International wire transfers work differently than domestic ones, and the costs and timing depend on the route you choose

An international wire transfer moves money from your bank account to someone's account in another country. Your bank sends the payment through a network of correspondent banks — intermediary institutions in other countries that handle the actual delivery. The process typically takes three to five business days, though it can be faster or slower depending on the destination country, the banks involved, and whether the receiving bank needs to convert currency.

You will pay a fee to send the money, usually between $15 and $50, plus a currency conversion fee if the receiving account is in a different currency. Some banks also charge the receiving bank a fee, which may be deducted from the amount that arrives. The exchange rate your bank uses is often not the mid-market rate you see online — banks add a markup, sometimes 1 to 3 percent.

Key Takeaways

  • International wire transfers go through multiple banks and typically arrive in three to five business days, not the same day.
  • Your bank will charge you a sending fee, a currency conversion markup, and possibly an intermediary bank fee — the total cost can be $30 to $75 or more.
  • You need the recipient's full name, account number, bank name, and SWIFT code or IBAN, depending on the country.
  • Some countries have restrictions on wire transfers or require additional documentation, so confirm with your bank before you initiate the transfer.
  • Money transfer services like Wise, OFX, and Remitly often charge less than banks for international transfers, especially for smaller amounts.

What information you need to send an international wire

Before you contact your bank, gather the recipient's banking details. You will need their full legal name exactly as it appears on their bank account, their account number, and the name and location of their bank. You also need either a SWIFT code (an eight or eleven-character code that identifies the bank internationally) or an IBAN (International Bank Account Number, used mainly in Europe and some other regions).

Ask the recipient to provide these details in writing or confirm them by phone — a single digit wrong in an account number can send the money to the wrong account or cause the transfer to fail and bounce back to you after several days. Some banks also require the recipient's address. If you are sending money to a business, you may need a tax ID or registration number for that business.

Once you have this information, log into your bank's online banking portal or call the wire transfer department. Most banks allow you to initiate international wires online, though some require you to do it in person or by phone for amounts over a certain threshold.

How long international wires take and why timing varies

A wire transfer typically takes three to five business days to arrive, but the actual time depends on several factors. If you send the wire on a Friday afternoon, it will not process until Monday, and the receiving bank may not process it until Tuesday or Wednesday. Weekends and holidays in either country add days to the timeline.

The destination country matters significantly. Wires to Canada, the UK, and Western Europe usually arrive within three business days. Transfers to Asia, Africa, the Middle East, or Latin America can take five to seven business days or longer, especially if the receiving bank is small or in a remote area. Some countries have banking systems that process international transfers only once or twice a day, creating additional delays.

If the receiving bank does not recognize the SWIFT code or IBAN you provided, or if there is a mismatch between the account number and the account holder's name, the receiving bank may hold the transfer for review. This can add several days. In rare cases, the transfer bounces back to your bank, which then returns it to you — a process that can take two weeks or more.

Fees and exchange rates: what your bank charges

Your bank charges an outgoing wire fee, typically $15 to $50 depending on the bank and whether you are a premium customer. On top of that, your bank converts your dollars to the recipient's currency at an exchange rate that includes the bank's markup. The mid-market rate (the real rate between currencies) might be 1.10 USD to 1 EUR, but your bank might offer you 1.07 or 1.08, pocketing the difference.

The receiving bank may also charge an incoming wire fee, usually $10 to $25. This fee is sometimes deducted from the amount the recipient receives, so if you send $1,000, the recipient might receive $975 or less. Ask your bank whether the fee is deducted from the amount you send or from the amount the recipient receives — this affects how much you need to send to ensure the recipient gets the full amount you intended.

Some banks charge an intermediary bank fee if the transfer passes through a correspondent bank. This fee is often $10 to $15 and is usually deducted from the amount that arrives. Your bank should disclose all fees upfront, but you may need to ask specifically about intermediary fees.

