How to Send Money Internationally: Step-by-Step Guide
Sending money internationally is something millions of people do every year, whether they are supporting family abroad, paying overseas suppliers, or relocating savings between countries. The process has changed dramatically over the past decade. Specialist transfer services now handle most of what banks once dominated, cutting costs and delivery times in the process. This guide covers how to send money internationally step by step, so you understand exactly what to expect and how to avoid paying more than necessary.
How to transfer money internationally depends on a few key factors: which country you are sending from, where the money is going, how much you are sending, and how quickly it needs to arrive. Each of these variables affects your options, your costs, and the best provider for the job. The good news is that sending money internationally online is now fast and straightforward once you know what to look for.
Whether this is your first international transfer or you want to reduce the cost of a regular payment, the steps below apply across all the major services and corridors. Use the comparison tool below to get a live quote, or read through the full guide to understand how international money transfer works before you choose a provider.
What You Need Before You Send Money Internationally
Before you begin sending money internationally, it helps to gather a few key pieces of information in advance. Having these ready before you open an account with a provider makes the process much smoother and avoids delays midway through a transfer.
Most providers require you to verify your identity before your first transfer, which is a regulatory requirement across the industry. This is typically done by uploading a photo of your passport or driving licence and, in some cases, a brief selfie for biometric matching. Once verified, subsequent transfers are fast and require no further checks for standard amounts.
- Recipient full name exactly as it appears on their bank account
- Recipient bank name and address
- IBAN (International Bank Account Number) for European accounts
- SWIFT or BIC code identifying the recipient bank globally
- Sort code and account number for UK transfers, or routing number and account number for US transfers
- Your own identity document (passport or national ID) for first-time account verification
How to Send Money Internationally: Step by Step
The process of sending money internationally follows the same basic structure across all the major services. The steps below apply whether you are using Wise, Remitly, Xe, or any other regulated specialist provider. Understanding each step helps you move through the process quickly and avoid the most common mistakes when transferring money internationally.
Step 1: Decide How You Want to Transfer Money Internationally
The most consequential decision upfront is which type of provider to use. Your main options are your bank, a specialist money transfer service, or a mobile money platform. Banks are convenient but typically charge higher fixed fees and apply a markup to the exchange rate that significantly increases the real cost. Specialist services like Wise, Remitly, and Xe are built specifically for international money transfer and are almost always cheaper and faster for personal transfers and small business payments.
If you are sending a large amount, above roughly 50,000 GBP or USD, dedicated currency brokers can sometimes offer more competitive rates for high-value transfers. For the vast majority of everyday transfers, however, a specialist app is the right starting point. The comparison tool in this guide makes it easy to see which service gives the best deal for your specific transfer.
Step 2: Compare International Money Transfer Fees and Exchange Rates
Before committing to any service, compare the total cost of your transfer, not just the headline fee. The exchange rate matters just as much as the stated fee, and in many cases more. Providers that advertise zero fees often apply a margin to the exchange rate, which means the recipient gets less of the destination currency than they would at the mid-market rate.
Look for providers that use the mid-market rate (the rate you see on Google or a currency reference site) and charge a transparent, separate fee. Wise is the most prominent example of this model. Others like Xe and Remitly apply a small spread to the rate and charge lower or no separate fees. The only reliable way to compare them is to enter your specific transfer amount and see what the recipient will actually receive after all costs are applied.
Step 3: Create Your Account and Complete Identity Verification
Once you have chosen a provider, register online or through the mobile app. You will need your name, address, email, and a phone number. Identity verification typically takes between 5 and 30 minutes if you complete it immediately, though many providers approve accounts instantly using automated biometric checks. Have your passport or driving licence ready to photograph.
Most services now use facial recognition as part of their Know Your Customer process. You will be asked to photograph your ID and record a short selfie video for comparison. Once approved, your account is ready to use for any transfer amount up to your verified limit. Sending money internationally online for the first time is often the most time-consuming part of the process. After that, subsequent transfers take just a few minutes from start to finish.
Step 4: Enter Your Recipient Bank Details
This step requires the most care when you send money internationally. A single wrong digit in a sort code, routing number, or IBAN can cause your transfer to fail or, in rare cases, be credited to a different account. Double-check every field against a recent bank statement from the recipient before confirming. Most providers let you save recipient details, so you only need to enter them once for regular transfers.
What you need depends on the destination country. UK transfers require a sort code and account number. European transfers use an IBAN and BIC. US transfers use a routing number (ABA) and account number. Many countries in Asia and Africa support transfers to mobile money accounts, where a phone number serves as the identifier rather than traditional bank details.
Step 5: Choose How to Fund Your International Transfer
You can fund most international money transfers via bank transfer from your current account, debit card, or credit card. Bank transfer is typically the cheapest funding method and the one most providers recommend for larger amounts. Debit card payments are available at a small additional cost on most platforms. Credit card payments are often the most expensive option and may trigger cash advance fees from your card provider, making them worth avoiding for most international transfers.
