How to Make an International Wire Transfer

Quick answer

• Identify your bank’s fees and exchange rates: These can significantly impact the total cost.
• Gather recipient details precisely: Incorrect information can cause delays or failed transfers.
• Compare provider options: Banks aren’t always the cheapest or fastest.
• Understand transfer limits: Some providers have daily or per-transaction caps.
• Factor in transfer time: International wires can take several business days.
• Check for compliance requirements: You might need to provide additional information depending on the destination and amount.

Who this is for

• Individuals needing to send money to family or friends abroad.
• Businesses making payments to international suppliers or employees.
• Anyone requiring a secure and traceable method for large cross-border transactions.

What to check first (before you act)

Before initiating an international wire transfer, take a moment to assess your situation and gather necessary information.

Goal and timeline

• What is the purpose of the transfer? Is it for a gift, bill payment, or investment?
• When does the recipient need the funds? This will determine if a standard wire is sufficient or if a faster (and potentially more expensive) option is needed.
• What is the amount you need to send? Some providers have transfer limits that might affect your ability to send the full amount at once.

Current cash flow

• Do you have sufficient funds available? Ensure the money is readily accessible in your account to cover the transfer amount plus all fees.
• How will this transfer impact your immediate financial needs? Avoid depleting your checking account to the point where you can’t cover upcoming bills.

Emergency fund or safety buffer

• Do you have an adequate emergency fund? Transferring a large sum might deplete savings that should be reserved for unexpected expenses. It’s generally advisable to keep your emergency fund separate and accessible.

Debt and interest rates

• Are you carrying high-interest debt? Consider if paying down urgent debt might be a better use of funds than sending money internationally, especially if the transfer is not time-sensitive or essential.

Credit impact

• Will this transfer affect your credit utilization ratio? While not a direct impact, a large outgoing transfer from your checking account won’t directly influence your credit score. However, if you’re borrowing to make the transfer, that’s a different story.

Step-by-step (simple workflow)

Here’s a general workflow for how to make an international wire transfer.

1. Determine the exact amount and currency needed.

• What to do: Know precisely how much the recipient needs in their local currency and what the current exchange rate is.
• What “good” looks like: You have a clear figure in both your currency and the recipient’s currency.
• Common mistake: Rounding or not accounting for the exact exchange rate, leading to shortfalls. Avoid this by using a live currency converter or asking your provider for a precise quote.

2. Gather all recipient information.

• What to do: Collect the recipient’s full legal name, full address, bank name, bank address, account number, and SWIFT/BIC code (Bank Identifier Code).
• What “good” looks like: You have all the required details, double-checked for accuracy.
• Common mistake: Typos in names, incorrect account numbers, or missing SWIFT/BIC codes. Avoid this by asking the recipient to verify each piece of information and cross-referencing.

3. Choose your transfer provider.

• What to do: Compare options like your bank, specialized money transfer services (e.g., Wise, Remitly, Xoom), or other financial institutions.
• What “good” looks like: You’ve compared fees, exchange rates, transfer times, and transfer limits to find the best value.
• Common mistake: Automatically using your bank without checking other providers, which can be more expensive. Avoid this by doing a quick online comparison of a few services.

4. Initiate the transfer.

• What to do: Follow the chosen provider’s instructions, which may involve logging into your online banking, using a mobile app, or visiting a branch.
• What “good” looks like: You’ve entered all information accurately and are ready to confirm the transaction.
• Common mistake: Rushing through the input fields. Avoid this by taking your time and reviewing each field before submitting.

5. Review and confirm the transfer details.

• What to do: Carefully check the recipient’s details, the amount being sent, the exchange rate applied, and the total fees.
• What “good” looks like: Everything matches your expectations and the information you gathered.
• Common mistake: Overlooking small discrepancies in the confirmation screen. Avoid this by actively reading every line item.

6. Fund the transfer.

• What to do: Authorize the debit from your bank account, either through an online authorization, ACH transfer, or by providing your bank details.
• What “good” looks like: The payment is successfully initiated from your end.
• Common mistake: Not having sufficient funds in the account used for the transfer. Avoid this by ensuring the funding source is adequate.

7. Save your transaction receipt and reference number.

• What to do: Keep a record of the transaction, including any confirmation numbers or tracking IDs provided.
• What “good” looks like: You have a clear record for your own accounting and for tracking the transfer if needed.
• Common mistake: Discarding confirmation details. Avoid this by saving emails, taking screenshots, or printing receipts.

8. Track the transfer (if possible).

• What to do: Many providers offer tracking tools. Use your reference number to monitor the transfer’s progress.
• What “good” looks like: You can see the status of your transfer and estimate when it will arrive.
• Common mistake: Assuming the transfer is complete without confirmation. Avoid this by checking the tracking status periodically.

9. Confirm receipt with the recipient.

• What to do: Once the estimated delivery time has passed, contact the recipient to ensure they have received the funds.
• What “good” looks like: The recipient confirms they have the money in their account.
• Common mistake: Waiting too long to check in, delaying the resolution of any potential issues. Avoid this by following up a day or two after the expected arrival.

10. Address any issues promptly.

• What to do: If the funds haven’t arrived or there are discrepancies, contact your provider immediately with your transaction details.
• What “good” looks like: Any problems are being actively investigated and resolved.
• Common mistake: Delaying reporting an issue, which can make it harder to resolve. Avoid this by acting quickly if something seems wrong.

