How to Send Money Across Borders: Your Payment Options Explained

What you need to know before sending money internationally

Sending money to another country is slower and more expensive than paying someone down the street, but you have real choices about how to do it. Banks, wire transfer services, money transfer companies, and digital payment apps each work differently — they charge different fees, take different amounts of time, and require different information from you. The method that makes sense depends on who you're sending to, how much you're sending, how fast it needs to arrive, and whether the recipient has a bank account.

Before you choose a method, you need to know the recipient's full name exactly as it appears on their ID, their country, and usually their bank account number or a mobile money account number. You'll also pay a fee — sometimes charged to you, sometimes deducted from what the recipient gets, sometimes both. Exchange rates vary by provider and change throughout the day, so the amount your recipient receives may be less than you expect.

Key Takeaways

• Banks offer wire transfers that are reliable but slow (three to five business days) and expensive, with fees ranging widely depending on your bank and the destination country.
• Money transfer companies like Western Union and MoneyGram are faster (sometimes same-day) but charge higher fees and give worse exchange rates than banks.
• Digital payment apps like Wise, Remitly, and OFX are cheaper for regular transfers but require both you and the recipient to have accounts with the same service or compatible banks.
• You need the recipient's full legal name, their country, and usually their bank account details or mobile money number before you start any transfer.
• Always ask about the total cost before you send — fees, exchange rates, and delivery speed vary dramatically between providers.

Bank wire transfers: reliable but slow and expensive

A bank wire transfer moves money from your bank account directly to a recipient's bank account in another country through the SWIFT network (the international banking system). Your bank sends the money, takes a fee from your account, and the recipient's bank receives it and may take another fee. The whole process usually takes three to five business days, sometimes longer depending on the destination country and whether the banks need to verify information.

Wire transfer fees vary by bank. Some charge a flat fee (often $15 to $50), others charge a percentage of the amount you're sending, and many charge both. You'll also get the bank's exchange rate, which is usually worse than the mid-market rate — the difference between what the bank pays and what it charges you is how it makes money on the transaction. Ask your bank for the total cost, including the fee and the exchange rate, before you send anything.

Wire transfers work best when you're sending a large amount (the fee matters less as a percentage) or when speed isn't critical. You'll need the recipient's full name, their bank account number, their bank's name and address, and usually a SWIFT code or IBAN (International Bank Account Number) — your bank can help you find these if you have the recipient's bank details.

Money transfer services: faster but more expensive

Companies like Western Union, MoneyGram, and similar services let you send money that the recipient can pick up in cash at a physical location, or that goes directly to their bank account. These services are faster than banks — often same-day or next-day delivery — but they charge higher fees and give worse exchange rates. You pay upfront, and the recipient gets whatever is left after fees and currency conversion.

To send through a money transfer service, you can go to a physical location (a Western Union office, a grocery store, a post office — depending on which service and which country), call, or use their website or app. You'll need the recipient's full name, their country, and either their bank account details or the address where they'll pick up the cash. The service will give you a reference number to share with the recipient so they can collect the money.

These services are useful when the recipient doesn't have a bank account, when you need the money to arrive very quickly, or when you're sending a small amount and don't want to deal with bank paperwork. But compare the total cost — fee plus exchange rate — against a bank wire or a digital service before you commit. Some services charge $10 to $30 per transfer, others charge a percentage, and the exchange rate markup can be 3 to 5 percent or more.

Digital payment apps and online transfer services: cheapest for regular transfers

Services like Wise (formerly TransferWise), Remitly, OFX, and similar apps specialize in international transfers and typically charge lower fees and offer better exchange rates than banks or traditional money transfer companies. Wise, for example, uses the mid-market exchange rate and charges a small percentage fee — usually 1 to 2 percent depending on the amount and destination. Remitly charges a flat fee plus a percentage. These services are designed for people who send money regularly, like immigrants sending money home or freelancers paying international contractors.

The catch is that both you and the recipient usually need accounts with the same service, or the recipient needs a compatible bank account. You create an account online, verify your identity, link your bank account or debit card, and then set up a transfer. The recipient either receives the money directly in their bank account or, with some services, can pick it up at a partner location. Transfers typically take one to three business days, sometimes faster depending on the destination.

These services work best when you're sending regularly, when the amount is small to medium, and when the recipient has a bank account or access to a partner pickup location. Set up an account and compare the total cost for your specific transfer amount and destination against other methods — the savings add up quickly if you send money more than once or twice a year.

