How international bank transfers work
An international bank transfer moves money from your account in one country to a recipient's account in another. Your bank sends the funds through a network of correspondent banks—intermediaries that handle the currency conversion and routing. The money does not travel as physical cash; instead, banks exchange electronic instructions and settle the actual funds through accounts they hold with each other.
The process takes longer than a domestic transfer because each bank in the chain must verify the payment, convert currency if needed, and confirm receipt. A transfer that would clear in one business day domestically typically takes three to five business days internationally, though some routes are faster. You will need the recipient's full name, bank account number, bank name, and the bank's routing code—called a SWIFT code or IBAN depending on the country.
Key Takeaways
- You need the recipient's SWIFT code (for most countries) or IBAN (for Europe and some others) plus their full account number and bank name before you start.
- International transfers cost between $15 and $50 per transaction at most banks, plus a currency conversion fee that varies by institution.
- The transfer typically takes three to five business days, but weekend and holiday delays are common and add time.
- Your bank will give you a reference number when you send the money; keep it in case the transfer goes wrong or the recipient does not receive it.
- Specialist money transfer services like Wise or OFX often charge less than banks for smaller amounts, though they work differently than your bank account.
What information you need before you start
Gather these details from the recipient before you contact your bank. Missing or incorrect information is the most common reason transfers fail or get delayed.
Recipient's full name: Must match exactly as it appears on their bank account. If their account is under "Maria Garcia Lopez" and you send it to "Maria Garcia," the bank may reject it.
Bank account number: In the United States, this is usually a nine-digit routing number plus a checking or savings account number. In other countries, the format varies—the UK uses a six-digit sort code plus account number, while Europe uses an IBAN (International Bank Account Number) that can be 15 to 34 characters long.
SWIFT code or IBAN: A SWIFT code is a four-to-eight-character code that identifies the specific bank branch. An IBAN is a longer standardized account number used mainly in Europe, the Middle East, and some other regions. You need one or the other, not both. Ask the recipient which their bank uses, or check their bank's website.
Bank name and address: Some banks require the full address of the branch where the account is held. This is less common now, but some older systems still ask for it.
If you are unsure whether you have the right information, ask the recipient to provide a bank statement or screenshot showing their account details. Do not guess or abbreviate.
How to send the transfer through your bank
Log into your bank's online portal or mobile app and look for "International Transfer," "Wire Transfer," or "Send Money Abroad." The exact name varies by bank. If you cannot find it online, you can also visit a branch or call the international transfer department.
You will be asked to enter the recipient's details, the amount, and the currency. Your bank will then show you the exchange rate it is using and the total fees. Read this carefully—the exchange rate your bank offers is often worse than the mid-market rate (the real rate between currencies), and the difference is how the bank makes money on the transfer.
After you confirm, your bank will give you a reference number or tracking code. Write this down or take a screenshot. This is your proof that you sent the money, and you will need it if something goes wrong.
The money will leave your account when ready or within one business day, depending on your bank. The recipient's bank will receive it within three to five business days. During that time, you cannot cancel the transfer—it is already in the system. Some banks allow you to cancel within a short window (usually a few hours), but once it passes, the money is gone.
Fees and exchange rates you will pay
Your bank charges a flat fee for the transfer itself, usually between $15 and $50. Some banks charge more for larger amounts or for transfers to certain countries. You will also pay a currency conversion fee, which is built into the exchange rate your bank quotes you. If the mid-market rate is 1 USD = 0.92 EUR, your bank might offer you 1 USD = 0.88 EUR, keeping the difference.
The total cost depends on the amount you send and your bank. A $500 transfer might cost $25 in fees plus $10 in currency markup. A $5,000 transfer might cost $40 in fees plus $50 in currency markup. There is no way to know the exact amount until you enter the details into your bank's system and see the quote.
Some banks offer better rates if you are a premium customer or if you send money regularly. Ask your bank whether you may have access to for a better rate or whether they have a partnership with banks in the country you are sending to.
What to do if the money does not arrive
If the recipient says they have not received the money after five business days, contact your bank when ready with your reference number. Your bank can trace the transfer and find out where it is stuck. Common reasons include a typo in the account number, a mismatch between the recipient's name and their account, or a delay at the receiving bank.
If the receiving bank rejected the transfer, your bank will send the money back to your account. This can take another three to five business days. You will not lose the money, but you will lose time and may lose money to the fees you already paid (most banks do not refund the outgoing fee, though some do refund the incoming fee if the transfer failed).
If the money was sent to the wrong account because you provided incorrect information, recovery is much harder. The receiving bank is not obligated to return it, and you may have to contact the account holder directly and ask them to send it back. This is why verifying the recipient's details is critical.
Alternatives to your bank: Money transfer services
Services like Wise, OFX, Remitly, and MoneyGram offer international transfers outside the traditional banking system. They often charge lower fees and offer better exchange rates than banks, especially for smaller amounts under $5,000.
These services work differently than your bank. You create an account with them, transfer money from your bank account to them, and they send it to the recipient's bank. The process takes the same amount of time overall, but the fees are usually transparent and lower. Wise, for example, charges a small percentage of the amount you send plus a fixed fee, and shows you the exact mid-market rate.
The trade-off is that you are trusting a third party with your money for a few hours or days. These services are regulated in most countries, but they are not banks and do not have the same protections. For most people, the lower cost makes this worth it, but if you are uncomfortable with the extra step, your bank is always an option.
Timing and what to tell the recipient
Tell the recipient that the money is coming and give them a realistic timeline: three to five business days is standard, but weekends and holidays add time. If you send money on a Friday afternoon, it may not arrive until the following Wednesday or Thursday.
Give the recipient your reference number so they can check with their bank if needed. Some banks allow the recipient to look up incoming transfers by the sender's name and amount, but not all. The reference number is more reliable.
If the recipient's bank asks for proof that the money is coming, you can forward them your bank's confirmation email or a screenshot of the transfer details. This is rare, but it happens with larger amounts or in countries with stricter banking rules.
Frequently Asked Questions
Can I cancel an international transfer after I send it?
Most banks allow you to cancel within a few hours of sending, but once that window closes, the transfer cannot be stopped. The money is already in the system and will reach the recipient's bank. If you need to cancel, contact your bank when ready with your reference number and ask whether you are still within the cancellation window.
Why does the exchange rate my bank offers look worse than the one I see online?
The rate you see online is usually the mid-market rate—the real rate between banks. Your bank adds a markup to that rate, which is how they make money on the transfer. The markup is typically 1 to 3 percent, but it varies by bank and by currency pair. Money transfer services usually have a smaller markup, which is why they are often cheaper.
What if I send money to the wrong account by mistake?
Contact your bank when ready. If the transfer has not yet been processed, your bank may be able to stop it. If it has already been sent, your bank can ask the receiving bank to return it, but the receiving bank is not required to do so. If the money went to someone else's account, you may have to contact that person directly and ask them to return it, which is difficult and not always successful.
Do I need to report international transfers to the government?
In the United States, banks report transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN). This is automatic and does not mean you have done anything wrong—it is a standard reporting requirement. If you are sending money regularly, your bank may ask you to explain the purpose. Be honest: "supporting family," "paying for education," or "business payment" are all normal reasons.
Is it cheaper to send cash or use a wire transfer?
A wire transfer through your bank is usually cheaper and safer than carrying cash or using informal money transfer methods. Wire transfers are tracked, insured, and reversible if something goes wrong. Cash is not. For amounts over $1,000, a wire transfer is almost always the better choice.