What happens when you send money across borders

An international wire transfer moves money from your bank account to someone's bank account in another country. Your bank sends the funds through a network of correspondent banks — intermediary institutions in other countries that handle the actual movement of money. The receiving bank deposits the funds into the recipient's account, usually within one to five business days, though some routes take longer.

The process is straightforward on your end: you provide your bank with the recipient's name, account number, bank name, and routing information (which varies by country — some use SWIFT codes, others use IBAN numbers, and some use both). Your bank deducts the money plus fees from your account and initiates the transfer. What happens in between — how many banks touch the money, what currency conversions occur, and how much arrives on the other end — depends on the countries involved and the banks' relationships with each other.

Key Takeaways

  • International wire transfers typically cost $15 to $50 per transfer at traditional banks, plus a currency conversion fee that ranges from 1 to 3 percent of the amount sent.
  • The recipient's bank may also charge a receiving fee, which can be $10 to $25, and this fee is usually deducted from the amount that arrives.
  • You need the recipient's SWIFT code (an eight or eleven-character bank identifier) or IBAN (International Bank Account Number), depending on which country they are in.
  • Money typically arrives within one to five business days, but some routes — particularly to smaller banks or less common destinations — can take up to two weeks.
  • Online banks and money transfer services often charge less than traditional banks, but they may have daily or monthly limits on how much you can send.

Fees you will pay and where they come from

Your bank charges an outgoing wire fee, typically $15 to $50 depending on the institution. Some banks charge more for international wires than domestic ones. Online banks and credit unions often charge less — sometimes $0 to $15 — but may limit how much you can send per transaction or per month.

On top of the wire fee, your bank applies a currency conversion rate when the transfer crosses currency borders. This is not a separate fee; it is built into the exchange rate you receive. Banks typically mark up the real market rate by 1 to 3 percent. If you are sending $1,000 USD to someone in Mexico, your bank converts it to Mexican pesos at their rate, which is worse than the rate you would see on a currency exchange website. That difference — usually $10 to $30 on a $1,000 transfer — is how the bank profits.

The recipient's bank may charge a receiving fee of $10 to $25, which is deducted from the amount that arrives. You do not pay this fee directly; the recipient receives less money than you sent. Some banks in developing countries charge higher receiving fees, and some banks in wealthy countries charge nothing. You cannot know this fee in advance unless you call the recipient's bank or ask the recipient what their bank typically charges.

Correspondent banks in the middle of the transaction may also take a cut, though this is less common now. If the money passes through multiple banks to reach its destination, each one may deduct a small fee (usually $5 to $15). This is most likely to happen when sending to countries with less developed banking infrastructure.

How to get the information your bank needs

Before you initiate a transfer, you need specific details about the recipient's bank account. Ask the recipient for their SWIFT code (also called a BIC code) and their account number. In Europe and some other regions, ask for their IBAN instead, which is a standardized account number that includes the country code and bank routing information.

The SWIFT code is an eight or eleven-character code that identifies the bank and sometimes the branch. It looks like this: DEUTDEFF (Deutsche Bank in Frankfurt). The IBAN is longer — typically 15 to 34 characters depending on the country — and includes the country code at the start. An example: DE89370400440532013000 (a German account).

Some countries use both; some use only one. If you are unsure which one you need, call your bank or the recipient's bank. Providing the wrong code will not send the money to the wrong person — banks verify that the account number matches the name — but it may delay the transfer or cause it to be rejected and returned to you.

You will also need the recipient's full name exactly as it appears on their bank account, the name and address of their bank, and sometimes the country where the bank is located. Mismatches between the name you provide and the name on the account can trigger compliance checks that delay the transfer by several days.

Timeline: when the money arrives

Most international wire transfers arrive within one to five business days. The speed depends on the countries involved, the banks involved, and whether the transfer requires currency conversion. A wire from a US bank to a Canadian bank often arrives the next business day. A wire to a bank in India, the Philippines, or parts of Africa may take three to five business days or longer.

