International Wire Transfers

Last updated on September 17th, 2025Why trust usDisclosure

Wire transfer is a process of sending money over the "wire". This originates from the days of telegraphic transfers. Now, it is used as a generic term for electronic transfers.

Wend making global transfers, it's one of the most popular, safe, and reliable ways to fund the transfer.

Here, you will find our top guides about wire transfers. We'll also look at what wire transfers are, how they work, and the best transfer companies to use.

How Long Does A Wire Transfer Take?

Wire transfers are a way of moving money securely between people or entities, to be sent from and deposited into other bank accounts. They are called ‘wire transfers’ as they used to be literally conducted through a telegraph wire - but these days everything is done electronically.

Bank Transfer Vs Wire Transfer

The key differences between bank transfers and wire transfers are:

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.

Wire transfer abroad with our guides

Electronic vs Wire Transfers: Compared for Speed, Cost and Safety

Transferring Money to a Foreign Bank Account

How Long Does A Wire Transfer Take?

Direct Deposits vs Wire Transfers

When Can a Wire Transfer Be Reversed and How?

ACH vs Wire Transfers

Table of Contents

Wire transfers explained

A wire transfer is the electronic transfer of funds from one person to another via a bank account or a money transfer account held with a specialized provider (e.g. a credit union).

There is no physical transfer of money between banks or financial institutions when conducting a wire transfer.

In fact, only information is exchanged between the institutions about the recipient, their account details, and the transfer amount, with the transfer itself happening electronically.

The goal of international wire transfers is the quick transfer of funds, eliminating the delays caused by mailing and clearing of checks.

While people often use the terms “wire transfer” and “bank transfer” interchangeably, this is not 100% accurate.

Wire transfers are used by both banks and non-banking financial institutions. This means that all bank transfers are wire transfers, but not all wire transfers are bank transfers.

The difference between wire transfers and bank transfers

The two terms wire transfer and bank transfer are often used to describe the same thing, but this is not always the case.

A bank transfer: is a term used to describe the process of transferring money from one bank account to another. This transfer could happen between two different types of bank accounts of the same person (for instance from a savings account to a checking account), but more commonly the term refers to the process of transferring funds from one location to another (even overseas) via banks.
An international wire transfer: is a more generic term that refers to sending money electronically from one location to another. So, we can say that a bank transfer is a type of wire transfer, along with other types of wire transfers as well.

For example, to send money from the US to France you may use a bank transfer or you may wire it through Wise, XE, or another money transfer provider.

How do wire transfers work?

The way wire transfer is made depends on your location. But mostly, wire transfers are sent over SWIFT or SEPA networks.

SWIFT network

The majority of international wire transfers are processed via the SWIFT network.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a secure messaging system used by banks to exchange information quickly and securely, including instructions for wire transfers.

This network spans 200 countries and includes over 10,000 banks and financial institutions.

SEPA network

If you live in Europe, your international wire transfer is likely to be processed as a SEPA payment.

SEPA (Single Euro Payments Area) operates in a similar way to the SWIFT network, but its purpose is to provide low-cost and fast Euro-denominated transfers to the 36 countries that are part of the group.

All 27 EU states are members of this group.

When you send a wire transfer, the instructions are sent to the recipient’s bank either directly or through an intermediary bank.

There are costs associated with using the network, which can vary depending on the currency and amount being sent, so be sure to check before deciding on how to wire money.

Most money transfer companies enable international wire transfers in the same manner, but they operate a bit differently.

They employ specialized technologies that connect local banks across the world, helping to reduce costs and transfer times.

We will talk more about choosing the best money transfer providers in the upcoming sections.

What you need to know about wiring money internationally

Wiring money internationally is a popular way of sending money abroad.

The electronic nature is this type of transaction makes sending money via wire transfer fairly hands-off, requiring you only to know your recipient’s name, bank details, and the sum you are sending abroad (we have a full guide on details needed here).

However, there are a few caveats to wire transfers you may want to consider when deciding if this is the right option for you:

Wiring money internationally via your bank can be expensive: An international wire transfer processed via your bank can incur large fees (anywhere between £8 to £40), as well as a high markup on the interbank exchange rate. You may also need to take into account any fees likely to be charged by your recipient’s banks, which could leave them with much less money than you meant to send.

