If you need to send money overseas you may be considering an international wire transfer. Wires are a convenient way of transferring money between banks internationally, so the funds are deposited in the foreign currency your recipient needs.
Aside from banks, there are plenty of other ways of sending money internationally. Specialists like Western Union, MoneyGram, PayPal, and Wise help customers move money around the world fast and often for a lower fee than a bank.
| 📑 Table of Contents |
|---|
|
First: what's an international wire transfer?
An international wire transfer is an electronic transfer of funds from one bank account to another. Your money will be sent directly from your account to the recipient, and deposited in the currency they need for convenience. International wires can be arranged online, through payment and banking apps, by phone, and in bank branches.
What information and documentation is needed to make an international wire transfer?
What exactly you'll need to make an international wire transfer can vary depending on the bank or payment service you use, as well as the country you’re sending money to and the value of the payment.
If you’re using a provider for the first time it’s common to need to create and verify an account, which will mean showing or uploading an image of some ID. Once that’s done, you’ll usually need to provide:
- Your recipient’s full name
- Your recipient’s banking details including bank name and account number
- Details of the payment including the currency required
For higher value transfers and payments to certain countries you’ll also need to provide information about what the payment is for, and the source of the funds.
A quick intro on SWIFT payments
Bank international wire transfers are normally sent through the Society for Worldwide Interbank Financial Transactions (SWIFT).
Each financial institution in the SWIFT network is issued a unique code between 8 and 11 characters long, known as a bank identifier code (BIC), SWIFT ID or BIC/SWIFT code.
If you need to find a code for a particular bank, check out a SWIFT/BIC Code finder.
The SWIFT banking process is the global standard for transferring money from one country to another.
In the SWIFT network, participating banks across the world work together to move money. Instead of your money traveling straight to its destination, there will often be up to three banks your money needs to go through.
It’s a bit like taking a connecting flight or two to reach your destination. Unfortunately, though, each bank takes a fee, pushing up the costs of this type of payment.
In summary, what you’ll want to keep in mind about SWIFT transfers: |
|---|
|
How can you make an international wire transfer?
Let’s get into the details of how to wire money internationally now. We’ll walk through a few different ways of transferring money to a foreign bank account, from an international bank transfer with your normal bank, to wiring money overseas via a specialist service.
Alternative #1: Make an international bank transfer online
First, how to send money to a foreign bank account. Depending on your bank you may need to visit a branch office to set up an international transfer, but most banks now offer international wires online.
Follow these steps on how to do a wire transfer online:
Step 1. Find the wire transfer section on your online banking service
Log into your online bank account and navigate to the wire transfer section of your bank’s webpage.
Step 2. Enter the recipient’s bank details
To complete a SWIFT international transfer, you’ll need to provide the following specific information.
|
|---|
The BIC/SWIFT is a bit like a US routing number or a zip code. It denotes the exact bank the recipient account is in.
Your bank may be able to find out the recipient’s BIC/SWIFT code using the recipient’s name and account number or by using an online BIC/SWIFT code finder. You can also just ask the recipient bank for the information.
Step 3. Enter the amount and currency you want to send
Continue following the online prompts to enter the amount you want to send and the currency it should be deposited in.
Step 4. Pay the transfer processing fee
Your bank will charge you an initial processing fee. It typically runs from $40-$50.
The receiving bank may also charge a fee, which can range from $10-$20. According to mybanktracker, these are the current fees for several large US banks:
| Bank | International Transfer Fee — Outgoing |
|---|---|
| Bank of America¹ | Variable depending on account |
| Chase² | Up to $50 |
| Wells Fargo³ | $35 — $45 |
| Citibank⁴ | Up to $45 |
| US Bank⁵ | $50 |
| Capital One⁶ | $40 — $50 |
| PNC Bank⁷ | $40 — $45 |
| TD Bank⁸ | $50 |
However, you’ll still want to be aware that though you’ll be paying one fee with your bank, there will likely be additional fees added by anywhere from one to three intermediary banks, as well as the recipient bank.
It can get expensive, so be prepared. You can also read more in the guide to wire transfer fees.
| 💡 If you're a business owner, saving money on wire transfer fees* can increase your cash flow. With a Wise Business account, you can send and receive international transfers at the mid-market rate. Wise Business is here to solve your international business needs. |
|---|
Alternative #2: Make an international wire transfer in person with your bank
If you’re the type that prefers in-person to online or your bank requires you to come to a branch, then you’ll want to know what to do when you arrive.
Step 1. Prepare the information needed for international wire transfer
You’ll need your own account information, plus:
|
|---|
Step 2. Decide how much you want to transfer, and what the destination currency should be
Confirm which currency you’re sending, and either how much in USD you’re sending, or how much you want to reach the destination bank.
Step 3. Pay the international transfer fee
Your bank will almost undoubtedly charge you a processing fee. Fees typically run from $40-$50, with in-branch payments often more expensive than online transfers.
