The main routes: wire transfer, international money transfer service, or ACH-style systems
You have three practical ways to move money from a US bank account to someone else's account abroad. A wire transfer through your US bank is the oldest method—it goes directly bank-to-bank and usually arrives in one to three business days, but costs $15 to $50 per transfer and gives you no way to reverse it if something goes wrong. An international money transfer service like Wise, OFX, or Remitly is faster to set up, often cheaper, and lets you lock in an exchange rate before you send—but the recipient's bank may take an extra day to process the deposit. A third option exists in some countries: ACH-style systems (like Canada's EFT or the UK's Faster Payments) that work more like domestic transfers, though these are only available if you're sending to those specific countries and your US bank supports them.
The method you choose depends on speed, cost, and whether you need the ability to cancel. If you're sending a large amount and want the lowest fee, a transfer service usually wins. If you need the money to arrive within hours and cost is secondary, a wire transfer is more reliable. If you're sending to Canada or the UK regularly, ask your bank whether they offer direct ACH-style transfers, which can be cheaper than either option.
Key Takeaways
- Wire transfers go directly bank-to-bank and are irreversible, so verify the recipient's account details before you send.
- International money transfer services are often cheaper than wire transfers and let you see the exact exchange rate and fee before committing.
- You will need the recipient's full name, account number, bank name, and SWIFT or IBAN code—ask them to provide all of this in writing.
- Delivery time ranges from same-day (wire transfer) to two to four business days (transfer service), depending on the destination country and method.
- Exchange rates vary by provider and change throughout the day, so compare rates and fees across at least two services before sending a large amount.
What information you need from the recipient before you start
Do not send money without having the recipient provide their banking details in writing. Ask them to give you: their full legal name (exactly as it appears on the account), their account number, their bank's full name and address, and either a SWIFT code (an eight or eleven-character code that identifies the bank internationally) or an IBAN (International Bank Account Number, a longer code used mainly in Europe and some other regions). Some countries use one, some use both, and some use neither—the recipient's bank website or a quick call to their bank will confirm which.
If the recipient is unsure, have them log into their online banking or ask their bank directly. A wrong account number or SWIFT code will send your money to the wrong place, and recovering it is difficult and slow. Many banks will not refund a wire transfer sent to an incorrect account, even if you made the mistake. Taking five minutes to verify this information saves weeks of trouble later.
Wire transfers: how they work and what they cost
A wire transfer is a direct instruction from your US bank to the recipient's bank abroad. You initiate it online, by phone, or in person at a branch. Your bank will ask for the recipient's name, account number, bank details, and the amount. The bank deducts the money from your account when ready and sends it electronically. The recipient's bank receives the instruction within hours, but may take one to three business days to deposit the funds into the recipient's account—this depends on the destination country and the receiving bank's processing speed.
Wire transfer fees range from $15 to $50 per transfer, depending on your bank and the destination country. Some banks charge extra for "emerging market" countries. The exchange rate your bank uses is usually worse than the mid-market rate (the real rate between banks), meaning you lose money on the conversion. You cannot cancel a wire transfer once it has left your bank, so verify all details before you send. If the money goes to the wrong account, your bank can file a trace request, but recovery is slow and not may provide.
International money transfer services: lower cost and more control
Services like Wise, OFX, Remitly, and MoneyGram offer an alternative to your bank's wire transfer. You create an account online, enter the recipient's banking details, and specify the amount in US dollars. The service shows you the exact exchange rate and fee before you confirm—you see what the recipient will receive in their local currency. You then send the money to the service (usually by bank transfer from your US account, sometimes by debit card), and the service sends it to the recipient's bank.
These services are often 50 to 70 percent cheaper than a bank wire transfer because they use better exchange rates and lower fees. Wise, for example, charges a percentage-based fee (usually 0.5 to 2 percent depending on the amount and destination) plus uses the real mid-market exchange rate. Delivery time is usually two to four business days, though some services offer faster options for an extra fee. The trade-off is that you cannot reverse the transfer once the service has sent it to the recipient's bank, just as with a wire transfer—but you can cancel before the service sends it, which gives you a small window to catch mistakes.
Comparing costs: wire transfer versus transfer service
| Method | Typical Fee | Exchange Rate | Delivery Time | Can Cancel After Sending? |
|---|---|---|---|---|
| Bank Wire Transfer | $15–$50 | Worse than mid-market | 1–3 business days | No |
| Wise | 0.5–2% + small fee | Mid-market | 2–4 business days | No (after sent) |
| OFX | $5–$15 | Mid-market or better | 2–4 business days | No (after sent) |
| Remitly | 1–3% | Mid-market or slightly worse | 1–4 business days | No (after sent) |
For a $1,000 transfer to most countries, a bank wire transfer might cost $35 plus a poor exchange rate, totaling a loss of $50 to $80. The same transfer through Wise might cost $10 to $20 total. For larger amounts, the savings grow. However, if you need the money to arrive the same day or the next morning, a wire transfer is more reliable—transfer services rarely offer same-day delivery outside their home countries.