One-off sums vs frequent smaller amounts: Typically, wiring money internationally will work out cheaper if you can send a larger sum in one go than incurring fees on smaller sums sent multiple times.

Benefits and drawbacks of using wire transfers

Wire transfers offer a convenient and secure way to transfer money across borders, which is why they are one of the most popular ways of sending money.

Whether you want to send funds to your family living overseas or to one of your suppliers in another country, wiring funds is a simple and efficient money transfer method.

Here are some of the pros and cons of using wire transfers when transferring your money:

Pros

Speed: In most instances wire transfers take 1-2 days. In some cases and depending on the currency, the amount and the service you are using, the transaction can be near-instant and the fastest way to wire money.
Safety: Both banks and specialised money transfer providers must adhere to financial regulations put in place in the country they operate in. Wire transfers are a commonly used method of sending funds, so any business that offers money transfer services will have experience keeping your transactions secure.
Convenience: You can send money to any part of the world from the comfort of your home via the internet. All you have to do is log in to your online banking and make a transfer. However, circumstances might be different for those planning on sending a large sum. On these occasions, your provider might require some additional information.
Global reach: Wire transfers can facilitate the delivery of funds to almost anywhere in the world, in any currency (as long as you find the right provider).

Cons

Cost: Wire transfers can be expensive; there are several money transfer companies that have decreased their costs substantially, so research is crucial to find out the cheapest way to wire money. Generally speaking, wire transfers are likely to be accompanied by higher exchange rate markups and fees than some other payment methods.
Non-reversible: If a mistake is made when entering details of the wire transfer, it can be very hard to reverse. Be sure to double check details are entered correctly before sending.

Top transfer companies to wire money abroad

These days, it isn’t just traditional banks that can initiate a wire transfer abroad.

Money transfer providers are well-equipped to move your funds online, often for lower fees and more competitive exchange rates.

Below are some of our top recommended transfer companies in a bit more detail.

Best for larger transfers

Xe

XE has a large distribution network, supporting transfers in 60 currencies to over 170 countries worldwide.

This online money transfer is a popular and trusted name in the industry with no transfer fees for sending money internationally, although their exchange rate markup can be higher than some other providers in some cases.

Transfers can take anywhere between 1 – 4 working days, depending on the specifics of your transfer.

Read review Visit Xe

Best exchange rates

Wise

Wise is an extremely well-known online money transfer operator, with over 8 million users worldwide.

Wise is popular for its policy to always provide transfers at the mid-market rate, with a transparent fee structure that clearly explains the fees you’ll be charged for any international transfer.

Transfers can take anywhere from minutes up to 5 working days, taking longer if you pay for your transfer via a bank account.

Read review Visit Wise

Here's our video review of Wise

Best for delivery options

WorldRemit

Supporting transfers to over 150 countries across the globe, WorldRemit is popular for its versatile delivery options, including cash pickups, mobile airtime top-ups, and bank transfers.

With over 2 million people using WorldRemit’s services in the last year alone, this is a well-trusted company supporting a wide range of transfer options.

Transfers with WorldRemit could be instant, or it could take up to 3 working days for your recipient to receive the funds in their account.

Read review Visit WorldRemit

Here's our video review of WorldRemit

Best for business transfers

OFX

OFX is known for offering competitive exchange rates with no transfer fees, making it a popular choice for affordable international transfers via the company’s user-friendly online platform or mobile app.

With OFX, transfers will typically take between 1 and 5 days to be processed.

Fees range between 0.4% and 1.5% which is a great deal less than what banks charge for foreign currency.

Read review Visit OFX

Best for cash delivery

Remitly

Remitly supports transfers to over 50 countries worldwide and has over 140,000 agent locations worldwide to support in-person transfers and cash pickups.

Remitly is well-known for providing high-quality service with a range of payout options, even including home delivery for added convenience for your recipient.

Transfers with Remitly can take minutes, or between 1 and 3 working days for a transfer with lower fees.

