How to Transfer Money to an International Bank Account (2026)
An international wire transfer is the standard method for sending money from one bank account to another across international borders. Whether you are paying a supplier overseas, supporting family abroad, or settling a property purchase in another country, the process follows a defined set of steps. The key decisions are: which channel to use, what details to provide, and how to avoid paying more than necessary.
Banks have offered international wire transfer services for decades, but they remain expensive. A typical high street bank charges a flat outgoing fee of £20 to £30 (or $25 to $50 in the US), then adds a currency conversion margin of 2 to 4 percentage points above the mid-market rate. On a £2,000 transfer to Europe, that combination can cost you over £80 before the recipient receives a penny.
Knowing how to wire money internationally through a specialist provider instead costs a fraction of that. Wise, Remitly, and Xe use the mid-market exchange rate with a transparent low fee, typically 0.4% to 2% of the transfer amount. The same £2,000 transfer via Wise would cost around £12 to £16 in fees, with no hidden margin on the exchange rate. The savings compound quickly for anyone sending money regularly.
This guide explains how to transfer money to an international bank account step by step, what information you need before you start, how costs are calculated, and how the best specialist providers compare to your bank for speed, cost, and reliability.
What Is an International Wire Transfer?
An international wire transfer is an electronic instruction sent from one bank to another across borders, directing the movement of funds from the sender's account to the recipient's account in a different country. The term 'wire transfer' comes from the era of telegraphic transfers, but today it refers to any bank-to-bank electronic transfer routed through the SWIFT network.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) connects over 11,000 financial institutions in more than 200 countries. When you initiate an international wire transfer at your bank, the funds travel through a chain of correspondent banks before reaching the recipient's institution. Each link in the chain may deduct a small fee, which is why the recipient sometimes receives slightly less than the sender expected.
Specialist providers such as Wise, Remitly, and Xe do not always use SWIFT for every corridor. They often hold local currency balances in destination countries, allowing them to settle transfers locally and deliver funds faster and more cheaply than a traditional SWIFT chain. Understanding this distinction helps explain why learning how to wire money internationally through a specialist is often both cheaper and faster than going through a bank.
What You Need Before Making an International Bank Transfer
Before you can transfer money to a foreign bank account, you need a specific set of details from your recipient. Missing or incorrect information is the most common cause of failed or delayed international transfers, so verify every field before submitting.
IBAN and BIC/SWIFT Codes
For transfers within Europe and many other regions, you need the recipient's IBAN (International Bank Account Number) and BIC (Bank Identifier Code, also called the SWIFT code). The IBAN uniquely identifies the account and bank branch at the destination. A UK IBAN is 22 characters and begins with 'GB'. A German IBAN is 22 characters beginning with 'DE'. EU IBANs vary in length by country but always follow the ISO 13616 standard.
The BIC/SWIFT code identifies the specific bank and branch. It is 8 or 11 characters long and looks like HBUKGB4B (for HSBC UK) or TRWIBEB1XXX (for Wise Belgium). Your recipient's bank can provide both the IBAN and BIC if they are not sure where to find them, typically in their banking app or on a bank statement.
Full Details Required for an International Wire Transfer
- Recipient's full legal name (exactly as registered with their bank)
- Recipient's bank name and address
- IBAN (for European and many other international transfers)
- BIC/SWIFT code (identifies the bank)
- Account number and routing/sort code (for US and UK transfers where IBAN is not used)
- Recipient's address (required by some banks and providers)
- Purpose of payment (required for transfers to some countries, particularly regulated corridors)
- Amount and currency you wish to send
For transfers to the US, you need the recipient's routing number (9 digits) and account number rather than an IBAN. For India, you need the IFSC code. For Australia, BSB and account number. The required fields vary by destination, so check with the provider before starting.
How to Do an International Bank Transfer: Step by Step
The process of how to do an international bank transfer follows broadly the same steps whether you use your bank or a specialist provider, but the cost and speed differ significantly.
The question of how to wire money internationally can be broken down into two choices: use your bank's international wire service or use a specialist money transfer provider. For anyone looking to transfer money to foreign bank account recipients at the best possible rate, the specialist route almost always wins on cost and often on speed. Whether you need to know how to transfer money to international bank account holders in Europe or the US, or how to send money to international bank account recipients in South Asia or Southeast Asia, the answer is always the same: compare providers before you commit.
