The basic route: wire transfer, currency conversion, and timing

To send money to a foreign bank account, you initiate a wire transfer from your US bank to the recipient's bank abroad. Your bank converts your dollars to the destination currency, assigns the transfer a reference number, and sends the payment instruction through an international payment network—usually SWIFT (Society for Worldwide Interbank Financial Telecommunication) or a similar system. The receiving bank then deposits the funds into the recipient's account.

The whole process typically takes 3 to 5 business days, though some corridors (common routes between countries) move faster. You pay a fee upfront—usually $15 to $50 depending on your bank—and the recipient's bank may charge a receiving fee as well. The exchange rate your bank uses is rarely the mid-market rate you see online; banks add a markup of 1 to 3 percent, which is how they profit on the conversion.

You need the recipient's full name, their bank name, the account number, and the bank's SWIFT code or IBAN (International Bank Account Number). Without accurate details, the transfer can be delayed or returned. Some banks also require a reason for the transfer, though this is usually just a form field.

Key Takeaways

  • Wire transfers through your bank take 3 to 5 business days and cost $15 to $50, but the exchange rate includes a markup of 1 to 3 percent above the real rate.
  • You need the recipient's bank details: full name, account number, bank name, and SWIFT code or IBAN—any error can delay or reverse the transfer.
  • Specialist money transfer services like Wise, OFX, and Remitly often charge lower fees and offer better exchange rates than traditional banks for smaller amounts.
  • The receiving bank may charge an additional fee, and some countries have restrictions on inbound transfers that can cause delays or require extra documentation.
  • Once sent, a wire transfer cannot be recalled; if details are wrong, you must ask the receiving bank to return the funds, which can take weeks.

When your bank's wire transfer makes sense

A wire through your own bank is straightforward if you already have a relationship there and the amount is large—say, over $5,000. Your bank handles everything, and you have a clear paper trail. The downside is cost: the combination of your bank's fee, the receiving bank's fee, and the exchange rate markup can eat 2 to 4 percent of the total amount.

Wire transfers are also the only option if the recipient's bank does not accept transfers through specialist services, which is rare but happens in some countries or with smaller regional banks. If you are sending to a country with capital controls or restricted banking relationships—Venezuela, Iran, North Korea, Syria, and a few others—your bank may refuse the transfer entirely, regardless of the amount or legitimacy of the payment.

Call your bank before you send to confirm they offer international wire transfers to that country and to get the exact fee. Some banks charge different amounts depending on the destination region.

Specialist money transfer services: lower costs for most amounts

Wise (formerly TransferWise) is the largest alternative to banks for international transfers. You create an account online, enter the recipient's bank details, and the money moves in 1 to 2 business days for most countries. Wise uses the real mid-market exchange rate with no markup and charges a flat fee based on the amount—typically $3 to $15 for transfers under $10,000. For amounts under $5,000, Wise is almost always cheaper than a bank wire.

OFX and Remitly work similarly: you set up an account, provide recipient details, and the transfer settles in 1 to 3 business days. OFX charges a flat fee ($3 to $12) plus a small exchange rate markup. Remitly charges a flat fee ($2 to $10) and also adds a markup, but the total is still usually lower than a bank for amounts under $3,000.

All three require you to verify your identity (usually a photo ID and proof of address) before you can send money. The verification takes a few minutes to a few hours. These services work best if you are sending to a country with a large diaspora—India, Mexico, the Philippines, Poland—because they have partnerships with local banks and can move money faster and cheaper to those corridors.

What happens on the receiving end

Once your bank or transfer service sends the payment, it travels through one or more intermediary banks before reaching the recipient's bank. Each intermediary may take a small fee (called a correspondent banking fee), which is deducted from the amount that arrives. This is separate from the fee you paid upfront and is not always disclosed in advance.

The recipient's bank then deposits the funds into their account. In most developed countries, this happens within 1 to 2 business days of arrival. In some developing countries, the receiving bank may hold the funds for a few days or ask the recipient for additional documentation, especially if the amount is large or the transfer is flagged by anti-money-laundering systems.

The recipient should expect to see the money in their account within 5 business days from the time you send it. If it does not arrive after 6 business days, contact your bank or transfer service with the reference number they gave you; they can trace the payment through the system.

Exchange rates and how banks profit on currency conversion

When you send dollars to a foreign account, your bank must convert those dollars to the destination currency. The real exchange rate—the mid-market rate—changes constantly and is what you see on financial websites like XE.com or OANDA. Your bank does not use that rate. Instead, they use a rate that is 1 to 3 percent worse for you, pocketing the difference.