Read review Visit Remitly

Sending an international wire transfer

The wire transfer process typically works as follows:

Decide on a money transfer provider

Two types of institutions enable wire transfers: banks and non-banking financial institutions such as MoneyGram, Wise, and OFX, to name a few.

A bank: banks will allow you to send money from your bank account to other accounts around the world but usually charge high fees in the process.
Non-banking financial institutions: money transfer companies will usually let you select wire transfer as a method of payment once you have set up a transfer.

Before you decide which provider to use for your wire transfer, make sure you compare the costs, transfer speed, and any other important factors.

When sending the same amount via wire transfer, the flat fee and exchange rate markups can vary considerably.

Comparing services is essential to ensure the most favorable monetary value reaches the recipient’s account.

Gather all the information you need

Regardless of whether you choose a bank or a money transfer company to wire your money, you will need to provide certain details.

Your provider may need the following details to initiate the international wire transfer:

The recipient’s name and address
The recipient’s account number or IBAN (International Bank Account Number)
The recipient’s bank name and address
The SWIFT/BIC code of the recipient’s bank
The transfer amount and currency
Any additional information that the provider requires

Familiarise yourself with the fine print

Before you initiate the wire transfer, confirm the amount you will be paying for fees, the exchange rate you will receive, the delivery date, and the amount that will be deposited to the recipient’s account.

While some banks and money transfer providers have online tools that let you calculate the exact costs before you make a transfer, others will only reveal the final cost after you are ready to make a transaction.

Fill out the wire transfer forms

Remember, a wire transfer is irreversible.

If you fill out the form incorrectly, you may end up sending your money to someone else.

So make sure you check all the details carefully before submitting all the details; this includes your recipient’s bank account details and the exact amount you want to send.

Track your wire transfer

Once you have initiated a wire transfer, you can track it using the transaction number provided by the bank or payment provider.

If there is a delay, you can use this information to follow up on the status of the transfer.

Wire transfer fees

International wire transfers via bank, despite their convenience, are not always the cheapest way to send money.

When making an international wire transfer, the two costs you will have to look out for are exchange rate markups and fixed transfer fees.

Exchange rate markups

Banks and financial institutions charge a markup on the mid-market rates. Banks are known to charge 4-6% on top of it, whereas specialized money transfer providers often keep their margin at 0-2%.

It’s important to before you go ahead with the transaction, especially if sending a large amount of money as a small percentage increase can cost you a lot of money.

Fixed fee

To make a wire transfer, you may have to pay a fixed fee to the bank or provider.

The fee can range anywhere from $15 – $45 depending on the bank or payment provider you choose.

Banks typically charge both a fixed fee and an exchange rate margin on wire transfers.

Wire transfer fees can be quite high depending on the number of intermediary banks involved.

However, many money transfer providers charge only a fixed fee and no exchange rate margin.

This fee is sometimes also much lower than you’ll find with a bank. Again, it is .

However, it's worth noting, that regardless of the service you use, some banks and money transfer providers will have hidden fees.

These fees are usually added at the end of your transfer and can add up very quickly.

Some services and banks will claim to use a mid-market rate but will add a load of fees right at the end.

So... what is the cheapest way to wire money abroad?

Based on our analysis of 50+ money transfer companies, we found that Key Currency is the cheapest money transfer company to wire money abroad.

As an example, for transfers from the US to the UK, they appeared 100% of the time in our comparison system, as the cheapest provider to use.

Their exchange rates are just 0.25% of the mid-market rate and offer low fees on international transfers.

How to avoid wire transfer fees?

The best way to avoid wire transfer fees is to look for a service that operates at a mid-market rate and offers minimal fees.

You can get the lowest fees for your transfer by comparing money transfer services using our form below.

Wire transfers speed

International wire transfers can take anywhere between 1 – 5 days depending on various factors including the origin and destination country, the amount being transferred and the currencies used.

Many non-bank transfer providers can reduce wire transfer times by utilizing technology that connects local bank accounts across the world.

Some even offer near-instant transfers for users transferring money between countries in which they specialize.

So... what is the fastest way to wire money abroad?