Some providers, including Wise, also accept Apple Pay and Google Pay for smaller transfers. Funding via bank transfer is slower to initiate but gives you access to the lowest overall fees. For regular recurring transfers, most platforms allow you to set up automatic payments from a linked bank account.
Step 6: Confirm, Track, and Receive Your Transfer
After entering all the details and funding the transfer, you will receive a confirmation screen and an email summary with the key transfer information. Most providers include a real-time status tracker in their app so you can monitor exactly where your transfer is in the process. For most corridors and providers, transfers arrive within one to two business days after funds clear. Same-day and instant transfers are available on many popular routes.
If your transfer is taking longer than expected, contact the provider support team. Delays are usually caused by a compliance review, bank processing times on the receiving end, or an issue with the recipient details you entered. Public holidays in either country can also extend delivery by a day or two, even on corridors that are normally fast.
A wrong account number, sort code, or IBAN is the most common reason international money transfers fail or are delayed. Once a transfer is submitted, recovering misdirected funds can take several working days and is not always guaranteed. Before confirming any transfer, verify the recipient details against a recent bank statement or ask them to confirm the exact details in writing.
Best Providers for Sending Money Internationally
The provider you choose will have the biggest single impact on what your transfer costs. Specialist services consistently beat traditional banks on both fees and exchange rates. The three providers below are among the most competitive options across a wide range of corridors and transfer sizes, and each suits a slightly different use case when sending money internationally.
Wise
Wise is one of the most widely used platforms for international money transfer, with over 16 million customers across 80 countries. It uses the mid-market exchange rate on every transfer, meaning there is no hidden markup on the rate itself. Fees are charged separately and displayed in full before you confirm the transfer. For most GBP, EUR, and USD transfers, the total cost is typically between 0.4% and 1.5% of the transfer amount depending on the corridor and payment method.
Wise supports over 40 currencies and delivers to most major destinations within one to two business days. For transfers within the Eurozone and to the UK, same-day delivery is common. Wise also offers a multi-currency account with local bank details in GBP, EUR, USD, and other currencies, which is particularly useful if you send or receive money internationally on a regular basis. The Wise debit card converts at the mid-market rate and works in over 170 countries.
Wise consistently delivers some of the lowest total costs available for international money transfer, particularly for GBP, EUR, and USD corridors where it uses the mid-market rate with no hidden markup.
- Mid-market exchange rate: no markup on the rate, ever
- Transparent fees: exact cost shown in full before you confirm
- 40+ currencies: covering most major send and receive corridors
- FCA regulated: customer funds held separately from company capital
- Multi-currency account: hold, send, and receive in multiple currencies
Remitly
Remitly is built specifically for remittance transfers, making it a strong choice if you are sending money internationally to family in South Asia, Latin America, Southeast Asia, or Africa. It offers two speed tiers on most corridors: Economy transfers typically arrive in three to five business days at a lower cost, while Express transfers arrive within minutes to hours for a slightly higher fee. Promotional rates and zero-fee first transfers are common for new users.
Remitly supports both direct bank deposits and cash pickup at thousands of agent locations across its destination markets, which makes it particularly useful where banking infrastructure is limited. The mobile app is highly rated for ease of use, and customer support is available around the clock via live chat in multiple languages.
Remitly is especially competitive for transfers to South and Southeast Asia, Latin America, and sub-Saharan Africa, where it offers strong rates and wide cash pickup coverage.
- Economy and Express tiers: choose between cost and speed on most corridors
- Cash pickup available: thousands of collection points in key markets
- First transfer offer: promotional rates and zero-fee transfers for new users
- 24/7 live support: customer help available around the clock
- Strong remittance corridors: India, Philippines, Mexico, Nigeria, and more
Xe
Xe is best known as a currency reference tool, but its money transfer service has grown substantially and now covers transfers across more than 130 currencies and 200 countries. Xe applies a small exchange rate margin rather than charging a separate fee, making the cost structure easy to understand. There are no fixed fees on most personal transfers, and the margin is typically between 0.5% and 1.5% depending on the currency pair.
Xe is particularly strong for transfers to less common destinations and less-traded currency pairs where its currency coverage gives it a clear advantage over more consumer-focused apps. The platform also offers dedicated tools for businesses making regular cross-border payments, including live rate alerts and the ability to lock in future exchange rates with forward contracts.
Xe is well suited for transfers to less common destinations or for anyone who wants to track live rates and time their transfer for the best exchange rate.
