International Bank Transfer Fees
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Author: Mehdi Punjwani
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A bank transfer, also known as a wire transfer, used to be the default way to send money abroad, but their high fees and long transfer times are falling behind competitors like money transfer providers. Here are the fees for international wire transfers for some of the biggest banks and financial institutions in the world - see how they compare.
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International bank transfer fees vary by bank and location, often ranging from $15 to $50 for outgoing transfers, plus potential intermediary fees and exchange rate markups. Banks tend to be more expensive and slower than money transfer providers, which offer competitive rates and faster transfers.
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Russell Pinkes
I can’t send money to Belize
Katsiaryna
Once trying to open sire, was automatically blocked for no reason
Alan
Unable to transfer money from Philippines to any other country. Philippines Wise does not work
Anonymous
Retiro de dinero en transferencia
Uwe
great rates and service - unfortunately for some countries not yet available
Martin Premprakash Anantharaman
On the first transfer to a hospital in NY they were already screaming that this was a sure scam and the same on my next transfer to a fried in Nigeria. They then summarily closed my account TERMINATING THE RUNNING TRANSFER TO NIGERIA, claiming that, hold on, I was being scammed🤦♂️ Sure, I could have appealed but immediately found that I would have had to provide so much intrusive detail that I desisted.
Martin Premprakash Anantharaman
Setting up is a bit unwieldy if you want to make a one-off transfer, as you have to create an account with complete identification - but it works and the process as well as charges are great.
Anonymous
My brother wants to send me money from India to Nigeria but he's finding it difficult how can he do it
Mohammed
WARNING : Wise was Great until main office decided to ruin WISE By letting the TW India office control handling Random verifications and do what ever they want by insane replies and no replies etc. If you want to waste your time and enjoy a journey into Black Hole of Insane then go ahead and try WISE !
Anonymous
Can't receive money from php to idr so far
sudheir
They don't allow transfer to Brokerage firms from India
Anonymous
Good app to transfer money
Anonymous
I didn't find Cuba on your list.
Anonymous
cuba not work
Nina
I made a transfer to a Canadian company 1.5 months ago, and the funds have not yet been received. After multiple emails, Wise insists that the money was paid out. However, I have received an official statement from the recipient’s bank confirming that the money has not been received. Wise's complaints department sent me a final letter stating that, according to their records, the funds were paid out. Additionally, Wise states the following in their Customer Agreement regarding their responsibility for losses: Quote from Wise's Terms: "Our Customer Agreement also explains our responsibility for losses in Section 29: 29.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign-up process. 29.9 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay because of things which are outside our control." Despite these terms, Wise has not been able to resolve this issue, and the money has still not been delivered as promised. I find it irresponsible that Wise does not conduct any investigations into the matter. The Canadian bank associated with Wise is unable to provide any information, as everything goes through Wise. Wise must be capable of tracking the funds and providing precise details about where exactly the money is, who received it, and to which bank account it was deposited. I would advise everyone to be cautious when transferring large sums of money with Wise. They are not capable of executing a secure money transfer!
Shengjie Yin
good and perfect
Tristan
Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business I am sharing my experience with Wise to warn fellow business owners about the serious risks and unacceptable practices you may encounter if you choose to use their services. My business, is a legally registered travel agency in the UK, and I relied on Wise to manage payments for my photography and cultural tours, primarily in South America. Things took a turn for the worse when Wise froze my account and accused my business of violating their Acceptable Use Policy, citing my once-a-year humanitarian trip to Cuba. Despite explaining multiple times that: No Cuba-related transactions were ever processed through Wise (I use a separate European bank for this purpose), My tours comply with the “Support for Cuban People” category authorized by OFAC, designed to help Cuban citizens outside state control, Wise completely ignored the facts. Their customer support team responded with automated messages, refused to engage in any meaningful dialogue, and even lied, claiming they didn't monitor my emails—despite clear evidence to the contrary. After days of chasing them and providing thorough documentation, they chose to close my account without justification. The Consequences: Wise left my business in chaos, disrupting essential transactions and client arrangements. Their rigid policies align with sanctions widely condemned by the global community, and in doing so, they indirectly support humanitarian suffering. The Bottom Line: Wise is unreliable, unresponsive, and unethical. If your business has any complexity or humanitarian focus, beware: Wise will shut you down without notice or explanation, and customer support will abandon you. Their actions have serious real-world consequences. Avoid Wise if you value your business stability or require ethical and accountable financial services. There are far better alternatives out there that won’t put your livelihood at risk Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business
Anonymous
I have been a customer for a few years. Yes I love the instant deposits as I make around $1K. However as many non US entities Wise uses a bank out of New York. Therefore the TRANSFER and DEPOSIT from an account transfer can take 4 to 6 days. What this means is that you will not able to make another ACH transfer during this time. This is frustrating if you have to make a follow up transfer in a few days. All in all don't plan to make more than 4 transfer in a month because it may not fo through, Not sure if other transfer companies operate the same way but I am about to find out as I will try Revolute. Bottom linw will require you to use ANOTHER payment method like credit card or some other method. Understand this: YOU MAY HAVE THE MONEY IN YOUR ACCOUNT but they WILL NOT TRY TO VERIFY IT WITHIN THE THE PERIOD IT WILL TAKE THEM TO DEPOSIT IT IN YOUR ACCOUNT. To add insult to injury I called in and the agent siad that they can see that they got paid but the computer takes time to update/reconcille I guess! It is a slow system!