What information you need to provide

No matter which method you choose, you'll need to provide certain information about yourself and the recipient. For yourself: your full legal name, your address, your phone number, and proof of identity (a driver's license, passport, or state ID). Some services also ask for your employment information or the purpose of the transfer — this is part of anti-money-laundering compliance, not a sign that anything is wrong.

For the recipient, you'll always need their full legal name exactly as it appears on their ID. If the money is going to a bank account, you'll need the account number, the bank name, and usually the SWIFT code or IBAN. If the recipient is picking up cash, you'll need their country and city, and sometimes a phone number. If the recipient is receiving money through a digital app, you'll need their account details with that service. Write down the recipient's information carefully — a small mistake in a name or account number can delay the transfer or send the money to the wrong place.

Fees, exchange rates, and how much the recipient actually gets

The amount your recipient receives is almost always less than the amount you send, because of fees and exchange rate markups. Here's how it works: you send $500. Your provider charges you a $15 fee and converts your dollars to the recipient's currency at a rate that's worse than the mid-market rate — the difference is the provider's profit. The recipient's bank may charge another fee. The recipient gets $450 or $460, depending on all these factors.

Before you send, ask the provider for a quote that shows the total fee you'll pay, the exchange rate they're using, and the exact amount the recipient will receive. Most providers show this on their website or app before you confirm the transfer. Compare quotes from at least two providers — the difference can be $20, $50, or more depending on the amount and destination. For large transfers, that difference is worth ten minutes of comparison shopping.

Exchange rates change throughout the day, so the quote you get in the morning may be different from the one you get in the afternoon. Some services let you lock in a rate for a few hours or days, which can be useful if you're waiting for funds to clear in your account or if you're worried the rate will move against you.

How long the transfer takes and what can go wrong

Transfer speed depends on the method and the destination country. Bank wires usually take three to five business days. Money transfer services often deliver same-day or next-day. Digital apps typically take one to three business days. Some destinations are faster than others — transfers within Europe or to major banking centers are usually quicker than transfers to smaller countries or remote areas.

Delays happen. A name mismatch between what you entered and what's on the recipient's account can hold up a transfer for days while the banks verify. A missing or incorrect SWIFT code or IBAN can send the money back to you. A holiday in the recipient's country can add a day or two. If the transfer doesn't arrive within the timeframe the provider promised, contact them immediately with your reference number and ask for a status update. Most providers have customer service teams that can track the transfer and help resolve problems.

If money is sent to the wrong account by mistake, recovery is difficult and sometimes impossible. Double-check all recipient information before you confirm the transfer. If something goes wrong, contact your provider right away — the sooner you report it, the better the chance of recovery.

Frequently Asked Questions

Can I send money internationally from my regular checking account?

Yes. Call your bank and ask about wire transfer options, or log into your online banking and look for an international transfer or wire transfer option. You'll need the recipient's bank details. Your bank will charge a fee and give you an exchange rate. For smaller amounts or regular transfers, a digital app or money transfer service may be cheaper.

What's the difference between a SWIFT code and an IBAN?

A SWIFT code identifies a specific bank and branch worldwide — it's usually eight or eleven characters. An IBAN (International Bank Account Number) is the account number in a standardized format used mainly in Europe and some other regions. You need one or the other depending on the destination country. Ask the recipient's bank which one to use, or ask the recipient to provide both.

What happens if I send money to the wrong person by mistake?

Recovery depends on whether the money went to an account at the same bank, a different bank, or a cash pickup location. If it went to a different bank, the receiving bank has no obligation to return it without the account holder's consent. Contact your provider immediately with your reference number and explain the mistake. Some providers can reverse transfers within a short window, but this is not may provide. Always verify recipient details before confirming.

Do I need to report international transfers to the government?

In the United States, banks must report wire transfers over $10,000 to the government as part of anti-money-laundering compliance. This is routine and not a sign of wrongdoing. If you're sending money regularly, you may also need to file a Report of Foreign Bank and Financial Accounts (FBAR) if you have accounts abroad — consult a tax professional about your specific situation.

Which method is cheapest for sending $200 to another country?

For small amounts, a digital app like Wise or Remitly is usually cheapest if the recipient has a bank account. A money transfer service like Western Union may be faster if the recipient needs cash immediately. A bank wire is usually the most expensive option for small amounts because the fee doesn't scale down. Get quotes from at least two providers for your specific amount and destination before you decide.