Alternative #3: Make an international wire through the phone with your bank
Some banks also offer a phone service so you can make your international wire by calling the customer service center.
Step 1. Prepare the information needed for international wire transfer
You’ll need your own account information, plus:
|
|---|
Step 2. Confirm the details of the payment
Call your bank and tell the customer service agent how much you want to send and which currency it should be received in
Step 3. Pay the international transfer fee
Sending money over the phone can often be as costly as making a payment in person in a branch — check out the fees before you get started.
Alternative #4: Make a wire through an international transfer provider (in person or online)
In addition to banks, you have many stand-alone transfer services to pick from. Services like PayPal or Wise take a different approach to processing payments compared to banks, which can mean the transfers move faster.
| Wise | PayPal | Western Union | |
|---|---|---|---|
| Cost | Fee varies based on payment details | 5% of the payment value, from $0.99 to $4.99⁹ | Fee varies based on payment details |
| Exchange rate | Mid-market exchange rate | Mid-market exchange rate + 4% | Mid-market exchange rate + a variable markup |
| Limits | High limits, usually around 1 million GBP or the equivalent | 10,000 USD for verified accounts¹⁰ | Varies by payment type |
| Coverage from USD | 70+ countries | More or less global | More or less global |
| Features | Mid-market exchange rates, low fees and fast transfers | Send money to PayPal accounts instantly | Great range of payout options including cash collection |
Wise
Wise processes payments through its own payment network, meaning you pay locally, using local bank systems like an ACH in the US, and the funds are then paid out locally in the recipient’s location too — which avoids those nasty international transfer fees.
To send money online with Wise, you will pay a small, flat fee and a percentage of the amount that’s converted.
All you’ll need is the local bank details of where you’re sending money to. Wise uses the mid-market exchange rate — the same one you see on Google — and simply charges a low, upfront fee. No hidden charges. No unwelcome surprises.
If you regularly send money across borders, consider signing up for a Wise Account. You can store your money in dozens of different currencies and pay or get paid with local bank details in regions including the US, the UK, the EU, and Australia.
Get started with Wise 🚀
| Please see Terms of Use for your region or visit for the most up-to-date pricing and fee information |
|---|
💡 Did you know that Wise also offers a business account?
| Some key features of Wise Business include: |
|---|
|
Discover the difference betweenWise Business vs Personal
PayPal
PayPal is one of the most popular resources for making online transactions or receiving payments. It also offers a transfer service if you’re sending money internationally.
If you use your PayPal balance or bank account, PayPal charges 5.00% of the transaction with a minimum fee of 0.99 USD and maximum fee of 4.99 USD, depending on the currency of the recipient’s country.
To send money to Mexico or another country overseas, PayPal also adds a percentage fee onto the mid-market or interbank exchange rate to calculate the rate used to send your funds. That means that PayPal gives you a worse currency exchange rate than the one you find on Google.
Western Union
Western Union is available in 200 countries and deals in 130 currencies.
The fees they advertise vary depending on where you’re sending money, how you want to pay and how the money will be received.
As with PayPal, Western Union’s exchange rate includes extra fees. A simple online currency converter tells you how much your money is actually worth.
So, before you submit your order, make sure to find out the exact amount you’ll get in the end. It never hurts to take a few minutes to shop around, compare and do your research.
| 💡 You can also read the full guide on Western Union fees to find out more. |
|---|
Global money transfers: things to look out for
Here are a few extra considerations before you get started sending money.
Regulations and limitations
Financial service providers all over the world are subject to regulation which means they need to check and verify customers and payments.
Exactly what you’ll need to do will depend on the provider and payment type — but you can expect verification steps such as proving your identity and address, and for high value payments you’ll also need to show where the money came from in the first place.
| 💡 Learn more with our full guide on international wire transfer regulations |
|---|
Hidden fees and exchange rate
Don’t get caught out by hidden fees or a bad exchange rate. The fee structures used by banks and providers can often be complex and confusing, with more fine print than you may expect.
Double check the rate you’ll get against the mid-market exchange rate, and ask about third party fees to make sure you’ll not wind up paying more than you expect in the end.
Sending money internationally can be a headache — but it doesn’t have to be. Use this guide to weigh up your options — including the features, delivery times and speed available from different providers, so you’ll know you’;re getting the best service for your needs.
And don’t forget to check out low cost international transfers from Wise, for payments which use the mid-market rate with no hidden fees and a bank beating delivery time.
Learn more about Wise
Sources:
- Bank of America - Fees
- Chase - Fees
- Wells Fargo — Fees
- Citibank - Fees
- US Bank - Fees
- Capital One - Fees
- PNC - Fees
- TD Bank - Fees
- PayPal US - Consumer fees
- PayPal US - Payment limits
*Please see Terms of Use for your region or visit for the most up to date pricing and fee information
Sources checked on 12.09.2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
