A bank transfer is an electronic means of transferring money from one party's account to another's. It is a popular money transfer tool for both domestic payments and international transfers. If you are looking for the best way to transfer money to friends, family, business or to make an international purchase, you may need to consider how to transfer money internationally in order to get the most convenient and secure way to transfer money to your account. destination. Here we go over everything you need to know about wire transfers.
Table of contents
What you need to know about transferring money internationally
Transferring money abroad is a popular way to send money abroad. The electronic nature of the transaction is that sending money via bank transfer requires little or no user intervention, requiring you to only know the recipient's name, bank details and the amount you are sending abroad.
However, there are a few caveats about wire transfers that you can take into account when deciding if this option is right for you:
5 Best Ways to
Transfer Money Abroad These days, it's not just traditional banks that can transfer money abroad . Money transfer providers have everything you need to transfer your funds online, often with lower fees and a more competitive exchange rate.
Below are some of our most recommended transfer companies.
1. XE
XE has an extensive distribution network supporting transfers in 60 currencies to more than 170 countries around the world. This online money transfer is a popular and reliable name in the industry and it does not require any fees to transfer money abroad, although in some cases their exchange rate markups may be higher than some other providers.
The translation can take from 1 to 4 working days, depending on the specifics of your translation.
2. Wise formerly TransferWise
Wise is a hugely renowned internet money transfer operator with over 8 million users worldwide. The company is popular for its policy of always providing transfers at mid-market rates with a transparent fee structure that clearly explains the fees you will be charged for any international transfer.
Transfers can take from a few minutes to 5 business days, and it will take you longer if you pay for the transfer through a bank account.
3. WorldRemit
Supporting transfers to over 150 countries around the world, WorldRemit is popular for its versatile shipping options, including cash pickup, mobile top-up and bank transfers. In the last year alone, WorldRemit has been used by over 2 million people and is a reliable company that supports a wide range of translation options.
Transfers using WorldRemit can be instant, or it can take up to 3 business days for your recipient to receive funds in their account.
4. OFX
OFX is known for offering competitive exchange rates without transfer fees, making it a popular choice for affordable international transfers through the company's convenient online platform or mobile app.
With OFX, it usually takes 1 to 5 days to process transfers.
5. Remitly
Remitly supports transfers to over 50 countries worldwide and has over 140,000 offices worldwide to support personal transfers and cash withdrawals. Ramitly is well known for providing high quality services with a variety of payment options, including home delivery for added convenience for the recipient.
Transfers with Remitly can take minutes, or 1 to 3 business days for lower fees.
International Money Transfer Options
Bank Transfer
International bank transfers can be a convenient way to transfer money abroad because usually all you need is the recipient's bank details plus the amount you are sending. However, it's worth keeping in mind that while convenient, banks generally offer higher international wire transfer fees when it comes to international wire transfers, not to mention one of the slowest.
SWIFT transfers can take 1 to 5 business days, although this can be influenced by factors including the destination you send to and the day of the week you send funds. For this reason, it is important to make sure that you have the correct recipient details, as an incorrect number or entry can further delay your transfer.
Online Money Transfer
Provider Online money transfer providers are an extremely popular option for sending money overseas and tend to be a much cheaper and faster way to transfer money abroad.
Money transfer providers will charge a set fee for your international transfer at the mid-market rate (like TransferWise), no commission but with a surcharge on the exchange rate (like OFX and XE), or a combination (like Azimo and World Remit).
Sending Money Abroad Online
Online transfer providers are an extremely popular option for sending your money abroad, offering:
Transfer providers without registration
Another option for transferring money internationally is to use a transfer provider with a physical location, such as Western Union or MoneyGram. These options can be handy if you prefer to speak with someone in person, and both provide the option to deliver your funds to the recipient in cash.
How to make an international bank transfer through your bank
Step 1. Use online banking to find the bank transfers section
Your online bank should have a section for initiating bank transfers where you can check your transfer limit, fees and start the process of setting up your transfer.
If you notice that your online transfer limit is lower than you hoped to send, you may need to contact your bank directly to authorize the transfer.
