International Bank Transfers

Last updated on April 24th, 2025Why trust usDisclosure

A bank transfer is a way of moving money from one bank account to another, be it your own or someone else's. It's also a simple, convenient, and popular way of sending money abroad.

However, most banks will charge hefty fees for international (and some domestic) transfers.

Here, we have a collection of guides we've put together to help you save on transfers abroad. We'll also explore the bank fees, transfer speed, your options, and better alternatives.

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International Bank Transfer Fees

International wire transfer fees in the US can range between $25 and $45, depending on the bank, while some banks also charge different fees for outgoing and incoming wire transfers. MoneyTransfers.com has looked at the biggest banks in the US, the UK and around the world to see how much they charge for international wire transfers:

Sending Money Abroad

Ideal for sending money internationally, money transfer services have made huge strides in the past couple of decades to make sending your money abroad cheaper, faster, and easier than ever.

Table of Contents

Bank transfers explained

A bank transfer is a way to move money from one bank account to another bank account.

This can be moving money between your accounts, sending money abroad, or paying friends and family.

It's like when you give someone cash, but instead of handing them bills and coins, the bank moves the money for you electronically.

Here’s a simple example, say you want to pay someone in the UK but you’re located in the US.

You give the bank instructions: You tell your bank how much money to send and the details of the account you want to send it to.
The bank processes the transfer: Your bank takes the money out of your account and sends it to the other bank.
The other bank receives the money: The other bank puts the money into the recipient's account.

But here’s the catch

Before the bank can process the transfer, you need to pay the fees.

The fees will depend on multiple factors such as the amount and the location of the recipient.

In addition to the transfer fee, you will also pay the exchange rate margin (percentage added to the mid-market rate).

Are bank transfers the same as wire transfers?

Although both terms are used interchangeably, there’s a slight difference between the two.

The difference is in the way the transfers are processed.

Bank transfers will usually process the transactions via ACH (Automated Clearing House), while wire transfers will use the SWIFT network for transfers.

The key differences between the two lie in their function, speed, cost, and geographical reach.

Here’s a quick breakdown of the two:

ACH transfers

ACH is a network used for electronic money transfers, used within the same country (usually the US).

It’s generally slower (2-3 days) than SWIFT but comes with lower fees. Hence, it is used largely for routine transactions such as direct deposits, bill payments, and transfers between accounts.

SWIFT payments

SWIFT on the other hand is a global messaging system that connects the banks for international transfers.

It is faster compared to ACH (minutes-2 days) but comes with higher fees (for both, the sender and the receiver).

SWIFT is usually used for international money transfers, making large payments, and urgent transfers.

Making international bank transfers

Here’s a quick overview of how to initiate a bank transfer when sending money to another country.

Get the recipient's details

You need the recipient's full name, bank account number, the name and address of their bank, and the SWIFT/BIC code of their bank. These details ensure the money goes to the right place.

Vist your bank or use online banking

Go to your bank or use their online banking service. Tell them you want to make an international transfer.

Provide the details

Give your bank all the recipient’s details mentioned earlier, along with the amount you want to send and any reference information.

Confirm and pay

Your bank will confirm everything with you, including any fees for the transfer. Once you agree, they’ll deduct the money from your account.

Wait for processing

International transfers can take a few business days to reach the recipient's account, depending on the countries and banks involved.

Check confirmation

After a few days, you can check with your bank or the recipient to make sure the money arrives safely.

Opening a bank account

Chances are, you already have a bank account. But if not, you will need to create one.

To open a bank account, simply navigate to the bank's website and sign up.

During the application process, you will need to provide your personal details, as well as an ID.

The process is slightly different if you’re opening an account overseas.

Details needed for international bank transfers

To make an international bank transfer, you’ll need your recipient’s:

Recipient's full name: The exact name associated with the recipient's bank account to ensure the transfer reaches the correct person or entity.
Recipient's bank account number: The unique account number where the money will be deposited. This is crucial to ensure the funds go to the intended recipient.
Recipient bank's name and address: The name of the bank where the recipient holds the account and its physical address. This helps in identifying the correct financial institution.
Recipient bank details: often you will need the recipient bank's routing number (for US transfers) or SWIFT/BIC Code (for international transfers).
Amount to transfer: The exact amount of money you wish to send. Double-check this to ensure accuracy.
Reference or memo (optional): A note or reference number that can help identify the purpose of the transfer. This is particularly useful for personal records or when providing information to the recipient.

Make sure you double-check these details, as it might be difficult to reverse your transfer if some of the details are incorrect.

For example, if you're sending money to Norway, you need to provide the correct Norwegian SWIFT code for the recipient's bank located in Norway.

Use our SWIFT/BIC calculator below to get these details

Find the SWIFT/BIC code by entering country details and bank name.

Country

Bank

Banks vs money transfer services fees

You have two main options when making an international bank transfer: using your bank or using the services of a money transfer provider.