Option 1: International Wire Transfer Through Your Bank
- Log into your bank's app or website, or visit a branch.
- Navigate to 'International payments' or 'Send money abroad'.
- Enter the recipient's full name, IBAN, and BIC/SWIFT code.
- Enter the amount and choose whether you want to send a specific amount or have the recipient receive a fixed amount.
- Review the exchange rate and fees shown. Note that the rate offered is typically 2 to 4% worse than the mid-market rate.
- Confirm and submit. Your bank will process through the SWIFT network, typically taking 1 to 5 business days.
- Keep the transaction reference provided for tracking.
The main drawback of using your bank for an international wire transfer is cost. A £1,000 transfer to the US via Barclays would incur a £25 outgoing fee plus a currency conversion margin of around 3%, meaning you pay roughly £55 in total charges. The recipient receives meaningfully less than the mid-market rate conversion would deliver.
Option 2: International Wire Transfer Through a Specialist Provider
- Create an account with a specialist such as Wise, Remitly, or Xe (takes a few minutes and requires ID verification).
- Enter the amount you want to send and select the destination currency.
- The provider shows the real mid-market exchange rate and a transparent fee before you commit.
- Enter the recipient's bank details (IBAN, BIC, or local account details depending on the corridor).
- Choose your payment method: bank transfer, debit card, or credit card (fees vary).
- Confirm and pay. Funds typically arrive in 1 to 2 business days for major corridors, same day for some.
- Track the transfer in the app with real-time status updates.
Knowing how to send money to an international bank account through a specialist provider rather than a bank can save 40 to 80% on the total transfer cost, particularly for amounts over £500. The registration process is straightforward and ID verification typically completes within minutes.
See What Your International Transfer Actually Costs
Use the comparison tool below to check live rates and fees across providers for your specific route and amount.
How Much Does an International Wire Transfer Cost?
The total cost of an international wire transfer has two components: the explicit fee and the hidden exchange rate margin. Banks typically charge both. Specialist providers charge a small transparent fee and use the mid-market rate with no margin.
Provider | Fee on £1,000 to Europe | Exchange rate | Recipient gets (approx) |
|---|---|---|---|
Wise | £4 to £8 | Mid-market rate | Most of your £1,000 converted |
Remitly | £2 to £5 (first transfer) | Mid-market rate | Competitive amount |
Xe | £0 fee on many pairs | Near mid-market | Strong recipient amount |
HSBC | £4 online + FX margin | 3-4% above mid-market | Significantly less |
Barclays | £25 flat fee | 2-3% above mid-market | Noticeably less |
NatWest | £15 to £25 flat fee | 3-4% above mid-market | Noticeably less |
The table above illustrates why knowing how to transfer money to an international bank account through a specialist matters so much for frequent or high-value senders. A 3% FX margin on a £5,000 transfer costs £150 in hidden charges before the recipient sees a penny. Specialist providers eliminate that margin entirely.
Some banks also charge a receiving fee on the other end. SWIFT transfers passing through correspondent banks may incur additional deduction fees at each hop, further reducing what the recipient gets. Specialist providers that use local settlement networks (rather than SWIFT) avoid these correspondent deductions entirely.
How Long Does an International Wire Transfer Take?
Transfer times for an international wire transfer vary significantly by provider, corridor, and payment method.
Transfer type | Typical delivery time | Best case |
|---|---|---|
Wise (major corridors) | 1-2 business days | Within hours (GBP to EUR, USD) |
Remitly Express | Minutes to hours | Same day to Philippines, India |
Xe international | 1-3 business days | Same day for some pairs |
Bank SWIFT (intra-EU) | 1-2 business days | Same day with SEPA Credit Transfer |
Bank SWIFT (intercontinental) | 2-5 business days | Rarely same day |
Bank SWIFT (complex chain) | Up to 7 business days | N/A |
SWIFT transfer times are slower because funds pass through one or more correspondent banks before reaching the destination. Each hop adds processing time. Specialist providers with local presence in destination countries skip this chain entirely, settling the transfer locally and delivering funds the same or next business day.