A concrete example: the mid-market rate for USD to EUR might be 1.10 (one dollar equals 1.10 euros). Your bank might offer you 1.07 instead. If you send $10,000, you get 10,700 euros instead of 11,000 euros—a loss of 300 euros, or about 2.7 percent. Specialist services like Wise use the mid-market rate, which is why they are cheaper for currency conversion, though they do charge a flat fee on top.

The exchange rate your bank offers can vary by the time of day and the amount you send. Larger transfers sometimes get slightly better rates. Always ask your bank what rate they will use before you confirm the transfer.

Getting the recipient's bank details right

The most common reason a transfer is delayed or fails is incorrect recipient information. You need four pieces of data: the recipient's full name (exactly as it appears on their bank account), their account number, their bank's name, and either the SWIFT code or IBAN.

A SWIFT code is an 8 or 11-character code that identifies a specific bank branch worldwide. An IBAN is a longer code (15 to 34 characters depending on the country) that includes the country, bank, and account number in a standardized format. European banks use IBANs; most other countries use SWIFT codes. Some banks provide both.

Ask the recipient to give you their bank details in writing—from their bank statement, online banking portal, or a message from their bank. Do not guess or use information from an old transfer. Banks merge, rebrand, and change codes. If you send to the wrong SWIFT code, the transfer may go to a different bank entirely, and recovery is slow.

Before you send a large amount, send a small test transfer ($10 to $50) first. If it arrives correctly within a few days, you know the details are right and can send the full amount.

What to do if the transfer goes wrong

If the money does not arrive after 6 business days, contact your bank or transfer service when ready with the reference number they provided. They can trace the payment through the SWIFT network and tell you where it is stuck. Common issues include a typo in the recipient's account number, a wrong SWIFT code, or a hold placed by the receiving bank's anti-fraud system.

If the funds were sent to the wrong account, recovery is difficult. Your bank can ask the receiving bank to return the money, but the receiving bank is not obligated to do so. If the recipient's account holder refuses to return it, you may have no recourse. This is why verifying details before sending is critical.

If the receiving bank is holding the funds pending documentation, the recipient will usually receive a notice explaining what is needed—often a copy of the transfer receipt or proof of the purpose of the payment. The recipient should respond to the bank directly; the process usually takes 3 to 7 business days.

Restrictions and special cases

Some countries restrict inbound wire transfers or require special documentation. India, for example, allows transfers but the recipient may need to file a tax form. China restricts the amount you can send per year. Some countries require the transfer to be labeled with a specific purpose code.

If you are sending money for a business purpose, a loan, or a large gift, your bank may ask you to document the reason. This is part of anti-money-laundering compliance. Be honest and straightforward; banks are used to legitimate transfers and rarely block them if the documentation is clear.

If you are sending to a country under US sanctions or to a person on a sanctions list, the transfer will be blocked. Your bank will notify you, and the funds will be returned to your account after a few days.

Frequently Asked Questions

How long does an international wire transfer actually take?

Most transfers settle in 3 to 5 business days through a traditional bank. Specialist services like Wise often move money in 1 to 2 business days. Weekends and holidays add time. If you send on a Friday evening, the earliest arrival is usually Tuesday or Wednesday.

Can I cancel a wire transfer after I send it?

Once a wire is sent, it cannot be recalled. If you realize you made a mistake when ready—within minutes—call your bank and ask them to attempt a recall, but success is not may provide. After a few hours, the money is usually in the receiving bank's system and cannot be stopped. If the details are wrong, you must ask the receiving bank to return the funds, which takes weeks.

Why does the amount that arrives differ from what I sent?

The difference is usually due to correspondent banking fees (charges from intermediary banks) and the exchange rate markup. If you sent $1,000 and $950 arrived, the $50 difference came from fees and currency conversion. Ask your bank upfront whether they will deduct fees from the amount sent or charge you separately.

Is it cheaper to send cash or use a wire transfer?

A wire transfer is almost always cheaper than carrying cash, especially for amounts over $500. Cash carries the risk of loss or theft, and exchanging it at a currency exchange desk usually costs more than a wire. For very small amounts under $100, a specialist service may be cheaper than both.

What if the recipient's bank does not accept the transfer?

This is rare but can happen if the receiving bank does not have a relationship with your bank or the transfer service. Ask your bank which countries and banks they can send to before you initiate the transfer. If your bank cannot reach the destination, try a specialist service like Wise, which has partnerships with more banks worldwide.