Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
- A remittance is a broad term used to describe sending money to someone in another country.
- Banks let you send money internationally through wire transfers or prepaid debit cards.
- If you want to send money internationally, pay attention to exchange rates and fees.
Banks offer an easy way to send Money abroad to family members or friends.
To understand how international bank transfers work, you’ll want to be mindful of specific lingo and fees. That way, you’ll know what to look for when making international banking transactions.
See Insider’s best banks of 2023>>
What to know about sending money internationally
Most banks or credit unions, but not all, let you make international bank transfers.
To find more information about how your financial institution handles international bank transfers, you’ll want to ask about remittances or international wire transfers. Banks and other financial institutions often use this terminology to describe international money transactions.
A remittance is a transfer of money to someone living in another country. It’s a general term used to reference all types of international transfers.
Remittances can be sent through wire transfers, checks, or prepaid cards. A prepaid debit card is a reloadable card that works like a gift card — you can put in money into the card and use it for any purchases. A prepaid debit card isn’t usually attached to a checking or money market account, so it doesn’t work like a regular debit card.
An international wire transfer provides a quick way to send money to a person living in another country. It’s done electronically, and money gets sent to the recipient’s bank account. Transfers usually get processed in a few days and will require certain bank information about the recipient. To make an international wire transfer, call your bank or complete it online.
Sending money internationally FAQs
There are a few financial institutions that have free international wire transfers. For example, Bank of America and Chase won’t charge you any fees if you send money to a bank account in foreign currency. HSBC Direct doesn’t charge any fees if you’re part of HSBC Premier banking. Citi also waives fees on eligible bank accounts.
You have a right to cancel an international wire transfer, according to the Consumer Financial Protection Bureau. Most banks allow cancellations within 30 minutes of making the transfer. However, if the recipient has already received the money in their account, you won’t be able to cancel it.
Pricing for outgoing international wire transfers at the biggest banks
Here’s a list of how much outgoing international wire transfer fees cost at banks and credit unions featured in our best guides.
Quick tip: When sending Money Internationally, there might be a difference in sending money in US dollars or foreign currency. If you decide to make an outgoing transfer in foreign currency, check the total amount to account for currency exchange rates.
How to send an international wire transfer
Sending or receiving money internationally requires specific banking information. Before you’re ready to make a transfer, use this checklist to confirm that you’ll have everything you need:
- Money (in US dollars or foreign currency) that will be transferred
- The full name and address of the person receiving the money
- The name of the recipient’s bank and International Bank Account Number (IBAN)
- A SWIFT code or Bank Identification Code (These codes verify the transaction, so this information is important)
Certain countries will require additional documentation. Australia, Canada, Great Britain, India, Mexico, and New Zealand are a few countries that will ask for supplementary codes.
If you’re sending money to someone who lives in one of these countries, you may want to reach out to the recipient or recipient’s bank to get the information.