When to use a money transfer service instead of your bank

Money transfer services like Wise, OFX, Remitly, and MoneyGram often charge less than banks for international transfers, especially for amounts under $10,000. Wise, for example, uses the mid-market exchange rate with a small markup (typically 0.5 to 1 percent) and charges a flat fee based on the amount and destination. For a $500 transfer to Europe, Wise might charge $5 to $10 total, compared to $40 to $60 at a bank.

The trade-off is speed. Money transfer services usually take one to three business days, which is faster than banks, but they are not instant. They also require you to set up an account and verify your identity, which takes 10 to 30 minutes online. Some services limit the amount you can send in a single transfer or per month, especially on your first transfer.

Money transfer services work best for regular transfers to the same recipient, transfers under $10,000, and situations where you want to minimize fees. Banks are sometimes necessary if you are sending a very large amount, if the recipient's country is not served by money transfer services, or if you need the transfer to arrive on a specific date and want the certainty of a bank's process.

Restrictions and documentation requirements by country

Some countries restrict international wire transfers or require additional documentation. China, Russia, and several Middle Eastern countries have capital controls that limit how much money can leave the country or require government approval. If you are sending money to or from these countries, your bank may ask for documentation explaining the purpose of the transfer, proof of the relationship between you and the recipient, or proof of the source of the funds.

The US government requires banks to report international wire transfers over $10,000 as part of anti-money-laundering compliance. This does not prevent the transfer, but your bank will file a report. If you are sending multiple transfers that total over $10,000 in a short period, your bank may flag this and ask questions.

Some countries require the recipient to register the incoming transfer with their central bank or tax authority, or to declare it as income. This is the recipient's responsibility, not yours, but it is worth mentioning to them so they are not surprised if their bank asks about it.

What to do if a wire transfer goes wrong

If the money does not arrive within the expected timeframe, contact your bank's wire transfer department and provide the confirmation number from your original transfer. The bank can trace the transfer through the correspondent bank network and determine where it is. If it has been held up at an intermediary bank, the bank can sometimes expedite it.

If the money was sent to the wrong account, recovery is difficult and sometimes impossible. Banks can attempt to recall the transfer if it has not been claimed by the recipient, but this process is slow and not always successful. This is why confirming the account number and IBAN with the recipient before you send is critical.

If the receiving bank rejected the transfer because of a mismatch in information, your bank will usually return the money to your account within five to ten business days. You will not be charged a fee for the return, but you may lose money on the currency conversion if the exchange rate has moved. Once the money is back, you can correct the information and send again.

Frequently Asked Questions

Can I cancel an international wire transfer after I send it?

It depends on how quickly you act. If you contact your bank within a few hours of sending the transfer and before it has been processed, the bank may be able to cancel it. Once the transfer has left your bank and entered the correspondent bank network, cancellation is much harder and may not be possible. Call your bank immediately if you need to cancel.

Why is the amount the recipient receives less than what I sent?

The receiving bank deducted an incoming wire fee, or your bank's currency conversion rate was worse than expected, or both. Ask your bank to break down the fees before you send so you know exactly how much will arrive. If you want the recipient to receive a specific amount, tell your bank the final amount, not the amount you are sending.

What is the difference between a SWIFT code and an IBAN?

A SWIFT code identifies a specific bank and branch internationally and is used by all countries. An IBAN is a longer account number used mainly in Europe and some other regions that includes the country code, bank code, and account number. You need one or the other, depending on the country. Ask the recipient which one their bank requires.

Is it safer to wire money internationally than to use other methods?

Wire transfers are secure in the sense that the money goes directly from your bank to the recipient's bank with no intermediary. However, they are not reversible if sent to the wrong account or if the recipient does not send goods or services as promised. For large amounts or unfamiliar recipients, consider paying a smaller amount first to verify the recipient is legitimate.

Can I send an international wire transfer from a savings account?

Yes, most banks allow international wire transfers from savings accounts, checking accounts, and money market accounts. The process and fees are the same. Some banks may require a minimum balance or may limit how many wire transfers you can make per month from a savings account.