The main ways to send money internationally

You have four broad routes to move money across borders: bank wire transfer, money transfer services (like Western Union or MoneyGram), international payment apps, and cryptocurrency. Each one moves money at a different speed, costs different amounts, and works best for different situations. A bank wire is slowest but works everywhere. Money transfer services are faster and cheaper for small amounts. Apps are cheapest for regular transfers between people you know. Cryptocurrency is fastest but requires both sender and receiver to have crypto accounts.

The method you choose depends on three things: how much you're sending, how fast it needs to arrive, and whether the recipient has a bank account or needs cash. A $50 payment to a friend in Mexico works differently than a $5,000 payment to a business in India.

Key Takeaways

  • Bank wires take 3 to 7 business days and cost $15 to $50, but work to almost any country and any bank account.
  • Money transfer services like Western Union deliver cash in minutes to hours for $5 to $15 on small amounts, but charge higher percentages on larger sums.
  • International payment apps like Wise and PayPal are cheapest for regular transfers but require the recipient to have a bank account or app account in their country.
  • Exchange rates vary by method — banks and apps show you the real rate, while money transfer services and some apps add a markup that can cost you 2 to 8 percent extra.
  • You will need the recipient's full name, bank account number or IBAN, and their bank's routing code, or their cash pickup location if using a money transfer service.

Bank wire transfers: slowest but most reliable

A bank wire is a direct transfer from your bank account to the recipient's bank account. You go to your bank, provide the recipient's bank details, and your bank sends the money through the SWIFT system (the global banking network). The money arrives in the recipient's account, not in their hands as cash.

Bank wires take 3 to 7 business days because the money passes through multiple banks and clearing houses. Your bank charges $15 to $50 for the transfer. The recipient's bank may also charge a fee on their end, usually $5 to $15. You will need the recipient's full name exactly as it appears on their account, their account number, their bank's name and address, and the bank's SWIFT code or routing number. If any detail is wrong, the money can be delayed or sent back.

Use a bank wire when you're sending a large amount (over $1,000), when speed is not urgent, or when the recipient's bank does not work with money transfer services. Bank wires work to almost every country in the world.

Money transfer services: fast cash pickup

Services like Western Union, MoneyGram, and Remitly let you send money that the recipient picks up as cash at a physical location or receives in their bank account. You can send from a store location, online, or through an app. The recipient gets the money in minutes to hours, not days.

Costs vary by amount and destination. Sending $100 to Mexico might cost $5 to $8. Sending $1,000 to the Philippines might cost $30 to $50. The fee is usually a flat amount plus a percentage of what you're sending. The exchange rate you get is not the real market rate — the service adds a markup of 2 to 8 percent, meaning you lose money on the conversion.

Money transfer services work in over 200 countries, but not every country has equal coverage. Before you send, check that the recipient's country and city are on the service's list. If the recipient needs cash, they will need a valid ID to pick it up. If they want it in their bank account, the service will deposit it directly.

International payment apps: cheapest for regular transfers

Apps like Wise, PayPal, and Remitly let you send money from your phone or computer to another person's bank account or app account. Wise shows you the real exchange rate with a small, transparent fee (usually 1 to 2 percent). PayPal charges a flat fee plus a percentage. Remitly charges a flat fee and shows the exchange rate upfront.

These apps are cheapest when you're sending regularly or when both people have bank accounts. They are slowest when the recipient's country has weak banking infrastructure — a transfer to a major city in the UK might arrive in hours, while a transfer to a rural area in a developing country might take 2 to 3 days. All three apps require the recipient to have a bank account in their country or an account with the same app.

Set up is straightforward: read the app, verify your identity with a photo ID, link your bank account, and enter the recipient's details. The first transfer often takes longer while the app confirms your identity. After that, transfers are faster.

What information you need before you send

The details you need depend on the method. For a bank wire, you need the recipient's full legal name, bank account number, bank name, bank address, and SWIFT code or routing number. For money transfer services, you need the recipient's full name and either their bank account details or the location where they will pick up cash. For apps, you need their bank account number and bank code, or their username if they also use the app.

Ask the recipient to double-check their bank details before you send. A single wrong digit in an account number can send the money to the wrong person or cause a delay while the bank tries to figure out where it goes. If you're sending to a country outside the US, ask whether the bank uses an IBAN (International Bank Account Number) or a different format — some countries require an IBAN instead of a routing number.

Exchange rates and hidden costs

When you send money across borders, your dollars are converted to the recipient's currency. The real exchange rate changes every second and is published by financial markets. Banks, apps, and money transfer services all use this rate as a starting point, but they add a markup — a percentage they keep as profit.

Wise and some other apps show you the markup upfront as a percentage or a flat fee. You see exactly what rate you're getting before you confirm. Banks and money transfer services often hide the markup inside the exchange rate they quote you — they show you a rate that is worse than the real rate, and you do not see the difference as a separate line item. This can cost you 2 to 8 percent more than the real rate.

To compare, look up the real exchange rate on XE.com or OANDA before you send. Then check what rate each service is offering. The difference is the markup you're paying.

Timing: how long money actually takes to arrive

Speed depends on the method and the destination. A wire to a major bank in a developed country takes 1 to 3 business days. A wire to a smaller bank or a developing country takes 3 to 7 business days. Money transfer services deliver cash in minutes to hours in countries with dense pickup networks (Mexico, the Philippines, India), but can take 1 to 2 days in countries with fewer locations. Apps take 1 to 3 business days to most countries, longer to countries with weak banking systems.

Business days means Monday through Friday, excluding holidays. A wire sent on Friday afternoon will not move until Monday. A wire sent on a holiday will not move until the next business day. If you need money to arrive by a specific date, send it at least one business day earlier than you think you need to.

Frequently Asked Questions

Can I send money to someone without a bank account?

Yes, but only through money transfer services like Western Union or MoneyGram. They let the recipient pick up cash at a physical location with just a valid ID. Apps and bank wires require the recipient to have a bank account. If the recipient has a phone, they might be able to open a mobile money account (like M-Pesa in Kenya) that works with some apps.

What happens if I send money to the wrong account?

Contact your bank or the service when ready. If the money has not cleared yet, they may be able to stop it. If it has cleared, the receiving bank can try to reverse it, but this is not may provide. You may lose the money or have to wait weeks for a reversal. This is why confirming the recipient's details before sending is critical.

Is there a limit to how much I can send?

Yes, and it varies by method and service. Banks usually allow large amounts but may flag very large transfers for fraud review. Money transfer services often cap individual transfers at $2,500 to $10,000 but let you send multiple transfers. Apps usually cap transfers at $5,000 to $10,000 per transaction. Check your specific service's limits before you send.

Do I need to report international transfers to the government?

If you send over $10,000 in a single transfer or multiple transfers that total over $10,000 in a calendar year, your bank must file a Currency Transaction Report with the US government. This is routine and does not mean you did anything wrong. If you try to structure transfers to stay under $10,000 to avoid reporting, that is illegal. Just send what you need and let the bank handle the reporting.

Which method is cheapest for sending large amounts?

Bank wires and apps like Wise are cheapest for amounts over $1,000. Money transfer services charge higher percentages on large amounts. A bank wire costs $15 to $50 flat, no matter the amount. Wise charges 1 to 2 percent. Western Union might charge 3 to 5 percent on a large transfer. Calculate the total cost (fee plus exchange rate markup) for each method before you send.