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With new players in the market, the best ways to make an international bank transfer may no longer be through your bank. Other traditional options like sending cash, a check or even a money order are both outdated and risky. Instead, many money transfer services will offer a better rate than your bank with the same level of security — all from the convenience of your home. Discover how to make an international bank transfer in as little as a few minutes.
An international bank transfer usually refers to a bank service that helps you send money from your bank account to a recipient’s account located in another part of the world. You can use this for personal purposes — like sending money to family — or business purposes — like paying your suppliers. While bank transfers were offered only by banks in the past, you can initiate bank transfers with digital banks, wallets and money transfer services today. This means that there are now more options than ever for you to consider when making quick and affordable international bank transfers.
There are three main ways you can make an international bank wire transfer:
Be sure to bring:
The steps for sending an international money transfer in person from your bank are similar to those for sending online:
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.
Regardless of which method you choose to make an international money transfer, here’s what’s typically required of you when you transfer money internationally between banks:
Society for Worldwide Interbank Financial Transactions, or SWIFT, is a type of international bank transfer. It gives each bank a unique identification tag to help you make your transfers quicker and safer. This 8 – 11 character code is known as the BIC, bank identifier code, or simply SWIFT ID. The benefit of SWIFT is that this secure international transfer method typically takes up to five business days. However, one downside to note is that it often comes at an additional fee.
There are several factors to consider when choosing which option to use for your next international money transfer.
The short answer is alternative money transfer services, like online money transfer providers. Traditional banks, like Citibank, Bank of America and Chase charge administrative fees of up to $50. They also mark up exchange rates by 2 – 4%. To make matters worse, intermediary banks and your final recipient’s bank might also charge administrative fees of $10 to $20. These small costs could add up and eat into the amount you’re transferring. Online money transfer services, on the other hand, typically have much fewer processing fees and more competitive spreads.
However, it’s often more complicated than this. While online money transfer services usually offer more competitive fees, certain banks might offer discounts to premium members or newbies which could make their international transfer rates more competitive. How much you’re charged also depends on where you’re sending money to and how much. Consider these factors and compare providers across different transfer methods in order to find the cheapest international bank transfer for you.
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.
Yes, you can. This works just like placing an in-person transfer at the bank — just that it’s done over the phone. Collect all the data you need, including your recipient’s details and your intended transfer amount, then follow the instructions given by your bank’s customer service team.
Most international bank transfers take up to three business days — but this could vary depending on your transfer method, chosen provider and destination country.
Yes, if you use an international bank transfer either offered by your bank provider or an international money transfer service.
Sign up for an account and pay no fees to send quick and easy money transfers to multiple beneficiaries.
Sigue offers speedy money transfers to 50+ countries, but you have to set up a transfer to see the transaction fees.
Join Boss Revolution with an email address and phone number, and send money within minutes.
Usend combines money transfers, bill pay and mobile phone reloading.
Paysend offers transfers to more than 70 countries through its app and online service.
Pairing international calls with money transfers makes Boxypay a unique choice.
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Learn about how TransferMate’s personal product works and what it can do for you.
I’m moving out of the country and back to my home country (Taiwan to the USA). How can I best transfer my money back to my US bank account? Thanks!
Hi Ali,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
The best way to transfer your money to the US would depend on your needs, preference, and budget. For this reason, you would need to first assess your personal circumstances to determine which is best for you.
Some of your options would include:
– Bank to bank transfer
– Independent money transfer service providers
– Personally bring the money with you
Generally speaking, bank to bank transfers are slower and costlier compared to using money transfer service providers.
Our guide in sending money from the US to Taiwan can help compare your options. You can use the table on that page to see providers who can also help you transfer money from Taiwan to the US. Just specify the correct currencies.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
I want money from China (Macau) to India through direct bank account from Macau to India bank account. The best way please.
Hi Ranjan,
Thanks for getting in touch with finder. I hope all is well with you. :)
You can send your money from one bank account to another bank account by simply directly in touch with your bank. From there, you should be able to obtain specific instructions on how you can make the transfer.
However, please note that in most cases, bank transfer is more expensive compared to using an international money transfer service provider. If this interest you, you can use the table above to compare your options based on minimum transfer amount, transfer speed, and online fee to name a few. You can then click on the “Go to site” green button to check if that provider handles transfers from Macao to India.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I want to send 2,500,000 to Austria. How to send and which process is easy and charge fewer fees?
Hi Monu,
Thanks for getting in touch with finder. I hope all is well with you. :)
We have a guide that you might want to read. It is about how to send money to Austria.
On that page, you will see a table of service providers who can help you send the money. The table will also help you compare your options. Once you found the right one for you, click on the “Go to site” green button to learn more.
Since you are also sending a lot of money, please read our guide, “How to safely transfer a large amount of money internationally.” Plus, be sure to read how taxes are charged on large money transfers.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua