The main ways to move money across borders

You have four main routes to send money to a foreign bank account: an international wire transfer through your bank, a money transfer service like Western Union or MoneyGram, a peer-to-peer payment app, or a specialist money transfer company. Each one works differently, costs different amounts, and takes a different length of time. Your choice depends on how much you're sending, where it's going, how fast you need it to arrive, and how much you want to pay in fees.

The slowest and often cheapest option is a wire transfer through your bank — it typically takes three to seven business days and may cost $15 to $50 depending on your bank. The fastest options are money transfer services and apps, which can deliver cash within minutes to hours, but they charge higher fees and usually have limits on how much you can send at once. Specialist money transfer companies sit in the middle: they're faster than banks, cheaper than apps for large amounts, and designed specifically for international transfers.

Before you choose, you'll need to know what information the receiving bank requires. Most banks outside the US ask for an IBAN (International Bank Account Number) or a SWIFT code, not just an account number. If you don't have these details from the person receiving the money, ask them to check with their bank or look at a recent statement — the information is usually printed there.

Key Takeaways

  • Bank wire transfers are usually cheapest for large amounts but take three to seven business days and require your bank to process the transfer.
  • Money transfer services and apps deliver cash within hours but charge higher fees and have daily or monthly sending limits.
  • You will need the recipient's IBAN, SWIFT code, or bank details specific to their country — a regular account number usually will not work.
  • Exchange rates vary between providers, so comparing the total cost (fees plus the rate they give you) matters more than comparing fees alone.
  • Some countries have restrictions on how much money can leave or enter, so check your country's rules and the destination country's rules before sending.

International wire transfers through your bank

A wire transfer is when your bank sends money directly to another bank on your behalf. You go to your bank in person or online, provide the recipient's bank details, and your bank contacts the receiving bank to move the funds. This is the most straightforward method if you have a US bank account and the recipient has a standard bank account abroad.

To start a wire transfer, you'll need the recipient's full name, their bank account number or IBAN, their bank's SWIFT code, and the bank's address. The SWIFT code is a unique identifier for banks worldwide — it's usually eight or eleven characters and looks like DEUTDEFF for Deutsche Bank in Frankfurt. If you don't have it, ask the recipient to check their bank statement or call their bank directly. Some banks also ask for an intermediary bank if the receiving bank doesn't have a direct relationship with your US bank.

Wire transfers typically cost $15 to $50 per transfer, depending on your bank and whether the transfer is domestic or international. The money usually arrives in three to seven business days, though some banks offer expedited transfers for an extra fee. Once the money leaves your account, you cannot cancel it, so double-check all the details before confirming. If something goes wrong, the receiving bank may send the money back, but this can take weeks.

Money transfer services and apps

Money transfer services like Western Union, MoneyGram, and Wise (formerly TransferWise) let you send money without using a traditional bank. You can often start the transfer online, on an app, or in person at a physical location. These services are faster than banks — many deliver money within hours — but they usually charge higher fees and have limits on how much you can send.

Western Union and MoneyGram work by letting you send cash that the recipient picks up at a local agent location, or by depositing money directly into their bank account. Wise and similar services work differently: they hold your money in a local account in your country, then send it from a local account in the recipient's country, which is faster and usually cheaper than a traditional wire. Apps like PayPal and Remitly also offer international transfers, though fees and speed vary.

Fees for these services range from $2 to $15 for small amounts, but the exchange rate they give you is often worse than what your bank offers, so the total cost can be higher than it looks. Compare the amount the recipient will actually receive, not just the fee. Many of these services have daily limits — you might only be able to send $2,000 or $5,000 per day — so if you're sending a larger amount, you may need to split it across multiple days or use a different method.

Specialist money transfer companies

Companies like OFX, Remitly, and Wise are built specifically for international transfers and often offer better exchange rates and lower fees than banks or general money transfer services. They work by letting you send money online, usually through an app or website, and the recipient receives it in their local bank account. These companies are popular for regular transfers, like sending money to family or paying bills abroad.

To use a specialist company, you typically create an account online, verify your identity, and then enter the recipient's bank details. The company will show you the exchange rate and total fee before you confirm, so you know exactly what the recipient will receive. Most of these services take one to three business days, which is faster than a bank wire but slower than a cash pickup service.

