International wire transfer instructions: What you should know

Wondering how to send money internationally? An international wire transfer is a fast and convenient option. You can use it to send money to family and friends, make business transactions, or pay for services abroad.

If you don't regularly send money overseas, international wires can be confusing. In this guide, you'll get clear international wire transfer instructions so you can easily send your funds overseas.

To keep the costs down when making an international money transfer, use Wise. It's a simple and secure way to send money to 160+ countries with no hidden fees or exchange rate markups.

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Table of contents

What is an international wire transfer? What information is needed for an international wire transfer? How to make an international wire transfer Make an international bank transfer with your bank Use an international money transfer service International wire transfer fees and exchange rates How long do international wire transfers take? Are international wire transfers safe? How to track an international wire transfer

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What is an international wire transfer?

An international wire transfer is a way to electronically send money from one country to another. International wires are reliable and secure, and they typically get to your recipient's bank account within just 1-5 business days. They're one of the easiest ways to send money internationally.

Unlike domestic transfers, international wires often pass through a few intermediary banks before reaching the recipient. This makes the process a bit more complicated and expensive, but it's still a great way to transfer money overseas.

What information is needed for an international wire transfer?

To send money abroad, you'll need to gather a few important pieces of information. Here’s what you typically need:

• Recipient's name
• Recipient's address
• Recipient's bank
• Recipient's bank address
• Recipient's bank account number or IBAN
• Recipient's SWIFT/BIC code
• Purpose of payment (for some countries)
• Currency

A SWIFT code is a unique code used to identify banks during international transactions. It's usually 8 to 11 characters long and has both letters and numbers. You can typically find a bank's SWIFT code on their website or use a SWIFT/BIC Code finder.

Make sure to confirm all of the information with your recipient. Mistakes can increase your wire transfer time.

How to make an international wire transfer

There are two main ways to send an international wire transfer: through your bank or using an international money transfer service. Let's take a closer look at both.

Make an international bank transfer with your bank

You can send an international bank transfer online or in person.

To send money internationally online, follow these steps:

1. Log into your online banking
2. Find the section for wire transfers or international payments
3. Follow the international wire instructions and enter the recipient's information and other important details
4. Enter how much you’re sending and in which currency
5. Check the fees and rates applied by your bank
6. Review all details for accuracy and confirm your transfer
7. Save the confirmation for your records

You may also want to get in touch with your recipient and explain to them how to receive an international wire.

Some people prefer to visit their bank in person. In this case, you should:

1. Go to a branch of your bank
2. Tell a bank representative that you want to make an international wire transfer
3. Provide the recipient’s information and the transfer amount
4. Review the applicable fees and exchange rates
5. Review all details for accuracy and submit the form
6. Get a receipt or confirmation of the transaction

Make sure to bring your ID with you. Depending on your bank, you may also be able to make international transfers over the phone.

Banks charge a fee for international wires. Fees vary from bank to bank, but you can expect to pay 30-50 USD in fees as well as additional exchange rate markups. You may also have to cover additional intermediary bank fees.

Bank	USD Transfer	Foreign Currency Transfer
Bank of America¹	45 USD	0 USD
Chase²	40 USD for online transfers 50 USD for in-person transfers	5 USD 0 USD if the amount is equal to 5,000 USD or more
Wells Fargo³	25 USD for online transfers 40 USD for in-person transfers	0 USD
Citibank⁴	0-35 USD depending on your relationship tier	0 USD

Use an international money transfer service

Several online services do international money transfers, often with lower fees and better exchange rates than traditional banks. PayPal, Moneygram, and Wise are some of the popular options.

PayPal

To send an international money transfer using PayPal, follow these steps:

1. Log into your PayPal account
2. Go to "Send and Request" to initiate your transfer
3. Enter the recipient's email or phone number
4. Specify the amount and currency
5. Review the fees
6. Confirm the details and send the money

PayPal charges multiple fees for international money transfers.

