The basic steps for sending money internationally

To send money from a US bank account to someone overseas, you need four pieces of information: the recipient's full name, their bank account number, their bank's routing code (called a SWIFT code or IBAN depending on the country), and the amount you want to send. You then contact your US bank, provide these details, and they forward the money through a network of correspondent banks until it reaches the recipient's account abroad.

The process takes longer than a domestic transfer — usually three to five business days — because your money passes through multiple banks in different countries, each one verifying the information and taking a small fee. You will pay a fee to your US bank for initiating the transfer, and the recipient may pay a fee to their bank for receiving it. The exchange rate your bank uses is also typically higher than the real market rate, which means you lose a small percentage to the conversion.

Most US banks offer this service, but credit unions and smaller regional banks sometimes do not. If your bank does not handle international transfers, you can use a money transfer service like Western Union, MoneyGram, or a specialist company like Wise (formerly TransferWise), which often charges lower fees and uses better exchange rates.

Key Takeaways

  • You need the recipient's name, account number, and their bank's SWIFT code or IBAN before you start, so ask them to provide these details in writing.
  • International transfers take three to five business days and pass through multiple banks, each charging a fee along the way.
  • Your US bank will charge you a fee to send the money, and the recipient's bank may charge a fee to receive it.
  • The exchange rate your bank offers is usually worse than the real market rate, so compare rates between your bank and money transfer services before you send.
  • If your bank does not offer international transfers, money transfer services and online platforms can often send money faster and cheaper.

Getting the information you need from the recipient

Before you contact your bank, you must have the correct details from the person receiving the money. Ask them to provide their full legal name exactly as it appears on their bank account, their account number, and their bank's SWIFT code (an eight or eleven-character code that identifies their bank internationally) or IBAN (International Bank Account Number, which is longer and used mainly in Europe and some other regions).

The recipient should get this information from their bank's website, by calling their bank, or by looking at a recent bank statement. If they give you incorrect information — a misspelled name, a wrong account number, or a SWIFT code for the wrong branch — the money may be rejected or sent to the wrong account. Ask them to double-check before you proceed.

Some countries use different systems. For example, many banks in India use IFSC codes instead of SWIFT codes, and some countries require additional information like a bank branch code. If you are unsure what your recipient's country uses, ask their bank directly or tell your US bank the country and let them advise you on what information to collect.

How to initiate the transfer through your US bank

Contact your bank by phone, in person, or through their online banking portal and ask to set up an international wire transfer. Some banks call this a "SWIFT transfer" or "international wire." Tell them the amount you want to send, the recipient's country, and provide all the information you collected from the recipient.

Your bank will ask you to confirm the details in writing — either by signing a form in person or by authorizing the transfer through your online account. This is a security step to prevent fraud. Once you authorize it, the bank will deduct the money from your account when ready, including their fee, and send it on its way.

Ask your bank for a reference number or confirmation number before you hang up or close the browser. This number lets you track the transfer and proves you sent it if there is ever a dispute. Your bank should also tell you their fee upfront and the exchange rate they are using, so you know exactly how much money will arrive on the other end.

Understanding fees and exchange rates

Your US bank typically charges between $15 and $50 to send an international transfer, depending on the bank and the amount. The recipient's bank may charge a separate fee to receive it, usually between $5 and $25, though some banks do not charge receiving fees. These fees come out of the money that arrives, so if you send $1,000 and both banks charge $20, the recipient gets less than $1,000.

The exchange rate is where most people lose money without realizing it. Banks do not use the real market exchange rate — they add a markup, usually between 1 and 3 percent. If the real rate is 1 USD = 83 Indian Rupees, your bank might offer 1 USD = 80 Indian Rupees, keeping the difference. Money transfer services like Wise typically charge lower markups and sometimes charge a flat fee instead of a percentage, which can save you money on larger transfers.