Based on our analysis of 50+ money transfer companies, we found that Revolut is the fastest money transfer provider to wire money abroad.

As an example, for transfers from the US to the UK, they appeared 100% of the time in our comparison system, as the fastest provider to use.

Their exchange rates are just 0.25% of the mid-market rate and offer low fees on international transfers.

More on intenrational transfer speed

How long does a SWIFT payment take?

Fastest Ways to Send Money: What Are Your Options?

How to Send Money Instantly in 2026: the Ultimate Guide

How Long Does A Wire Transfer Take?

Alternatives to wire transfers

If you don't want to send a wire transfer, you have a few other options available.

Online money transfer provider

Online money transfer providers are an extremely popular option for sending money internationally and tend to be a much cheaper and faster way to wire money internationally.

Money transfer providers will either charge a set fee for your international transfer at the mid-market rate (for example Wise), no fees but a markup on the exchange rate (for example OFX and XE), or a mixture of both (for example Instarem and WorldRemit).

Walk-in transfer providers

Another option for wiring money internationally is to use a walk-in transfer provider with a physical location, such as Western Union or MoneyGram.

These options can be convenient if you would prefer to talk to someone in person and both provide the option to deliver your funds to your recipient as a cash pickup.

P2P payment apps

P2P apps let you transfer money between accounts, given that both, the sender and the receiver have the same app (although, some let you send money without the app with a payment link).

P2P payment apps such as Cash App, Revolut, or Monzo are more popular for small payments between friends and family, for example when you need to pay someone back, split the bill, or transfer money for shopping.

Multi-currency accounts

Multi-currency accounts let you hold and transfer multiple currencies from a single account. These are extremely popular amongst travelers and digital nomads because of the low fees, good conversion rates, and ease of use.

Some of the best multi-currency accounts are offered by Wise and Revolut.

Debit / credit transfers

As an alternative to wire transfers, you can also fund your transfer using a debit card (or a credit card), be it through your bank, money transfer company, or multi-currency account. These are usually more convenient options because you can simply auto-fill your details from your phone and be ready to go.

However, we do not recommend using credit cards to fund your transfer. This can result in hefty fees from your bank which will likely outweigh the benefits.

A bit more on wire transfers

What is a domestic wire transfer?

A domestic wire transfer is an electronic transfer between banks (or other financial institutions) within the same country.

For example, when you send money via bank to your local friends, pay the bills, or move money between accounts, all this would be considered a domestic wire transfer.

What is the difference between ACH and wire transfer?

The main difference between ACH (Automated Clearing House) and wire transfers lies in their processing times and costs.

ACH: are generally slower, taking 1-3 business days, and are more cost-effective, often used for regular, smaller transactions like payroll and bill payments.
Wire transfers: are faster, and are usually completed within the same day, but come with higher fees, making them suitable for large or urgent transfers.

How to track a wire transfer as a receiver?

You can track the status of the wire transfer by using the reference number (ask the sender to give it to you).

Most of the time you will be able to track it via online portal (be it online banking, or a money transfer service).

You will need to supply the reference number and a few other details such as; the sender's name, transfer amount, and an estimated date of transfer.

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: should you wire money internationally?

A wire transfer is a method of transferring money electronically between people or businesses across the world.

It only involves the exchange of information between the institutions about the recipient, their account details, and the transfer amount.

This means that a bank transfer is a type of wire transfer, but there are other non-banking financial companies that can also facilitate wire transfers (for example money transfer companies).

However, it’s good to be aware that they can be costly as you may have to pay both a fixed transfer fee and exchange rate markups when sending your money.

These fees are often higher than you’ll find with other payment options.

You can get a better deal if you shop around and compare services, as there are a lot of providers now offering wire transfer services at different rates.

Resources & further reading

Contributors

Author

April Summers

Senior Financial Content Editor and Journalist

April Summers is an experienced Senior Financial Content Editor who combines a wide range of professional skills with her academic background in English literature and journalism. Her professional background includes key positions at the Daily Star, LBB Online, and Entertainment Daily UK, which have sharpened her financial and journalistic expertise.

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.