Speed also depends on payment method. Funding your international wire transfer by debit card or from a held balance is faster than a bank transfer (which adds 1 business day). Time zones matter too: a transfer submitted on Friday afternoon UK time may not begin processing until Monday.
Best Providers to Transfer Money to a Foreign Bank Account
These three specialist providers cover the vast majority of international transfer needs. Each excels in different areas: Wise for rate transparency, Remitly for speed to emerging markets, and Xe for wide currency reach. All three are FCA regulated and significantly cheaper than high street banks for how to send money to an international bank account.
Knowing how to wire money internationally at the lowest cost depends heavily on which provider you choose for your corridor. All three options below allow you to transfer money to foreign bank account recipients in dozens of countries, using the mid-market exchange rate rather than the inflated bank rate. Whether you need to know how to transfer money to international bank account holders or how to send money to international bank account recipients in specific regions, the comparison form above shows the real cost for your route.
Wise
Wise is the leading specialist for international wire transfer based on exchange rate transparency. It uses the mid-market rate with a small upfront fee, typically 0.4% to 1.5% of the transfer amount, making costs completely predictable. Wise processes transfers in 40+ currency pairs across 80+ countries and is regulated by the FCA in the UK and FinCEN in the US.
For common corridors such as GBP to EUR, GBP to USD, and USD to INR, Wise frequently completes transfers within a few hours of payment confirmation. For less common currency pairs, delivery takes 1 to 2 business days. Wise also provides recipients with local bank details in multiple currencies (a 'Wise account'), which is useful if the recipient needs to receive funds in their own currency without conversion costs.
To transfer money to a foreign bank account via Wise: create an account, verify your ID, enter the amount and destination currency, enter the recipient's IBAN and BIC (or local account details), pay via bank transfer or card, and track the transfer in real time. The fee is displayed before you confirm. No surprises.
Wise is the benchmark for fair international wire transfers. Key features:
- Mid-market rate with no hidden markup on any currency conversion
- Transparent fee shown upfront: typically 0.4% to 1.5% of the amount
- 80+ countries and 40+ currency pairs supported
- FCA and FinCEN regulated with client funds fully safeguarded
- Real-time tracking with delivery time estimate shown before you pay
Remitly
Remitly specialises in fast transfers to emerging markets, particularly South Asia (India, Pakistan, Bangladesh, Nepal), Southeast Asia (Philippines, Vietnam, Indonesia), and Latin America. For how to send money to an international bank account in these regions, Remitly consistently delivers some of the most competitive rates and fastest delivery times available.
Remitly operates two delivery modes: Economy (lower fee, 3 to 5 business days) and Express (higher fee, minutes to hours). For recipients in India, the Philippines, or Mexico, the Express option frequently delivers funds within 30 minutes. Remitly is FCA regulated and has processed billions of dollars in transfers since launch. First-time senders often qualify for a promotional rate with zero or very low fees.
Remitly is purpose-built for fast corridor transfers to 170+ countries.
- Express delivery in minutes to Philippines, India, Mexico, and more
- 170+ countries with strong coverage of emerging market corridors
- FCA regulated with bank-level security
- First-transfer offer with reduced or zero fees for new senders
- In-app tracking with real-time delivery status
Xe
Xe covers over 130 countries and supports more currency pairs than most other providers, including exotic and less-traded currencies that Wise and Remitly do not handle. For senders who need to transfer money to a foreign bank account in an uncommon currency, Xe is frequently the best option. Xe charges no transfer fee on most currency pairs, earning revenue from a small spread on the exchange rate.
Xe is also strong for larger transfers and business senders. Its platform supports forward contracts (lock in today's rate for a future payment) and rate alerts (get notified when your target rate is reached). For high-value international wire transfer transactions, Xe's dedicated dealer team can negotiate competitive rates. Xe is FCA regulated and part of the Euronet group.
Xe handles currencies that most other providers cannot, with zero transfer fees on many pairs.
- 130+ countries including exotic and rare currency pairs
- No transfer fee on most international transfers
- Forward contracts to lock in today's exchange rate for future payments
- Rate alerts so you never miss your target rate
- FCA regulated part of the Euronet group
Why Banks Are Rarely the Best Option for International Wire Transfers
Traditional banks were the only way to transfer money to a foreign bank account for most of financial history, and they still process the majority of high-value and business international wire transfer transactions. But for individual and retail senders, banks are almost never the most cost-effective choice.
