How to send money internationally? How to do it through your bank

  • A remittance is a general term used to describe sending money to someone in another country.
  • Banks allow you to send money abroad by wire transfer or prepaid debit card.
  • If you want to send money abroad, pay attention to exchange rates and fees.
  • Find out how to choose the best bank on Insider.

Banks provide an easy way to send money abroad to family members or friends.

To understand how international bank transfers work, you need to be aware of the specific jargon and fees. This way you will know what to look for when doing international banking transactions.

What to know about sending money internationally

Most, but not all, banks or credit unions allow you to make international bank transfers.

For more information on how your financial institution handles international bank transfers, you may want to ask about international remittances or wire transfers. Banks and other financial institutions often use this terminology to describe international monetary transactions.

A delivery is a transfer of money to a person living in another country. It is a general term used to refer to all types of international transfers.

Funds can be sent by bank transfer, check or prepaid card. A prepaid debit card is a reloadable card that works like a gift card — you can put money on the card and use it for any purchase. A prepaid debit card is usually not linked to a checking or money market account, so it does not work like a regular debit card.

A international bank transfer offers a fast way to send money to someone living in another country. This is done electronically and the money is sent to the recipient’s bank account. Transfers are usually processed within a few days and require certain banking information about the recipient. To make an international bank transfer, call your bank or complete it online.

How much does it cost to send money internationally?

Prices vary from one financial institution to another.

If you choose to send money via a prepaid debit card, you’ll need to watch out for signup fees, monthly service fees, or top-up fees.

Depending on these factors, a prepaid debit card may be a more cost effective solution than making an international bank transfer. If you want to know more about prepaid debit cards, you can check out our guide to the best prepaid debit cards.

To make an outgoing international bank transfer, it will usually cost you between $40 and $50. International wire transfers may be a more suitable option if you need money immediately or want to send a large amount.

Here’s a list of outgoing international bank transfer fees at banks and credit unions featured in our top guides.

Do some banks offer free international transfers?

There are a few financial institutions that offer free international wire transfers.

For example, Bank of America and Chase won’t charge you any fees if you send money to a foreign currency bank account.

HSBC Direct does not charge any fees if you are part of HSBC Premier banking services. Citi is also waiving fees on eligible bank accounts.

What information do you need to make an international bank transfer?

Sending or receiving money internationally requires specific banking information. Before you’re ready to transfer, use this checklist to confirm 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 recipient’s bank name and international bank account number (IBAN)
  • A SWIFT code or bank identification code (these codes verify the transaction, so this information is important)

Some countries will require additional documents. Australia, Canada, Great Britain, India, Mexico and New Zealand are a few countries that will require additional codes.

If you’re sending money to someone who lives in one of these countries, you can contact the recipient or the recipient’s bank for the information.

Can you cancel an international transfer?

You have the right to reverse an international bank transfer, according to the Consumer Financial Protection Bureau.

Most banks allow cancellations within 30 minutes of transfer. However, if the recipient has already received the money in their account, you will not be able to cancel it.

Comments are closed.