Step-by-step: sending money via wire transfer
1. Gather the recipient's details. Collect their full name, account number, bank name and address, and SWIFT code. Write these down exactly as provided.
2. Log into your US bank's website or call their international wire department. Some banks require you to initiate a wire in person or by phone for security reasons.
3. Enter the recipient's information. Your bank will have a form asking for the recipient's name, account number, bank details, and SWIFT code. Double-check every field.
4. Specify the amount and currency. Decide whether you want to send a fixed US dollar amount or a fixed amount in the recipient's currency. If you choose the latter, the bank will deduct whatever US dollars are needed to cover it (including their fee and exchange rate).
5. Review and confirm. Your bank will show you the fee, the exchange rate, and the amount the recipient will receive. Confirm this is correct.
6. Authorize the transfer. Your bank may ask for a one-time password or other verification. Once you confirm, the money leaves your account when ready.
7. Save the confirmation number. Your bank will provide a reference number. Save this in case you need to trace the transfer later.
8. Tell the recipient to expect the money in one to three business days. The exact timing depends on the destination country and the receiving bank's processing schedule.
Step-by-step: sending money via transfer service
1. Choose a service and create an account. Wise, OFX, and Remitly all have websites where you can sign up with an email and password. You will need to verify your identity (usually by uploading a photo ID).
2. Enter the recipient's banking details. Provide their full name, account number, bank name, and SWIFT or IBAN code. The service will validate these details.
3. Specify the amount you want to send in US dollars. The service will show you the exchange rate and fee in real time, and tell you exactly how much the recipient will receive in their local currency.
4. Review the quote and confirm. If the rate and fee are acceptable, proceed. If not, you can wait and try again later—exchange rates change throughout the day.
5. Send the money to the service. The service will give you a bank account number or a payment link. You transfer the US dollars from your bank account to the service's account. This step takes one to two business days.
6. The service sends the money to the recipient's bank. Once the service receives your money, it sends it to the recipient's bank. This usually takes one to two more business days.
7. Save your reference number. The service will provide a tracking number. You can use this to check the status of the transfer.
What to do if the money goes to the wrong account
If you realize you sent money to the wrong account before the transfer has been processed, contact your bank or transfer service when ready and ask them to cancel it. If the money has already been sent to the recipient's bank, you have two options: ask the recipient's bank to reverse the transfer (they may refuse if the account holder has already withdrawn the funds), or file a trace request with your bank or service. A trace request asks the receiving bank to investigate and return the funds, but this process takes weeks and is not may provide to succeed.
Wire transfers and transfer service payments are designed to be irreversible once sent, so prevention is far more important than recovery. Verify the recipient's account details in writing before you send anything. If you are sending a large amount and worried about mistakes, send a small test amount first ($10 to $50) and ask the recipient to confirm they received it before you send the rest.
Frequently Asked Questions
How long does an international wire transfer actually take?
Your US bank sends the money within hours, but the recipient's bank may take one to three business days to process and deposit it. Some countries are faster (Canada, UK, Australia usually one to two days) and some are slower (many developing countries take three to five days). Weekends and holidays add delays. Ask the recipient's bank how long they typically take.
Why is the exchange rate my bank offers so much worse than the rate I see online?
Banks add a markup to the mid-market rate (the real rate between banks) as profit. The markup is usually 1 to 3 percent, meaning you lose that much on the conversion. Transfer services use the mid-market rate or close to it, which is why they are cheaper. Always compare the rate your bank quotes against the rate a transfer service quotes before you send.
Can I send money to a business account instead of a personal account?
Yes, the process is identical. You will need the business's bank account number, the bank's SWIFT code, and the business's registered name. Some banks require you to provide the business's tax ID or registration number as well. Ask the business for all required details in writing before you send.
What happens if I send money to the wrong country by mistake?
If you sent it to a valid account in a different country, the money will arrive in that account and recovery is very difficult. If you sent it to an account that does not exist, the receiving bank will reject it and it will bounce back to your account after one to two weeks. Always verify the country and account number before you send.
Is it cheaper to send cash or a check instead of a wire transfer?
No. Mailing a check abroad is slow (two to four weeks), and the recipient's bank may charge a fee to deposit a foreign check. Sending cash by mail is risky—it can be lost or stolen. A wire transfer or transfer service is faster, safer, and usually cheaper than either alternative.