The basic steps for sending money abroad

To send money to a foreign bank account, you need four pieces of information: the recipient's full name, their bank account number, their bank's routing code (called a SWIFT code or IBAN depending on the country), and the country where the account is held. You then contact your own bank or use a money transfer service, provide these details, and the money moves from your account to theirs.

The process takes longer than a domestic transfer — usually three to seven business days — because the money passes through multiple banks in different countries, each one checking the information and taking a small fee. The total cost depends on which method you choose and how much you send.

Your bank is not the only option. Specialized money transfer services like Western Union, MoneyGram, Wise, and OFX often charge less and move money faster, especially for smaller amounts or less common currency pairs. The trade-off is that you may need to visit a physical location or set up an online account, whereas your bank lets you send money the same way you pay bills.

Key Takeaways

  • You will need the recipient's bank account number, their bank's SWIFT code or IBAN, their full name, and the country where their account is held.
  • Bank transfers take three to seven business days and charge a flat fee plus a currency exchange markup, making them slower and more expensive than some alternatives.
  • Money transfer services like Wise and Western Union often charge less for smaller amounts and can deliver money in one to three days, but require you to set up an account or visit a location.
  • The exchange rate you receive depends on the service you choose — banks typically offer worse rates than specialized transfer companies.
  • Some services deliver money directly to a bank account, while others require the recipient to pick up cash or collect funds at a location.

Sending money through your bank

Call your bank or log into online banking and ask for an international wire transfer form. You will fill in the recipient's name, account number, and their bank's SWIFT code (a unique identifier for banks worldwide) or IBAN (the international account number format used in Europe and some other regions). Your bank will ask you to confirm the amount in your home currency, and they will tell you the exchange rate they are using and the fee they will charge.

The fee is usually a flat amount — often $15 to $50 depending on your bank — plus a percentage markup on the exchange rate. This markup is how banks make money on transfers; the actual market rate may be better, but you will not see it. The money leaves your account when ready, but it takes three to seven business days to arrive because it passes through a correspondent bank in the recipient's country.

Bank transfers are most useful when you are sending a large amount (the flat fee matters less) or when you do not know the recipient's exact bank details yet — your bank can sometimes look up a SWIFT code if you give them the bank name and country. They are less useful for small amounts under $500, where the fee eats into what the recipient receives.

Using a specialized money transfer service

Services like Wise, OFX, and Remitly let you send money online without going through your bank. You create an account, enter the recipient's bank details, and choose how much to send. The service shows you the exact exchange rate and fee before you confirm, so there are no surprises. Money usually arrives in one to three business days.

These services charge less than banks in two ways: they use the real market exchange rate instead of a markup, and their fees are smaller — often $1 to $10 for transfers under $1,000. Wise is particularly competitive for transfers between major currencies (US dollars, euros, British pounds, Australian dollars, and others) because it uses a network of local bank accounts to avoid moving money across borders at all.

The catch is that you need to set up an account online and verify your identity, which takes a few minutes. Some services also require the recipient to have a bank account in their country; they cannot deliver cash to a pickup location the way Western Union can. Check the service's website to see which countries and currencies they support before you start.

Cash pickup services and informal transfers

If the recipient does not have a bank account or you need the money to arrive the same day, Western Union and MoneyGram let you send cash that the recipient picks up at a location near them. You go to a Western Union or MoneyGram agent (usually a grocery store, pharmacy, or dedicated office), give them cash and the recipient's name, and they issue a reference number. The recipient goes to their nearest agent, gives the reference number, and receives the cash.

These services are fast — money is available within minutes to a few hours — but they charge more than bank transfers or online services. A $500 transfer might cost $15 to $30 depending on the destination country. They are best for small amounts or emergencies when speed matters more than cost.

Some people send money informally through friends, family, or community members traveling to the recipient's country, or through informal money networks (sometimes called hawala or hundi depending on the region). These methods avoid fees but carry risk: there is no paper trail if something goes wrong, and in some countries informal transfers are restricted or monitored by authorities. Use them only if you trust the person completely and understand the legal rules in both countries.

