The main routes: wire transfer, online money transfer service, or your bank's international payment option

You have three practical ways to move money across borders. A wire transfer through your bank moves money directly from your account to the recipient's bank account, usually within one to three business days. An online money transfer service like Wise, OFX, or Remitly handles the conversion and deposit for you, often at a better exchange rate than your bank charges. Your bank's own international payment service (sometimes called SWIFT payments or international ACH) sits between the two—faster than a traditional wire but usually more expensive than a dedicated transfer service.

The choice depends on three things: how much you're sending, how fast you need it there, and whether you care about the exchange rate. Wire transfers are reliable but expensive. Transfer services are cheaper but may take longer. Your bank's option is convenient if you're already there, but rarely the best deal on either speed or cost.

Before you choose, you'll need the recipient's bank details. Ask them for their full name, bank name, account number, and the bank's SWIFT code (an eight or eleven-character code that identifies the bank internationally). Some countries also require an IBAN (International Bank Account Number), which is a standardized format for the account number. Without these details, nothing moves.

Key Takeaways

  • Wire transfers through your bank are reliable but charge $15 to $50 per transfer plus unfavorable exchange rates; they typically arrive in one to three business days.
  • Online transfer services like Wise and OFX usually offer better exchange rates and lower fees ($2 to $15) but may take one to five business days depending on the destination country.
  • You must have the recipient's SWIFT code, account number, and full name before initiating any transfer; ask them directly rather than guessing.
  • The exchange rate you receive varies by service and changes throughout the day; locking in a rate before you send protects you from currency swings.
  • Some countries have restrictions on incoming transfers or require additional documentation; check with the recipient's bank before sending.

Wire transfers: what your bank charges and how long they take

A wire transfer is the traditional method. You go to your bank (or log into online banking), provide the recipient's bank details, specify the amount, and your bank sends it directly to their bank via the SWIFT network. The money leaves your account when ready, but arrival at the destination bank takes one to three business days depending on time zones and the receiving bank's processing speed.

Costs vary by bank. Most U.S. banks charge between $15 and $50 per outgoing international wire. On top of that, your bank applies its own exchange rate, which is typically 1 to 3 percent worse than the real market rate—meaning you lose money on the conversion before the recipient even sees the funds. If you're sending $1,000 to Europe, you might pay $30 in fees plus lose $20 to $30 on the exchange rate.

Wire transfers are useful when speed matters and the amount is large enough that the fee doesn't sting as much. They're also the most reliable method—once sent, the money almost always arrives. But for routine transfers under $5,000, the cost usually makes them the worst option.

Online transfer services: lower fees and better rates, but slower in some cases

Services like Wise, OFX, Remitly, and MoneyGram offer a different model. You create an account, enter the recipient's bank details, and the service handles the currency conversion and deposit. Fees are typically $2 to $15 depending on the amount and destination. More importantly, they use real market exchange rates or rates very close to them—you lose far less money on the conversion than you would with a bank wire.

The trade-off is speed. Most transfers take one to five business days, depending on the destination country and the receiving bank's processing time. Some services offer faster options (sometimes same-day or next-day) for an additional fee. Wise, for example, often delivers within hours to major European and Asian banks, but slower to smaller banks or less common destinations.

These services work best for amounts under $10,000 and when you're not in a rush. They're also useful if you send money regularly—many let you set up standing orders or save recipient details so future transfers are faster. The downside is that you're trusting a third-party company with your money for a few days, though all major services are regulated and insured.

Your bank's international payment option: convenient but usually expensive

Many banks now offer their own international payment services through their app or website, separate from a traditional wire transfer. These sit somewhere between a wire and a transfer service—they may offer slightly better rates than a wire but charge more than Wise or OFX. Delivery is usually one to two business days.

The advantage is convenience: you're already logged into your bank, you don't need to create another account, and the money comes from your existing account. The disadvantage is cost and rate. You'll typically pay $10 to $30 in fees and still lose money on the exchange rate, though not as badly as a wire transfer.

