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- You can send money to another country through a wire-transfer service or bank.
- Pay attention to currency exchange rates and fees.
- Wire-transfer services tend to be more cost-effective than traditional banks.
The best banks offer an easy way to send money abroad to family members or friends via a wire transfer.
An international wire transfer is done electronically and usually gets processed in a few days. They require certain bank information about the recipient to be completed.
Traditional bank wire transfers
Most banks or credit unions let you make international wire transfers, or remittances, for a fee. You decide how the recipient will receive the money and then pay a wire transfer fee — usually around $45 to $50 — to initiate the transfer.
There are a few financial institutions that have free international wire transfers. For example, Bank of America won’t charge you any fees if you send money to a bank account in foreign currency, though you’ll have to pay the exchange rate first. Chase also won’t charge a fee for international wire transfers of $5,000 or more that are sent in foreign currency.
International wire transfers can take two to five business days, depending on the amount being transferred and where it’s going.
Sending or receiving money internationally requires specific banking information, including:
- Money (in US dollars or foreign currency) that will be transferred
- The full name and address of the person receiving the money
- The name of the recipient’s bank and International Bank Account Number (IBAN)
- A SWIFT code or Bank Identification Code (these codes verify the transaction, so this information is important)
Certain countries will require additional documentation. Australia, Canada, Great Britain, India, Mexico, and New Zealand are a few countries that will ask for supplementary codes. If you’re sending money to someone who lives in one of these countries, you may want to reach out to the recipient or recipient’s bank to get the information.
Money-transfer services
Money-transfer services such as MoneyGram or Western Union can be a simple and more affordable way to send money internationally with or to someone without a bank account. You can create an online account or visit a storefront and pay cash to set up a transfer.
Alternatives include digital platforms, such as Xoom (a PayPal service) and Wise (formerly TransferWise), which use different payment processing methods that can result in lower fees than traditional banks.
Factors to consider
Transfer fees
The World Bank reports that the global average cost to send money internationally is just over 6% of the transfer amount. Check out a few different services in addition to your bank to see which charges the lowest fees.
Exchange rates
Verify a service’s exchange rate before setting up an international transfer. The “mid-market exchange rate” is the rate big banks use to transfer money between currencies. Many money transfer services will charge this rate, plus a markup, which eats into the amount your recipient will get.
Transfer time
Some money-transfer services will let you expedite your transfer for an additional fee. However, time zones and the method of payment can affect how quickly your recipient gets the money. For example, if you send money from the U.S. to Europe on a Friday afternoon, it may be a few days until the transfer is complete.
Avoiding scams and fraud
The Federal Trade Commission says you should never wire money to someone you haven’t met in person. A request to do so is usually a scam. Additionally, never wire money to a person who claims to work for a government agency or a salesperson who insists that wiring money is the only way to pay.
Sending money internationally FAQs
You may find lower fees with money-transfer services than traditional banks, but cost ultimately depends on the destination, transfer speed, and amount.
It depends on the service provider you use, the method of payment, and the amount. Money-transfer services are typically quicker than traditional banks.
Banks, credit unions, and money-transfer services set their own daily, monthly or per-transaction limits. Some have separate limits for different countries.
Use reputable services or your own bank, and always confirm your recipient’s information before sending money internationally. The FTC also says you shouldn’t wire money to someone you haven’t met in person.
Money-transfer services like MoneyGram and Western Union have physical locations where you can pay for a transfer in cash.
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