The main ways to transfer money internationally
You have four practical routes to move money to a foreign bank account: a wire transfer through your bank, a money transfer service like Wise or OFX, a peer-to-peer payment app, or a cash pickup service. Each one moves money at a different speed, costs different amounts, and works best for different situations. Your choice depends on how much you're sending, how fast it needs to arrive, and whether the recipient has a bank account or needs cash.
Wire transfers are the oldest method and still the most common for large amounts. Money transfer services like Wise and OFX are faster and cheaper for mid-sized amounts because they use real exchange rates instead of bank markups. Apps like PayPal and Remitly work well for smaller sums to people you know. Cash pickup services like MoneyGram are useful when the recipient doesn't have a bank account or doesn't want to use one.
Key Takeaways
- Wire transfers through your bank take three to five business days and cost $15 to $50, but work to almost any country and any bank.
- Money transfer services like Wise and OFX are faster (often same-day) and cheaper for mid-sized transfers because they use real exchange rates instead of bank markups.
- You will need the recipient's full name, bank account number, routing or SWIFT code, and the bank's address — getting any of these wrong delays or blocks the transfer.
- Cash pickup services cost more but let you send money to someone without a bank account, though they must pick it up in person within a set time window.
- Exchange rates and fees vary by service and by country, so comparing three options before you send saves money on amounts over $500.
Wire transfers: the standard method your bank offers
A wire transfer is an electronic movement of money from your bank account to a foreign bank account. Your bank sends the money through the SWIFT network (Society for Worldwide Interbank Financial Telecommunication), which connects banks worldwide. The recipient's bank receives it and deposits it into their account. This method works to nearly every country and every bank, which is why it remains the standard for large transfers and formal payments.
To send a wire, you need to give your bank the recipient's full legal name, account number, the bank's SWIFT code or routing number, and the bank's address. Any mistake — a wrong digit in the account number, a misspelled name, or an incorrect SWIFT code — can send the money to the wrong account or cause the transfer to be rejected. Ask the recipient to confirm all details in writing before you initiate the transfer. Many banks now let you photograph or upload the recipient's bank statement or letter from their bank, which reduces the chance of error.
Wire transfers typically arrive in three to five business days, though some banks offer expedited wires that arrive in one to two days for an extra fee. Your bank will charge you $15 to $50 for the outgoing wire, and the recipient's bank may charge them a receiving fee of $10 to $25. The exchange rate your bank uses is usually 2 to 4 percent worse than the real market rate, which means you lose money on the conversion. For a $5,000 transfer, this markup can cost you $100 to $200.
Money transfer services: faster and cheaper for most amounts
Services like Wise, OFX, Remitly, and WorldRemit specialize in moving money across borders and typically cost less than banks. They use real mid-market exchange rates instead of the inflated rates banks explore, and their fees are transparent and lower — usually $2 to $15 for transfers under $1,000. Many offer same-day or next-day delivery instead of the three to five days a bank wire takes. For someone sending $2,000 to Europe or Asia regularly, a money transfer service saves hundreds of dollars per year compared to bank wires.
You set up an account online, enter the recipient's bank details, and fund the transfer from your bank account or debit card. The service converts your money at the real exchange rate, deducts their fee, and sends the remainder to the recipient's bank. Some services like Wise also let you hold money in multiple currencies and convert it yourself when rates are favorable. This is useful if you're sending money over time or if you want to wait for a better exchange rate before converting.
The trade-off is that money transfer services work best for amounts under $10,000 and to countries with established banking infrastructure. If you're sending to a remote area or a country with limited banking access, a traditional bank wire may be your only option. Check the service's coverage map before you start — not every service reaches every country, and some countries have restrictions on which banks can receive transfers from certain services.
Peer-to-peer apps and digital wallets
Apps like PayPal, Wise, and Remitly let you send money to someone's email address or phone number if they also have an account with the same service. This works well for smaller amounts to friends or family who are already set up. You don't need the recipient's bank details, and transfers often arrive within hours. The process is as straightforward as sending a text message, which makes it popular for regular, informal transfers between people who know each other.
The downside is that both you and the recipient must have accounts with the same app, and the recipient may need to verify their identity before they can receive money. Some apps limit how much you can send per transaction or per month, especially if your account is new. Fees are usually lower than wire transfers — often $1 to $5 — but the exchange rates are not always better than banks. If the recipient wants to move the money from the app to their bank account, they may face additional fees or delays.
These apps work best for regular, smaller transfers to people you know. If you're sending a large amount or to someone without a smartphone or internet access, a wire transfer or cash pickup service is more reliable. Some apps also restrict which countries they serve, so verify that the recipient's country is supported before you create an account.
