How to Send Money Internationally

What Information You Need

To send an international bank transfer, you will typically need:

• Recipient's IBAN or account number — In Europe and most countries, an IBAN is required. For a detailed explanation of how IBANs differ from SWIFT codes, see our guide on IBAN vs SWIFT code.
• SWIFT/BIC code — Identifies the recipient's bank on the SWIFT network. This is an 8- or 11-character code assigned to each bank.
• Recipient's full name — Must match the name on the bank account exactly
• Bank name and address — The recipient's bank and branch details
• Purpose of payment — Some countries require a reason code or a written description of the purpose (especially for transfers to India, China, and other countries with capital controls)
• Recipient's address — Many banks require the physical address of the person or business receiving the funds

Before sending any transfer, it is wise to verify bank details independently. Our guide on how to verify bank details before sending money walks through best practices for avoiding fraud and errors.

How International Transfers Work

When you send money internationally through a bank, the payment typically travels through the SWIFT network:

SEPA transfers within Europe are faster and cheaper because they bypass the SWIFT network and use a dedicated European clearing system. For transfers outside of Europe, the SWIFT network remains the dominant infrastructure for moving money between banks worldwide.

SWIFT itself does not move money — it is a messaging network that sends payment instructions between banks. The actual settlement of funds happens through correspondent banking relationships, where banks hold accounts (known as nostro and vostro accounts) with each other. When your bank does not have a direct relationship with the recipient's bank, the payment may pass through one or more intermediary (correspondent) banks, each of which may deduct a fee and add processing time.

Step-by-Step for Different Corridors

The process varies depending on the countries involved. Here are the most common scenarios:

Understanding Fee Structures: SHA, OUR, BEN

When sending an international transfer, you will usually be asked to choose a fee allocation method. These three-letter codes determine who pays the various fees involved in the transfer:

Fees and Exchange Rates

International transfers can involve several fees:

• Sending fee — Your bank's charge for initiating the transfer (typically $15–$50)
• Intermediary bank fee — A fee charged by any banks that relay the payment ($10–$30)
• Receiving fee — The recipient's bank may charge to process the incoming payment
• Exchange rate markup — Banks often add a margin to the mid-market exchange rate (1–3%)

SEPA transfers within Europe are free or very low cost (typically under €1) for standard transfers.

Exchange Rate Tips

The exchange rate is often where the largest hidden cost lies in international transfers. Here is what you need to know:

• Mid-market rate: This is the “real” exchange rate you see on Google or financial news sites. It is the midpoint between the buy and sell prices on the global currency markets.
• Bank markup: Banks typically add a margin of 1–3% on top of the mid-market rate. On a €10,000 transfer, a 2% markup means you are paying €200 in hidden exchange rate costs alone.
• How to compare: Always check the mid-market rate before initiating a transfer, then compare the rate your bank is offering. The difference is the effective markup you are paying.
• Timing: Exchange rates fluctuate constantly. If you are sending a large amount and are not in a hurry, you might consider setting a rate alert or using a forward contract (available through some banks and transfer services) to lock in a favourable rate.

Alternatives to Traditional Bank Transfers

Traditional bank wire transfers are not the only option for sending money internationally. Several alternatives may offer lower fees, better exchange rates, or faster delivery:

• Online transfer services: Specialist services like Wise, Revolut, and OFX typically offer exchange rates much closer to the mid-market rate, with transparent fixed fees that are often significantly lower than traditional bank charges. Many can deliver funds within hours.
• PayPal and digital wallets: Convenient for smaller amounts or payments to individuals, but often carry higher exchange rate markups (3–4%) and percentage-based fees that become expensive for larger transfers.
• Cryptocurrency: Some people use cryptocurrencies for cross-border transfers, but this introduces volatility risk, regulatory complexity, and may not be suitable for most personal or business payments.

Regardless of the method you choose, always compare the total cost (fees plus exchange rate markup) rather than looking at fees alone.

