperate, and success is not may provide. If you made a mistake, contact your bank right away with your reference number and ask if a recall is possible.

The transfer typically arrives within three to five business days. Weekends and holidays in either country can add time. The recipient's bank will deposit the funds into their account once they receive them. Some banks notify the recipient automatically; others do not. If the recipient does not see the money after five business days, have them contact their bank with your reference number.

If the transfer arrives but the amount is wrong — usually because fees were deducted that you did not expect — contact your bank to understand what happened. The recipient's bank may have charged a receiving fee that was not disclosed upfront. This is common and usually cannot be recovered, but your bank can explain the breakdown.

Fees and exchange rate costs

Your bank charges an outgoing wire fee, which ranges from $15 to $50 depending on the bank and whether you are a premium customer. The recipient's bank charges an incoming fee, which ranges from $10 to $30 in most countries but can be higher. These fees are separate from the exchange rate markup.

The exchange rate your bank offers is almost always worse than the mid-market rate. If the mid-market rate is 1 USD = 0.92 EUR, your bank might offer 1 USD = 0.89 EUR. That 0.03 difference is the markup, and on a $5,000 transfer, it costs you roughly $165. Some banks publish their markup; most do not. You can ask your bank what their markup is before you confirm the transfer, and some banks will tell you.

A few banks and online money transfer services offer better exchange rates than traditional banks, though they may have different fee structures or slower delivery. If you are sending a large amount or sending regularly, it is worth comparing options. However, if you are sending under $500 or sending to a country with limited alternatives, your primary bank may be your only practical choice.

Common mistakes and how to avoid them

The most frequent error is a mismatch between the recipient's name on the wire and the name on their bank account. Banks reject or hold transfers when these do not match exactly. Always use the full legal name as it appears on the account, not a nickname or shortened version. If you are unsure, ask the recipient to confirm the exact spelling and format their bank uses.

Providing an incorrect SWIFT code or IBAN will cause the transfer to fail or be sent to the wrong bank. Double-check these codes character by character — a single digit wrong can redirect the entire transfer. Many banks have a verification tool on their website where you can enter a SWIFT code and confirm which bank it belongs to.

Assuming the transfer is complete when it leaves your account is another common mistake. The money is in transit for several days, and problems can occur during that time. Do not tell the recipient the money has arrived until they confirm they have received it in their account. If there is a delay, you will need your reference number to investigate.

What to do if the transfer goes wrong

If the money does not arrive within five business days, contact your bank with your reference number and ask for a trace. Your bank will contact the recipient's bank to locate the transfer. This process can take one to two weeks. Keep records of all communication with your bank during this time.

If the transfer was sent to the wrong account because of an error in the recipient's details, recovery is difficult. Your bank can attempt to contact the receiving bank and ask them to return the funds, but if the receiving bank has already credited the account, the receiving bank has no obligation to reverse it. This is why verifying the recipient's information is so important.

If your bank made the error — for example, they used the wrong exchange rate or charged you twice — contact them when ready and ask for a correction or refund. Document everything in writing (email is best) and keep copies of your confirmation screens and statements. If your bank refuses to correct a clear error, you can file a complaint with your bank's regulatory body, which varies by country.

Frequently Asked Questions

How long does an international wire transfer actually take?

Most transfers arrive within three to five business days. The exact timeline depends on the recipient's country, their bank's processing speed, and whether the transfer hits a weekend or holiday. Some banks are faster than others; if speed is critical, ask your bank for an estimate before you send.

Can I send money to a country that is under sanctions?

No. U.S. banks cannot send wires to certain countries, including Iran, North Korea, Syria, and Crimea. If you try to send to a sanctioned country, your bank will reject the transfer. Some other countries have restrictions on the amount or type of transfer allowed. Your bank can tell you whether a specific country is restricted.

What if the recipient's bank account is in a different name than the person I am sending to?

The wire must go to the account holder's name exactly as it appears on the account. If the account belongs to someone else, the recipient will need to transfer the money from that account to their own account after it arrives. This adds time and may incur additional fees. It is simpler to have the recipient provide an account in their own name.

Do I need to report international wire transfers to the government?

Banks report all wire transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN) as part of anti-money-laundering rules. This is automatic and does not mean you have done anything wrong. If you are sending under $10,000, no report is filed. You do not need to do anything — your bank handles this.

Is there a limit to how much I can send in one wire transfer?

Limits vary by bank. Some banks have no limit; others cap international wires at $10,000, $25,000, or $100,000 per transaction or per day. If you need to send more than your bank's limit, you can split the transfer into multiple wires or contact your bank to request a higher limit. Premium or business accounts often have higher limits.