Understanding exchange rates and hidden costs

The exchange rate is the price of one currency in terms of another. If you are sending US dollars to euros, the exchange rate tells you how many euros the recipient gets per dollar. Banks and transfer services do not use the same rate; banks add a markup (usually 1 to 3 percent) that you never see, while services like Wise use the real market rate.

To compare costs, ask each service for the total amount the recipient will receive in their local currency, not just the exchange rate. A service with a lower fee might use a worse exchange rate, so the total cost is what matters. Many services show you the breakdown before you send: the amount you pay, the fee, the exchange rate, and the amount the recipient receives.

Some banks charge an additional fee if the recipient's bank charges a fee to receive the money — this is called a receiving fee and can be $10 to $25. Ask your bank whether they will cover this or pass it to you. With transfer services, the receiving fee is usually already included in the quote they give you.

What information you need to collect

Before you contact your bank or a transfer service, gather the recipient's details. You need their full name (exactly as it appears on their bank account), their account number, and their bank's SWIFT code or IBAN. For some countries, you may also need the bank's name and address or a branch code.

The easiest way to get this information is to ask the recipient directly — they can find it on their bank statement, in their online banking portal, or by calling their bank. If you are sending to a business, ask for the business bank account details, not a personal account. Double-check the spelling of the name and the accuracy of the account number; a mistake here can delay the transfer or send the money to the wrong account.

Some services let you save recipient details after the first transfer, so you do not have to look them up again. This is useful if you send money regularly to the same person.

Timing, fees, and what to expect

Bank transfers take the longest — three to seven business days — because they move through multiple banks. Money transfer services are faster: Wise usually delivers in one business day for major currencies, while Western Union cash pickups happen within hours. The speed you get depends on the countries involved, the currencies, and whether the recipient's bank is open.

Fees vary widely. A bank transfer might cost $25 to $50 plus a currency markup. A Wise transfer of $500 might cost $3 to $8. Western Union cash pickup might cost $15 to $30. For large amounts, the percentage difference shrinks, so a bank transfer becomes more competitive. For small amounts under $300, a specialized service is usually cheaper.

Once you send the money, you cannot cancel it if the recipient's bank has already received it. Some services give you a window (usually a few hours) to cancel before the money leaves your account. Ask about this before you send. Keep the confirmation number and receipt; you will need them if something goes wrong.

Frequently Asked Questions

What is a SWIFT code and where do I find it?

A SWIFT code is an eight or eleven-character code that identifies a specific bank and branch worldwide. It stands for Society for Worldwide Interbank Financial Telecommunication. The recipient can find it on their bank statement, in their online banking portal, or by calling their bank. You can also search for it on the SWIFT website or on your transfer service's website by entering the bank name and country.

What is an IBAN and do I need one?

An IBAN is the International Bank Account Number, a standardized format for bank account numbers used mainly in Europe, the Middle East, and Africa. It includes the country code, bank code, and account number in one long string. If you are sending to a European bank account, you will usually need the IBAN instead of a SWIFT code. Ask the recipient which one their bank requires.

Why does the money take so long to arrive?

International transfers pass through multiple banks — your bank, a correspondent bank in an intermediate country, and the recipient's bank. Each bank processes the transfer during its business hours, checks the information, and passes it along. Weekends and holidays add delays. Specialized services like Wise are faster because they use local bank accounts to avoid some of these steps.

Can I send money if I do not have a bank account?

Yes. Western Union and MoneyGram let you send cash from a physical location without a bank account. Some online transfer services require a bank account to fund the transfer, but others accept debit cards or prepaid cards. Check the service's website to see what payment methods they accept.

What happens if I send money to the wrong account number?

If the account number does not exist or belongs to someone else, the money may be returned to you after a few weeks, or it may stay in the recipient's bank's suspense account. Contact your bank or transfer service when ready with the confirmation number and explain the error. They can sometimes recall the transfer, but this is not may provide. Always double-check the account number before you send.