{"menuItems":[{"label":"How can I transfer money internationally between banks?","anchorName":"#learn"},{"label":"Making an international money transfer online from your bank","anchorName":"#bank-online"},{"label":"Using an online money transfer service","anchorName":"#online"},{"label":"Compare money transfer services to send money from your bank account","anchorName":"#compare"},{"label":"Sending an international money transfer in person at your bank","anchorName":"#in-person"},{"label":"How do I compare international money transfer providers to my bank?","anchorName":"#how-do-i-compare-international-money-transfer-providers-to-my-bank"}]}
With growing competition, the best ways to send money internationally from your bank account may no longer be through your bank. Other traditional options like sending cash, a cheque or even a money order are also outdated — and risky. Many money transfer services will offer a better rate than your bank, all from the convenience of your home. Discover how to transfer money internationally for less, sometimes in as little as a few minutes.
How can I transfer money internationally between banks?
There are 3 main ways to transfer money internationally between bank accounts, and some of them offer additional options like delivery for cash pickup:
International money transfers online. An online international money transfer will be made through your bank to your recipient’s bank.
Online money transfer services. Services dedicated to sending money domestically and internationally can often beat the rates and fees offered by your bank.
In-person international money transfers. Physically going to the bank to send your money internationally may be the least convenient option, but it’s an option nonetheless.
Making an international money transfer online from your bank
Pro: Convenient transfers through a bank you already trust.
Con: You’ll often lose money on fees and poor exchange rates.
Depending on the bank you use, you may be able to avoid visiting a branch by sending your international money transfer online. If your bank offers online transfers, follow these steps to send your international bank transfer:
Go to your bank’s money transfer section. This will usually be found by visiting your bank’s main website, logging in to your account and looking at the top of the page for Money transfers, Send money, Transfer money or similar.
Verify your sending limits. Banks often place limits on outgoing money transfers, so confirm that your bank’s limit is high enough for your transfer. When you need to send more than the limit, consider using a money transfer service instead.
Enter your recipient’s bank information. International bank transfers usually require:
Name and address of your recipient’s bank
Recipient’s name, address and account type
Recipient’s account number or international bank account number (IBAN)
Recipient’s SWIFT or BIC code, which can be found by asking the recipient’s bank
Enter sending amount and desired currency. Your bank will likely charge a currency exchange fee on top of a sending fee.
Pay for the transfer and the fees. Most banks charge an outgoing transfer fee, and your recipient’s bank will likely charge an incoming fee as well.
Wait for your transfer to arrive. International money transfers can take anywhere from a few business days to over a week, depending on how many banks the money has to move through to get to its destination. Check with your bank to find out the status of your transfer.
SWIFT vs. IBAN explained
Description
Where you can find it
Example
SWIFT
A SWIFT number is an alphanumeric number containing information that identifies a bank and branch. It can be eight or 11 characters long, depending on which bank office it refers to.
Bank statement, online banking system, inquire at the bank
NFBKUS33
IBAN
An IBAN number is an alphanumeric number containing information that identifies a bank, country and account number. With lengths fixed by country, IBAN codes can be up to 34 characters.
Pro: Save money by using a specialist service with bank-beating rates and fees.
Con: Finding the best specialist for your situation can take some research.
There’s a lot of competition between online money transfer services — which should benefit you while looking for the best deal. The majority of providers will allow you to transfer money from one bank to another, as well as offering cash pickup or delivery straight to a mobile device.
Some notable mentions to help you move your money internationally include:
OFX – If you need to send or receive in an uncommon currency, OFX supports a wide range of coins — but it’s only online.
Remitly – This transfer service boasts speed across its network, but its low maximum limits may not work for everyone.
Western Union – Brand awareness and a massive network might suit some, but watch out for high fees.
Compare money transfer services to send money from your bank account
To quickly compare a variety of money transfer services that can help you make an international money transfer online, use our comparison table:
Enter the amount you want to send.
Select the country you want to send money to.
Choose Calculate to see available money transfer services.
Select Go to site on the service that best fits your needs.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Sending an international money transfer in person at your bank
Pro: In-person assistance to complete your transfer at your bank.
Con: Restricted to sending during banking hours while often paying higher in-person fees.
If you like to keep your business in-person, you can head to your bank to send an international money transfer through a teller.
Be sure to bring:
Name and address of your recipient’s bank
Recipient’s name, address and account type
Recipient’s account number or international bank account number (IBAN)
Recipient’s SWIFT or BIC code, which can be found by asking the recipient’s bank
Proof of ID
The steps for sending an international money transfer in person from your bank are similar to those for sending online:
Start your transaction: Ask the teller to start an international money transfer.
Prove your identity: Provide documents and identification.
Double-check details: Confirm details with the teller, double-check everything before sending.
Pay: Pay for your transfer using cash or your bank account balance.
Get proof: Get a receipt and keep it somewhere safe.
Some banks charge more for in-person money transfers than they would for online money transfers, so make sure you ask the teller if you could save money by making the transfer online instead of in person.
How do I compare international money transfer providers to my bank?
There are several factors to consider when choosing a company to handle your next international money transfer.
Compare exchange rates. The better the exchange rate, the better value for money you can get on a transfer. Search for the company that offers consistently competitive exchange rates, but remember there may also be higher transfer fees attached.
Check transaction fees. Fees can range from $0 up to $60, so it pays to compare fees across providers. Some online transfer companies also waive their fees when you send large amounts, sometimes as high as $10,000.
A range of transfer destinations. Check to see whether the country you want to transfer your money to is supported by the transfer provider you select, as well as whether you can send money in the currency you want.
Processing times. Cash transfers are usually quicker than transferring with a bank account.
Transfer options. Some providers offer one-off transfers only, others allow you to place forward contracts and limit orders to lock in the exchange rate you want.
Reliable customer support. If you have a problem with a transfer or need help with your transfer, look for a service that offers customer support — either through its FAQs, phone, email or online chat.
Bottom line
There are many methods for transferring money overseas from your financial institution. Choosing the best option may depend on how much you’d like to send and which country you live in. To get the best deal, be aware of rates, fees and other hidden costs. Though it can be convenient to transfer money from a bank account, always compare your options to ensure you get the best value.
Zak Killermann is a technical publisher at Finder who’s specialized in cryptocurrencies and blockchain technology for seven years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and geeks out over Ethereum upgrades. Zak’s focus is in breaking down technical concepts into approachable nuggets of information. While diving into all things crypto, Zak also contributes to Finder’s money transfers and stock trading verticals.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
