Yes, you can send money abroad from your bank account, but your bank will route it through correspondent banks and currency exchanges that add time and cost

Most banks let you send money internationally, but the process is slower and more expensive than domestic transfers. Your bank does not send the money directly to the recipient's bank overseas. Instead, it passes your payment through a chain of intermediary banks — called correspondent banks — that each take a fee and add processing time. The money also converts to the recipient's currency, usually at a rate worse than the mid-market rate you see online.

The speed depends on the destination country and which banks are involved. A transfer to a major financial hub like the UK or Canada might arrive in two to four business days. A transfer to a smaller country or one with less developed banking infrastructure can take a week or longer. You will not know the exact arrival date when you send it, and you cannot track the payment once it leaves your bank's system.

Your bank will ask for the recipient's name, their bank account number, and their bank's routing information — usually a SWIFT code (an eight or eleven-character code that identifies the bank internationally) or an IBAN (International Bank Account Number, used mainly in Europe and some other regions). If any detail is wrong, the money may be returned to you, which takes another week or more.

Key Takeaways

  • Your bank sends international transfers through multiple intermediary banks, each of which charges a fee and slows the process.
  • You will need the recipient's SWIFT code or IBAN, their full name, and their account number — ask them to provide these details before you initiate the transfer.
  • Transfers to major banking centers typically arrive in two to four business days; transfers to smaller countries often take longer.
  • Your bank's exchange rate is usually worse than the mid-market rate, and you may pay both an outgoing fee and hidden currency conversion costs.
  • If you send money regularly or in large amounts, specialist money transfer services often charge less than banks, though they are not insured the same way.

What fees and exchange rates your bank will charge

Banks charge in three ways: an outgoing wire fee (typically $15 to $50), a currency conversion markup (usually 1 to 3 percent above the mid-market rate), and sometimes a receiving bank fee that the recipient's bank deducts from what arrives. You will see the outgoing fee upfront when you initiate the transfer. The currency conversion markup is often buried in the exchange rate your bank quotes — it will not say "we are charging you 2 percent"; it will straightforward offer you a worse rate than you could get elsewhere.

The receiving bank fee varies by country and institution. In some cases, the recipient's bank charges them directly. In others, the fee comes out of the amount that arrives, so the recipient gets less than you sent. Ask the recipient's bank in advance whether they charge a receiving fee and how much it is. Some banks waive the fee if the transfer is above a certain amount.

If you want to know the true cost before you send, ask your bank for a quote that includes all three components: the outgoing fee, the exchange rate they will use, and any receiving bank fee they know about. Compare that total cost to what a specialist money transfer service would charge for the same route.

How to set up an international transfer at your bank

Log into your bank's online platform or call the international wire department. You will need to provide the recipient's full name (spelled exactly as it appears on their bank account), their account number, and their bank's SWIFT code or IBAN. You will also need the recipient's bank name and address, though your bank may look this up if you provide the SWIFT code.

Some banks require you to register the recipient as a payee before you can send money to them. This is a security step that takes a few hours or a business day to complete. Once registered, you can send money to that payee without re-entering their details each time. If you are sending to a new recipient for the first time, ask your bank whether you need to register them first or whether you can send when ready.

Enter the amount you want to send in your home currency. Your bank will show you the exchange rate and the total fees, then calculate what the recipient will receive in their local currency. Review this carefully — the amount the recipient gets is usually less than what you send, because of the fees and the exchange rate markup. Confirm the transfer, and your bank will process it the next business day (or the same day if you send before the wire cutoff time, which is usually early afternoon).

When your bank cannot or will not send the money

Some banks restrict international transfers to certain countries or require you to visit a branch in person for large amounts. A few banks do not offer international wires at all, particularly smaller regional banks or online-only banks. If your bank does not offer the service, you will need to use a specialist money transfer service instead.

Banks also block transfers to countries under international sanctions or to individuals and entities on government watchlists. If your transfer is rejected, your bank will tell you the reason — usually a compliance issue — and you will not be able to send money to that recipient through that bank. You may be able to send through a different bank, but the restriction is often based on the destination country rather than your specific bank.

Large transfers (typically above $10,000) may trigger additional scrutiny. Your bank may ask you to document the purpose of the transfer or the source of the funds. This is a legal requirement under anti-money-laundering rules, not a choice by your bank. Provide the documentation promptly, or the transfer will be delayed or cancelled.

Alternatives that may cost less than your bank

Specialist money transfer services like Wise, OFX, and Remitly often charge less than banks for international transfers, especially if you are sending regularly or in amounts over $1,000. These services typically offer a better exchange rate (closer to the mid-market rate) and lower fees than banks. However, they are not banks themselves and are not insured under the same deposit protection rules, so your money is technically at higher risk if the company fails.

Most of these services work online only. You link your bank account, enter the recipient's details, and the money moves within one to three business days. Some offer physical locations in major cities if you prefer to send cash in person. The trade-off is that they are slower than a bank wire in some cases, though faster in others, and they do not offer the same customer service if something goes wrong.

If you are sending to a family member in a country with a large diaspora population, informal money transfer networks (sometimes called hawala or hundi) exist in some communities. These are not regulated by banks and carry higher risk of fraud or loss. Use them only if you trust the operator personally and understand that you have no recourse if the money does not arrive.

What happens if the money does not arrive or arrives late

If the transfer does not arrive within the expected timeframe, contact your bank when ready. Ask them to trace the payment using the reference number they gave you when you sent it. The bank will contact the correspondent banks in the chain to find where the money is stuck. This process can take a week or more.

If the money was sent to the wrong account because of an error in the recipient's details, recovery is difficult and slow. The receiving bank may be able to reverse the transfer, but only if they identify it as a mistake quickly. If the recipient's bank has already credited the account or the money has been withdrawn, you will likely not get it back. This is why confirming the recipient's details before you send is critical.

If your bank made an error — for example, using the wrong exchange rate or charging you twice — contact them in writing and ask for a correction. Banks are required to investigate errors in wire transfers, though the timeline varies by country. Keep all documentation of the transfer, including the confirmation number, the amount sent, and the exchange rate quoted.

Frequently Asked Questions

How long does an international bank transfer actually take?

Two to four business days is typical for transfers to major banking centers like the UK, Canada, or Australia. Transfers to smaller countries or those with less developed banking systems can take five to ten business days or longer. Weekends and holidays do not count as business days, so a transfer sent on Friday may not arrive until the following Wednesday.

Can I send money to a person who does not have a bank account?

Not through your bank directly. Your bank requires a bank account number and SWIFT code or IBAN. If the recipient does not have a bank account, they can open one, or you can use a money transfer service that delivers cash to a physical location they can visit, though this is slower and more expensive.

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

A SWIFT code identifies the bank; an IBAN identifies the specific account within that bank. Most countries use one or the other, not both. Europe, the Middle East, and North Africa use IBANs. Most other countries use SWIFT codes. Ask the recipient which one their bank uses, or provide both if you have them.

Will my bank tell me the exchange rate before I send the money?

Yes. Your bank will show you the rate and the total fees before you confirm the transfer. The rate is usually locked in for a short time (a few hours to a day), so if you do not complete the transfer when ready, you may get a different rate when you try again.

What if I send too much money by mistake?

Contact your bank when ready and ask them to recall the transfer. If the money has not yet left your bank's system, they may be able to cancel it. If it has already been sent to the correspondent bank chain, recall is much harder. Once the money arrives at the recipient's bank, recovery depends on whether the recipient cooperates and whether the receiving bank will reverse the deposit.