The main ways to send money across borders

You have four realistic routes: a wire transfer through your bank, a money transfer service like Wise or OFX, a peer-to-peer app like PayPal, or cash pickup services like Western Union. Each one moves money at a different speed, costs different amounts, and works best for different situations. Your choice depends on how much you're sending, how fast it needs to arrive, and whether the recipient has a bank account or needs cash.

Wire transfers are the oldest method and still the most common for large amounts. Money transfer services are usually cheaper and faster for smaller sums. Apps are convenient but often have daily limits. Cash pickup works when the recipient doesn't have a bank account, but it's the slowest and most expensive option.

Key Takeaways

  • Wire transfers through your bank take three to five business days and cost $15 to $50, but work for any amount and any country with a functioning banking system.
  • Money transfer services like Wise and OFX are faster and cheaper than banks for amounts under $10,000, often arriving within one to two business days.
  • You will need the recipient's full name, bank account number, routing or SWIFT code, and the bank's address — getting these details wrong is the most common reason transfers fail.
  • Exchange rates vary by provider and change throughout the day, so comparing rates before you send can save hundreds of dollars on large transfers.
  • Some countries restrict which banks can receive international transfers or require special paperwork, so confirm the receiving bank accepts transfers from your country before you send.

Wire transfers: the standard method your bank offers

A wire transfer is an electronic instruction from your bank to the recipient's bank to move money. Your bank debits your account when ready, but the receiving bank may take one to five business days to credit the recipient's account. The time depends on the receiving country's banking system and whether the transfer needs to pass through intermediary banks.

To send a wire, you need the recipient's SWIFT code (an eight or eleven-character code that identifies their bank internationally) or IBAN (International Bank Account Number, used mainly in Europe and some other regions). You also need their full legal name as it appears on their account, their account number, and the bank's address. If any detail is wrong, the transfer may be rejected or delayed while the receiving bank tries to match it to an account.

Costs vary by bank. Most US banks charge $15 to $50 per outgoing wire. Some banks charge extra if the transfer needs to route through intermediary banks, which happens when the receiving bank doesn't have a direct relationship with your bank. Ask your bank upfront whether they charge per wire or per intermediary bank.

Money transfer services: faster and cheaper for most amounts

Services like Wise, OFX, Remitly, and MoneyGram are built specifically for international transfers and usually beat banks on both speed and cost. Many deliver money within one to two business days instead of three to five. Their exchange rates are typically closer to the real market rate than what banks offer, which saves money on larger amounts.

These services work through their own networks rather than the traditional banking system, so they can move money faster. Some deposit directly into the recipient's bank account. Others require the recipient to pick up cash at a partner location or receive it through a mobile wallet.

Costs are usually a flat fee ($2 to $15) plus a small percentage of the amount you send, or sometimes just a percentage. Wise, for example, charges a percentage that varies by currency pair but is typically 0.5% to 1.5%. A $1,000 transfer might cost $5 to $15 total. Compare the all-in cost (fee plus the exchange rate markup) across at least two services before you send, because the difference can be $20 to $100 on a $5,000 transfer.

What information you need before you send anything

The recipient needs to give you their full legal name exactly as it appears on their bank account, their account number, and their bank's SWIFT code or IBAN. If the account is in a different name than the recipient's legal name (for example, a business account), use the account name, not the person's name. Banks match transfers by account number first, then by name, so a mismatch in the name can cause delays or rejection even if the account number is correct.

Ask the recipient to confirm these details in writing — a screenshot of their bank app or a photo of their bank statement works. Do not rely on verbal confirmation. A single digit wrong in the account number or SWIFT code will send the money to the wrong place, and recovering it is slow and uncertain.

For some countries, you may also need to provide a reason for the transfer. Banks in many countries are required to ask this for anti-money-laundering reasons. "Personal transfer," "family support," or "payment for services" are all acceptable. Be honest and straightforward.