Anonymous
There is a lot of advice on RECEIVING INHERITANCE in the UK from overseas but nothing on the rules for SENDING money gifts to grandchildren living OVERSEAS and the rules on Inheritance Tax in that case.
Anonymous
The service is decent, nothing more. I have had security issues that are not quickly resolved. Call center personnel are average. The app is not, in general, user friendly. You should definitely do research on a variety of service providers before making a choice. Do not take the reviews at face value. I chose Wise based on positive reviews but now regret not doing more research on other companies.
Anonymous
So far so good
Daniel
I checked to see if Wise even sends money to Colombia. Colombia is not even in their list of countries. Why is it even advertising for Colombia?
Bill Sanders
I have used Wise for several years. They once rejected a large transfer because it was to a coal company. Apparently, they are a woke company! But they refused to tell me why. More recently, they required verification of my identity using a smart phone. I am 69 and never owned a cell phone because I don't need one. But they forced me to buy one, which I did last week. Getting the phone updates ate up all my data, so i got 1 GB more. I took 12 different pics of my passport and another 12 of my face for them. They rejected them - and are holding up my transfer. Now my phone ate up that gig of data and I must buy another gig (thru Tracfone) just to use the phone. What a hassle. This is not a photo studio! They know who i am already. Note: This comment has been edited by the MoneyTransfers.com team to align with our content guidelines.
Ziggy Meilus
It used to be always instant, now it may come right away or it can take 5 even 7 days to get the money.
Anonymous
i've heard of people having issues with accounts being locked/restricted, but i think that was mostly for business accounts, maybe they were locked for good reason. for me, i've had no issue with my account though i've only used it for small transfers and not very often, over the past 5+ years
How much do international bank transfers cost?
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:
PNC wire transfers
| Incoming international wire fee | Outgoing international wire fee | Exchange rate markup | Transfer time | Transfer limits | Cut off time |
|---|---|---|---|---|---|
| $15 | $45 (agent assisted), $40 (self-service) | Around 3% - confirmed when setting up transfer | 2-3 days | $100 minimum, no maximum | 10pm (ET) |
Bank of America wire transfers
| Incoming international wire fee | Outgoing international wire fee | Exchange rate markup | Transfer time | Transfer limits | Cut off time |
|---|---|---|---|---|---|
| $15 | $45 when sent in US dollars$0 when sent in foreign currency | 5-7% | 3-5 days | $1,000 every 24 hours | 5pm (ET) |
Chase wire transfers
| Transfer type | Fee |
|---|---|
| International wire transfer initiated by banker at branch in any currency | $50 |
| International wire transfer initiated by yourself online or in-app in US dollars | $40 |
| International wire transfer initiated by yourself online or in-app in foreign currency | $5 |
| International wire transfer initiated by yourself online or in-app in foreign currency and an amount of at least $5,000 equivalent | $0 |
| International wire transfer between Chase accounts | $0 |
Other fees and information
| Receiving international payment | Exchange rate markup | Transfer time | Transfer limit | Cut off time |
|---|---|---|---|---|
| $15 | 4-7% | 3-5 days | $250,000 per day | 4pm (ET) |
Citibank wire transfers
| Domestic | International | Outgoing Limits | Incoming Fee |
|---|---|---|---|
| Citigold® Private Client | Waived | No limit for transfers made in US Dollars | Waived |
| Citi AllianceSM | Waived | No limit for transfers made in US Dollars | Waived |
| Citigold® | Waived | No limit for transfers made in US Dollars | Waived |
| Citi Priority | $25.00 | No limit for transfers made in US Dollars | Waived |
| Citi Private Bank - Citibank® account package | Waived | $50,000 per business day | Waived |
| Citi Private Bank - Citigold® account package | Waived | $200,000 per business day | Waived |
| Citigold® Private Client International Account | Waived | No limit for transfers made in US Dollars | Waived |
