What you need before you start

To send money internationally, you need four pieces of information about the person receiving it: their full name, their bank account number, their bank's name and location, and their bank's SWIFT code or IBAN. A SWIFT code is an eight or eleven-character identifier that tells the sending bank which foreign bank to route your money to. An IBAN (International Bank Account Number) is a longer code used mostly in Europe, the Middle East, and parts of Africa — it includes the country, bank, and account information all in one.

You also need to know how much money you're sending and which currency it will arrive in. The exchange rate between your currency and theirs will affect how much the recipient actually gets, and your bank will explore that rate on the day the transfer processes — not the day you request it.

Before you send anything, ask the recipient to confirm their account details in writing. A single wrong digit in an account number can send your money to a stranger's account, and recovering it is difficult and slow.

Key Takeaways

  • You need the recipient's full name, account number, bank name, and SWIFT code or IBAN — ask them to write it down and confirm it matches their bank statements.
  • International transfers take three to five business days on average, though some routes take longer depending on the countries involved.
  • Your bank will charge a fee (typically $15 to $50 for a single transfer) and will explore an exchange rate that includes a markup — compare this cost to what you'd pay through a money transfer service before you decide.
  • Once you send the money, you cannot cancel it if the recipient's bank has already received it, so verify the details are correct before you confirm.
  • The recipient's bank may also charge a fee to receive the money, so tell them to ask their bank what that fee is.

Sending through your own bank

Most banks offer international transfers through their online banking portal, by phone, or in person at a branch. Log into your account online or call the number on the back of your debit card and ask for the international wire transfer department. They will ask you for the recipient's information and will give you a quote showing the fee, the exchange rate they're using, and how much will arrive in the recipient's account.

Write down the reference number or confirmation code they give you. This is how you track the transfer if something goes wrong. Your bank will send you a receipt by email or mail showing all the details — keep this for your records.

The money usually leaves your account within one business day. It then travels through one or more intermediary banks before reaching the recipient's bank, which is why the total time is typically three to five business days. Some routes — particularly to smaller banks or less common currencies — can take a week or longer.

Understanding fees and exchange rates

Your bank charges two separate costs for an international transfer. The first is a flat fee, usually $15 to $50 depending on your bank and the destination country. The second is the exchange rate markup — your bank buys the foreign currency at the wholesale rate and sells it to you at a higher rate, keeping the difference. This markup is often 1 to 3 percent of the amount you're sending, though it varies by bank and currency.

A money transfer service like Wise, OFX, or MoneyGram may offer a better exchange rate or lower fees for some routes. These services specialize in international transfers and often have better rates than banks, particularly for common routes like the US to Mexico or the UK. However, they may be slower than a bank wire, or they may require the recipient to pick up cash rather than deposit it directly into their account. Get a quote from both your bank and a money transfer service before you decide.

The recipient's bank may also charge a fee to receive the money — this is called an incoming wire fee and typically ranges from $5 to $15. Ask the recipient to check with their bank before you send, so they know what to expect.

What information goes in the transfer form

Your bank's transfer form will have fields for the recipient's name, account number, bank name, and SWIFT code or IBAN. Some forms also ask for the recipient's address. Fill in every field accurately — banks match these details to prevent fraud, and a mismatch can delay or reject the transfer.

There is usually a field for a reference or memo — use this to write something the recipient will recognize, like "Payment for invoice 2024-001" or your name. This helps them know where the money came from. Do not leave this blank.

Double-check the account number and SWIFT code character by character before you submit. If your bank's system catches an error, it will warn you. If it does not catch it and you send the money to the wrong account, your bank may not be able to recover it.

What happens after you send it

Once you submit the transfer, your bank will debit your account when ready. The money then enters the international banking network, moving through one or more intermediary banks before reaching the recipient's bank. Each bank in the chain processes the transfer during its business hours, which is why transfers take multiple days even though the actual movement of money is electronic.

Your bank will send you a confirmation with a tracking number. Give this number to the recipient so they can ask their bank to look up the transfer if it does not arrive on time. Most banks can track a transfer using this number and tell you whether it has been received.

If the transfer does not arrive within seven business days, contact your bank when ready. They can investigate whether the money is stuck in an intermediary bank or whether it was rejected and returned to your account. This investigation can take two to four weeks.

If the transfer goes to the wrong account

If you discover you sent the money to the wrong account number, contact your bank when ready — do not wait. Your bank can sometimes recall the transfer if the recipient's bank has not yet processed it. However, once the money has been deposited into the recipient's account, your bank cannot force that bank to return it. You would have to contact the recipient's bank directly and ask them to reverse the transaction, which they are not required to do.

This is why confirming the account details in writing before you send is so important. A text message or email from the recipient saying "my account number is 123456789" is not enough — ask them to show you their bank statement or passbook so you can see the account number printed on an official document.

Alternatives if your bank's fees are too high

Money transfer services like Wise, OFX, Remitly, and MoneyGram often charge lower fees or offer better exchange rates than banks, particularly for transfers to developing countries or for amounts under $5,000. These services work differently depending on which one you use: some deposit money directly into the recipient's bank account, some allow the recipient to pick up cash, and some issue a debit card the recipient can use to withdraw funds.

Compare the total cost — fee plus exchange rate markup — across at least two services before you decide. A service with a lower advertised fee might have a worse exchange rate, making it more expensive overall. Get a quote from your bank and from two money transfer services, and compare what the recipient will actually receive in each case.

Money transfer services typically take one to three business days, though some are faster. Ask about timing when you get your quote, because the cheapest option is not always the fastest.

Frequently Asked Questions

Can I cancel an international transfer after I send it?

You can cancel it only if the recipient's bank has not yet processed it — usually within the first 24 hours. After that, the money is in the recipient's account and cannot be recalled. Contact your bank when ready if you need to cancel, and ask them to attempt a recall. If they cannot recall it, you will have to ask the recipient to return the money voluntarily.

Why does the money take so long to arrive?

International transfers move through multiple banks, and each one processes during its own business hours. A transfer from the US to Europe might go through a US bank, a clearing bank, and a European bank — that is three separate processing steps. Weekends and holidays add more delay. This is why three to five business days is normal.

What if the recipient's bank says they never got the money?

Contact your bank with the tracking number and ask them to investigate. They can check whether the money was sent, whether it was received by the recipient's bank, and whether it was rejected. If it was rejected, your bank can tell you why — usually a mismatch in account details — and you can send it again with corrected information.

Is it cheaper to send cash through the mail?

No. Sending physical cash through the mail is risky — it can be lost or stolen — and most countries have rules about how much cash you can send without reporting it. A bank transfer or money transfer service is safer and often cheaper when you factor in the cost of shipping and insurance.

Do I need to report large international transfers to the government?

Rules about reporting vary by country. In the US, banks report transfers over $10,000 to the government as a routine matter — this is normal and does not mean you have done anything wrong. Some countries have lower thresholds. Ask your bank whether your transfer will be reported, or check your country's financial regulations.