How to Make International Wire Transfers [2024]

Steps to send money abroad with a bank

Sending a payment overseas with your regular bank is usually pretty simple – particularly if you use your online banking service. Here’s how to send an international wire with Bank of America, as an example:

• Navigate to the Pay & Transfer tab and tap Send money to someone
• Tap Wire
• Select the account you want to send the wire from
• Tap Start a wire to initiate your transfer
• Select your chosen recipient
• If you are paying a new recipient, select the country where your recipient’s bank account is located and choose the currency
• Select Recipient account type and add your recipient’s information

What information do you need?

Exactly what information you need about your recipient may vary slightly based on the bank you’re using. Let’s take a look at the Bank of America online payment requirements, as an example:

• Recipient’s bank name, address and country
• Recipient’s bank routing code and account number
• Recipient’s bank SWIFT code
• Purpose for the transfe

International wire transfer fees and exchange rates of major US banks

When you send an international wire with a US bank you’ll pay up to 3 separate charges:

• Transfer fee
• Exchange rate markup
• Third party SWIFT fees

Different banks work differently when it comes to transfer fees. These fees do vary depending on if you make a transfer online, in a branch or over the phone.

Bank of America, for example, doesn’t have a transfer fee for foreign currency transfers, while US Bank charges a 50 USD transfer fee, and Truist charges customers 65 USD.

To see how much it’ll cost in total to send your international bank wire, you’ll need to double check the transfer fee, compare the rate against the mid-market rate you’ll find on Google, and ask the bank about any SWIFT fees that apply.

Method #3: Sending money internationally with PayPal

PayPal is a super popular provider for all things to do with sending and spending money online. As well as being able to shop with your favorite ecommerce stores you can send money, instantly, to people at home and abroad, using just their email address or phone number. PayPal is very convenient and fast – but for international payments their fees can be quite high, especially when you factor in currency conversion costs. There’s a 5% fee (to a 4.99 USD maximum) for the transfer, plus a 4% currency conversion cost to switch your dollars to the currency you need.

Steps to send money abroad with PayPal

1. Log in online or in the PayPal app
2. Select the person you want to send to from your contacts, or enter their email or phone number
3. Add the amount you want to send, and the currency
4. Choose your payment type and payment method
5. Check everything over and click Send

What information do you need?

With PayPal you only need the recipient’s phone number or email address, making this a very essay transfer method.

Related: Alternatives to PayPal for international transfer

Method #4: Through the US Postal Service

Depending on where you’re sending money to, you may also want to use a USPS International Money Order. You can get a Money Order from any Post Office, in values of up to 700 USD for most locations, and 500 USD for El Salvador and Guyana. There’s a pretty high fee of almost 50 USD to get the Money Order, plus a processing fee. Once you have completed the recipient’s information on the Money Order you can then send to them using a secure mailing service.

Steps to send money abroad through the post office

1. Go to any Post Office location with cash, a debit card, or a traveler’s check to cover the cost of the Money Order and the issuing fee
2. Fill out the money order including the Pay to field so only your recipient can claim the funds
3. Pay the dollar value of the money order, the issuing fee of 49.65 USD, and the processing fee based on country
4. Keep your receipt to track the money order
5. Send the money order through a secure mailing option

What information do you need?

You’ll need to add the recipient’s name in the Pay to field of the Money Order. You’ll then also need to add your details and signature as the purchaser.

Method #5: Cash pick-up

If none of these options suit you, you can also choose to make a transfer which your recipient collects in cash from an office near them. This is a very convenient method for someone who can’t get easy access to a bank account or ATM, and money can often be delivered pretty much instantly. However, fees are often correspondingly high, and exchange rates will include a markup.

Steps to send money abroad using a cash pickup service

To send a payment with a provider like WorldRemit, MoneyGram or Western Union you can visit an agent location with a government issued ID, and cash to cover the transfer and fees. Or, you can send money online or in the provider’s app. Here are the basic steps:

1. Log into the provider’s desktop site or open the app
2. Select the country you want to send to and enter the payment amount
3. Select the services you require, and check the fees and rates
4. Follow the prompts to enter the required information
5. Select payment method, confirm and fund your transfer
6. You’ll be given a reference number which you can give to the recipient

What information do you need?

For a payment that’s being picked up by the recipient in cash, you’ll just need their name as shown on their government issued ID document. They’ll then take their ID along to an agent near them, along with a reference number which you’ll need to pass with them, to collect their cash.