Fees vary widely depending on the company and the destination country. Some charge a flat fee per transfer (like $5), others charge a percentage of the amount you send (like 1%), and some charge both. The exchange rate they offer also varies — some companies are known for offering rates very close to the mid-market rate (the real rate between currencies), while others mark it up more. Before you choose, send yourself a test transfer with a small amount to see how long it takes and whether the rate is fair.

What information you need from the recipient

The exact details you need depend on the country where the recipient's bank is located. In Europe, you'll need an IBAN and SWIFT code. In other regions, the requirements are different. Ask the recipient to provide whatever their bank asks for, or to check a recent bank statement — the information is usually printed there.

For a US bank sending to Europe, you typically need: the recipient's full name (exactly as it appears on their account), their IBAN (a long number starting with two letters for the country code), their bank's SWIFT code, and sometimes the bank's address. For transfers to other regions like Asia, Africa, or Latin America, the format is different — some countries use account numbers instead of IBANs, and some use different codes. The safest approach is to ask the recipient what their bank requires and provide exactly that.

If you provide incorrect details, the money may be sent to the wrong account or returned to you after a delay. Some banks will try to contact the receiving bank to correct the information, but this can take weeks. Always ask the recipient to double-check the details before you send, and keep a record of what you sent in case you need to trace the transfer later.

Exchange rates and hidden costs

When you send money overseas, your provider converts your dollars into the recipient's currency. The exchange rate they give you is usually not the same as the "mid-market rate" you see in the news — they mark it up to make money. The difference between the rate they offer and the real rate is called the markup, and it can cost you 1% to 5% of the amount you send.

Banks typically offer worse exchange rates than specialist money transfer companies. If you're sending $1,000 and the mid-market rate is 0.92 euros per dollar, your bank might give you 0.88 euros per dollar, which means you lose about $40 in the exchange. A specialist company might give you 0.91 euros per dollar, which costs you only about $10. Over time, this adds up.

To compare costs fairly, don't just look at the fee — look at what the recipient will actually receive. Most providers will show you this before you confirm the transfer. Send a test transfer with a small amount first if you're unsure, and keep the receipt so you can compare rates across providers.

Rules and restrictions you should know about

Many countries have rules about how much money can leave or enter. The US requires banks to report transfers over $10,000 to the government, but this is normal and legal — it's not a problem unless the money comes from illegal activity. Some countries restrict how much of their own currency can leave, or require you to declare large transfers to customs.

Before you send, check whether your country or the recipient's country has restrictions. If you're sending more than $10,000, your bank will file a report, but the transfer will still go through. If the destination country has restrictions, the receiving bank may reject the transfer or ask the recipient for proof of where the money came from. It's better to know this before you send than to have the money returned weeks later.

Some countries also have rules about what the money can be used for — for example, some restrict transfers for certain purposes. If you're sending money for a specific reason (like paying tuition or buying property), the receiving bank may ask for documentation. Again, it's worth asking the recipient whether their bank has any special requirements before you send.

Frequently Asked Questions

How long does it take to send money to a foreign bank account?

Bank wire transfers usually take three to seven business days. Money transfer apps and services can deliver within hours or minutes. Specialist money transfer companies typically take one to three business days. The exact time depends on the banks involved, the destination country, and whether you send on a business day or weekend.

What's the cheapest way to send money abroad?

For large amounts (over $1,000), specialist money transfer companies like Wise usually offer the best combination of low fees and fair exchange rates. For small amounts under $500, a money transfer app might be cheaper because the flat fee is a smaller percentage. Always compare what the recipient will actually receive, not just the advertised fee.

Can I cancel a wire transfer after I send it?

Once a wire transfer leaves your bank, you usually cannot cancel it. If something goes wrong, you'll need to contact your bank when ready and ask them to try to recall the transfer, but this rarely works. Always verify all the details before you confirm the transfer.

Do I need to report sending money overseas to the government?

If you send more than $10,000 in a single transfer, your bank will file a report with the government. This is routine and legal. You don't need to do anything — your bank handles it automatically. If you're sending money regularly in smaller amounts to avoid reporting, that's called structuring and is illegal.

What happens if I send money to the wrong account?

Contact your bank or money transfer provider when ready. They may be able to contact the receiving bank and ask them to return the money, but this can take weeks. If the receiving bank cannot locate the account or the account holder refuses to return it, you may not recover the money. This is why verifying all details with the recipient before sending is important.