Yes, you can transfer money from a foreign bank account, but the method depends on where the money is going and what paperwork you have
You can move money from a foreign bank account to a US bank account, to a US address, or to someone else in the US. The most common route is a wire transfer through your foreign bank, which takes three to seven business days and costs between $15 and $50 depending on your bank. A slower but cheaper option is an international ACH transfer (also called a direct debit), which takes one to four weeks and may cost nothing. A third option is a money transfer service like Wise or MoneyGram, which often has better exchange rates than banks but varies in speed and cost.
The main thing that changes which method works is whether you have a US bank account already. If you do, wire transfers and ACH transfers both work. If you don't, money transfer services are usually faster because they can send the money to a physical location or a prepaid card instead of requiring a bank account number.
Key Takeaways
- Wire transfers from your foreign bank are the fastest way to move money to a US bank account, taking three to seven business days.
- International ACH transfers are slower but often cheaper, taking one to four weeks and sometimes costing nothing.
- Money transfer services like Wise and MoneyGram work without a US bank account and often offer better exchange rates than banks.
- You will need your US bank account number and routing number, or the name and address of the person receiving the money.
- Your foreign bank may ask why you are sending money and may report the transfer to tax authorities in both countries.
Wire transfers: the fastest method if you have a US bank account
A wire transfer moves money directly from your foreign bank to a US bank account in three to seven business days. To start, log into your foreign bank's website or call them and ask for an international wire transfer form. You will need to provide the US bank's name, address, and routing number (a nine-digit code that identifies the bank), plus the account number where the money should land.
Your foreign bank will charge a fee, usually $15 to $50, and will ask you to confirm the exchange rate they are using. Write down the rate before you approve the transfer, because you cannot undo it once it goes through. The money arrives in the US bank account as US dollars, and the receiving bank may hold it for one business day before releasing it.
Wire transfers are the most reliable method because the money goes directly bank to bank with no middleman. The downside is the cost and the fact that you must have a US bank account to receive it.
International ACH transfers: slower but often cheaper
An ACH transfer is an electronic payment that moves money through the US banking system. An international ACH works the same way but starts from a foreign bank. It takes one to four weeks because the money passes through multiple banks before arriving, but it often costs nothing or very little.
Not all foreign banks offer international ACH transfers, so call your bank first and ask whether they can send an ACH to the US. If they can, ask them for the form and tell them you want to send money to a US bank account. You will provide the same information as a wire transfer: the US bank's routing number and the account number.
The main risk with ACH transfers is that they can fail silently. If you give the wrong account number or routing number, the money may bounce back to your foreign bank after two or three weeks, and you will have to start over. Always double-check the numbers before you submit the form.
Money transfer services: the option if you don't have a US bank account
Services like Wise, MoneyGram, Western Union, and OFX let you send money from a foreign bank account without needing a US bank account on the receiving end. Instead, the money can go to a physical location, a prepaid card, or a mobile wallet. Some services also offer a US bank account number that you can use to receive transfers, which takes a few days to set up.
These services often have better exchange rates than banks because they specialize in currency conversion. Wise, for example, uses the real mid-market exchange rate with a small markup, while banks often add a larger markup on top. The trade-off is that money transfer services may take longer than a wire transfer—usually three to five business days—and they may have limits on how much you can send at once.
To use a money transfer service, you create an account on their website or app, enter the amount you want to send, and link your foreign bank account. The service will walk you through the steps to verify your identity, which usually means uploading a photo of your passport or national ID card.
What information you need before you start
Before you contact your bank or a money transfer service, gather these details about where the money is going. If it is going to a US bank account, you need the account holder's full name, the bank's name, the routing number (nine digits), and the account number. If the money is going to a person at a physical location, you need their full name, street address, city, state, and ZIP code.
You will also need to know how much money you are sending and what currency it is in. Your bank or money transfer service will tell you the exchange rate and the total cost before you confirm the transfer.
Have your passport or national ID card ready, because most services will ask you to verify your identity before sending money. This is a legal requirement in both the US and most other countries.
Why your bank may ask questions about the transfer
Your foreign bank may ask you to explain why you are sending money to the US. This is normal and required by law. Common reasons include paying for education, supporting family members, buying property, or moving savings. Be honest and straightforward in your answer—banks are not trying to stop you, they are documenting the transfer for tax and anti-fraud purposes.
Both your foreign bank and the US bank receiving the money will report the transfer to their respective tax authorities. This does not mean you owe taxes on the money, but it does mean the transfer is recorded. If the money is a gift, a loan repayment, or a transfer of your own savings, that is fine and you should say so. If you are unsure whether you need to report the transfer on your taxes, speak with a tax professional in your home country and in the US.
Comparing the three methods
| Method | Speed | Cost | Exchange Rate | Requires US Bank Account |
|---|---|---|---|---|
| Wire transfer | 3–7 business days | $15–$50 | Bank rate (usually higher markup) | Yes |
| International ACH | 1–4 weeks | $0–$15 | Bank rate (usually higher markup) | Yes |
| Money transfer service | 3–5 business days | $0–$30 | Mid-market rate (lower markup) | No |
Frequently Asked Questions
How long does a wire transfer actually take?
Most wire transfers arrive within three to seven business days. The exact timing depends on whether your foreign bank and the US bank are in the same correspondent banking network. Weekends and holidays add time, so a transfer sent on Friday may not arrive until the following Wednesday.
What happens if I give the wrong account number?
If you give the wrong account number on a wire transfer, the money may go to someone else's account. Wire transfers cannot be reversed once they leave your bank, so you would have to contact the receiving bank and ask them to return it. With ACH transfers, the money usually bounces back to your bank after a few days if the account number is wrong.
Do I have to pay taxes on money I transfer from my own foreign account?
Transferring your own money is not taxable income. However, if the money came from work or investments, you may owe taxes on that income in the US. Speak with a tax professional about your specific situation, because tax rules vary based on your visa status and how long you plan to stay in the US.
Can I transfer money if I don't have a passport?
Most banks and money transfer services require a government-issued photo ID to verify your identity. A national ID card, driver's license, or travel document usually works if you don't have a passport. Contact your bank or the money transfer service to ask what forms of ID they accept.
Is it cheaper to use a money transfer service or a bank?
Money transfer services usually offer better exchange rates because they specialize in currency conversion, but they may charge a flat fee. Banks charge a fee and add a larger markup to the exchange rate. For large transfers, the better exchange rate at a money transfer service often saves you more than the fee costs, but for small transfers the fee may outweigh the savings.