| Citigold® International Account | Waived | No limit for transfers made in US Dollars | Waived |
| Citi International Personal Account | $30.00 | $250,000 per business day | Waived |
| Citi Global Executive Account | $30.00 | $250,000 per business day | Waived |
| Citi Global Executive Preferred Account | Waived | No limit for transfers made in US Dollars | Waived |
| All other accounts | $35.00 | $50,000 per business day | $15.00 |
Other information
| Exchange rate markup | Transfer time | Cut off time |
|---|---|---|
| 1-2% | 3-5 days | 5:15pm (ET) |
Capital One wire transfers
| Incoming international wire fee | Outgoing international wire fee | Exchange rate markup | Transfer time | Transfer limits | Cut off time |
|---|---|---|---|---|---|
| $15 | $40 for foreign currency transfers, $50 for transfers in US dollars (in-branch only) | 4-7% | 3-5 days | $50,000 a day | 3pm (ET) |
Wells Fargo wire transfers
| Incoming international wire fee | Outgoing international wire fee | Exchange rate markup | Transfer time | Transfer limits | Cut off time |
|---|---|---|---|---|---|
| $15 | Undisclosed until you set up transfer | 4-10% | 1-3 days | Minimum $25, maximum $5,000 per day and $12,500 every 30 consecutive days | 2pm (PT) |
USAA wire transfers
| Incoming international wire fee | Outgoing international wire fee | Exchange rate markup | Transfer time | Transfer limits | Cut off time |
|---|---|---|---|---|---|
| $0 | $20 transfer fee + $25 corresponding bank wire service fee | 3-5% | Up to 15 days | Up to $10,000 online per transfer. Larger transfers must be made over the phone. | 3pm (CT) |
Schwab wire transfers
| Incoming international wire fee | Outgoing international wire fee | Exchange rate markup | Transfer time | Transfer limits | Cut off time |
|---|---|---|---|---|---|
| $0 | $15 for online international transfers, $25 for phone or branch international transfers | Undisclosed | 2-5 days | Minimum of $1, maximum of $100,000 per day | 2:30pm (ET) |
Truist Bank wire transfers
| Incoming international wire fee | Outgoing international wire fee | Exchange rate markup | Transfer time | Transfer limits | Cut off time |
|---|---|---|---|---|---|
| $20 | $65 | Undisclosed | 3-5 days | Varies by account, up to $500,000 per 3 day period | 6pm (ET) |
What are international wire transfer fees
There are a few different types of fees for international wire transfers to be aware of, and we’ve listed them below:
Fee | Definition | Example price | Charged by money transfer providers? |
|---|---|---|---|
Outgoing wire transfers | This translates to the basic transfer fee for sending money abroad from your bank account | $15-40 | Sometimes - usually much lower |
Incoming wire transfers | This is the fee the recipient will have to pay to receive money sent from abroad into their bank account | $10-20 | No |
Corresponding or intermediary bank fees | This is what intermediary banks charge during the transfer when money is sent through these banks as part of the SWIFT network | $5-15 per bank | No |
Initiation or setup fee | This is what you’ll pay for essentially setting up the transfer, and it often applies if you set the transfer up by phone, while it’s often waived if you set the transfer up online | $5-10 | No |
Tracer fee | The tracer fee is the cost of tracking the status or progress of your international money transfer | Up to $50 | No |
Exchange rate markups | While the mid-market exchange rate determines the overall worth of your currencies, banks will add their own markup as another way of making money out of the transaction. They often add higher markups than money transfer providers, too | 4-8% of total transfer amount | Sometimes - usually much lower |
What affects the cost of international bank transfers
The cost of your international wire transfer can be affected by factors like:
The type of transfer you’re making: Some banks offer premium transfers that occur much faster, but often come at a higher cost
The currencies involved: Different banks may offer different charges based on the currencies involved in the transfer
Banks vs money transfer providers
If you want to avoid wire transfer fees, your best alternative is to use a money transfer provider. These companies specialise in sending money abroad at low rates, using a network of bank accounts around the world to move money while avoiding the SWIFT network.
