The main routes depend on where your money is and where it needs to go

Moving money from a foreign bank account to the US (or between foreign accounts) works through a handful of distinct channels, each with different costs, speed, and documentation requirements. The fastest and cheapest option for you depends on the amount, the countries involved, and whether your banks are set up for international transfers. A wire transfer through your bank's SWIFT system is the most common route for larger amounts. Money transfer services like Wise, OFX, or Remitly work well for smaller sums and often charge less. Direct bank-to-bank transfers are possible if both institutions have a relationship, but this is less common than it used to be.

Before you move money, understand that your sending bank will ask for proof of where the money came from—employment income, savings, a business account, an inheritance. This is standard anti-money-laundering procedure, not a sign of suspicion. The receiving bank (if you're moving to a US account) will also verify your identity. Both processes add time but are non-negotiable.

Key Takeaways

  • Wire transfers through SWIFT are standard for amounts over $5,000 but typically cost $15 to $50 and take three to five business days.
  • Money transfer services like Wise and OFX often charge lower fees (1 to 3 percent) for mid-range amounts but may have daily or monthly limits.
  • Your sending bank will ask for documentation of the money's source, and your receiving bank will verify your identity before accepting the transfer.
  • Exchange rates vary significantly by provider—using your bank's rate can cost you 2 to 4 percent more than using a specialist service.
  • International transfers take three to seven business days on average, not including weekends or holidays in either country.

Wire transfers: the standard method for larger amounts

A wire transfer moves money through the SWIFT network, which connects banks worldwide. To send a wire from your foreign bank, you'll need the receiving bank's SWIFT code (an eight or eleven-character identifier), the receiving account number, and the account holder's name exactly as it appears on the account. If you're sending to a US bank, you may also need a routing number. Ask your bank for the exact information format they require—some banks want the receiving bank's address as well.

Wire transfers typically cost between $15 and $50 depending on your bank and the destination country. The money usually arrives in three to five business days, though this varies by country and by whether either bank is observing a holiday. Your bank will give you a reference number when you send the wire; keep this for your records. Once a wire leaves your account, it cannot be stopped or reversed, so verify all details before you confirm.

The exchange rate your bank applies to a wire transfer is often worse than the mid-market rate—sometimes 2 to 4 percent worse. Ask your bank what rate they're using before you send. If the amount is large enough, this difference alone might justify using a money transfer service instead.

Money transfer services: lower fees for mid-range amounts

Services like Wise, OFX, Remitly, and MoneyGram offer an alternative to bank wires. These companies specialize in international transfers and typically charge 1 to 3 percent of the amount you're sending, compared to a flat fee plus a poor exchange rate at your bank. Wise, for example, uses the real mid-market exchange rate with a small markup, which often works out cheaper than a traditional wire for amounts under $10,000.

To use a money transfer service, you'll create an account online, verify your identity (usually with a passport or national ID), and link your foreign bank account. You then initiate the transfer through their website or app. The money leaves your account and arrives at the destination within one to three business days. These services have daily or monthly transfer limits—Wise allows up to $500,000 per transfer but may cap daily transfers at lower amounts depending on your account age and history.

Money transfer services are regulated differently than banks, so check whether the service you're considering is licensed in your country and in the US. Most major services are, but this is worth confirming before you send a large amount. Read the terms for what happens if a transfer fails—some services will refund you to your original account, others may hold the money while they investigate.

What your banks will ask for and why

Your sending bank will ask you to declare the source of the money. This is required by law in most countries as part of anti-money-laundering compliance. Common sources they accept without question are employment income, business revenue, savings, inheritance, or the sale of property. Have documentation ready: a recent pay stub, business bank statements, or a copy of the will or inheritance letter. If the money is coming from an investment account, bring a recent statement showing the account balance and your ownership.

Your receiving bank (in the US or elsewhere) will verify your identity before accepting the transfer. They'll match the name on the incoming transfer to the name on the account. If there's a mismatch—for example, if you use a nickname on your US account but your legal name on your foreign account—the transfer may be delayed or rejected. Contact your receiving bank before you send money and confirm the exact name they have on file.

Some banks also ask why you're sending the money. "Personal transfer," "relocation," or "living expenses" are all acceptable answers. You don't need to provide a detailed explanation, but be straightforward. Banks are looking for signs of fraud or sanctions violations, not judging your financial decisions.

