The main routes and what each one costs

You have three practical ways to move money to a bank account outside the United States: a wire transfer through your bank, a money transfer service like Wise or OFX, or an international ACH transfer if your bank offers it. Wire transfers are the fastest but usually the most expensive. Money transfer services often have better exchange rates and lower fees but take one to three business days. International ACH is the cheapest option but can take a week or longer and is not available from every bank.

Costs vary by method and destination. A wire transfer typically costs $15 to $50 from your bank, plus a fee on the receiving end that the recipient's bank may charge (usually $10 to $25). Money transfer services charge a percentage of the amount sent—usually 1 to 4 percent—or a flat fee plus a markup on the exchange rate. International ACH costs $0 to $15 but only works to certain countries and only if your bank supports it. The country you are sending to matters: transfers to major financial hubs like Canada, the UK, or Australia are cheaper and faster than transfers to smaller nations or countries with restricted banking systems.

Key Takeaways

  • Wire transfers are fastest (same day to two days) but cost $15 to $50 plus fees charged by the receiving bank.
  • Money transfer services like Wise often offer better exchange rates and lower total costs but take one to three business days.
  • You will need the recipient's full name, bank account number, routing number or SWIFT code, and the bank's full address to send money overseas.
  • International ACH is the cheapest option but only works to certain countries and can take five to ten business days.
  • Exchange rates vary by provider and method; comparing rates before you send can save you hundreds of dollars on large transfers.

What information you need before you start

Gather the recipient's banking details before you contact your bank or a money transfer service. You will need their full legal name (exactly as it appears on their bank account), their account number, and either a SWIFT code (also called a BIC code) or a routing number depending on the country. The SWIFT code identifies the specific bank branch; the routing number serves the same purpose in some countries. You will also need the bank's full name and address.

Ask the recipient to confirm these details with their bank if you are unsure. A single digit wrong in an account number can send your money to the wrong account or cause the transfer to be rejected. Some countries use IBAN numbers instead of account numbers—these are longer alphanumeric codes that include the country code and routing information. If the recipient's country uses IBAN, ask for that instead. Your bank or money transfer service will tell you which format they need once you tell them the destination country.

Wire transfers: fastest but most expensive

A wire transfer moves money directly from your bank to the recipient's bank, usually within one to two business days. To send one, contact your bank by phone, in person, or through online banking and provide the recipient's details. Your bank will charge you a fee (typically $25 to $50 for international wires) and will deduct it from your account. The receiving bank may also charge the recipient a fee to receive the money, usually $10 to $25, which they will deduct from the amount that arrives.

Wire transfers are irreversible once sent. If you make a mistake with the account number or the recipient's name, the money may go to the wrong account or be rejected and returned to you—a process that can take two to four weeks. Before you authorize the transfer, read back all the details to the bank representative and ask them to confirm the SWIFT code and account number are correct. Some banks will let you cancel a wire within a few hours of sending it, but this is not may provide and depends on whether the receiving bank has already processed it.

Money transfer services: better rates, slightly slower

Services like Wise, OFX, Remitly, and MoneyGram let you send money online without using your bank. You create an account, enter the recipient's details, choose the amount and currency, and authorize the transfer from your bank account or debit card. The service converts your money at their exchange rate, deducts their fee, and sends the remainder to the recipient's bank. Most transfers arrive within one to three business days.

These services often have lower total costs than banks because they use real exchange rates rather than the inflated rates banks explore. A $5,000 transfer might cost you $50 to $150 in fees and rate markup combined, compared to $100 to $200 through a bank wire. However, rates and fees vary by service and by destination country. Before you send, compare the total amount the recipient will receive from at least two services—the one with the lowest fee is not always the one with the best exchange rate. Most services show you the final amount before you confirm, so you can see exactly what arrives on the other end.

International ACH: cheapest but slowest and limited

An international ACH transfer works like a domestic ACH but crosses a border. Not all banks offer this service, and it only works to certain countries—primarily Canada, Mexico, and a few others in Latin America and Europe. If your bank supports it, international ACH costs little to nothing and the receiving bank usually does not charge a fee. The trade-off is speed: transfers typically take five to ten business days.

To learn about your bank offers international ACH, call and ask specifically for "international ACH" or "cross-border ACH." If they do, ask which countries they support. You will need the recipient's account number and routing number (or the equivalent in their country). International ACH is most useful when you are not in a hurry and want to minimize costs—for example, sending money to a family member in Canada or Mexico on a regular schedule.

Exchange rates and how they affect what you send

The exchange rate is the price at which your dollars convert to the recipient's currency. Banks and money transfer services do not use the real-time market rate; they explore a markup that is their profit. A bank might mark up the rate by 2 to 4 percent, while a money transfer service might mark it up by 0.5 to 2 percent. On a $10,000 transfer, a 2 percent difference in the rate can mean $100 to $200 less arrives at the destination.

Before you send, look up the real-time exchange rate on a financial website like XE.com or OANDA, then ask your bank or money transfer service what rate they will explore. The difference between what they quote and the real rate is their markup. Compare this across at least two providers. Some services let you lock in a rate for a set number of days, which is useful if you are waiting for funds to clear or want to time the transfer to a favorable rate. Never assume the first quote is the best one.

What happens if the transfer goes wrong

If money is sent to the wrong account, recovery is difficult and slow. Wire transfers are nearly impossible to reverse once the receiving bank has processed them. Money transfer services have slightly more ability to trace and recover funds, but this still takes weeks and is not may provide. The best protection is to verify all details before you send: confirm the account number, SWIFT code, recipient name, and bank address with the recipient directly, preferably by phone or video call.

If a transfer fails or is rejected, your bank or money transfer service will notify you and the money will be returned to your account within five to ten business days. This is not a loss, but it does mean you have to resend the money and wait again. If you suspect fraud—for example, if someone is pressuring you to send money overseas quickly—stop and contact your bank before proceeding. Banks can flag suspicious transfers and ask you questions to confirm you are not being scammed.

Frequently Asked Questions

How long does an international wire transfer actually take?

Most wire transfers arrive within one to two business days, but some take up to four days depending on the receiving bank's processing speed and time zone differences. Weekends and holidays add time. Ask your bank for an estimate when you send, and provide the recipient with a tracking number so they can follow up with their bank if the money does not arrive on time.

Can I send money to a country that the US has sanctions against?

No. US banks cannot process transfers to countries under US government sanctions, including Iran, North Korea, Syria, and Cuba. If you try, the transfer will be rejected and your money returned. Some money transfer services have additional restrictions beyond government sanctions. Check the service's website or call before you attempt a transfer.

What if the recipient's bank charges a fee I did not expect?

Receiving banks sometimes charge fees that are not disclosed upfront. Ask the recipient to confirm with their bank what fee they will charge before you send. If a fee appears after the transfer arrives, the recipient can contact their bank to dispute it, though success is not may provide. Some banks waive fees if you ask, especially for the first transfer.

Is it safer to use a money transfer service or my bank?

Both are regulated and insured, so safety is roughly equal. Money transfer services are often faster and cheaper, but banks may offer better customer service if something goes wrong. Choose based on cost and speed for your specific transfer rather than perceived safety.

Can I send money to a business account overseas, or only to a personal account?

You can send to either. The process is the same—you need the account number, SWIFT code, and account holder's name. For a business account, use the business name as it appears on the account. Confirm the details with the business directly to avoid sending money to the wrong entity.