The basic route: international wire transfer

To send money to an overseas bank account, you initiate an international wire transfer from your U.S. bank. Your bank moves the funds through a network of correspondent banks — intermediary institutions in other countries — until the money reaches the recipient's bank. The process typically takes three to five business days, though it can take longer depending on the destination country and the banks involved.

You will need specific information about the recipient: their full name, bank account number, the name and location of their bank, and 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). Some banks also ask for a bank routing number or branch code depending on the country.

Your bank will charge a fee for this service — typically $15 to $50 for a single transfer, though some banks charge more. The recipient's bank may also deduct a fee from the amount received. The exchange rate your bank uses may include a markup above the mid-market rate, which effectively costs you more than the published rate you see online.

Key Takeaways

  • International wire transfers move money through correspondent banks and usually take three to five business days to arrive.
  • You need the recipient's full name, account number, bank name, and SWIFT code or IBAN before you can send the transfer.
  • Both your bank and the recipient's bank may charge fees, and your bank's exchange rate typically includes a markup above the actual market rate.
  • Alternative services like PayPal, Wise, and OFX often charge lower fees and use better exchange rates than traditional banks for smaller amounts.
  • The recipient receives the money in their local currency, and the exact amount depends on the exchange rate at the time of transfer.

What information you need to collect before you start

Before you contact your bank or log into your online banking portal, gather the recipient's banking details. Ask them directly for their account number, the official name of their bank, and the city and country where the bank is located. Request the SWIFT code if the transfer is going outside the U.S., or the IBAN if the recipient is in Europe, the Middle East, or parts of Asia and Africa.

Verify the spelling of the recipient's name exactly as it appears on their bank account — mismatches can cause delays or rejection. If the recipient is unsure of their SWIFT code or IBAN, they can find it on their bank statement, in their online banking portal, or by calling their bank directly. Many banks publish this information on their website as well.

You will also need to know the purpose of the transfer for your bank's records. Banks are required to ask this for regulatory reasons. Common answers are "family support," "salary," "loan repayment," or "invoice payment." The answer does not affect whether the transfer goes through, but you must provide one.

How to send the transfer through your bank

Log into your bank's online portal or mobile app and look for "Send Money," "Wire Transfer," or "International Transfer." Most banks separate domestic and international transfers into different sections. Select international transfer and choose the country where the recipient's bank is located.

Enter the recipient's information in the fields provided: full name, account number, bank name, and SWIFT code or IBAN. Double-check every character — a single digit wrong in the account number or a typo in the SWIFT code can send the money to the wrong account or cause the transfer to fail. Your bank will usually validate the SWIFT code or IBAN as you type.

Enter the amount you want to send in U.S. dollars. Your bank will show you the exchange rate it is using and the amount the recipient will receive in their local currency. Review this carefully — the rate shown is the rate you will get, not a quote. Confirm the transfer details one more time, then submit. Your bank will send you a confirmation number and a reference code for tracking.

Timing, fees, and what the recipient actually receives

The transfer typically settles in three to five business days. Weekends and holidays in either country can extend this. Some banks offer expedited transfers that arrive in one or two business days, but these cost more — sometimes $25 to $75 extra. Your bank will tell you the expected arrival date when you submit the transfer.

Your bank's fee is usually deducted from your account when ready when you submit the transfer. The recipient's bank may deduct its own fee from the amount received — this happens after the money arrives, so the recipient sees less than you sent. There is no way to predict this fee in advance; it depends on the recipient's bank and the country.

The recipient receives the money in their local currency at the exchange rate your bank used at the time of transfer. If you sent $1,000 and the rate was 1 USD = 83 INR, the recipient would receive approximately 83,000 Indian rupees (minus any fees their bank deducts). The exchange rate fluctuates constantly, so the exact amount in local currency changes if you delay sending.

When to use alternatives to your bank

PayPal works for transfers to most countries and charges a flat fee plus a percentage (typically 2% to 3% of the amount sent). It is faster than a wire transfer — usually one to two business days — but the exchange rate includes a markup. PayPal works best for smaller amounts under $5,000.

Wise (formerly TransferWise) specializes in international transfers and uses the mid-market exchange rate with a small markup, usually lower than banks. Fees are transparent and shown upfront. Transfers typically arrive in one to two business days. Wise is competitive for amounts over $1,000.

OFX and Remitly are other services that focus on international transfers. OFX tends to be cheaper for larger amounts; Remitly is common for transfers to specific countries like the Philippines, Mexico, and India. Each has different fee structures and exchange rates, so compare before you send.

Your bank remains the most straightforward option if you are sending a large amount and do not mind paying more, or if the recipient's bank has a relationship with your bank that speeds up the transfer. For routine transfers under $5,000, alternatives often save you money.

What can go wrong and how to track your transfer

The most common problem is incorrect recipient information. If the account number or SWIFT code is wrong, the money may go to the wrong account or be rejected and returned to you — a process that can take one to two weeks. This is why verifying details with the recipient before you send is critical.

Your bank will give you a reference number (sometimes called a tracking number or transaction ID) when you submit the transfer. Use this to track the transfer in your online banking portal. You can also call your bank's international transfer department and provide this number to ask for a status update.

The recipient can track the transfer on their end using the reference number you provide them. They should contact their bank if the money does not arrive by the expected date. If the transfer fails or is rejected, your bank will notify you and the funds will return to your account within a few business days.

Frequently Asked Questions

How do I know if the recipient's bank will charge a fee?

You cannot know the exact fee in advance — it depends on the recipient's bank and their policies. Ask the recipient to check with their bank, or send a small test transfer first to see what fee is deducted. Some banks publish their international transfer fees on their website.

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

A SWIFT code identifies the bank and branch internationally and is used by all countries. An IBAN is a standardized account number format used mainly in Europe, the Middle East, and parts of Asia. Some countries use both; some use only SWIFT. Ask the recipient which one their bank requires.

Can I cancel a transfer after I send it?

If you cancel within a few minutes of sending, your bank may be able to stop it. Once the transfer enters the correspondent bank network, it usually cannot be stopped. Contact your bank when ready if you need to cancel — do not wait. If the transfer has already been processed, you will need to ask the recipient to return the funds.

Why does the amount the recipient gets differ from what I sent?

The difference is due to fees charged by one or both banks and the exchange rate used. Your bank deducts its fee upfront. The recipient's bank deducts its fee from the amount received. The exchange rate your bank uses may also include a markup above the actual market rate.

Is it safer to send money through my bank or through a service like Wise?

Both are safe and regulated. Banks are insured and established, but charge more. Services like Wise are licensed money transmitters and use the same banking networks, but with lower fees and better exchange rates. Choose based on the amount, destination, and how much you want to pay in fees.