Transfer money internationally: a practical guide

Transferring money internationally means moving funds from your bank or payment account to someone in another country. People do this to pay for goods, support family, or manage business payments across borders.

What is an international money transfer?

An international transfer moves money from your account to a recipient abroad. Depending on the method, the money may pass through one or more banks, a payment network, or a digital platform that handles currency conversion and settlement.

Banks and networks

Most transfers to bank accounts in another country travel through traditional networks such as SWIFT. This route is widely supported but can be slower and often costs more due to multiple fees.

Key terms to know

• SWIFT code: a unique identifier for a bank used in international transfers.
• IBAN: an international bank account number used in many countries.
• Beneficiary: the person or business receiving the money.
• Transfer reference: a note to help the recipient identify the transfer.

Ways to send money abroad

Bank transfer

Pros: widely supported, can reach almost any recipient. Cons: can be slower and pricier. Fees vary by bank and country, and intermediary banks can add charges.

Online remittance service

Pros: often cheaper and faster, with user friendly interfaces. Cons: may require creating an account and may have per-transaction limits.

Cash pickup / mobile wallet

Useful when the recipient does not have a bank account or prefers cash or a local wallet. Availability depends on country and provider.

Costs, exchange rates, and speed

Fees you may see

• Transfer fee charged by the sender's provider.
• Recipient bank fee or intermediary bank charges.
• Any currency conversion fees charged by the provider.

Exchange rate markups

Providers may add a markup to the mid-market rate or offer a fixed rate. The total cost is the combination of the fee and the exchanged amount.

Transfer speed

Delivery times vary by method and route. Some transfers complete in minutes; others take 1–5 business days.

How to do a transfer: step by step

1. Decide on a method and provider based on cost, speed, and convenience.
2. Gather recipient details: name, bank account or wallet details, and, for bank transfers, the recipient's IBAN and SWIFT code.
3. Compare fees and the total amount the recipient will receive, including any currency conversion.
4. Start the transfer: enter the amount, choose currency, and confirm recipient details.
5. Confirm and track: you’ll receive a confirmation number and a way to monitor progress until delivery.

Tips for safe and smart transfers

• Use reputable providers with clear pricing and strong security.
• Double-check recipient information to avoid misdirected funds.
• Be aware of scams: never share one-time codes or verification details.
• Enable two-factor authentication where available.
• Start with small transfers to test a new provider.

Common questions

• How long does it take to transfer money internationally? Delivery varies by method and destination, from minutes to several days.
• Are there hidden fees? Some costs come from currency conversion and intermediary banks; always check the total amount the recipient will receive.
• Do you need a bank account to send money internationally? Not always; online remittance services and mobile wallets can work without a traditional bank account.
• Can I send money to a different currency? Yes; many providers offer currency conversions at the point of sending, with fees disclosed upfront.