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How to Send an International Money Transfer

Tap each step to see it in order.

  1. Identify the purpose of your transfer

    Whether you're sending tuition, living expenses, or payment for goods, the purpose of the transfer can affect which documents and procedures are required.

  2. Compare transfer channels

    Bank branches, online or mobile banking, and specialized transfer services (like Wise or similar providers) each offer different combinations of fees and speed β€” compare a few before choosing.

  3. Double-check the recipient's information

    Confirm the recipient's full name, bank name, SWIFT/BIC code, and account number (including IBAN if applicable) carefully before sending.

  4. Check the exchange rate and total fees

    Compare the exchange rate being applied, the transfer fee, and any intermediary bank fees to understand the real total cost of the transfer.

  5. Submit the transfer and verify your identity

    Enter the transfer amount and complete whatever identity verification step is required, such as an app-based authentication or digital signature.

  6. Track the transfer status

    After sending, check the app or website for the processing status and estimated arrival date.

  7. Check transfer limits and reporting requirements

    Many countries impose annual transfer limits or require reporting above a certain amount, so contact your bank in advance for larger transfers.

What to Know Before You Send Money Abroad

Fees and delivery times can vary significantly depending on the bank or service, the amount, and the currency involved. Exchange rates also fluctuate constantly, so it's worth checking the rate at the exact moment you submit the transfer. For exact fee structures and limits, always confirm directly with the bank or transfer service you plan to use.

Worried About Exchange Rate Swings?

If you're concerned about currency fluctuations, opening a foreign currency account to hold funds in advance is one way to manage that risk β€” it's worth looking into the basics of how those accounts work.

Frequently Asked Questions

What's the cheapest way to send money internationally?

Fee structures vary so much by bank, provider, and transfer amount that there's no single cheapest option β€” it's best to compare the exchange rate and fees across a few services at the time you actually plan to send.

What happens if I send money to the wrong account?

Incorrect recipient details can cause the transfer to be rejected or delayed, and in some cases the funds may be difficult to recover, so it's important to double-check the bank name and account number before submitting.