Using your bank to make an international transfer may seem like a convenient way to send your money abroad, but it often ends up being one of the most expensive methods.

This is because banks tend to add several fees to international transfers, including:

Upfront international banks' transfer fees

A bank transfer fee is added to your transfer at the time of setting up the transfer and usually varies from bank to bank

SWIFT network fees

These are the fees that add up while the transfer is in progress (usually charged by the intermediaries). This charge can apply to the sender or the receiver depending on the service you use. This fee is not involved when using most money transfer services (as there are no intermediaries involved).

A markup on the exchange rate

On average, banks add between 4-5% on top of the ‘real’ exchange rate. This fee is very difficult to see if you’re using the bank. Money transfer companies, on the other hand, will usually display it before making the transfer.

*A markup on the exchange rate is charged by almost all banks.

For that reason, it is important to always check the exchange rates before making your international money transfer.

Consider this before making bank transfers

Before making an international bank transfer, you need to consider the following:

Fees

Check if there are fees for sending the money. Banks and services may charge different amounts, so it’s good to know upfront.

Make sure to .

Exchange rates

Understand how much money you'll get in the recipient's currency. Exchange rates can vary, affecting how much your recipient receives.

Many banks will add 4-5% to the actual, ‘real’ exchange rate.

Again, to get the best exchange rate.

Speed

Some transfers can be quick, while others may take a few days. If it's urgent, ask about the transfer speed.

Usually, money transfer services will offer almost instant transfers, while banks can have delays.

Recipient details

Make sure you have the correct information—like their full name, bank account number, and bank's name and address—to ensure the money goes to the right place.

Security

Use trusted methods and double-check details to avoid mistakes or money transfer scams.

Regulations

Be aware of any rules or limits for international transfers that could affect how much you can send or receive.

Country restrictions

Some countries have specific regulations or restrictions on incoming or outgoing transfers.

Ensure your transfer complies with these rules to avoid complications.

Currency support

Confirm that your bank or transfer service supports the currency you need to send.

Not all currencies may be available for international transfers by every service.

Our comparison tool will suggest the best providers based on your transfer route.

Documentation

Depending on the purpose of your transfer (e.g., business payments, or personal remittances), you may need to provide additional documentation or information to comply with legal or regulatory requirements.

Use of funds

Be aware that some transfers may be subject to scrutiny to prevent money laundering or other illegal activities.

Ensure you can explain the purpose of your transfer if asked.

Here’s a fun fact, I sent £10,000 to Revolut a few years back, and it got flagged, so I had to verify my transfer and submit the proof of funds.

Bank requirements

Different banks may have varying requirements for international transfers.

Some may require additional verification steps or documentation based on the amount being transferred or the destination country.

Transaction limits

Be aware of any transaction limits imposed by your bank, especially for larger transfers.

You may need to request special authorization for high-value transactions.

Pros and cons of using bank transfers

Using bank transfers has its pros and cons compared to other payment methods.

Pros

Security: Bank transfers are generally considered secure because they involve direct transactions between banks, minimizing the risk of theft or fraud compared to carrying cash.
Convenience: It’s convenient because you can initiate transfers online or through your bank’s mobile app without needing to visit a physical location.
Direct deposit: Bank transfers are ideal for direct deposits of salaries, benefits, or recurring payments like rent or utilities.
Wide acceptance: Widely accepted for various transactions, including large payments and international transfers.

Cons

Speed: Bank transfers can be slower than other methods like credit/debit cards or digital wallets. Domestic transfers can take a few days, while international transfers may take longer.
Fees: Some banks charge fees for transfers, especially for international transactions. These fees can vary widely depending on the banks involved and the transfer amount.
Information required: You need detailed information about the recipient’s bank account, which can be cumbersome and prone to human errors if not entered correctly.
Regulations: International transfers may be subject to regulatory scrutiny, requiring additional documentation or information depending on the countries involved.

Best services for international bank transfers

Best exchange rates

Wise

Wise offers no exchange rate markup and low fees on top of your transfer, usually 0.35%. This is low compared to some banks that charge almost 17% in fees.

They offer 70 currencies, and where they don’t support the currency, you will need to pay an additional 2% fee to receive.

With Wise you can deposit your funds using a bank transfer and the receiver will get their money right to their bank account.

Read review Visit Wise

Here's our experience with Wise

Large coverage and delivery options

WorldRemit

WorldRemit boasts a 90% approval rate on international transfers being authorized within minutes and supports 70 currencies in 130 countries worldwide.

The service has a user-friendly app and website and supports sending money internationally via bank transfer, cash pickup, mobile money, and to WorldRemit e-Wallets.

As an example, if we were to send £1,000 to Australia, converting to Australian dollars, the bank transfer would take a maximum of 2 working days with a fee of £1.99, and a total of A$1827.39 received.

Read review Visit WorldRemit

Here's our experience with WorldRemit

International bank transfer speed

In general, if you’re making a domestic transfer, the funds will be deposited almost instantly in most cases.