- 130+ currencies: broader coverage than most consumer apps
- No fixed fees: on most personal international money transfers
- Rate alerts: set a target rate and get notified when it is reached
- 200+ countries: widest geographic reach of the three providers
- Business tools: forward contracts and bulk payment options
Understanding International Money Transfer Fees
International money transfer fees come in two forms, and understanding both is essential for finding the cheapest way to send money internationally. The first is the explicit service fee: a flat charge or a percentage of the transfer amount shown on screen before you confirm. The second is the exchange rate margin: the difference between the mid-market rate and the rate the provider offers you, which does not appear as a line-item fee but has exactly the same effect on what the recipient receives.
A provider advertising zero fees is not necessarily the cheapest option. If they apply a 1.5% margin to the exchange rate on a 1,000 GBP transfer, you are effectively paying 15 GBP in costs that never appear on the fee summary. By contrast, a provider charging an explicit 4 GBP fee but using the mid-market rate may cost significantly less overall. Always compare what the recipient will actually receive, not just the fee figure shown at the start of the flow.
For most personal transfers through specialist services, the total all-in cost falls between 0.4% and 2% of the transfer amount. Traditional bank wire transfers typically cost between 3% and 5% once the exchange rate markup is factored in, plus fixed fees of 15 to 30 GBP per transfer.
Provider | Fee Structure | Typical Cost on 1,000 GBP Sent to USD |
|---|---|---|
Wise | Transparent percentage fee plus mid-market exchange rate | 5 to 10 GBP total |
Remitly | Rate margin plus small fixed fee depending on speed tier | 5 to 15 GBP total |
Xe | Rate margin only, no fixed fee on most transfers | 7 to 12 GBP total |
High street bank | Fixed transfer fee plus significant exchange rate markup | 25 to 45 GBP total |
The exchange rate margin is the most commonly overlooked cost when sending money internationally. Many banks and some online platforms quote a headline fee of zero but apply a 2% to 3% markup to the exchange rate. On a transfer of 1,000 GBP, that hidden margin costs you 20 to 30 GBP more than a provider offering the mid-market rate. Always compare the recipient amount, not just the fee shown on the first screen.
How Long Does It Take to Send Money Internationally?
Transfer times vary by corridor, provider, and funding method. The fastest transfers, typically within the Eurozone or between the US and UK, can arrive within minutes or hours on the fastest services. Transfers to less-served markets may take two to five business days. Below is a general guide to what to expect from the main providers when sending money internationally.
Same-day transfers are available on many popular corridors through Wise and Remitly Express. Transfers funded by debit or credit card generally arrive faster than those funded by bank transfer, since card payments clear immediately while bank-initiated transfers can add one business day to the timeline on the sending end.
Public holidays and weekends affect delivery times even for providers that advertise instant or same-day transfers, because the final credit step depends on the recipient bank clearing system. A transfer submitted on a Friday evening may not appear in the recipient account until the following Monday, regardless of how quickly the sending provider processes it.
Provider | Typical Arrival Time | Same-Day Available |
|---|---|---|
Wise | 1 to 2 business days | Yes, on many major corridors |
Remitly Express | Minutes to a few hours | Yes |
Remitly Economy | 3 to 5 business days | No |
Xe | 1 to 2 business days | On select corridors |
High street bank wire | 2 to 5 business days | Rarely |
Cheapest Way to Send Money Internationally
Finding the cheapest way to send money internationally comes down to three decisions: the provider you use, the exchange rate they offer, and the funding method you choose. Specialist transfer services beat traditional banks on cost on almost every corridor. Within the specialist category, the cheapest option varies by corridor, transfer amount, and how fast you need the money to arrive.
The most reliable approach is to compare live quotes across providers for your specific transfer details. The comparison tool below shows the recipient amount side by side for each provider, including all fees and the exchange rate margin, so you can see the true cost at a glance.
A few practical rules for reducing costs when sending money internationally: bank transfer funding is almost always cheaper than paying by card. Larger transfer amounts often attract lower percentage fees. If you send money internationally on a regular basis, check whether your provider offers a subscription tier or discounted rates for recurring transfers. Some platforms also allow you to set a target exchange rate and will notify you when the rate reaches your threshold, letting you time your transfer for better value.
Sending Money Internationally Online: Safety and Security
All three providers covered in this guide are regulated financial services companies in every jurisdiction they operate. In the UK, Wise, Remitly, and Xe are authorised by the Financial Conduct Authority (FCA). In the US, they are registered with FinCEN and hold individual state money transmitter licences. Your funds are safeguarded to the same regulatory standard as with a traditional bank.
Practical security measures matter just as much when you send money internationally online. Transfer fraud targeting individuals has increased significantly in recent years, and the consequences of a misdirected payment can be serious.
