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- You can send money internationally through an international wire transfer or prepaid debit card.
- Banks often refer to international transfers as outgoing wire transfers or remittances.
- 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.
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What to know about sending money internationally
Most banks or credit unions, but not all, let you make international bank transfers. Banks and other financial institutions will refer to international money transactions as remittances or international wire transfers.
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.
Pricing for outgoing international wire transfers at the biggest banks
Here's a list of how much outgoing international wire transfer fees cost at national banks and credit unions:
| Bank | Outgoing international wire transfer fee (US dollars) |
| TD Bank | Up to $50 |
| Regions Bank | $45 |
| U.S. Bank | $50 |
| Bank of America | Up to $45 |
| Chase | Up to $50 |
| Ally | Not available |
| Alliant Credit Union | $50 |
| Bethpage Federal Credit Union | $30 |
| Connexus Credit Union | $50 |
| Pentagon Federal Credit Union | $30 |
| Quorum Federal Credit Union | $45 |
| Wings Financial Credit Union | $50 |
Sending money internationally FAQs
Do any banks offer free international wire transfers?
There are a few financial institutions that have free international wire transfers. For example, Bank of America won't charge you any fees if you send money to a bank account in foreign currency. Chase also won't charge a fee for international wire transfers of $5,000 or more that are sent in foreign currency.
How much does it cost to send money internationally through a bank?
Pricing varies between financial institutions. Outgoing international wire transfer fees are around $40 to $50. If you choose to send money through a prepaid debit card, you'll want to watch out for sign-up fees, monthly service fees, or reload fees. The best prepaid debit cards often waive some of the fees.
Can you cancel an international wire transfer?
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.
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.