However, if you’re making an international transfer, it can take up to 3 days via the bank.

Learn more about bank and wire transfer speed

Bank transfer limits

Bank transfer limits will depend on several factors. Here’s a quick breakdown of each:

Daily limits

Many banks impose daily limits on the amount you can transfer internationally. This limit helps mitigate risk and may vary depending on your account type and relationship with the bank. For example, Chase imposes a $25,000 daily limit in the US.

Transaction limits

There may be limits on the amount you can transfer in a single transaction. This can vary significantly between banks and may also depend on whether the transfer is made online, through mobile banking, or at a physical branch. For example, HSBC bank has a $2,500 per transaction limit in the US.

Monthly limits

Some banks also impose monthly limits on international transfers. This is another measure to manage risk and ensure compliance with regulatory requirements.

Country-specific limits

Transfers to certain countries may have additional restrictions or require special authorization due to regulatory considerations or risk factors associated with the destination country. On the other hand, some countries will have no limits but taxes will come into play.

Purpose-specific limits

Depending on the purpose of your transfer (e.g., personal remittance, business payment), there may be different limits or additional documentation requirements.

Bank policies

Each bank sets its limits and policies regarding international transfers, so it’s essential to check with your bank for specific details that apply to your situation.

Alternatives to bank transfers

There are a few alternatives to banks when sending money via bank transfer. Here are a few of them:

Money transfer providers

A popular alternative to traditional banks for making a bank transfer is to use a money transfer service.

These services are often digital-led and therefore have:

Lower overhead costs which enables them to charge lower fees than banks
More competitive exchange rates
Process international transfers in a shorter time

A few examples include Wise, WorldRemit, RegencyFX, and XE.

Neobanks

Neobanks (or challenger banks, or digital-only banks) have lower fees compared to traditional banks. They offer fast transfers, P2P payments, lower fees and most come with a multi-currency account letting you store many currencies in one place.

However, these have no physical branch, usually poorer customer service, and lower limits compared to other banks.

A few good examples of neobanks include Revolut, Monzo, and Starling.

P2P payment apps

P2P payment apps are a good option if you want to send small amounts to friends and family or split the bill.

However, most of the time these will require both people to have the app to initiate the transfer. As well as some will add fees for withdrawing funds to your main bank account.

A few good examples of P2P apps are Zelle, Cash App, and Wise App.

A bit more on bank transfers

What is a BSB number?

The BSB number (Bank-State-Branch number) is an identification code used in Australia to specify a particular bank branch.

When you want to send money to someone's bank account in Australia, you need their BSB number along with their account number (similar to how you need a routing number in the US or a sort code in the UK).

Together, these numbers make sure the money goes to the right bank branch and then to the right account.

Why can't I just use my bank to transfer money abroad?

The honest answer; you can. But traditional banks aren’t set up very well to handle international payments and money transfers.

This is why many other service providers exist, who are specialists in transferring money abroad.

Money transfer companies are designed to provide cheaper ways to send money abroad, whereas, banks take much longer, cost a lot more, and are generally more complex to use.

This is why we always recommend using a specific money transfer provider to send your money abroad.

Help & FAQ

Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.

FAQs

Let’s recap: what are international bank transfers?

Bank transfers are a secure and convenient way to electronically move money between accounts, domestically or internationally.

Fees and exchange rates will vary from bank to bank, as well as transfer speed can be anywhere between minutes to a few days.

We strongly suggest you consider alternatives like money transfer services for lower fees and competitive rates.

Sources & further reading

Contributors

Author

Yasmin Purnell

Writer

Yasmin is an accomplished Content Writer and Editor for MoneyTransfers.com, who specializes specializing in personal finance, student life, and business topics. Her reputation as a financial authority is acknowledged by top publications such as BBC Worklife, Cash Matters, Yahoo Finance, and CEO Blog Nation, which have featured her as a trusted source. She is also the founder of The Wallet Moth, a popular blog focusing on money and lifestyle.

Editor

Artiom Pucinskij

Financial Content Strategist

artiom.pucinskij@intent.uk

With 6+ years of hands-on experience in international money transfer services, Artiom has tested and analyzed dozens of companies, services, and apps firsthand. From sending money between the UK, EU, US, JP, and ID, to helping friends and family transfer large amounts abroad, he combines deep personal experience with industry insight. He has worked on content and product at MoneyTransfers.com since 2019, with a focus on FX rates, transfer apps & companies, and comparison tools. His work has been featured in Forbes, Yahoo Finance, Decrypt, PoundSterling, and more.

Fact Checker

Elliot Laybourne

Senior Financial Writer

Elliot Laybourne is a seasoned financial professional with a 20-year tenure in investment banking in the City of London. His career includes pivotal senior roles at prominent institutions like ABN Amro, Societe Generale, Marex Financial, and Natixis Bank. Elliot's expertise is particularly notable in commodity derivatives and options market-making. Throughout his career, he has served an impressive roster of clients, including Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System.