Step 2. Start the transfer
For an international bank transfer, you need recipient information. This may include their name, bank account, sort number, and, in some cases, their IBAN and BIC numbers.
Step 3. Enter the amount and currency
After you have entered the recipient's details, the next step is to enter the amount you are sending and the currency in which the recipient should receive the funds.
Step 4. Check the amount of the commission.
Most banks and online providers charge an international money transfer fee. It is recommended to check the amount of the commission before sending the transfer. You may have to either pay a commission in addition to the amount you send, or it may be included in the total amount, which could potentially leave the recipient less than you planned.
It is also a good idea to check the interbank rate (which you can find on Google) and check if it matches the exchange rate that the provider you are transferring with is offering you. An online transfer provider can add 0.5% to 2% margin to the exchange rate, while banks can add a 5% to 6% markup, so it's worth double checking.
Step 5. Start the transfer
If you are sure that all your details are correct and clearly understand what fees will be charged to you, you can initiate a bank transfer. The money can be received by the recipient within a few minutes or several business days.
How long does it take to transfer money abroad?
International bank transfers can take anywhere from a few minutes to 7 business days. For example, using an online money transfer provider to send money, you can receive funds to the recipient's account within a few minutes (especially if you arrange a cash transfer and pay with a card). However, a traditional bank transfer may take longer, approximately 3-5 business days.
If you'd like to know more, be sure to check out our guide to the duration of bank transfers for more information on this.
What's the cheapest way to transfer money abroad?
The cheapest way to send money abroad really depends on:
The fees associated with sending money abroad can be broken down into several main areas:
International Bank Transfer Fee
Sending money abroad using bank transfer often entails some commission, whether you use your bank or money transfer provider. However, bank transfer fees at banks will be much higher and may vary depending on which bank you use. Our guide to wire transfer fees covers the fees for sending and receiving international transfers for US and UK banks.
What to look for when transferring money abroad
Aside from cost, there are a number of other factors to look out for when sending money overseas that can affect your overall experience. All of these factors are factored into our comparison tool to help you find the best service for your shipping needs, and include:
Bottom line: how to transfer money abroad?
Transferring money abroad is one of the easiest ways to send money abroad by simply transferring funds from one account to another by entering the recipient's bank information. However, at times it can be difficult to find the best way to transfer money abroad with the lowest fees.
Our best advice is to always compare providers to make sure you can find the best service for your needs.
Table of contents
- What you need to know about transferring money internationally
- 5 best ways to transfer money abroad
- International money transfer options
- How to make an international bank transfer through your bank
- How long does it take to transfer money abroad?
- What's the cheapest way to transfer money abroad?
- International Bank Transfer Fee
- What to look for when transferring money abroad
- Bottom line: how to transfer money abroad?
What you need to know about transferring money internationally
Transferring money abroad is a popular way to send money abroad. The electronic nature of the transaction is that sending money via bank transfer requires little or no user intervention, requiring you to only know the recipient's name, bank details and the amount you are sending abroad.
However, there are a few caveats about wire transfers that you can take into account when deciding if this option is right for you:
- International money transfers through your bank can be costly : an international wire transfer processed through your bank can incur large fees (£ 8 to £ 40) as well as a high surcharge on the interbank exchange rate. You may also need to take into account any fees that your recipient's banks may charge, leaving them with much less money than you intended to send.
- One-off amounts versus frequent small amounts: It is generally cheaper to transfer money internationally if you can send a large amount in one
- Speed vs Convenience: Depending on the currency you are converting to and the amount you are sending, there may be more affordable and faster options than bank transfers, such as paying by card or arranging for your funds to be delivered in cash.
5 Best Ways to
Transfer Money Abroad These days, it's not just traditional banks that can transfer money abroad . Money transfer providers have everything you need to transfer your funds online, often with lower fees and a more competitive exchange rate.
Below are some of our most recommended transfer companies.
1. XE
XE has an extensive distribution network supporting transfers in 60 currencies to more than 170 countries around the world. This online money transfer is a popular and reliable name in the industry and it does not require any fees to transfer money abroad, although in some cases their exchange rate markups may be higher than some other providers.
