Yes, you can transfer money to an overseas bank account, but the process is slower and more expensive than a domestic transfer

International bank transfers are possible from most U.S. bank accounts, but they work differently than sending money to another American bank. Your bank will route your money through a series of intermediary banks in other countries, each one taking a small fee. The receiving bank may also charge a fee. The whole process typically takes three to seven business days, and the exchange rate your bank uses may not be the best one available that day.

You have several ways to send money abroad. The most common is an international wire transfer through your bank. Other options include money transfer services like Western Union or MoneyGram, peer-to-peer payment apps that support international transfers, and specialized money transfer companies. Each method has different costs, speed, and limits.

Key Takeaways

  • International wire transfers through your bank are the most straightforward method but typically cost $15 to $50 and take three to seven business days.
  • You will need the recipient's full name, bank account number, bank name, and the bank's SWIFT code or IBAN (International Bank Account Number) to complete a transfer.
  • Money transfer services and apps may be faster and cheaper for smaller amounts, but they often have daily or monthly limits on how much you can send.
  • The exchange rate your bank offers is usually not the best available rate, so comparing options can save you money on larger transfers.
  • Some banks charge an additional fee if the receiving bank requests clarification or if the money needs to be rerouted.

What information you need before you start

Before you contact your bank or use a transfer service, gather the recipient's banking details. You will need their full legal name exactly as it appears on their bank account, their account number, and their bank's name and location. You will also need either the bank's SWIFT code (a five- to eleven-character code that identifies banks internationally) or their IBAN (International Bank Account Number, which is the standardized account number format used in Europe and many other countries).

Ask the recipient to provide these details directly from their bank statement or by logging into their online banking. Do not rely on memory or informal spelling of the bank name. A small error in the account number or bank code can cause the transfer to fail or be delayed while the receiving bank tries to locate the correct account.

You should also ask the recipient whether their bank charges a fee to receive international transfers and how much it is. Some banks deduct the receiving fee from the amount that arrives, so knowing this in advance prevents surprises.

International wire transfers through your bank

An international wire transfer is the most direct route. You initiate it through your bank's website, mobile app, or by visiting a branch in person. Your bank will ask you to enter the recipient's information, the amount you want to send, and the currency. Most banks allow you to choose whether the recipient receives the money in their local currency or in U.S. dollars (though receiving in dollars may mean the recipient's bank charges an extra conversion fee).

Costs vary by bank. Most charge between $15 and $50 per outgoing international wire, plus the exchange rate markup (the difference between the mid-market rate and the rate your bank actually gives you). Some banks charge an additional fee if the transfer is rejected or needs to be rerouted. A few banks waive the wire fee if you maintain a high balance or have a premium account, so check with your bank about any accounts you hold.

The transfer usually arrives within three to seven business days. Some banks offer expedited wires that arrive faster, but these cost more. Once your bank sends the money, you cannot cancel it, so double-check all the recipient's details before you confirm.

Money transfer services and apps

Services like Western Union, MoneyGram, Wise (formerly TransferWise), and OFX are alternatives to your bank. Many of these services offer better exchange rates than traditional banks and lower fees for smaller amounts. Wise, for example, specializes in international transfers and uses the mid-market exchange rate with a small markup, which is often cheaper than what banks charge.

The tradeoff is that these services have daily or monthly limits on how much you can send. A new user might be limited to $1,000 or $2,000 per day, with higher limits available after you have used the service several times. Some services also require the recipient to pick up the money in person at a physical location rather than depositing it directly into their bank account, which is slower and less convenient.

Speed varies. Some services deliver money within hours; others take one to three business days. Check the specific service's timeline for the country you are sending to, because delivery speed depends on the receiving country's banking infrastructure.

Peer-to-peer payment apps with international features

Some apps that you may already use for domestic transfers, like PayPal and Square Cash, also support international transfers. These are usually the fastest option—money can arrive within minutes to a few hours—but they typically work best for smaller amounts and have strict daily limits. PayPal, for example, may limit international transfers to $20,000 per transaction for newer accounts.

These apps also charge fees, though they are sometimes lower than bank wire fees. The exchange rate markup is usually higher than Wise or other specialized transfer services, so the total cost can add up on larger amounts. Use these apps for smaller, urgent transfers where speed matters more than getting the best rate.

Comparing costs on a real transfer

The cheapest option depends on how much you are sending and where. Here is how to think about it: a $500 transfer to Canada through your bank might cost $25 in fees plus a 2% exchange rate markup, totaling roughly $35 in costs. The same transfer through Wise might cost $3 in fees plus a 0.5% markup, totaling roughly $5. But a $5,000 transfer might have a flat $25 fee at your bank versus a $50 fee at a money transfer service, making your bank cheaper.

Before you send, get a quote from at least two providers. Most will show you the exact amount the recipient will receive before you confirm. Write down the total cost (fees plus the difference between the exchange rate offered and the mid-market rate) and compare. For amounts under $1,000, a specialized money transfer service usually wins. For amounts over $5,000, your bank is often competitive, especially if you have a premium account.

What happens if something goes wrong

If the transfer fails because of incorrect information, your bank will typically return the money to your account within five to ten business days. You will then need to correct the recipient's details and send again, which means paying the fee twice.

If the money arrives but the recipient does not receive it, ask them to check their bank account carefully—sometimes transfers arrive under a slightly different name or reference number than expected. If it truly did not arrive after seven business days, contact your bank with the transfer confirmation number. Your bank can file a trace to locate the money, though this process can take weeks.

Some banks charge a fee to file a trace or to cancel and resend a transfer. Ask about these fees upfront so you know the full cost if something goes wrong.

Limits and restrictions on international transfers

Your bank may limit how much you can send internationally per day or per month, especially if you are a new customer or have not sent money abroad before. These limits exist to prevent fraud. You can usually request a higher limit by calling your bank or visiting a branch, though the bank may ask why you need to send the money.

Some countries have restrictions on receiving money from abroad, or the U.S. government may restrict transfers to certain countries for political or security reasons. If you are sending to a country you are unsure about, ask your bank whether they can send to that destination before you attempt the transfer.

Frequently Asked Questions

How long does an international wire transfer actually take?

Most international wires take three to seven business days. The timeline depends on the receiving country's banking system and whether the receiving bank needs to request clarification about the transfer. Weekends and holidays in either country add extra days. Some banks offer expedited wires that arrive in one to two business days, but these cost more.

What is the difference between a SWIFT code and an IBAN?

A SWIFT code identifies the bank itself and is used to route money between banks. An IBAN is the account number format used in many countries and includes information about the country, bank, and specific account. You typically need one or the other, not both. European banks almost always use IBANs; banks in other regions may use SWIFT codes. Ask the recipient which one their bank requires.

Can I send money to a savings account or only a checking account?

You can send to either a savings or checking account. The account type does not matter for international transfers. What matters is that you have the correct account number and the bank's routing information.

What if I send money to the wrong person by mistake?

Once an international wire is sent, you cannot cancel it. If you sent to the wrong account, contact your bank when ready with the transfer confirmation number. Your bank can attempt to recall the money, but success depends on whether the receiving bank cooperates. There is no may provide the money will be returned. This is why double-checking all details before you confirm is critical.

Do I have to report international transfers to the government?

If you send more than $10,000 in a single transfer or multiple transfers that total more than $10,000 in a single day, your bank is required to file a Currency Transaction Report with the U.S. government. This is routine and does not mean you have done anything wrong. If you are sending money regularly, your bank may ask you to complete additional paperwork to document the purpose of the transfers.