A standard international wire transfer via HSBC UK costs £4 for online transfers, which sounds reasonable, but HSBC then applies an exchange rate margin of around 3 to 4% on top of the mid-market rate. On a £2,000 transfer to India, that margin costs approximately £60 to £80 in hidden charges. Barclays charges £25 flat and a 3% margin, costing even more. These charges exist whether or not the bank discloses them prominently.
There are cases where using your bank makes sense: very large transfers where speed is critical and cost is secondary, transfers to countries where specialist providers are not licensed, or business-to-business payments requiring specific SWIFT MT103 documentation. For everything else, how to wire money internationally through a specialist provider costs less, delivers faster, and gives better visibility on what the recipient will receive.
Whether your priority is cost, speed, or currency coverage, comparing providers before you send is the single most effective step for anyone wondering how to transfer money to international bank account recipients at a fair rate. Those looking to transfer money to foreign bank account holders in emerging markets will find that Remitly often leads for speed, while Wise leads on transparency for Europe and North America. Anyone asking how to send money to international bank account recipients anywhere should use the comparison form to verify current rates before committing to a transfer.
Tips to Avoid Costly Mistakes on International Transfers
- Compare before you commit: check at least two providers before sending. Rate differences of 1 to 2% are common and add up quickly on large amounts.
- Always check the exchange rate, not just the fee: a zero-fee transfer with a 4% FX margin costs more than a £10 fee with a 0% margin. Look at how much the recipient actually receives.
- Double-check IBAN and BIC: a single digit error can send funds to the wrong account. Verify account details with the recipient verbally for large transfers.
- Time your transfer: exchange rates move daily. If you are not time-sensitive, rate alerts from Xe or Wise can help you catch a favourable moment.
- Use bank transfer funding: paying for your international wire transfer by credit card often incurs an additional cash advance fee on top of the transfer fee. Fund from your bank account.
- Check whether the recipient's bank charges an incoming fee: some banks deduct an incoming international wire fee of $10 to $25. Specialist providers using local settlement networks typically avoid this.
- Know the purpose of payment requirement: transfers above certain thresholds (or to certain countries) require you to state the purpose. Have this ready before you start.
Frequently Asked Questions
How do I transfer money to an international bank account?
You can transfer money to an international bank account through your bank (via SWIFT/international wire) or through a specialist provider such as Wise, Remitly, or Xe. You need the recipient's full name, IBAN or local account number, and BIC/SWIFT code. Specialist providers are typically 40 to 80% cheaper than banks for the same transfer, as they use the mid-market rate and charge a small transparent fee.
What is an international wire transfer?
An international wire transfer is an electronic bank-to-bank transfer that moves money across borders. Traditional banks route these through the SWIFT network, which connects over 11,000 financial institutions worldwide. Specialist providers often use local payment rails instead, which is faster and cheaper for many corridors. The term is used interchangeably with 'international bank transfer' and 'overseas wire transfer'.
How long does an international wire transfer take?
Through a bank via SWIFT, an international wire transfer typically takes 2 to 5 business days, and up to 7 days for complex multi-bank chains. Specialist providers are significantly faster: Wise delivers most transfers in 1 to 2 business days, and Remitly Express can deliver in minutes for popular corridors such as UK to India or UK to Philippines. Same-day delivery is possible for certain corridor and funding method combinations.
How much does it cost to wire money internationally?
Through a bank, an international wire transfer typically costs a flat fee of £20 to £30 (or $25 to $50 in the US) plus a currency conversion margin of 2 to 4% above the mid-market rate. Through a specialist provider, the total cost is typically 0.4% to 2% of the transfer amount with no FX margin added. On a £1,000 transfer, the difference can be £30 to £50 in savings by choosing a specialist over a bank.
What details do I need to wire money internationally?
For most international transfers you need the recipient's full legal name, their bank name and address, their IBAN (International Bank Account Number), and their BIC/SWIFT code. For transfers to the US, you need the routing number and account number instead of an IBAN. Some corridors and providers also require the recipient's address and the purpose of the payment.
How do I wire money internationally without high fees?
