Yes, you can transfer money to a foreign bank account, but the method and cost depend on the country, the amount, and your bank

Most U.S. banks will send money internationally, but they do not all offer the same routes or charge the same fees. The slowest and most expensive way is often through your regular bank's wire transfer service. Faster and cheaper options exist — including money transfer services, online platforms, and peer-to-peer apps — but not all work for every country or every type of account.

The key decision is whether speed or cost matters more to you. A wire through your bank might take 3 to 5 business days and cost $15 to $50. A money transfer service might take 1 to 3 days and cost less, or might take a week but save you money. Some services do not work in certain countries at all.

Key Takeaways

  • International wire transfers through your U.S. bank usually cost $15 to $50 and take 3 to 5 business days, but work to almost every country.
  • Money transfer services like Western Union, MoneyGram, and Wise often charge lower fees or offer better exchange rates, but may not serve all countries or all types of accounts.
  • You will need the recipient's full name, bank account number, routing code (called a SWIFT code or IBAN depending on the country), and the bank's address.
  • The receiving bank may charge a fee to accept the transfer, which comes out of the amount the recipient gets — ask before you send.
  • Transfers to some countries are slower or more restricted than others due to banking regulations, so confirm the timeline with your provider before sending urgent money.

Wire transfers through your U.S. bank

A wire transfer is an electronic movement of money from your bank account to a bank account anywhere in the world. Your bank sends the money through a network called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which connects banks globally.

To send a wire, you go to your bank in person, by phone, or online and provide the recipient's banking details: their full name, account number, the bank's SWIFT code, and the bank's address. Your bank will charge a fee (typically $15 to $50 for outgoing international wires) and may offer you an exchange rate if you are converting dollars to another currency. The money usually arrives in 3 to 5 business days, though some countries take longer.

The advantage is reliability — your bank has been sending wires for decades and knows how to reach almost every country. The disadvantage is cost and the exchange rate your bank offers, which is often not the best available. Some banks also require you to come in person for large amounts.

Money transfer services and online platforms

Services like Wise (formerly TransferWise), OFX, Western Union, and MoneyGram specialize in moving money across borders. They often charge lower fees than banks and offer better exchange rates because they buy currency in bulk. Some offer faster delivery — Wise can move money in hours to certain countries — and some let you set up a transfer online without visiting a location.

The catch is that not all services work in all countries. Wise, for example, works in over 80 countries but not all of them. Western Union and MoneyGram have physical locations in many countries, which means the recipient can pick up cash instead of needing a bank account, but this costs more and is slower than a direct bank transfer. Each service has different fees, exchange rates, and speed depending on the destination country and the amount you send.

To use these services, you typically create an account online, enter the recipient's banking details, and fund the transfer from your U.S. bank account or debit card. The money moves to the recipient's account directly, or to a location they can visit if you choose cash pickup.

What information you need to send money abroad

Before you can transfer money, you need accurate details about the recipient's bank account. The exact information varies by country, but generally includes:

  • The recipient's full legal name (exactly as it appears on their account)
  • Their bank account number
  • The bank's SWIFT code (an 8 or 11-character code that identifies the bank internationally)
  • The bank's name and address
  • In some countries (particularly in Europe), an IBAN (International Bank Account Number) instead of or in addition to the account number

Ask the recipient to provide this information from their bank statement or by contacting their bank directly. If any detail is wrong — a digit in the account number, a misspelled name, or an incorrect SWIFT code — the transfer may be delayed, rejected, or sent to the wrong account. Some banks will try to recover the money; others will not.

Fees and exchange rates

International transfers involve multiple fees, and they do not always appear obvious. Your U.S. bank charges an outgoing wire fee. The receiving bank in the foreign country may charge an incoming fee, which is deducted from the amount the recipient receives. Some services charge a flat fee; others charge a percentage of the amount sent.

On top of fees, you face an exchange rate if you are converting dollars to another currency. Your bank's exchange rate is usually worse (higher markup) than the real market rate. Money transfer services often offer better rates because they handle large volumes of currency. If you are sending a large amount, the difference in exchange rate can be more significant than the difference in fees.

Before you send, ask your provider for the total cost: the fee they charge, the fee the receiving bank will charge (if any), and the exact amount the recipient will receive. Do not assume the amount you send is the amount they get.

How long transfers take

Speed depends on the destination country, the service you use, and the time of day you send. A wire through your bank typically takes 3 to 5 business days. Wise can deliver to some countries in hours. Western Union and MoneyGram transfers can take 1 to 3 days if the recipient picks up cash, or longer if it goes to a bank account.

Weekends and holidays slow things down — a transfer sent on Friday afternoon may not start moving until Monday. Some countries have banking systems that are slower or more restricted, which adds days. If you need money to arrive by a specific date, send it several days early and confirm the timeline with your provider before you transfer.

Countries with restrictions or slower service

Some countries have banking regulations that make international transfers slower, more expensive, or harder to complete. This is often due to government controls on currency movement, sanctions, or banking infrastructure limitations. Countries in this situation include Iran, North Korea, Syria, Cuba, and others under U.S. sanctions. Many money transfer services do not operate in these countries at all.

Even in countries without sanctions, some banks are harder to reach than others. Rural areas, smaller countries, and countries with less developed banking infrastructure may take longer to receive transfers or may charge higher fees. If you are sending to a less common destination, ask your provider whether they can reach that country and how long it typically takes.

Frequently Asked Questions

What is the cheapest way to send money internationally?

For most amounts and destinations, Wise or OFX offer lower fees and better exchange rates than traditional banks. For very large amounts, some banks negotiate better rates. For cash pickup in countries where the recipient has no bank account, Western Union or MoneyGram may be the only option, though they cost more. Compare the total cost (fee plus exchange rate) across at least two providers before sending.

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

Yes, if you use Western Union or MoneyGram. The recipient can pick up cash at a location in their country. This costs more than a direct bank transfer and takes longer, but it works when the recipient has no account. Some Wise locations also offer cash pickup in certain countries, so check their website for your destination.

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

The money may be rejected and returned to you, or it may be sent to someone else's account. If it goes to the wrong account, recovery is difficult and slow — you will need to contact your bank and the receiving bank, and they may not be able to retrieve it. Always double-check the account number, SWIFT code, and recipient name before you send. If you are unsure, send a small test amount first.

Do I need to report international transfers to the IRS?

If you are sending money as a gift or personal transfer, you generally do not need to report it to the IRS. If you are sending money as payment for goods or services, or if you are moving a large amount, tax rules may explore depending on your situation. Speak with a tax professional if you are unsure whether your transfer has tax implications.

Can my bank block an international transfer?

Yes. Banks sometimes block international transfers if they suspect fraud, if the amount is unusually large, or if the destination country is flagged for compliance reasons. If your transfer is blocked, your bank will contact you to confirm it is legitimate. Have the recipient's banking details and the reason for the transfer ready to explain.