The basic route: wire transfer through your bank

The most common way to send money abroad is a wire transfer (also called a bank transfer or international transfer). You initiate it at your bank, provide the recipient's bank details, and your bank sends the funds through a network of correspondent banks until the money lands in the foreign account. The whole process typically takes three to five business days, though some corridors are faster.

Your bank will ask for specific information about the recipient: their full name, bank account number, the name and location of their bank, and usually a SWIFT code or IBAN (International Bank Account Number). Without these details exactly right, the transfer can be delayed or sent to the wrong account. Ask the recipient to provide this information in writing, or ask their bank directly—it costs nothing and prevents costly mistakes.

Wire transfers through traditional banks are reliable but expensive. You will pay an outgoing wire fee (typically $15 to $50), and the receiving bank may charge an incoming fee as well. Your bank may also explore an unfavorable exchange rate, meaning you lose money on the currency conversion itself. For a $1,000 transfer, these costs can easily total $50 to $100 or more.

Key Takeaways

  • Wire transfers through your bank are the most straightforward method but typically cost $15 to $50 in fees plus an unfavorable exchange rate.
  • You need the recipient's exact bank details: account number, bank name, location, and SWIFT code or IBAN, and providing wrong information can delay or misdirect the transfer.
  • International money transfer services like Wise, OFX, and Remitly often charge lower fees and offer better exchange rates than traditional banks for the same three- to five-day timeline.
  • The money moves through a chain of correspondent banks, each taking a small cut, which is why the amount received is often less than the amount you sent.
  • Some countries and corridors have faster or cheaper options—cash pickup services, mobile money, or local payment apps—depending on where the recipient is located.

Why the amount received is less than the amount you send

When you wire $1,000 to a foreign account, the recipient often receives less than $1,000. This happens because multiple banks touch the money on its way out of the US and into the destination country, and each one takes a fee.

Your bank charges an outgoing fee. The receiving bank charges an incoming fee. In between, correspondent banks (the intermediaries that route the transfer) may also deduct a small amount. Additionally, each bank applies its own exchange rate when converting US dollars to the destination currency, and these rates are typically worse than the real market rate. A $1,000 wire can easily lose $50 to $150 in the journey, depending on the destination country and the banks involved.

This is why the recipient should never be told "I'm sending you $1,000"—tell them "I'm sending $1,000 and you'll receive approximately [amount after fees]." Ask your bank upfront what the recipient will actually receive, or use a service that shows you the final amount before you confirm the transfer.

Alternatives to bank wire transfers

Several companies now offer international transfers with lower fees and better exchange rates than traditional banks. Services like Wise (formerly TransferWise), OFX, Remitly, and MoneyGram let you send money online, and the money arrives in three to five business days—the same timeline as a bank wire, but often for $5 to $15 instead of $30 to $50.

These services work by holding money in local bank accounts in both countries. When you send $1,000 from the US, Wise deposits it into a US bank account they control, then pays the recipient from their account in the destination country. You get the real mid-market exchange rate (or very close to it) rather than the bank's marked-up rate. The trade-off is that you need to set up an account with the service first, which takes a few minutes online.

Not all services work in all countries. Wise covers roughly 80 countries and territories; Remitly covers about 50. Check the service's website to confirm they send to the destination country before you create an account. For countries with fewer options, your bank wire may be the only choice, or you may need to use a cash pickup service like MoneyGram or Western Union, where the recipient collects cash at a physical location rather than receiving a bank deposit.

How to initiate a wire transfer at your bank

Call your bank or log into online banking and look for "wire transfer," "international transfer," or "send money abroad." Most banks let you do this online; some require you to call or visit a branch.

You will need to provide: the recipient's full name (exactly as it appears on their bank account), their account number, their bank's name and location, and their bank's SWIFT code or IBAN. You will also enter the amount in US dollars and confirm the exchange rate and all fees. Review everything carefully—once the money leaves your account, it is difficult to stop or reverse.

