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How do I transfer money overseas from my bank account?
It’s easy to send money overseas from your bank account, but make sure you shop around to find the most affordable transfer option.
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With growing competition, the best ways to send money internationally from your bank account may no longer be through your bank. Other traditional options like sending cash, a check or even a money order are also outdated — and risky. Discover how to transfer money internationally for less, sometimes in as little as a few minutes.
How can I transfer money internationally from my bank?
There are three main ways to transfer money internationally from your bank account, and some of them offer additional options like delivery for cash pickup:
- International wire transfers online. An online international wire transfer will be made through your bank to your recipient's bank.
- Online money transfer services. Services dedicated to sending money domestically and internationally can often beat the rates and fees offered by your bank.
- In-person international wire transfers. Physically going to the bank to send your money internationally may be the least convenient option, but it's an option nonetheless.
Making an international wire transfer online from your bank
- Pro: Convenient transfers through a bank you already trust.
- Con: You'll often lose money on fees and poor exchange rates.
- Go to your bank's wire transfer section. This will usually be found by visiting your bank's main website, logging into your account and looking at the top of the page for Wire transfers, Send money, Transfer money or similar.
- Verify your sending limits. Banks often place limits on outgoing wire transfers, so confirm that your bank's limit is high enough for your transfer. When you need to send more than the limit, consider using a money transfer service instead.
- Enter your recipient's bank information. International bank transfers usually require:
- Name and address of your recipient's bank
- Recipient's name, address and account type
- Recipient's account number or international bank account number (IBAN)
- Recipient's SWIFT or BIC code, which can be found by asking the recipient's bank
- Enter sending amount and desired currency. Your bank will likely charge a currency exchange fee on top of a sending fee.
- Pay for the transfer and the fees. Most banks charge an outgoing international money transfer fee, and your recipient's bank will likely charge an incoming wire fee as well.
- Wait for your transfer to arrive. International money transfers can take anywhere from a few business days to over a week, depending on how many banks the money has to move through to get to its destination. Check with your bank to find out the status of your transfer.
Using an online money transfer service
- Pro: Save money by using a specialist service with bank beating rates and fees.
- Con: Finding the best specialist for your situation can take some research.
More online money transfer services to help you send overseas from your bank account
Other notable mentions to help you move your money internationally include:
- XE - Read our XE review
- OFX - Read our OFX review
- Remitly - Read our Remitly review
- Western Union - Read our Western Union review
Compare money transfer services to send money from your bank account
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Sending an international wire transfer in person at your bank
- Pro: In-person assistance to complete your transfer at your bank.
- Con: Restricted to sending during banking hours while often paying higher in-person fees.
Be sure to bring:
- Name and address of your recipient's bank
- Recipient's name, address and account type
- Recipient's account number or international bank account number (IBAN)
- Recipient's SWIFT or BIC code, which can be found by asking the recipient's bank
- Proof of ID
The steps for sending an international wire transfer in person from your bank are similar to those for sending online:
- Start your transaction: Ask the teller to start an international money transfer.
- Prove your identity: Provide documents and identification.
- Double-check details: Confirm details with bank teller, double check everything before sending.
- Pay: Pay for your transfer using cash or your bank account balance.
- Get proof: Get a receipt and keep it somewhere safe.
Some banks charge more for in-person wire transfers than they would for online wire transfers, so make sure you ask the teller if you could save money by making the transfer online instead of in person.
How do I compare international money transfer providers to my bank?
There are several factors to consider when choosing a company to handle your next international money transfer.
- Compare exchange rates. The better the exchange rate, the better value for money you can get on a transfer. Search for the company that offers consistently competitive exchange rates, but remember there may also be higher transfer fees attached.
- Check transaction fees. Fees range substantially, so it pays to compare fees across providers. Some online transfer companies also waive their fees when you send large amounts, sometimes as high as $10,000.
- A range of transfer destinations. Check to see whether the country you want to transfer your money to is supported by the transfer provider you select, as well as whether you can send money in the currency you want.
- Processing times. Cash transfers are usually quicker than transferring with a bank account.
- Transfer options. Some providers offer one-off transfers only, others allow you to place forward contracts and limit orders to lock in the exchange rate you want.
- Reliable customer support. If you have a problem with a transfer or need help with your transfer, look for a service that offers customer support — either through its FAQs, phone, email or online chat.
Bottom line
There are many methods for transferring money overseas from your bank account. Though it can be convenient to transfer money overseas from a bank account, always compare your options to ensure you get the best value for your money.
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