Exchange rates and hidden costs

The exchange rate is where most people lose money on international transfers without realizing it. The mid-market rate (the rate you see on Google or XE.com) is what banks pay each other. Your bank will explore a markup to this rate—typically 2 to 4 percent—and call it their "exchange rate." A money transfer service usually applies a smaller markup, often 0.5 to 1.5 percent.

On a $10,000 transfer, a 2 percent difference in the exchange rate costs you $200. Ask your bank what rate they're using and what the markup is. Compare this to what a money transfer service would charge. For amounts over $5,000, this comparison is worth ten minutes of your time.

Some banks also charge a "correspondent bank fee" if the receiving bank is not in their network. This fee can be $10 to $30 and is charged in addition to the wire fee. Money transfer services typically do not charge this fee because they have their own settlement arrangements.

Timing and what to expect

International transfers take three to seven business days on average. This timeline includes the time for your bank to process the outgoing transfer, the time for the SWIFT network to route the message, and the time for the receiving bank to process the incoming transfer. Weekends and holidays in either country add extra days—a transfer sent on Friday afternoon may not arrive until Wednesday or Thursday.

Money transfer services are often faster than bank wires because they have direct relationships with banks in multiple countries. Wise, for example, often completes transfers within one business day for major currency pairs. Remitly and OFX are typically two to three business days. Check the estimated delivery time when you initiate the transfer—most services show this before you confirm.

Once the money arrives in your receiving account, it's yours to use when ready. There's no additional hold or verification period. If the transfer doesn't arrive within the estimated timeframe, contact the sending bank or service with your reference number. They can trace the transfer and tell you where it is in the process.

Setting up recurring transfers or large amounts

If you're moving money regularly—for example, sending salary from a foreign employer to a US account—ask your bank about setting up a standing order or recurring wire. This saves you from having to initiate each transfer manually. Your bank will keep the beneficiary details on file and process the transfer on a schedule you set (weekly, monthly, etc.). The cost per transfer is usually the same as a one-time wire.

For very large amounts (over $50,000), some banks offer better exchange rates or waive fees if you ask. It's worth calling your bank's international desk and asking whether they can improve the rate or reduce the fee. They often can, especially if you're a long-standing customer or moving a significant sum.

If you're moving money as part of relocating to another country, some banks offer relocation services that bundle the transfer with currency exchange and account opening. These can be convenient but are not always cheaper than doing the transfer separately. Compare the all-in cost before you commit.

Frequently Asked Questions

How much does it cost to transfer money from a foreign bank account?

Bank wire transfers typically cost $15 to $50 plus an unfavorable exchange rate (2 to 4 percent markup). Money transfer services charge 1 to 3 percent of the amount with a better exchange rate. For a $5,000 transfer, a bank wire might cost $40 plus $100 in exchange rate loss; a money transfer service might cost $75 total. The larger your transfer, the more the exchange rate difference matters.

Can I transfer money if I don't have a US bank account yet?

You'll need a US bank account to receive the transfer. Open one before you initiate the transfer—most US banks accept online applications from non-residents, though some require an in-person visit or a US address. Once your account is open and verified, you can receive international transfers. Some money transfer services can deliver funds to a debit card instead of a bank account, which is an alternative if opening a bank account is difficult.

What if the transfer fails or the money doesn't arrive?

Contact the sending bank or service when ready with your reference number. They can trace the transfer and tell you whether it's stuck in the system, rejected by the receiving bank, or lost. If it's rejected, the money is usually returned to your original account within five to ten business days. If it's lost, the sending bank is responsible for investigating and recovering it, though this process can take weeks.

Do I need to report large transfers to the government?

This depends on your country of residence and citizenship. The US requires US citizens and residents to report foreign financial accounts over $10,000 to the IRS (FBAR form). Other countries have similar rules. Check the tax authority in your country of residence and in any country where you hold citizenship. Your bank may also file reports on your behalf—ask them what they report and to whom.

Is it cheaper to carry cash and deposit it in a US bank?

No. Depositing large amounts of cash triggers reporting requirements and scrutiny from the bank. Transfers through official channels (bank wires or money transfer services) are faster, safer, and often cheaper when you factor in exchange rates and the risk of carrying cash across borders.