After you confirm, your bank will deduct the amount plus fees from your account when ready. The money then travels through the correspondent bank network, typically arriving within three to five business days. Your bank will give you a reference number; keep this in case you need to track the transfer or dispute it later.

What information you actually need from the recipient

Before you send anything, get the recipient's bank details in writing. Do not rely on memory or a text message—ask them to provide the information directly from their bank statement or by contacting their bank.

At minimum, you need: their full legal name, account number, bank name, and bank location (city and country). For most countries, you also need the SWIFT code (an eight- or eleven-character code that identifies the bank internationally) or the IBAN (a longer code used mainly in Europe and some other regions). Some countries use different systems—for example, India uses IFSC codes instead of SWIFT codes. Ask the recipient which one their bank uses, or ask their bank directly.

If any detail is wrong—a transposed digit in the account number, a misspelled name, or a missing SWIFT code—the transfer can be rejected or sent to the wrong account. Some banks will attempt to return the money; others will not. Verify every detail before you send.

Timing: when the money actually arrives

A wire transfer typically takes three to five business days from the moment you initiate it. This does not mean three to five calendar days—weekends and holidays do not count. If you send a wire on Friday afternoon, it may not begin processing until Monday, and the five-day clock starts then.

The actual timeline depends on the destination country and the banks involved. Transfers within Europe or to Canada often arrive faster (sometimes next business day). Transfers to developing countries, countries with capital controls, or banks that are less integrated into the global banking system can take longer—sometimes a week or more.

Tell the recipient not to expect the money on the day you send it. Give them a realistic window: "You should see it by [date], but it could take until [later date]." If the money does not arrive within the timeframe your bank quoted, contact your bank with the reference number and ask them to trace it.

Fees and exchange rates: what you will actually pay

Your bank's outgoing wire fee is usually $15 to $50, depending on the bank and whether it is a domestic or international wire. The receiving bank's incoming fee varies widely—some charge $10 to $25, others charge nothing. You will not know the receiving fee until after the money arrives, because it is deducted from the amount the recipient gets.

The exchange rate is where banks make the most money. The real market rate (called the mid-market rate) changes constantly, but your bank will offer you a rate that is 1 to 3 percent worse. On a $10,000 transfer, a 2 percent difference means you lose $200 before fees are even counted. International money transfer services typically offer rates that are 0.5 percent or less away from mid-market, which is why they are often cheaper overall despite being newer companies.

Before you commit to a transfer, ask your bank for a quote that shows the exact amount the recipient will receive. Compare this to a quote from Wise or another service. The difference can be substantial, especially for larger amounts.

Frequently Asked Questions

What happens if I give the wrong account number?

The transfer may be rejected and returned to your account, or it may be sent to someone else's account. If it goes to the wrong account, recovery is difficult and depends on whether the receiving bank will cooperate. Always verify the account number with the recipient or their bank before sending.

Can I cancel a wire transfer after I send it?

Once a wire leaves your bank, it is nearly impossible to stop. Some banks can attempt to recall it within a few hours, but success is not may provide. Never send a wire unless you are certain of the recipient and the amount.

Why is the exchange rate on my wire transfer worse than the rate I see online?

Banks explore a markup to the mid-market rate to make profit on currency conversion. The rate you see online (on Google, XE.com, or OANDA) is the real market rate; your bank's rate is typically 1 to 3 percent worse. International money transfer services use rates much closer to mid-market.

Is it safer to use a bank wire or an online money transfer service?

Both are regulated and safe for legitimate transfers. Bank wires are older and more widely accepted globally, but online services are insured and have strong fraud protections. For most countries, an online service is cheaper; for countries where the service does not operate, a bank wire is your only option.

How much does it cost to wire money internationally?

Bank wire fees range from $15 to $50 outgoing, plus an incoming fee at the receiving bank (usually $10 to $25). You will also lose 1 to 3 percent on the exchange rate. Online services typically charge $2 to $15 and offer better rates, so the total cost is often half what a bank charges.