Money transfer providers | Banks | |
|---|---|---|
Fees | Transfer fee and/or exchange rate markup | Sending fees, receiving fees, intermediary fees, setup fees, tracer fees, exchange rate markup |
Speeds | Varies, but can be as quick as minutes | Often more than a day or two |
Transparency | When you compare with MoneyTransfers.com you’ll be able to see all transfer fees, as well as the rate you’ll get from the provider, and the exact amount the receiver will get | Banks are not always transparent with their wire transfer fees, and this can be particularly true with exchange rate markups |
Security | Money transfer providers on MoneyTransfers.com are authorised and regulated by the appropriate authorities to provide money transfer services | Banks are also regulated and authorised by the same organisations, and people have been using banks for centuries to manage their money |
Here’s how money transfer providers compare to the banks when sending money abroad:
Sending $2,000 from the USA to Mexico
Exchange rate on 15/05 - 17.56
Provider | Fees | Exchange rate | Transfer time |
|---|---|---|---|
Chase | $5 & 7.6% above MMR | 16.23 | 2-3 days |
Wells Fargo | $30 & 7.89% above MMR | 16.18 | 3 days |
WorldRemit | $1.99 | 17.31547 | Minutes |
Instarem | $1 | 17.4016 | 1-2 hours |
Sending $10,000 from the USA to Canada
Exchange rate on 15/05 - 1.35
Provider | Fees | Exchange rate | Transfer time |
|---|---|---|---|
Bank of America | $50 & 6.56% above MMR | 1.2604 | 2-3 days |
Capital One | $30 & 7.35% above MMR | 1.2498 | 2-3 days |
Currencies Direct | $0 | 1.3428 | 1-2 days |
TorFX | $0 | 1.3312 | Within 24 hours |
Sending $100,000 from the USA to India
Exchange rate on 15/05 - 82.24
Provider | Fees | Exchange rate | Transfer time |
|---|---|---|---|
Chase | $0 & 8.3% above MMR | 75.37 | 2-3 days |
Citibank | $12 & 4.3% above MMR | 78.74 | 2-3 days |
Wise | $689.49 | 82.2515 | In seconds |
XE | $0 | 81.8288 | Within minutes |
Why are banks so expensive?
International wire transfers with banks are one of the most expensive ways to send money abroad due to their reliance on the SWIFT banking system. When you send money via an international bank transfer, your bank uses the SWIFT network to communicate with the recipient bank, confirming details about the transfer.
Once this step takes place, your bank sends the money through a series of intermediary banks before it ends up at the receiving bank. Each of these banks takes a fee, on top of all the other fees you have to pay to your bank - and they all add up.
Because most banks have a range of other products and services on offer, they don’t generally dedicate many resources to international transfers. As a result it remains an expensive way to send money abroad, often including high wire transfer fees.
This is where money transfer providers changed the game. These online-first companies that focus almost exclusively on remittance are able to offer cheaper transfers using their significantly more streamlined infrastructure.
How do money transfer providers work?
Money transfer providers use their own network of bank accounts across all the countries in which they operate. When you make a domestic bank transfer to your chosen provider, they simply credit the same amount - minus fees and exchange rate markups - from a bank account in the receiving country to the recipient’s account. No money ever crosses an international border, so the only fees to pay are to the provider.
What is the cheapest way to send money internationally?
Money transfer providers routinely offer the cheapest way to send money abroad - it’s just a case of finding the right provider for the transfer that you want to make. Comparing your options with MoneyTransfers.com is a quick and easy way to find the best deals available for your transfer.
