SWIFT transfers let your bank send money to accounts at banks outside the United States using an international messaging system
A SWIFT transfer is a wire transfer that crosses international borders. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication — it is the network that banks use to send payment instructions to each other around the world. When you send money to someone with a bank account in another country, your bank likely uses SWIFT to tell the receiving bank where the money should go.
SWIFT transfers work differently from domestic wire transfers in one key way: they take longer and cost more because the money has to move through multiple banks and sometimes through currency conversion. A domestic wire transfer between two U.S. banks can settle in hours. A SWIFT transfer typically takes three to five business days, though it can take longer depending on the receiving country and whether the banks involved use intermediary banks.
You do not need to know how SWIFT works to send one — your bank handles all the technical details. What matters is that you have the right information about the person receiving the money and that you understand the fees and timing before you initiate the transfer.
Key Takeaways
- SWIFT transfers move money between banks in different countries and typically take three to five business days to arrive.
- You will need the recipient's full name, bank account number, bank name, and SWIFT code or IBAN to send a SWIFT transfer.
- SWIFT transfers cost more than domestic wire transfers — fees range widely by bank and destination country, so ask your bank before sending.
- Currency conversion happens at the receiving bank or an intermediary bank, not at your bank, so the exchange rate you see may not be the rate the recipient receives.
Information you need to send a SWIFT transfer
Before you contact your bank or log into online banking, gather the recipient's banking details. Missing or incorrect information is the most common reason SWIFT transfers are delayed or sent to the wrong account.
You will need the recipient's full legal name exactly as it appears on their bank account, their complete bank account number, the name of their bank, and either the bank's SWIFT code or IBAN. A SWIFT code is an eight or eleven-character code that identifies a specific bank and branch. An IBAN (International Bank Account Number) is a longer code used mainly in Europe and some other regions — it includes the country code, bank code, and account number all in one string.
Different countries use different systems. Some banks provide both; some provide only one. Ask the person you are sending money to which one their bank uses, or ask them to provide both. You will also need the recipient's address in their country, and your bank may ask for the purpose of the transfer (such as "family support" or "invoice payment").
How to send a SWIFT transfer through your bank
Most banks let you send SWIFT transfers through online banking, mobile app, or by visiting a branch. The process is similar to sending a domestic wire transfer, but with more fields to fill in.
If you use online banking or your mobile app, look for "wire transfer," "send money internationally," or "SWIFT transfer" in the menu. You will enter the recipient's name, account number, bank name, SWIFT code or IBAN, and their address. Double-check every field — banks cannot reverse a SWIFT transfer if the information is wrong. Some banks let you save international recipients so you do not have to enter their details every time.
If you prefer to send the transfer in person, bring the recipient's banking details and your ID to a branch. A banker will fill out the form with you and answer questions about fees and timing. This route takes longer but gives you a chance to confirm the details are correct before the money leaves your account.
Fees and exchange rates for SWIFT transfers
SWIFT transfer fees vary widely by bank and by destination country. Some banks charge a flat fee (such as $25 to $50), some charge a percentage of the amount sent, and some charge both. A few banks charge the recipient's bank a separate fee, which is deducted from the amount received. Ask your bank for the total cost before you send.
Currency conversion is another cost to understand. If you are sending U.S. dollars to someone with a bank account in euros, pounds, or another currency, the money has to be converted. Your bank may do this conversion, or an intermediary bank may do it on the way. The exchange rate you see online is not necessarily the rate you will get — banks add a markup to the exchange rate, and that markup varies. Ask your bank what exchange rate they will use and whether they charge a separate currency conversion fee.
The total amount the recipient receives depends on both the fees and the exchange rate. If you are sending $1,000 and your bank charges $30, the recipient's bank charges $15, and the exchange rate includes a 2% markup, the recipient will receive significantly less than $1,000 in their local currency. Ask your bank for an estimate of what the recipient will actually receive before you send.
How long SWIFT transfers take and what can delay them
A SWIFT transfer typically takes three to five business days from the time you send it until the money appears in the recipient's account. The clock starts when your bank processes the transfer, not when you initiate it — if you send a transfer on Friday evening, it may not process until Monday, so the three to five days starts then.
Some transfers take longer. If the receiving bank is in a country with fewer banking connections, or if the banks involved do not have a direct relationship, the money may pass through one or more intermediary banks. Each intermediary bank adds a day or two. Weekends and holidays in the recipient's country also add time — a transfer that arrives on a Friday evening may not be credited to the account until Monday.
Incorrect information is the most common reason for delays. If the SWIFT code does not match the bank name, or if the account number format is wrong for that country, the receiving bank will reject the transfer and send it back. This can take a week or more. Always confirm the recipient's details with them directly before sending.
SWIFT transfers versus other ways to send money internationally
SWIFT transfers are one option for sending money across borders, but they are not always the fastest or cheapest. Understanding the alternatives helps you choose the right tool for your situation.
Money transfer services like Western Union, MoneyGram, and Wise (formerly TransferWise) often charge lower fees and offer better exchange rates than banks, especially for smaller amounts. These services are faster for some routes — Wise can deliver money in hours rather than days. However, they have limits on how much you can send, and they may not work for every country. Banks are the only option for very large transfers or for sending money to countries with fewer money transfer services.
International ACH transfers are slower and cheaper than SWIFT transfers, but they only work between banks in the United States and Canada. If you are sending to a bank outside North America, SWIFT is your bank's standard option.
What to do if a SWIFT transfer goes wrong
If the money does not arrive within the expected timeframe, contact your bank when ready. Bring the confirmation number from your transfer and ask the bank to trace it. The bank can contact the receiving bank and intermediary banks to find out where the money is and why it has not arrived.
If the transfer was sent to the wrong account because of incorrect information, the money may be stuck in that account. Your bank can ask the receiving bank to return it, but the receiving bank is not required to do so. This is why confirming the recipient's details is so important.
If your bank charged you a fee and the transfer failed, ask for a refund. Most banks will refund the fee if the transfer did not go through, though some may charge a smaller fee for the trace or reversal.
Frequently Asked Questions
Can I cancel a SWIFT transfer after I send it?
It depends on timing. If you cancel within a few minutes of sending, before your bank processes it, the transfer can usually be stopped. Once the transfer has been processed and sent to the receiving bank, it cannot be cancelled — you can only ask the receiving bank to return the money, and they are not required to do so. Contact your bank when ready if you need to cancel.
Why is the amount the recipient received different from what I sent?
The difference is almost always fees and currency conversion. Your bank charged a fee, the receiving bank charged a fee, and if the money crossed currencies, the exchange rate included a markup. Ask your bank for an itemized breakdown of where the money went.
Do I need a SWIFT code if I have an IBAN?
Usually not — an IBAN contains the bank information you need. However, some banks still require a SWIFT code even if you have an IBAN. Ask your bank or the recipient's bank which one they need. Providing both is always safe.
Can I send a SWIFT transfer from a savings account?
Yes, most banks let you send SWIFT transfers from checking or savings accounts. The process is the same. Check with your bank about any limits on how much you can send from a savings account.
What happens if I send money to the wrong country by mistake?
The receiving bank will likely reject the transfer because the account number format will not match their system. The money will be returned to your bank, which can take one to two weeks. You will then need to send a new transfer with the correct information. This is why confirming the recipient's country and bank details is important.