Check your bank's website or app for "international transfers," "global payments," or "send money abroad." Compare the fee and the exchange rate they quote against what Wise or OFX would charge for the same transfer. Often you'll find the transfer service is cheaper, even after accounting for the extra day or two.

What information you need before you send anything

The recipient must give you their bank details in writing. Do not guess or assume. Ask them to provide:

  • Their full legal name (exactly as it appears on their bank account)
  • Their bank account number
  • Their bank's name and location (city and country)
  • The bank's SWIFT code (eight or eleven characters; your recipient can find this on their bank statement or by asking their bank)
  • The IBAN if the country uses one (most European, Middle Eastern, and some Asian banks do)

If any detail is wrong—especially the account number or SWIFT code—the money may be rejected and returned to you, which takes another few days. Some banks will attempt to correct minor errors, but you cannot rely on that. Confirm the details with the recipient before you send.

Some countries also require additional information, such as a reason for the transfer or proof of the recipient's identity. The transfer service or your bank will tell you if this applies. If the destination country has capital controls or restrictions on foreign transfers, the receiving bank may reject the payment or ask for documentation. Again, this is rare for routine personal transfers, but it happens.

Exchange rates: what you actually receive versus what you send

The exchange rate is where most people lose money without realizing it. The real market rate (called the mid-market rate) changes throughout the day. Your bank or transfer service does not use that rate—they explore a markup, which is how they make money on the conversion.

A bank wire typically marks up the rate by 1 to 3 percent. A transfer service marks it up by 0.5 to 1.5 percent. If you're sending $1,000 USD to GBP and the mid-market rate is 1.27, your bank might give you 1.24 (a 2.4 percent markup), while Wise might give you 1.265 (a 0.4 percent markup). Over $1,000, that's a $30 difference in your recipient's pocket.

Before you send, ask the service what rate they're quoting and lock it in if possible. Most transfer services let you lock a rate for 24 to 48 hours, which protects you if the market moves against you. Your bank may not offer this—they may explore the rate only when the transfer actually processes, which could be days later.

Timing: when the money leaves your account and when it arrives

The timeline has two parts: when your money leaves your account, and when it arrives at the recipient's bank.

Money leaves your account when ready for wire transfers and most transfer services. You'll see the debit in your account within hours. The recipient's bank receives it one to five business days later, depending on the method and destination. Business days exclude weekends and holidays, so a transfer initiated on Friday may not arrive until Wednesday.

Some transfer services offer expedited options that cost more but arrive faster—sometimes same-day or next-day to major banks. Your bank's wire transfer is usually the fastest option for arrival, but not always; some receiving banks process wires slowly.

If the transfer is urgent, tell the recipient when you're sending it and ask them to check with their bank about expected arrival. Do not assume it will be there by a specific time; give yourself a buffer of at least one extra business day.

Frequently Asked Questions

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

The receiving bank will usually reject the transfer and return it to you, which takes another few days. In rare cases, the money may be deposited to the wrong account, and you'll have to contact the receiving bank to recover it. Always confirm the account number with the recipient before sending.

Can I send money to a country with restrictions on foreign transfers?

Some countries restrict incoming transfers or require documentation. Your bank or transfer service will tell you if the destination is restricted. If it is, they may ask for proof of the transfer's purpose or the recipient's identity. Contact your bank or service before sending to confirm what's required.

Is it cheaper to send a large amount or several small amounts?

One large transfer is almost always cheaper than multiple small ones, because you pay the fee once instead of multiple times. If you're sending $5,000, send it in one transfer rather than five $1,000 transfers.

What if the recipient's bank doesn't receive the money after a week?

Contact your bank or transfer service when ready with the transfer reference number (they give you this when you send). They can trace the payment and determine whether it's stuck in the system or was rejected. If rejected, it will be returned to your account within a few more days.

Do I need to report international transfers to the IRS or my tax authority?

That depends on your country and the amount. In the U.S., transfers over $10,000 may trigger reporting requirements. Consult a tax professional or your country's tax authority for rules that explore to you.