Yes, you can transfer money to an international bank account, but the method, cost, and speed depend on where the money is going and which bank or service you use

International transfers are possible from most US banks and through specialized money transfer services. The catch is that each route has different fees, exchange rates, and timelines. A wire transfer through your bank might arrive in one to three business days but cost $15 to $50. A money transfer service like Wise or OFX might be cheaper and faster but requires you to set up an account first. The receiving bank's location and whether they participate in international payment networks also matters—some countries have faster, cheaper corridors than others.

The most important step before you send anything is to get the correct account details from the recipient. International transfers require a bank account number, routing information (which varies by country), and sometimes a SWIFT code or IBAN. A single digit wrong can send your money to the wrong account or cause a delay while the receiving bank tries to sort it out.

Key Takeaways

  • Wire transfers through your US bank reach most countries in one to three business days but typically cost $15 to $50 per transfer.
  • Money transfer services like Wise, OFX, and Remitly often charge lower fees and offer better exchange rates than banks, though they may take one to two business days.
  • You will need the recipient's full bank account number, routing code (SWIFT or IBAN depending on the country), and sometimes their bank's address.
  • Some countries have faster and cheaper transfer corridors than others—transfers to Canada or the UK are usually simpler than transfers to smaller nations or those without established banking relationships with the US.

Wire transfers through your bank: the standard route

A wire transfer is the most direct way to move money internationally. You go to your bank, provide the recipient's account details, and the bank sends the funds through the SWIFT network (Society for Worldwide Interbank Financial Telecommunication). Most US banks offer this service, though some require you to do it in person or through online banking.

Wire transfers typically arrive within one to three business days, depending on the receiving country and whether the receiving bank needs to process the transfer through intermediary banks. The cost is usually $15 to $50 per transfer, though some banks charge more. You will also get whatever exchange rate your bank offers that day, which is often not the best rate available in the market.

The main risk with wire transfers is that they are difficult to reverse. Once the money leaves your account, if you gave the wrong account number or the recipient never received it, you may have to ask the receiving bank to trace it—a process that can take weeks and is not always successful. Always confirm the account details with the recipient before you send.

Money transfer services: often cheaper and faster

Specialized money transfer companies like Wise, OFX, Remitly, and MoneyGram often charge lower fees and offer better exchange rates than banks. Wise, for example, uses the real mid-market exchange rate and charges a small percentage fee rather than a flat amount. OFX targets larger transfers and charges based on the amount sent. Remitly focuses on transfers to specific countries and offers both fast and economy options.

These services work by holding money in local bank accounts in both countries and matching senders with receivers, which is why they can move money faster and cheaper than the traditional banking network. A transfer through Wise to most countries takes one to two business days. You set up an account online, enter the recipient's details, and the money moves without you having to visit a bank.

The trade-off is that not all services work with all countries. Wise operates in over 80 countries but not everywhere. Remitly focuses on specific corridors—Mexico, the Philippines, India, and others—and may not serve your destination. Check the service's website to confirm they send to the country you need before you create an account.

What information you need from the recipient

Before you initiate any transfer, you need the recipient's banking details. The exact information varies by country, but typically includes:

  • Full name of the account holder (exactly as it appears on the account)
  • Bank account number
  • Bank name and branch (if required in that country)
  • SWIFT code (an eight or eleven-character code that identifies the bank internationally)
  • IBAN (International Bank Account Number, used in Europe and some other regions)
  • Bank address (sometimes required)

Ask the recipient to provide this information directly from their bank statement or by contacting their bank. Do not guess or use partial information. A wrong account number will send your money to the wrong person, and recovering it is slow and uncertain.

Exchange rates and hidden costs

Banks and money transfer services make money on international transfers in two ways: fees and exchange rates. A bank might charge you $25 for the transfer and then give you an exchange rate that is 2 to 3 percent worse than the real market rate. That hidden markup can cost you more than the stated fee.

Money transfer services typically charge a lower stated fee but also explore a markup to the exchange rate. Wise advertises using the real mid-market rate, but still applies a small percentage fee. OFX charges a percentage fee and a smaller markup. Remitly charges a flat fee or percentage depending on the service level you choose.

Before you send, ask your bank or service what exchange rate they will use and what the total cost will be. Some services show you the exact amount the recipient will receive before you confirm the transfer. Use that to compare options—the cheapest stated fee is not always the cheapest total cost.

Timing and what to tell the recipient

International transfers are not when ready. A wire transfer through your bank typically takes one to three business days, depending on the receiving country and whether intermediary banks are involved. A transfer through Wise or OFX usually takes one to two business days. Remitly's economy option can take three to five business days.

Tell the recipient when you are sending the money and what timeline to expect. Include the amount in both US dollars and the local currency (if you know it), and the date you initiated the transfer. If the recipient does not see the money by the expected date, they can contact their bank with the transfer details to trace it.

Keep your confirmation number or receipt from the transfer. If something goes wrong, you will need it to file a claim with your bank or service provider. Most banks and services require you to report a missing transfer within a certain window—usually 30 to 90 days—so do not wait if the money does not arrive.

When transfers fail or take longer than expected

Transfers sometimes get stuck in the receiving country's banking system, especially if the country has strict currency controls or the receiving bank is not familiar with the sending bank. A transfer that should take two days might take a week or longer. This is not uncommon for transfers to countries like India, Pakistan, or Egypt, where central banks monitor foreign currency flows.

If your transfer is delayed, contact your bank or service provider with your confirmation number. They can check the status with the receiving bank. In most cases, the money will arrive eventually, but you may have to wait. If the transfer fails completely, the money will be returned to your account, though this can take another week or two.

Some countries also have limits on how much money can be transferred in a single transaction or per year. If you are sending a large amount, check whether the receiving country has restrictions. Your bank or the money transfer service can tell you what limits explore.

Frequently Asked Questions

What is the cheapest way to send money internationally?

Money transfer services like Wise and OFX are usually cheaper than banks for most amounts, especially if you are sending more than $500. For smaller amounts, the difference in fees might be small, but the exchange rate markup is usually lower with transfer services. Compare the total cost (fee plus exchange rate) across at least two options before you send.

How long does an international transfer actually take?

Wire transfers through banks typically take one to three business days. Money transfer services take one to two business days. Some services offer faster options for an extra fee. The actual time depends on the receiving country and whether intermediary banks are involved. Weekends and holidays can add time.

What happens if I send money to the wrong account number?

The money may go to the wrong person's account. Recovering it is difficult and slow. You can ask your bank to attempt a trace, but success is not may provide. Always confirm the account details with the recipient before you send, and ask them to verify the information with their bank if you are unsure.

Can I cancel an international transfer after I send it?

It depends on how far the transfer has progressed. If you cancel within minutes of initiating it, most banks and services can stop it. Once the money has left your bank or the receiving bank has received it, cancellation is not possible. Contact your bank or service when ready if you need to cancel.

Do I need to report international transfers to the IRS or FinCEN?

If you are sending more than $10,000 in a single transfer or multiple transfers that total more than $10,000 in a calendar year, your bank is required to file a Currency Transaction Report with FinCEN. You do not file this yourself—your bank does. If you are transferring money as part of a business or investment, consult a tax professional about reporting requirements.