International wire transfers move money between bank accounts in different countries. Bank wires cost $25-65 plus unfavorable exchange rates.
11 steps across 2 sections
1. Steps Process
- Choose method — Bank wire ($25-65 + 1-3% markup), online services (Wise $1-15, mid-market rates), or PayPal (convenient but expensive).
- Gather recipient info — Full name, bank name/address, account number, SWIFT/BIC code, IBAN (Europe).
- Initiate transfer — Bank: online or branch. Services: create account, verify identity, enter details.
- Review exchange rate — Compare to mid-market rate on Google. Banks markup 1-3%, services like Wise use mid-market.
- Confirm and send — Review details carefully. Keep confirmation.
- Track transfer — Most services provide tracking. Bank wires: 1-5 business days.
2. Key Details
- Bank fees: $25-65 + intermediary fees + exchange markup
- Wise: ~0.5-1.5% total cost with mid-market rate
- Banks report transfers of $10,000+ to FinCEN (routine)
- Structuring to avoid reporting is illegal
- SWIFT network handles most international bank wires
Pro Tips
- Wise offers best rates for most consumer transfers under $100K
- Set rate alerts for favorable exchange rates
- For large transfers (property), consider OFX or CurrencyFair