When you live or travel abroad, you usually need someone from home to send you money, or vice versa.
With international bank transfer you can send money abroad and convert it into foreign currency.
Besides banks, there are quite a few other options these days.
Western Union, MoneyGram, PayPal and industry-changing Wise serve consumers who need to quickly send large amounts of money around the world.
Option 1: Make an international bank transfer online
So, you may have wondered: how to send money to a foreign bank account?
Some banks ask their customers to come into a branch to set up an international transfer, while others may offer the convenience of setting up online. Each bank is different, so you will need to check what your home bank allows.
Follow these steps to make a bank transfer online:
1. Find the bank transfer section on your bank's website.
If you have online banking set up, log into your online banking account and go to the bank transfers section of your bank's webpage. Your bank's main dashboard will likely have a section in the top toolbar.
Alternatively, you can search Google for “bank transfer” and the name of your bank. If none of these methods work, call your bank's customer service line. They should be able to direct you to the right place and show you how to make a money transfer.
2. Double-check your online transfer limit
Your bank may require you to set an online transfer limit, which is often $5000. Sometimes they install one for you. If the amount you need to transfer exceeds your daily limit, you will usually need to call your bank to authorize the transfer.
In some cases, your bank may take additional security measures to ensure that you are the one making the request. This could be anything from a special code sent to your mobile phone or a secure email sent to your email address.
3. Enter the recipient's bank details
To complete an international SWIFT transfer, you will need to provide the following specific information.
- Name and address of the recipient's bank.
- The recipient's name, address, and account type at their bank (checking, checking, savings, money market, etc.).
- Recipient's account number or IBAN
- BIC/SWIFT code of the recipient's bank.
BIC/SWIFT is a bit like a US routing number or zip code. It designates the exact bank where the recipient's account is held.
Your bank can find the recipient's BIC/SWIFT code by using the recipient's name and account number or by using an online BIC/SWIFT code lookup . You can also simply request information from the receiving bank.
4. Enter the amount and select the desired currency for the receiving bank.
When you enter the recipient's information, his or her country's currency is often automatically set on the wire transfer form. If not, select the correct currency and then enter the transfer amount.
Typically, a bank account in a foreign country is denominated in the local currency. As a result, you will probably want to choose this currency. However, it is not uncommon for foreign banks to offer clients accounts in multiple currencies, especially US dollars.
Double check that you are transferring money in the correct currency. Otherwise, if you try to send money in a currency that your account doesn't support, the entire transfer may be rejected.
5. Pay the transfer processing fee
Your bank will charge you an initial processing fee. It usually costs between $40 and $50.
6. Find out how long it will take to deliver your translation
Once you fill out the transfer form, the website will usually display an estimate of how long it will take. If you're lucky, they may give you a time frame before you even start. However, your bank will monitor the status of the transfer.
Most translations take from one to three working days , depending on a number of factors. For example, if the destination bank account is in a completely different time zone or they have different days of the week that their banks operate. So you want to keep these things in mind.
Also, since money does not move directly from one bank to another, it will take time.
Option 2: Make an international bank transfer in person
Whether you prefer face-to-face interactions online or your bank requires you to come into a branch, you'll need to know what to do when you arrive.
Once you have confirmed with your bank that you can indeed set up an international bank transfer in person, follow these steps:
1. Prepare the information needed for an international bank transfer
- Your name and US bank account from which you want to transfer.
- Name and address of the recipient's bank
- Recipient's name, address, and bank account type (checking, checking, savings, money market, etc.)
- Your recipient's account number or IBAN (International Bank Account Number - most of the world uses this format for their bank account number). You should be able to find it fairly easily. Ask your bank, check your online banking, or review your most recent bank statement for this code.
- Recipient's BIC/SWIFT code. Without this, your bank will not be able to determine exactly which bank the money should be sent to. If you have the bank name and address but don't have the BIC/SWIFT code, don't worry. Just use the online BIC/SWIFT code lookup and it should help you.
2. Decide how much you want to transfer and what the destination currency should be.
If you're not the recipient, you'll probably want to double-check them before choosing a currency option. Often bank accounts are denominated in local currency, but there are exceptions.
Companies and people who regularly interact with those located in other countries often have multi-currency accounts, or a dedicated USD-only account is not uncommon.
Make sure you know what currency you are sending and how much you want to receive from your destination bank.
3. Pay the international transfer fee
Your bank will almost certainly charge you a processing fee. The fee is usually between $40 and $50, although in some cases it can be as high as $80.
In the eurozone, transfers often cost 5-7 euros plus a percentage of the transferred amount, usually from 0,1-1%. The receiving bank may also charge a fee, which can range from 10 to 20 dollars (9-18 euros).
Check online to find out the fees of the 10 largest banks, or check with yourself.
After you have paid, the clerk will usually notify you how long the transfer will take.
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