- Only send transfers to recipients you know personally or have verified through a secure, direct channel
- Never initiate a transfer based on instructions received by email alone without confirming by phone on a known number
- Access your transfer provider only through their official app or by typing the URL directly into your browser
- Enable two-factor authentication on your transfer account
- Confirm that the bank details match what the recipient has provided directly to you before submitting the transfer
One of the most common forms of money transfer fraud involves convincing someone to send money internationally to an account controlled by a fraudster, often by impersonating a supplier, a family member in need, or a financial institution. Once a transfer is submitted and processed, recovering funds is difficult and not always possible. If you receive unexpected instructions to send money to a new or different account, call the person directly on a known number before taking any action.
Frequently Asked Questions
How do I send money internationally for the first time?
To send money internationally for the first time, choose a regulated specialist service such as Wise, Remitly, or Xe. Create an account online or in the app, complete identity verification by uploading a photo of your passport or driving licence, then enter your recipient details and the transfer amount. Most platforms complete verification within minutes and allow you to submit your first transfer on the same day you register.
What details do I need to send money internationally?
You will need the recipient full name as it appears on their bank account, the recipient bank name and country, and the account identifiers for that country: IBAN and BIC for European accounts, sort code and account number for UK accounts, or routing number and account number for US accounts. Some countries use a mobile money number instead. Your own identity document is required for first-time verification.
What is the cheapest way to send money internationally?
The cheapest way to send money internationally is typically through a specialist transfer service rather than a bank. Wise is often the lowest-cost option for GBP, EUR, and USD transfers because it uses the mid-market exchange rate and charges a transparent separate fee. For remittance corridors to Asia, Latin America, or Africa, Remitly is frequently competitive. Always compare the final recipient amount rather than just the headline fee.
How long does an international money transfer take?
Most transfers through specialist services arrive within one to two business days. Same-day delivery is available on many popular corridors through Wise and Remitly Express. Bank wire transfers from traditional banks typically take two to five business days. Delays can occur around public holidays, weekends, and for transfers to less-served destinations or corridors that require additional compliance checks.
How do I send money internationally safely?
Use a regulated provider such as Wise, Remitly, or Xe. Only send to recipients you know personally, and verify their bank details directly before submitting any transfer. Enable two-factor authentication on your account. Never follow transfer instructions received solely by email without confirming by phone. These steps significantly reduce the risk of fraud or misdirected payments when sending money internationally online.
Can I send money internationally without a bank account?
Yes, in some cases. Many providers allow you to fund a transfer using a debit card or credit card without initiating a bank transfer. Recipients can also receive funds via cash pickup in many countries, using services like Remitly, without needing a bank account. However, you will still need to create and verify an account with the transfer provider regardless of the funding method.
Is there a maximum amount you can send internationally?
Transfer limits vary by provider and by the level of identity verification you have completed. Basic accounts on most platforms support transfers of up to 10,000 to 50,000 GBP or USD per transaction. Higher limits are available after completing enhanced verification. For very large transfers above these thresholds, a dedicated currency broker or a bank's international payments team may be more appropriate.
Do I pay tax on an international money transfer?
In most countries, sending money internationally is not a taxable event in itself. However, if the money represents income, a gift above a threshold, or proceeds from an asset sale, reporting obligations may apply depending on your jurisdiction. For large or frequent high-value transfers, consult a tax adviser in your home country to confirm your obligations before you send.
What is the difference between SWIFT and IBAN?
A SWIFT code (also called a BIC) identifies a specific bank or financial institution globally. An IBAN (International Bank Account Number) identifies a specific account at that bank within a particular country. When sending money internationally to a European bank account, you typically need both the IBAN for the account and the SWIFT code for the bank. US banks use a routing number and account number instead of IBAN.
What happens if I send money internationally to the wrong account?
If you send money internationally to an incorrect account, contact your provider immediately. Most providers can attempt to recall the transfer if it has not yet been credited at the destination bank. If funds have already been deposited into another account, recovery depends on the cooperation of the destination bank and, in some cases, the account holder. This is why verifying recipient details before confirming any international transfer is essential.
Can I cancel an international money transfer after it is sent?
Whether you can cancel depends on the provider and how far the transfer has progressed. Many providers allow cancellation within a short window after submission if the transfer has not yet been forwarded to the destination bank. Once funds have been sent, cancellation is generally no longer possible. Contact your provider support team as quickly as possible if you believe a cancellation is needed.
How do I receive an international money transfer?
To receive an international money transfer, share your full bank account details with the sender: IBAN and BIC for a European account, sort code and account number for a UK account, or routing number and account number for a US account. Make sure the name on the account exactly matches the name given to the sender, as mismatches can cause a transfer to be held or returned by the destination bank.
Mohammad Humaid
Verified AuthorMo is the founder of MoneyTransferStore. As an expat who has experienced the challenges of sending money across borders himself, he set out to help others like him avoid hidden fees and unfair exchange rates on international transfers. With a background spanning fintech, payments, and Web3, Mo brings years of practical experience to building a platform focused on transparency and trust.