Use a specialist money transfer provider rather than your bank. Wise, Remitly, and Xe all use the mid-market exchange rate with low transparent fees, eliminating the 2 to 4% FX margin that banks add. The process takes a few minutes to set up and ID verification is usually completed within the same session. For a £1,000 transfer, using Wise instead of a high street bank typically saves £30 to £50.
Can I send money to a foreign bank account online?
Yes. You can send money to a foreign bank account entirely online through specialist providers such as Wise, Remitly, or Xe. The sign-up process takes 5 to 10 minutes, ID verification is done digitally, and transfers can be submitted immediately. Most banks also offer online international wire transfer through their app or web banking, though at significantly higher cost than specialist providers.
What is an IBAN and why do I need it for an international transfer?
IBAN stands for International Bank Account Number. It is a standardised format that uniquely identifies a bank account in a participating country. IBANs are used across Europe and many other regions to route international transfers accurately. A UK IBAN begins with 'GB' and is 22 characters long. Without a correct IBAN, international transfers to European accounts may fail or be delayed. Your recipient can find their IBAN in their banking app or on a paper bank statement.
What is the difference between a SWIFT code and a BIC?
SWIFT code and BIC (Bank Identifier Code) are the same thing. The code identifies the specific bank and branch that will receive the transfer. It is 8 or 11 characters long, such as HBUKGB4B for HSBC UK. You need the BIC/SWIFT code alongside the IBAN for most international wire transfers. Your recipient can find their bank's BIC on their bank's website, in their banking app, or on a paper statement.
How to wire money internationally to the US?
To wire money internationally to the US, you need the recipient's bank routing number (9 digits) and account number. The US does not use IBAN. You also need the bank name and address. Specialist providers such as Wise support USD transfers at the mid-market rate. Bank SWIFT transfers to the US from the UK typically cost £25 to £30 in fees plus a 3% FX margin. Wise typically costs 0.5% to 1%, significantly cheaper for most transfer amounts.
Is an international wire transfer safe?
Yes, international wire transfers through regulated providers are safe. Wise, Remitly, and Xe are all FCA regulated in the UK and licensed in other major markets. They are required to safeguard client funds separately from company funds. Banks are also fully regulated. The main risk is sending to wrong account details, which is why verifying the recipient's IBAN and BIC before sending is critical. Always use Confirmation of Payee where available.
Can I cancel an international wire transfer after sending?
Cancellation is possible if the transfer has not yet been processed, but the window is narrow. Contact your bank or provider immediately if you need to cancel. For specialist providers such as Wise, you can attempt to cancel through the app if the transfer is still pending. Once funds have been released to the SWIFT network or credited to the recipient's account, cancellation becomes a recall request, which can take 5 to 30 business days and is not guaranteed to succeed.
What currencies can I send in an international wire transfer?
The range of available currencies depends on the provider. Wise supports 40+ currencies across 80+ countries. Xe supports 130+ currencies, including many exotic pairs. Remitly focuses on a smaller set of high-volume corridors but with excellent rates and speed for those routes. Banks typically support most major currencies but charge significantly more for exotic or emerging market pairs.
How do I transfer money to a foreign bank account for the first time?
Start by choosing a provider: Wise, Remitly, or Xe all offer simple sign-up processes. Create an account, upload ID verification, and confirm your email. Then enter the transfer amount and destination currency. Enter your recipient's IBAN and BIC (or local equivalent). Review the fee and exchange rate shown. Pay by bank transfer or debit card, and track your transfer in real time. First-time senders on Remitly often qualify for reduced fees.
Do I need to report an international wire transfer to the tax authorities?
You are not required to report international wire transfers to HMRC simply for making them. However, large transfers may trigger anti-money laundering checks by your bank or provider, who may ask for the source of funds or purpose of payment. If you are transferring proceeds of a sale, investment income, or inheritance, you should ensure your tax affairs are in order, but the transfer itself is not a taxable event.
The mechanics of how to do an international bank transfer have not changed fundamentally, but the cost structure has shifted dramatically. Specialist providers have made international wire transfer accessible, transparent, and affordable in a way that high street banks have not matched. Before your next overseas payment, take three minutes to compare rates. The difference between using your bank and using Wise or Remitly is often more than you would expect.
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.