Compliance and Documentation Requirements

International transfers are subject to regulatory requirements designed to prevent money laundering, terrorist financing, and tax evasion. Depending on the amount and the countries involved, you may need to provide:

• Source of funds: For larger transfers (typically above €10,000 / $10,000 / £10,000), your bank may ask you to explain where the money came from (e.g., savings, salary, property sale).
• Purpose of payment: Some countries and banks require a purpose code or description for every international transfer, regardless of size.
• Reporting thresholds: In the US, banks must file a Currency Transaction Report (CTR) for transactions over $10,000. In the EU, similar reporting obligations apply. Structuring payments to stay below these thresholds is illegal.
• Sanctions screening: All international transfers are screened against sanctions lists (OFAC in the US, EU sanctions lists in Europe). Payments involving sanctioned countries, entities, or individuals will be blocked.

Having the required documentation ready before initiating a transfer will help prevent delays.

Tracking Your Transfer

Once you have sent an international transfer, you will want to know when it arrives. Traditional SWIFT transfers were notoriously opaque, but this has improved significantly with SWIFT GPI (Global Payments Innovation), launched in 2017.

With SWIFT GPI, each payment is assigned a unique end-to-end tracking reference (UETR). Banks participating in GPI — which now handle over 90% of all SWIFT cross-border payments — are required to update the payment status at each step, providing real-time visibility into where your money is. Many banks now offer GPI tracking through their online banking platforms.

For details on typical processing times for different corridors, see our guide on how long international transfers take.

If you do not have access to GPI tracking, ask your bank for the SWIFT reference number when you initiate the transfer. You can use this to follow up with your bank or the recipient's bank if the payment does not arrive within the expected timeframe.

Common Corridors: Typical Costs and Times

Note that these are typical bank wire transfer costs. Online transfer services often offer significantly lower fees for the same corridors. The exchange rate markup is additional and can vary significantly between providers.

How Long Does It Take?

Tips to Avoid Mistakes

Frequently Asked Questions

What is the cheapest way to send money internationally?

For euro transfers within Europe, SEPA is the cheapest option (free or under €1). For other corridors, online transfer services (such as Wise or Revolut) typically offer lower fees and better exchange rates than traditional banks. Always compare the total cost — fees plus exchange rate markup — rather than fees alone. For more on SEPA, see our guide on how long international transfers take.

How do I track my international transfer?

Ask your bank for the SWIFT reference number or UETR (Unique End-to-End Transaction Reference) when you initiate the transfer. Most banks that participate in SWIFT GPI — which now handles over 90% of cross-border SWIFT payments — provide real-time tracking through their online banking platforms. You can also contact your bank or the recipient's bank directly with the reference number to inquire about the payment status.

What is SHA, OUR, BEN?

These codes determine how fees are split on an international transfer. SHA (shared) means the sender pays their bank's fees and the recipient pays the receiving bank's fees. OUR means the sender pays all fees, ensuring the recipient gets the full amount. BEN means all fees are deducted from the amount sent, so the recipient receives less. SHA is the most common and is required for SEPA transfers.

Do I need a SWIFT code for every international transfer?

Not always. For SEPA transfers within Europe, you only need the recipient's IBAN — no SWIFT code is required. However, for most other international transfers (via the SWIFT network), you will need the recipient's bank's SWIFT/BIC code. Some online transfer services handle the SWIFT code lookup automatically based on the IBAN or account details you provide.

What if the recipient's country doesn't use IBANs?

Not all countries use IBANs. The United States, Canada, Australia, New Zealand, and most Asian countries use their own domestic account numbering systems instead. For transfers to these countries, you will need the recipient's local account number (and routing number in the US, BSB number in Australia, etc.) along with the bank's SWIFT/BIC code. Your bank will know what details are required for each destination country.

Validate Before You Send

Before making a transfer, validate the recipient's bank details using our free tools: IBAN validator, US routing number validator, or UK sort code validator.