International wire transfers work the same way as domestic ones, but require currency conversion and additional routing information

When you send money across borders using a wire transfer, your bank converts your dollars into the recipient's currency, then routes the payment through international banking networks. The process takes longer than a domestic wire — typically three to five business days instead of one — because the money passes through multiple banks and clearing systems in different countries.

You'll need more information than you would for a domestic transfer. Instead of just a routing number, you'll provide a SWIFT code (an eight or eleven-character code that identifies the recipient's bank internationally) or an IBAN (International Bank Account Number, used mainly in Europe and some other regions). Some banks also ask for a correspondent bank — an intermediary bank that helps route the payment if the receiving bank doesn't have a direct relationship with yours.

Currency conversion happens at your bank's exchange rate, which is rarely the mid-market rate you see online. Banks add a markup — sometimes 1 to 3 percent, sometimes more — so the recipient gets less than you might expect. Some banks let you lock in a rate before sending, while others apply the rate on the day the money arrives at the receiving bank.

Key Takeaways

  • International wire transfers require a SWIFT code or IBAN instead of a routing number, and take three to five business days instead of one.
  • Your bank converts the money at its own exchange rate, which includes a markup that reduces what the recipient receives.
  • Fees for international wires are usually higher than domestic ones and may be charged by both your bank and the receiving bank.
  • You can compare rates and fees across banks or use a money transfer service, which sometimes offers better rates for smaller amounts.

What information you need to provide

Before you initiate the transfer, gather the recipient's banking details. Ask them for their full name exactly as it appears on their account, the name and address of their bank, and either the SWIFT code or IBAN. If you're sending to a country that uses IBANs — most of Europe, the Middle East, and parts of Africa — the IBAN is usually all you need. For other countries, you'll need the SWIFT code.

Some banks also ask for an account number separate from the IBAN, or a reference number that identifies the recipient within their bank's system. If you're unsure what information is required, call your bank's international wire department before you start the transfer. Providing incomplete or incorrect details can cause the payment to be rejected or delayed, and reversing an international wire is difficult and expensive.

You'll also need to know the exact amount in the recipient's currency, or be prepared to let your bank convert whatever dollar amount you specify. If the recipient needs a specific amount — say, 500 euros — tell your bank that and ask them to calculate how many dollars that will cost at their current rate, including fees.

Fees and exchange rates

International wire transfer fees vary widely. Your bank might charge $15 to $50 to send the money, and the receiving bank might charge another $10 to $25 to receive it. Some banks charge a flat fee; others charge a percentage of the amount sent. A few banks offer free international wires to certain account holders or for transfers above a minimum amount.

The exchange rate markup is separate from the fee. If the mid-market rate is 1.10 dollars per euro, your bank might offer you 1.07 or 1.08 — the difference goes to the bank. Over a large transfer, this markup can cost more than the wire fee itself. Before you send, ask your bank what rate they'll use and whether you can lock it in.

For smaller amounts — under $1,000 — a dedicated money transfer service like Wise, OFX, or Remitly sometimes offers better rates and lower fees than a traditional bank. These services specialize in international transfers and often have direct relationships with banks in multiple countries, which reduces the number of intermediaries and the time the money spends in transit.

How long it takes and what can delay it

A straightforward international wire usually arrives within three to five business days. The timeline depends on whether the receiving bank is in the same country as the correspondent bank, and whether the payment needs to pass through multiple intermediaries. A transfer to Canada or Mexico might arrive in two to three days; a transfer to a smaller country or a less common currency might take longer.

Delays happen when information is incomplete or doesn't match the receiving bank's records. If the recipient's name on the wire doesn't match their account name exactly, the receiving bank may hold the payment for review. If you provide an incorrect SWIFT code or IBAN, the payment may be rejected and sent back to you — a process that can take another week.

Weekends and holidays also affect timing. A wire sent on Friday afternoon may not begin processing until Monday, and if a holiday falls during the transfer window, add another day. International banks also have their own processing schedules, which may not align with U.S. business hours.

Comparing banks and alternatives

Not all banks offer international wires at the same price or with the same speed. Large national banks like Bank of America, Wells Fargo, and Chase typically charge $15 to $45 to send and have established correspondent relationships worldwide, so transfers usually go through without delay. Credit unions and smaller regional banks may charge less but have fewer correspondent relationships, which can slow down transfers to less common destinations.

Online banks like Wise and Remitly are built specifically for international transfers and often have lower markups on exchange rates. They work by holding accounts in multiple countries and matching senders and receivers, so your dollars might be converted to euros and sent to a European account without ever leaving the U.S. banking system. This method is faster and cheaper for common routes like the U.S. to Europe or the U.S. to Mexico.

Traditional wire transfers through a bank are still the most reliable option for large amounts or transfers to countries where money transfer services don't operate. They also create a clear paper trail and are backed by banking regulations, which matters if something goes wrong.

What happens if the transfer goes wrong

If the money doesn't arrive after five business days, contact your bank immediately. Ask them to trace the wire using the confirmation number they gave you when you sent it. The bank can check whether the payment left the U.S. system and where it is in the international clearing process.

If the money was sent to the wrong account or rejected by the receiving bank, recovery is slow and expensive. Your bank can request a reversal, but the receiving bank has to agree, and if the money has already been withdrawn, it may be gone. This is why verifying the recipient's information before you send is critical.

If your bank made an error — sending the wrong amount, using the wrong exchange rate, or charging an incorrect fee — they are responsible for fixing it. Document everything: the confirmation number, the amount you authorized, the rate you were quoted, and the fees you were charged. If the bank disputes your claim, you can file a complaint with the Consumer Financial Protection Bureau (CFPB).

Frequently Asked Questions

What's the difference between a SWIFT code and an IBAN?

A SWIFT code identifies a specific bank and branch internationally; an IBAN is the account number format used in many countries. You need the SWIFT code to route the payment to the right bank, and the IBAN to identify the right account within that bank. Some countries use both; others use only one.

Can I send an international wire from my phone or online banking?

Most banks allow you to initiate international wires through their website or app, but some require you to call or visit a branch for the first transfer to a new recipient. After that, you can usually send online. Check your bank's policy before you need to send money.

What if the recipient's country uses a currency I've never heard of?

Your bank can convert to any currency they support, but you'll need to know the currency code (a three-letter abbreviation like MXN for Mexican peso or INR for Indian rupee). Ask the recipient what currency their bank account uses, then tell your bank that code when you send the wire.

Is there a limit to how much I can send in a single international wire?

Most banks allow international wires up to $10,000 or more per day, but the limit depends on your account type and history. Amounts over $10,000 trigger federal reporting requirements, which don't prevent the transfer but do add paperwork. Contact your bank to learn your specific limit.

Can I cancel an international wire after I've sent it?

If you cancel within a few hours of sending, before the money leaves the U.S. system, your bank can usually stop it. Once it reaches the international clearing system or the receiving bank, cancellation is nearly impossible. This is why you should verify all details before you authorize the transfer.