Exchange rates and how they affect what the recipient gets

The exchange rate is the price at which one currency converts to another, and it changes throughout the day. Your bank and the money transfer service both make money by offering you a rate slightly worse than the real market rate. The difference is called the markup or spread.

Banks typically mark up the rate by 1% to 3%. Money transfer services typically mark up by 0.5% to 1.5%. On a $5,000 transfer to euros, a 2% difference in the rate can mean the recipient gets €50 to €100 less. Check the rate each service is quoting you before you commit, and ask whether that rate is locked in or will change before the money leaves your account.

Some services let you lock in a rate for a short time (usually 24 to 48 hours) before you send the money. This is useful if you're waiting for funds to clear in your account or want to time the transfer to a favorable rate. Others explore the rate only when the money actually leaves your account, so the rate may be different from what you saw when you started the transfer.

What happens if the transfer goes to the wrong account or gets stuck

If you send money to the wrong account number, the receiving bank will usually reject it and send it back to your account. This takes one to two weeks. If the receiving bank cannot identify the account as invalid, the money may sit in a suspense account at that bank, and recovering it requires the receiving bank to investigate and the sender's bank to file a claim. This can take months.

If a transfer is delayed, contact your bank or money transfer service first. They can check the status and tell you whether the money is in transit, stuck at an intermediary bank, or rejected. If it's rejected, ask why — the most common reasons are a mismatched name, an invalid account number, or a receiving bank that doesn't accept transfers from your country.

If the money has been sent to the wrong account and the receiving bank won't return it, your options are limited. Your bank can file a claim, but there is no may provide of recovery. This is why confirming the recipient's details before you send is so important.

Countries with restrictions or special requirements

Some countries restrict international transfers for political or economic reasons, or require special paperwork. Iran, North Korea, Syria, and Cuba have broad restrictions. Other countries like Russia, Venezuela, and some others have partial restrictions depending on the sending country and the purpose of the transfer.

Some banks and money transfer services straightforward do not offer service to certain countries because the compliance cost is too high. If you're sending to a country outside the major banking hubs, check with your bank or service first to confirm they can send there. A few countries also require the recipient to register the transfer with their central bank or provide tax identification numbers.

If you're sending to a developing country, confirm that the receiving bank actually accepts international transfers. Some smaller or rural banks do not. If the recipient's bank doesn't accept transfers, ask them whether they have an account at a larger bank in a major city, or whether they can receive money through a mobile money service like M-Pesa or bKash.

Frequently Asked Questions

How long does an international transfer actually take?

Wire transfers through banks usually take three to five business days. Money transfer services often deliver in one to two business days. The exact time depends on the receiving country's banking system and whether the transfer needs to route through intermediary banks. Weekends and holidays add time.

Can I send money to a mobile wallet or payment app instead of a bank account?

Yes, if the recipient has a mobile money account like M-Pesa, bKash, or GCash. Some money transfer services send directly to these accounts. PayPal and similar apps also work if both you and the recipient have accounts. These are often faster and cheaper than bank transfers, especially for smaller amounts.

What if the recipient's bank says they never received the money?

Contact your bank or money transfer service when ready and ask them to trace the transfer. They can check whether it was sent, whether it was rejected by the receiving bank, or whether it's stuck in an intermediary bank. If it was rejected, ask why — usually it's a mismatched name or invalid account number. If it was sent but the receiving bank has no record, your bank can file a claim.

Is it cheaper to send cash through the mail or use a money transfer service?

Money transfer services are almost always cheaper and safer. Mailing cash is risky — it can be lost or stolen — and you have no recourse if it doesn't arrive. A money transfer service costs $5 to $30 and arrives in one to five days with a tracking number and proof of delivery.

Do I need to report international transfers to the government?

In the United States, banks report wire transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN) as a matter of routine. This is not a problem if the transfer is legitimate. Some countries have their own reporting requirements. Check the rules in your country and the recipient's country if you're sending large amounts regularly.