Before you send, ask your bank for a quote that shows the exact fee, the exchange rate they will use, and the amount the recipient will receive. Then compare that to what a money transfer service would charge. For amounts under $500, the difference may be small, but for larger amounts, shopping around can save you significantly.

What happens after you send the money

Once your bank sends the transfer, it enters a system of correspondent banks — banks in other countries that work together to move money across borders. Your bank sends it to a bank in an intermediate country, which sends it to a bank in the recipient's country, which finally delivers it to the recipient's local bank. Each step takes time and each bank verifies the information.

You can track the transfer using the reference number your bank gave you. Call your bank or log into your online account and ask for the status. They can tell you whether it has been sent, received by the first correspondent bank, or delivered to the recipient's bank. Once it reaches the recipient's bank, it usually appears in their account within one business day, though some banks take longer to process incoming transfers.

If the transfer does not arrive within five business days, contact your bank when ready with your reference number. They can investigate where the money is and whether it was rejected or sent to the wrong account. If there was an error in the recipient's information, your bank may be able to recall the transfer, though this is not always possible.

Alternatives to bank transfers

If your bank charges high fees or offers a poor exchange rate, or if you need the money to arrive faster, consider a money transfer service. Companies like Wise, OFX, and Remitly specialize in international transfers and often charge lower fees and offer better exchange rates than banks. Some of these services also deliver money faster — sometimes within one business day instead of three to five.

Money transfer services work differently from banks. You create an account online, provide the recipient's information, and authorize the transfer through the website or app. The money is deducted from your US bank account and sent through their network instead of your bank's network. You can usually see the exact fee and exchange rate before you confirm, so there are no surprises.

The tradeoff is that money transfer services may have limits on how much you can send at once, especially if you are new to the service. Banks typically do not have these limits. For regular, large transfers, a bank may be more convenient, but for one-time transfers or smaller amounts, a money transfer service often costs less.

Special situations and common problems

If the recipient's bank rejects the transfer because of incorrect information, your bank will send the money back to your account, usually within one to two weeks. You will not get the fee back, so you lose money on a rejected transfer. This is why confirming the recipient's details is so important.

Some countries have restrictions on how much money can be sent in or out without reporting to the government. The US requires banks to report transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN), but this is a reporting requirement, not a prohibition — you can still send the money. The recipient's country may have its own limits or reporting requirements, so if you are sending a large amount, ask your bank whether there are any restrictions.

If you are sending money to help someone in a country experiencing a financial crisis or sanctions, check whether the US government has restrictions on transfers to that country. Your bank will refuse the transfer if it violates US law. This is rare for most countries, but it is worth asking your bank if you are unsure.

Frequently Asked Questions

How long does an international bank transfer actually take?

Most transfers take three to five business days from the time your bank sends them. The exact timing depends on the recipient's country and bank — some countries have slower banking systems than others. Money transfer services sometimes deliver faster, sometimes within one business day, but this depends on the service and the destination country.

Can I send money to a country where I don't have a bank account?

Yes. You send money from your US bank account to someone else's bank account in another country. You do not need to have an account there yourself. You just need the recipient's account information and their bank's SWIFT code or IBAN.

What if I made a mistake and sent money to the wrong account?

Contact your bank when ready with your reference number. If the transfer has not been delivered yet, they may be able to stop it. If it has already arrived in the recipient's bank, your bank can ask that bank to return it, but the recipient's bank is not required to comply. This is why confirming the details before you send is critical.

Is it cheaper to send cash through the mail or use a money transfer service?

Sending physical cash through the mail is risky — it can be lost or stolen — and is not insured. A money transfer service or bank transfer is safer and usually costs less than the risk you take mailing cash. For small amounts, the fee may seem high, but the safety is worth it.

Do I need to report international transfers to the IRS?

Sending money to someone else is not reportable to the IRS. If you are sending money as a gift, there is no tax consequence for you or the recipient. If you are sending money as payment for goods or services, that may have tax implications depending on your situation — consult a tax professional if you are unsure.