Step 2: Choose a provider

Once you’ve decided which general payment method will work best for you, you need to pick a specific provider. The ways different services work – and particularly, the fees they charge and the exchange rates they offer – vary widely. That means it’s well worth comparing a few before you get started to make sure you get a good deal.

Here are some factors to consider:

1. Does the provider support the currency you need to send?
2. Does the provider accept your preferred payment method?
3. What are the fees – including transfer charges and potential third party costs?
4. How long will it take for the transfer to arrive?
5. Does the provider use the mid-market exchange rate or add a markup?
6. What are the transaction limits?

Step 3: Get your recipient’s details

Before you can start, you may be required to set up an account with your preferred provider if it’s the first time you’ve used them. Usually to set up an account you’ll have to get verified by the provider by showing, in person or online:

• Proof of your identity – like a driving license or passport
• Proof of your address – like a utility bill in your name

Not all providers need verification for every payment – some may allow you to arrange lower value transfers before you get your account fully set up. However, to raise your sending limits or make higher value payments you’ll almost always need some proof of ID and address.

The recipient information you’ll need to make a wire transfer

Once your account is set up you need the recipient’s details. If you’re sending to a bank account that’ll probably mean:

• Recipient’s name
• Recipient’s address
• Recipient’s IBAN or account number
• Recipient’s bank name and address
• Recipient’s bank SWIFT/BIC code

For payments to some countries you’ll also need country-specific details, like a sort code for the UK. If you’re sending a high value payment you may also need to provide proof of the source of funds.

Once you’ve gathered all the information your provider needs, you’ll have to specify the currency you want the payment to be received in, to generate a fee and exchange rate quote.

Step 4: Compare fees

We mentioned earlier that sending an international wire payment may mean paying several different fees. It also helps to know that some banks and providers have lower transfer fees, but may still hide extra costs in the exchange rate by adding a markup. You may also find that third party fees apply as a result of your transfer being processed via SWIFT, or because of a specific funding method – a credit card cash advance for example.

Before you confirm your payment, also double check that the exchange rate you’re seeing is the one you’ll actually receive. For example, if you’re looking at a rate online, but the FX markets have closed, you may find that the exchange rate that’s actually used for your transfer will be whatever is live when the markets next open. Some providers let you lock in a rate for a fixed period of time, to avoid this uncertainty.

Step 5: Send your money in

You’re almost at the final stage – now it’s time to fund your payment. How this works depends very much on the provider you’ve chosen. If you’re sending with your regular bank you’ll just confirm the account the payment should be deducted from when you arrange your transfer.

When you use a specialist online or digital service you’ll usually be able to pay with a bank transfer or card.

Step 6: Your money is converted and sent out

Once your payment has cleared it’ll be converted to the required currency and sent on to your recipient.

Is it possible to cancel an international transfer?

Whether or not you can cancel an international transfer will depend entirely on the payment method and provider you’ve selected. Some banks do allow you to cancel a payment if it’s not already been processed. However, with instant transfers, such as PayPal and payments for cash collection, it’s not normally possible to cancel.

How much does it cost to send money internationally

Let’s look at a worked example covering how a payment of 1,000 USD to a friend in the UK, to be received in pounds, would work for a few providers – we’ve included banks, neobanks and specialist services to give a range of options.

Is it possible to send free international money transfers?

It costs banks and international money transfer services to process overseas payments. That means that there’s always a fee somewhere – it just may not be easy to see. In fact, it’s pretty common to see services with no transfer fee – but in reality, they’ve often just wrapped their costs and profits into the exchange rate they pass on to customers.

One exception to this is if you’ve got a special deal with your specific bank – like being a loyal or high wealth customer – in which case they may offer exclusive access deals which give fee free transfers. Double check with your provider if any services like these are available.

How long international wire transfers take

How long it takes to wire money overseas will vary a bit based on the provider or bank you choose.

• If you’ve paid by cash or card, for a cash collection payment, it’ll often be available instantly – even on the other side of the world.
• Specialist providers like Wise can also often offer instant – or at least very fast – transfers to bank accounts.
• However, banks which rely on the SWIFT network do tend to take longer to process payments – even up to 3 -5 working days for some currencies.

International wire transfer limits

International wire transfer limits vary based on the bank or provider you pick:

• Banks usually have a limit to wire payments, which may be lower online compared to transfers made in a branch. Check with your own bank to see what limits apply to your specific account.
• Money transfer services often have no upper limit to the amount you can send – but you’ll often have to provide some more verification details when making a high value transfer
• PayPal lets you send up to 4,000 USD at first, and then up to around 10,000 USD per transfer once you have a verified account
• USPS Money Orders can be issued for values of up to 700 USD for most countries
• Cash collection providers have variable limits which are based on how you arrange the transfer and where the money is being sent

Wiring large amounts of money internationally

If you need to send a high value payment you may be asked to provide additional ID documents, and prove where the funds came from. Checks like these are legally required, to help banks and providers spot and prevent fraud or criminal activity.