Common mistakes (and what happens if you ignore them)

Mistake	What it causes	Fix
Incorrect recipient details	Delays, failed transfers, potential loss of funds, additional fees to correct.	Double-check all names, addresses, account numbers, and bank codes. Ask the recipient to verify.
Not comparing exchange rates	Paying more than necessary due to unfavorable rates.	Use online comparison tools for money transfer services and banks before initiating.
Ignoring transfer fees	The final cost of the transfer is much higher than anticipated.	Understand all fees: upfront fees, intermediary bank fees, and any currency conversion markups.
Not checking transfer limits	Being unable to send the full amount required in a single transaction.	Verify daily, weekly, or per-transaction limits with your chosen provider. You may need to split the transfer or use a different service.
Using a non-reputable provider	Risk of scams, lost funds, or poor customer service.	Stick to well-known banks or established money transfer services with good reviews and regulatory oversight.
Failing to save transaction reference	Difficulty tracking the transfer or resolving disputes if issues arise.	Always save or screenshot your confirmation details and reference number.
Not understanding transfer times	Funds arrive too late for the intended purpose, causing problems or missed deadlines.	Ask for estimated delivery times and factor in weekends and holidays, as transfers are typically processed on business days.
Sending from an account with insufficient funds	The transfer might be rejected, incurring fees or damaging your banking relationship.	Ensure the funding account has enough cleared funds to cover the transfer amount and all associated fees.
Assuming the recipient received funds	Unresolved issues if the money never arrives, delaying problem resolution.	Follow up with the recipient to confirm they have received the funds shortly after the expected arrival time.
Not considering intermediary banks	Unexpected fees or delays from banks that handle the transfer between sender and receiver.	Be aware that intermediary banks might charge fees. Some providers are more transparent about this than others.

Decision rules (simple if/then)

• If the amount is small and time is not critical, then consider using a peer-to-peer payment app that supports international transfers, because these often have lower fees than traditional wire transfers.
• If the recipient needs funds urgently, then compare the fastest transfer options and their associated costs, because speed often comes at a premium.
• If you are sending money to a country with high fraud risk, then use a well-established bank or a highly reputable money transfer service, because they often have more robust security measures.
• If you are unsure about the recipient’s bank details, then ask them to provide a screenshot of their bank statement showing their name and account number, because this reduces the chance of errors.
• If the transfer amount is large, then check if your bank offers any preferred rates or discounts for high-value international wires, because larger amounts might qualify for better terms.
• If you encounter a provider with a significantly better exchange rate but higher fees, then calculate the total cost (rate + fees) for both options, because the overall cost is what truly matters.
• If the transfer is for a business transaction, then ensure you have all necessary documentation (like invoices) as required by your bank or the transfer service, because compliance is crucial for business payments.
• If you are sending money to a country with currency controls, then research the regulations in that country beforehand, because there may be limits or specific requirements for receiving funds.
• If the recipient’s bank requires a specific reference or purpose code, then include it in the transfer details, because this helps their bank process the funds correctly.
• If you are sending money to yourself, then still follow all the steps carefully to avoid errors and ensure the funds arrive as expected.

FAQ

Q: How long does an international wire transfer take?

A: International wire transfers typically take 1-5 business days to arrive. This can vary depending on the countries involved, the banks, and any holidays or weekends.

Q: What is a SWIFT/BIC code?

A: A SWIFT (Society for Worldwide Interbank Financial Telecommunication) or BIC (Bank Identifier Code) is a unique code that identifies a specific bank worldwide. It’s essential for routing international payments correctly.

Q: Are there limits on how much money I can send internationally?

A: Yes, most banks and money transfer services have limits on the amount you can send per transaction, per day, or per month. These limits vary by provider and your account type.

Q: Can I cancel an international wire transfer?

A: Canceling a wire transfer is difficult once it has been initiated and processed by the banks. It’s best to contact your provider immediately if you believe you need to cancel, but success is not guaranteed.

Q: What’s the difference between a wire transfer and other international money transfer methods?

A: Wire transfers are generally considered secure and are often used for larger sums. Other methods, like online money transfer services, might offer better exchange rates or faster delivery for smaller amounts, but may have different security protocols.

Q: Do I need to provide a reason for the transfer?

A: Often, yes. Many providers and countries require a purpose for the transfer for compliance reasons (e.g., personal remittance, payment for goods, family support).

Q: What if the recipient’s bank is not in the SWIFT network?

A: If the recipient’s bank is not directly part of the SWIFT network, the transfer might need to go through an intermediary bank that is. This can add time and potentially extra fees.

Q: How can I avoid high fees on international wire transfers?

A: Compare fees across different providers, look for services that offer transparent pricing, and consider if a non-bank money transfer service might be more cost-effective than your bank.

What this page does NOT cover (and where to go next)

• Specific exchange rate fluctuations: This page provides general guidance; actual rates change constantly.
• Detailed regulatory requirements for every country: Compliance varies greatly by destination.
• Using cryptocurrency for international payments: This is an alternative method with its own set of rules and risks.

Where to go next:

• Research specific international money transfer services.
• Consult your bank’s international services department.
• Investigate currency exchange hedging strategies if you make frequent international payments.
• Understand consumer protection laws related to financial transactions.