Cash pickup services when the recipient has no bank account
MoneyGram, Western Union, and similar services let you send cash that the recipient picks up in person at a physical location. This is useful when the recipient doesn't have a bank account, doesn't trust banks, or lives in an area without reliable banking. You can send money online or in person at a retail location, and the recipient picks it up at a partner location in their country within a set time window (usually 30 to 90 days). This method reaches more countries and more remote areas than any other option.
Cash pickup services are more expensive than bank transfers or money transfer apps — fees typically run $10 to $30 for amounts under $1,000, and exchange rates are marked up 3 to 5 percent. The recipient must show a government-issued ID to pick up the money, and they must collect it before the hold expires or the money is returned to you. Some services also require the recipient to answer a security question you provide, which adds a layer of protection against theft.
These services are slower than digital transfers (usually one to three business days) but faster than bank wires. They're most useful for one-time transfers to people in countries with limited banking infrastructure or for recipients who prefer cash. If you're sending to a country where cash is the primary way people handle money, this is often the most practical choice.
What information you need from the recipient
Before you send money, get the recipient to provide their bank details in writing. For a bank wire or money transfer service, you need: their full legal name (exactly as it appears on their account), their bank account number, the bank's SWIFT code (for international transfers) or routing number, the bank's name and address, and the country where the account is held. Some services also ask for the recipient's date of birth or national ID number for verification purposes.
Some countries use different account formats. The United Kingdom uses sort codes instead of routing numbers. Canada uses transit numbers. Australia uses BSB codes. Ask the recipient which format their bank uses, or ask them to provide a bank statement or letter from their bank that shows all the details you need. Getting this wrong is the most common reason transfers fail or arrive in the wrong account. If the recipient is unsure, they can call their bank's customer service line and ask for the information needed to receive an international wire transfer.
For cash pickup services, you only need the recipient's full name and the country where they'll pick it up. For peer-to-peer apps, you need their email address or phone number associated with their account. Always double-check spelling and numbers before you send — a single digit wrong in an account number can route money to a stranger's account.
Comparing costs and timing across methods
| Method | Typical Fee | Typical Speed | Best For |
|---|---|---|---|
| Bank wire transfer | $15–$50 | 3–5 business days | Large amounts, any country, when you need a record |
| Money transfer service (Wise, OFX, Remitly) | $2–$15 | Same day to 2 days | Mid-sized amounts ($100–$10,000), established banking infrastructure |
| Peer-to-peer app (PayPal, Wise) | $1–$5 | Minutes to hours | Small amounts to people with the same app |
| Cash pickup (MoneyGram, Western Union) | $10–$30 | 1–3 business days | Recipients without bank accounts, one-time transfers |
The cheapest option for most transfers is a money transfer service, because they charge lower fees and use better exchange rates than banks. For amounts over $5,000, compare at least two services before you send — the difference in exchange rates can save you $50 to $200. For amounts under $500, the fee difference matters more than the exchange rate, so a peer-to-peer app or cash pickup service may be cheaper overall.
Speed also affects your choice. If the recipient needs the money within hours, a peer-to-peer app is your only option. If they can wait one to two days, a money transfer service saves you money. If time is not urgent and you're sending a large amount, a bank wire gives you a paper record and works to any bank, which matters if something goes wrong.
Frequently Asked Questions
How long does it actually take for money to arrive?
Bank wires take three to five business days because the money passes through multiple banks and clearing houses. Money transfer services are faster — often same-day or next-day — because they move money directly between their own accounts. Weekends and holidays add time to all methods. If you send on a Friday evening, don't expect the money to arrive until Tuesday or Wednesday.
What happens if I send money to the wrong account number?
If the account number doesn't exist or belongs to someone else, the receiving bank will reject the transfer and send the money back to your bank. This takes another three to five days. If the account number is close to a real account, the money might arrive in the wrong person's account, and you'll need to contact that bank and the recipient's bank to recover it — a process that can take weeks. Always verify the account number with the recipient before sending.
Can I cancel a transfer after I send it?
It depends on the method and how much time has passed. If you cancel a bank wire within a few hours of sending it, your bank may be able to stop it. Once the money reaches the recipient's bank, it's usually too late to cancel. Money transfer services often let you cancel within 24 hours if the money hasn't been picked up yet. Always ask the service or your bank about their cancellation policy before you send.
Do I need to report large international transfers to the government?
If you're a U.S. resident, transfers over $10,000 must be reported to the Financial Crimes Enforcement Network (FinCEN) through a Currency Transaction Report (CTR). Your bank files this automatically — you don't need to do anything. If you're sending money from another country, check your country's rules on reporting large transfers. This is a reporting requirement, not a restriction — you can send as much as you want, but large amounts trigger documentation.
What's the difference between a SWIFT code and a routing number?
A SWIFT code is an international bank identifier used for transfers between countries. A routing number is a U.S.-specific code used for domestic transfers. If you're sending to a bank outside the United States, you need the SWIFT code. If the recipient's bank is in the U.S., you may need the routing number instead. Ask the recipient which one their bank requires.