Cheapest for | Provider | Average Fee | Send Money |
|---|---|---|---|
👪 Regular payments home | Wise | 0.40% | |
🏡 Property purchases | Key Currency | 0.2 - 0.7% | |
🏦 Bank transfers | XE | £0 | |
💵 Cash pickups | World Remit | $1.99 | |
🚀 Instant money transfers | World Remit | $1.99 | |
📱 Mobile payments | Atlantic Money | $3 | |
👔 Business Payments | TorFX | 1 - 2% |
In most cases, the cheapest way to send money abroad will be by using a money transfer provider and paying by bank transfer. As explained above, this often results in the lowest fees and the best exchange rates - however, just be aware that bank transfers can sometimes take a little longer to process than other methods.
How to save money on your international bank transfer
If you want to make an international money transfer from your bank to another bank account overseas, here are MoneyTransfers.com’s recommendations for getting the cheapest deal possible:
Online not phone/branch: Many banks will charge a smaller wire transfer fee if you transfer money online or via an app, compared to over the phone or in-branch
Avoid using credit or debit card: Using your credit card to fund an international transfer will incur a range of fees, including a cash advance fee, a currency conversion fee and possibly even interest payments. Debit cards aren’t as expensive but their currency conversion fees are still often higher than you’d get with a money transfer provider
Sacrifice speed: As is the case with so many things, you’ll find that the faster you want your transfer to happen the more you’ll need to pay. If you can afford to wait a while, it’s likely there will be a cheaper option available that will take possibly two or more days to complete
Use a money transfer provider: The easiest and most reliable way to make an international bank transfer is to use a money transfer provider. With MoneyTransfers.com you can compare rates from the biggest providers in the industry, like WorldRemit, Wise and XE - so you can see who offers the fastest and cheapest bank transfers to your chosen destination
Is it possible to make a free international bank transfer?
It’s unlikely that you’ll be able to make a free international bank transfer as there will always be some kind of charge involved. A notable exception is if you live in the SEPA zone.
FAQs
How long does a bank transfer take?
Making an international wire transfer through the SWIFT system will take anywhere between one and five working days. However this can be influenced by the currency you’re converting to, any time zone differences and the time of day you initiate the transfer.
Compare this with making a bank transfer through a money transfer provider like Wise, XE or WorldRemit, and your transfer is likely to be completed on the same day - and sometimes even in minutes.
When are international bank transfers useful?
An international bank transfer may be useful for making regular transfers if your bank, like HSBC, allows free international transfers to other accounts with that bank. Many people trust banks as they have been used for decades and centuries to manage peoples’ finances.
Likewise if the fees involved aren’t of much concern and you like the security and convenience of using your bank for international money transfers as well as all other financial tasks, then banks may be best for you.
What is the difference between a wire and bank transfer?
The terms ‘bank transfer’ and ‘wire transfer’ are often used interchangeably, and it’s hard to know which is which sometimes. While we can’t control how other people use these words, as everyone seems to have their own rules, we find it useful to think about it like this:
A wire transfer uses the SWIFT system - it’s when you send money from your bank to another bank abroad, incurring multiple fees and taking at least a working day
A bank transfer is how you send money with a money transfer provider, like XE, Wise or WorldRemit - you arrange a bank transfer to the provider, and they arrange another transfer on their end to the recipient’s bank
Are bank transfer fees tax deductible?
For consumers sending money abroad, you generally won’t need to pay any taxes - it’s normally just businesses importing items from overseas that will be required to pay tax.
Do all banks charge transfer fees?
Pretty much all banks charge some kind of wire transfer fee for sending money abroad. Even HSBC, who offers free transfers in a range of situations, will still charge up to £5 for transfers to a non-HSBC bank accounts outside of the SEPA zone.
Can bank transfer fees be waived?
A wire transfer fee can occasionally be waived in some situations - normally as part of a promotion deal or as a way to get new users to sign up. This is almost never permanent though.
It’s also worth noting that as a result of the Russian invasion of Ukraine, some banks and money transfer providers are temporarily waiving transfer fees for sending money to Ukraine.
Are domestic wire transfers cheaper with banks?
Domestic wire transfers in the USA can be quite expensive when using banks, which is why many people use apps like PayPal, Venmo or Cash App. US bank wire transfer fees are often between $20 and $50, while Venmo and PayPal allow free domestic wire transfers.
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The key differences between bank transfers and wire transfers are:
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The average cost of an international transfer from a bank since 2016 has been upwards of 17% of the total send amount. When receiving money into your bank account you will pay fees of around 3% just to receive the money.
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