Weekends and holidays in either country add time. If you send a wire on Friday afternoon, it may not begin processing until Monday. If Monday is a holiday in the recipient's country, add another day. Some banks process international wires only during specific hours, which can add a day to the timeline.

Once your bank sends the wire, you have limited ability to stop it or change the destination. If you realize you made a mistake immediately after sending, call your bank right away — some can recall a wire within a few hours. After that, the money is in the correspondent bank network and cannot be easily retrieved. If it reaches the wrong account, you will need to contact that bank and ask them to return it, which can take weeks.

Alternatives that may cost less

Traditional bank wires are reliable but expensive. Online money transfer services — such as Wise (formerly TransferWise), OFX, and Remitly — often charge lower fees and offer better exchange rates. These services typically charge a flat fee ($1 to $10) plus a smaller currency markup (0.5 to 1.5 percent). For a $1,000 transfer, you might pay $5 to $20 total instead of $40 to $80.

The tradeoff is that these services may have daily or monthly sending limits, especially if you are a new customer. A new Wise account might allow $10,000 per month; a new Remitly account might allow $2,000 per transaction. These limits increase after you have used the service for several months. Some services also require you to verify your identity more thoroughly than a bank does, which can add a day or two to your first transfer.

If you are sending a small amount ($500 or less) to a country with many immigrants, a money transfer store — such as Western Union or MoneyGram — may be faster and competitive on price. You walk in with cash, provide the recipient's name and country, and the recipient picks up the money at another store location within minutes or hours. Fees are typically $5 to $15 for small amounts, but the exchange rate is usually worse than a bank or online service.

For very large transfers (over $10,000), some banks offer better rates if you call a foreign exchange specialist rather than using the standard wire process. This is worth asking about, especially if you are sending money regularly.

What to do if the money does not arrive

If the transfer does not arrive within the expected timeframe, contact your bank first. Ask them to trace the wire using the confirmation number they gave you when you sent it. Your bank can check whether the money left your account (it should have) and where it is in the correspondent bank network. This usually takes 24 to 48 hours.

If your bank confirms the money was sent but the recipient has not received it, the delay is usually in the receiving bank or the correspondent banks. Ask your bank to contact the receiving bank directly. Provide the recipient's bank with the wire confirmation number and ask them to search their incoming transfers for that day.

If the money was sent to the wrong account because you provided incorrect information, contact your bank immediately and ask them to attempt a recall. If the recall fails, you will need to contact the receiving bank and ask them to return the funds. This can take weeks. If the receiving bank refuses or cannot locate the account, you may need to pursue the matter through your bank's dispute process or, in rare cases, through legal channels.

Frequently Asked Questions

Do I need to tell my bank I am sending money internationally?

No, but large transfers may trigger compliance reviews. Banks are required to report transfers over $10,000 to the US government (or equivalent amounts in other countries). This is not a problem if the money is yours and the purpose is legitimate, but it may delay the transfer by a day or two while the bank verifies the source of the funds.

What if the recipient's bank charges a receiving fee I did not know about?

The fee is deducted from the amount that arrives, so the recipient receives less than you sent. You cannot recover this fee from your bank — it is the recipient's bank's charge. To avoid surprises, ask the recipient what receiving fees their bank typically charges before you send the money.

Can I send money to a person who does not have a bank account?

Not through a traditional wire transfer. You need a bank account number and routing information. If the recipient does not have a bank account, use a money transfer service like Western Union or MoneyGram, which allows pickup at a physical location, or ask the recipient to open a basic bank account first.

Is a wire transfer safer than other ways to send money internationally?

Yes, because the money goes directly into a bank account in the recipient's name. Once the money arrives, it is theirs. This is safer than cash or gift cards, which can be lost or stolen. The main risk is sending money to the wrong account due to incorrect information, which is why verifying the recipient's details is important.

Why do some countries take longer to receive wire transfers?

Countries with less developed banking infrastructure, fewer correspondent bank relationships, or different banking hours may add days to the process. Transfers to some African, South Asian, and Pacific island nations commonly take five to ten business days. The number of intermediary banks involved also affects speed — more banks means more processing time.