First, they charge you the applicable domestic transaction fee. This fee varies depending on your payment method and can be as high as 2.90% for cards. Then, they charge you an additional percentage-based fee for international transactions. This fee is 5% with a maximum amount of 4.99 USD.⁵

MoneyGram

Sending international transfers with MoneyGram is quite simple. Use the Moneygram website or app, enter the recipient’s details and the amount, and complete the transfer. You can send money using MoneyGram to 200+ countries and territories.⁶

Fees vary based on where you're sending money, the amount, your payment method, and how your recipient gets the money. If you pay with your credit or debit card, the fees are slightly higher.⁷ MoneyGram also makes money from the currency exchange.⁸

Wise

Wise is a money service business (MSB) that processes payments through its own network, meaning you pay locally, using local bank systems, like an ACH or wire, 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

💡 Did you know that Wise also offers a business account?

Some key features of Wise Business include:

Better visibility and organization of business finances. This is helpful for account reconciliations and audits. Major local account details for a simple one-off fee to receive international payments with ease No monthly account fees or minimum balance requirements Receive payments from e-commerce platforms (such as Amazon or via Stripe). Create invoices using the free Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection Batch payment options. Fast payment of up to 1,000 people.

Discover the difference between
Wise Business vs Personal

International wire transfer fees and exchange rates

International wire transfer fees depend on your bank or service provider.

Traditional banks typically charge a flat fee for the transfer, plus a markup on the exchange rate. Money transfer services may charge a flat rate or a percentage-based fee. Some of them make profit on the exchange rate as well.

Typically, you might expect to pay:

• International Wire Transfer Fees: Usually between 30-50 USD per transfer
• Exchange Rate Markups: Typically 1-6% above the mid-market rate
• Additional Hidden Fees: Intermediary banks may take a cut, and some banks charge a fee for receiving international transfers

When you make an international wire transfer, the bank converts your money into the recipient's currency using an exchange rate. For example, if you send 1,000 USD to someone in Europe, and the exchange rate is 1 USD = 0.90 EUR, the recipient would get 900 EUR.

Banks often add a markup to the exchange rate for profit. For example, the bank might set the exchange rate to 1 USD = 0.85 EUR instead of 0.90 EUR. This means that instead of 900 EUR, the recipient gets 850 EUR, and the bank pockets the 50 EUR exchange rate difference.

To find the best deal, compare the exchange rates offered by different banks.

How long do international wire transfers take?

International wire transfers typically take 1-5 business days. Some banks offer expedited services for an additional fee. Transfers that involve intermediary banks or less common currencies may take longer.

You can track your international wire transfer to learn its estimated delivery date.

Are international wire transfers safe?

International wire transfers are one of the safest ways to send money abroad.

Banks and transfer services use extensive security measures to protect your funds and personal information. The chances of hacking or breach are low if you're using a reputable financial institution. Learn more about international wire transfer regulations here.

Small errors are the leading cause of delayed or misplaced bank transfers. To avoid this, make sure to double check all of the information before sending your transfer.

You should also be wary of scams and never send money to unknown individuals or organizations without verifying their legitimacy first.

How to track an international wire transfer

Tracking your international wire can give you peace of mind. Once you complete your transfer, your bank or service provider should give you a reference or tracking number. You can use this number to track your wire online.

If you’re concerned about the status of your transfer, reach out to your bank or service provider for an update.

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Sending an international wire transfer doesn’t have to be complicated. If you've never sent an international wire transfer before, take some time to research the process so you clearly understand all of the steps, and you'll be all set. Typically, sending international wire transfers only takes a few minutes.

It's important to choose the right method of sending money abroad. Banks and money transfer services often charge multiple types of fees, and they can add up quicky.

Want high-speed*, low-fee transfers? Check out Wise and send money to 160+ countries with no hidden fees.

Get started with Wise

*The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

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Sources:

1. Bank of America - Outbound wire transfer fees
2. Chase - Additional banking services and fees for personal accounts
3. Wells Fargo - Fee information
4. Citibank - Online wire transfer services
5. PayPal - PayPal consumer fees
6. MoneyGram - About MoneyGram
7. MoneyGram - Sending money
8. MoneyGram - How to send money internationally online

Sources checked 07.30.2024