Before you start to make a high value international payment, check your provider’s upper payment limits, and whether you’ll need any extra paperwork to get your money moving. Learn more about the best ways to send a large amount of money overseas, here.

Is it safe to transfer money internationally?

In most cases it is safe to send money internationally. There are lots of security measures and safeguards used by banks and international money transfer services, to make sure your international payment arrives safely.

The key things are to pick a reputable provider which is properly regulated, and to make sure you’re sending money to a legitimate recipient. Criminals do use international payments as a way of trying to profit from vulnerable people – so watching out for scams and staying vigilant with your own account security are essential.

Tips to send money safely and avoid falling victim of fraud

As long as you pick a reputable provider, and take common sense precautions, it is safe to transfer money internationally. Here are a few tips to stay safe:

• Check the provider you’re using is properly registered and regulated – good companies show this information prominently on their websites
• Make sure you’re sending money to someone you know or a company you trust – scams are common
• Never feel pressured into making a payment instantly if you’re unsure about it
• Double check all details before you confirm a transfer – often they can’t be reversed once they’re on the way

The recipient information you’ll need to make a wire transfer

You’ll need to provide information about the final recipient of your funds. Details you’ll need to provide typically include:

• Their bank’s name and address

• Their bank’s SWIFT code (normally available from the destination bank’s website)

• Your recipient’s name and address

• Your recipient’s bank account details, including routing number / sort code and account number

• You may also need to provide an International Bank Account Number (IBAN) or a bank identifier code (BIC)

• In some cases, you can also provide a short message to the recipient

Receiving a wire transfer from overseas

If you’re expecting to receive a wire transfer from overseas you’ll need to give the sender your personal and account information. The exact details they need will vary based on where they’re sending from, and the provider’s own processes. Usually they’ll as for:

• Your name and address
• Your bank’s name, and branch information
• Your bank account number
• Your bank’s SWIFT/BIC code

Get our guide on the best way to receive money internationally to learn more.

The final verdict on international wire transfers

Sending an international payment can seem a bit daunting, but there are plenty of different ways to set up a transfer, which means with a bit of research you’ll find the perfect one for you.

Using your bank is a reliable and familiar route, but can be expensive. Using online and digital alternative providers can be fast and cheap, although you’ll need to create an account first. Other methods like PayPal and cash collection services can be pretty much instant, but may have high fees or currency conversion charges.

Ultimately, which payment method and provider is the best for you will come down to where you’re sending money, how you want to pay, and how you want the payment to be received. Once you’ve picked a good provider, arranging the transfer is usually pretty straightforward – especially if you follow our step by step guide.

International wire transfer FAQs

What information do you need to send money abroad?

The information needed depends on the payment type. For cash collection you’ll usually just need the recipient’s name. For transfers to a bank you need the recipient’s name and bank details.

What is the difference between a wire transfer and a bank transfer?

The terms bank transfer and wire transfer are used fairly interchangeably. However, usually a wire transfer will be offered for an international payment arranged through your bank, while the term bank transfer is more commonly used for domestic payments between bank accounts.

Learn more about sending an international wire payment with some of the biggest banks in the US, with our handy guides:

• Bank of America International Wire Transfer
• Capital One International Wire Transfer
• Charles Schwab International Wire Transfer
• Chase International Wire Transfer
• Citibank International Wire Transfer
• Fidelity International Transfer
• Fifth Third Bank International Wire Transfer
• Navy Federal International Wire Transfer
• PNC International Transfer
• TD Bank International Wire Transfer
• Truist International Wire Transfer
• USAA International Transfer
• Wells Fargo International Wire Transfer
• Ally Bank International Wire Transfer

What is the maximum amount of money that can be wired?

Many providers do not use a maximum payment limit, although restrictions may apply based on the payment method and where you’re sending money to. Check with your bank or provider to see what rules will apply.

Can you do international wire transfer online?

Yes. Send an international wire transfer online with your bank or with an online money transfer specialist like Wise or Remitly.

Claire Millard

Author

Claire Millard

Fintech Content Writer

Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.

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Seyma Mektepli

Reviewer

Seyma Mektepli

Editor-in-chief

Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.

Read more

Last updated

October 9th, 2024