The translation can take from 1 to 4 working days, depending on the specifics of your translation.
2. Wise formerly TransferWise
Wise is a hugely renowned internet money transfer operator with over 8 million users worldwide. The company is popular for its policy of always providing transfers at mid-market rates with a transparent fee structure that clearly explains the fees you will be charged for any international transfer.
Transfers can take from a few minutes to 5 business days, and it will take you longer if you pay for the transfer through a bank account.
3. WorldRemit
Supporting transfers to over 150 countries around the world, WorldRemit is popular for its versatile shipping options, including cash pickup, mobile top-up and bank transfers. In the last year alone, WorldRemit has been used by over 2 million people and is a reliable company that supports a wide range of translation options.
Transfers using WorldRemit can be instant, or it can take up to 3 business days for your recipient to receive funds in their account.
4. OFX
OFX is known for offering competitive exchange rates without transfer fees, making it a popular choice for affordable international transfers through the company's convenient online platform or mobile app.
With OFX, it usually takes 1 to 5 days to process transfers.
5. Remitly
Remitly supports transfers to over 50 countries worldwide and has over 140,000 offices worldwide to support personal transfers and cash withdrawals. Ramitly is well known for providing high quality services with a variety of payment options, including home delivery for added convenience for the recipient.
Transfers with Remitly can take minutes, or 1 to 3 business days for lower fees.
International Money Transfer Options
Bank Transfer
International bank transfers can be a convenient way to transfer money abroad because usually all you need is the recipient's bank details plus the amount you are sending. However, it's worth keeping in mind that while convenient, banks generally offer higher international wire transfer fees when it comes to international wire transfers, not to mention one of the slowest.
SWIFT transfers can take 1 to 5 business days, although this can be influenced by factors including the destination you send to and the day of the week you send funds. For this reason, it is important to make sure that you have the correct recipient details, as an incorrect number or entry can further delay your transfer.
Online Money Transfer
Provider Online money transfer providers are an extremely popular option for sending money overseas and tend to be a much cheaper and faster way to transfer money abroad.
Money transfer providers will charge a set fee for your international transfer at the mid-market rate (like TransferWise), no commission but with a surcharge on the exchange rate (like OFX and XE), or a combination (like Azimo and World Remit).
Sending Money Abroad Online
Online transfer providers are an extremely popular option for sending your money abroad, offering:
- Lower fees
- More competitive exchange rates
- Faster transfer times
Transfer providers without registration
Another option for transferring money internationally is to use a transfer provider with a physical location, such as Western Union or MoneyGram. These options can be handy if you prefer to speak with someone in person, and both provide the option to deliver your funds to the recipient in cash.
How to make an international bank transfer through your bank
Step 1. Use online banking to find the bank transfers section
Your online bank should have a section for initiating bank transfers where you can check your transfer limit, fees and start the process of setting up your transfer.
If you notice that your online transfer limit is lower than you hoped to send, you may need to contact your bank directly to authorize the transfer.
Step 2. Start the transfer
For an international bank transfer, you need recipient information. This may include their name, bank account, sort number, and, in some cases, their IBAN and BIC numbers.
Step 3. Enter the amount and currency
After you have entered the recipient's details, the next step is to enter the amount you are sending and the currency in which the recipient should receive the funds.
Step 4. Check the amount of the commission.
Most banks and online providers charge an international money transfer fee. It is recommended to check the amount of the commission before sending the transfer. You may have to either pay a commission in addition to the amount you send, or it may be included in the total amount, which could potentially leave the recipient less than you planned.
It is also a good idea to check the interbank rate (which you can find on Google) and check if it matches the exchange rate that the provider you are transferring with is offering you. An online transfer provider can add 0.5% to 2% margin to the exchange rate, while banks can add a 5% to 6% markup, so it's worth double checking.
Step 5. Start the transfer
If you are sure that all your details are correct and clearly understand what fees will be charged to you, you can initiate a bank transfer. The money can be received by the recipient within a few minutes or several business days.
How long does it take to transfer money abroad?
International bank transfers can take anywhere from a few minutes to 7 business days. For example, using an online money transfer provider to send money, you can receive funds to the recipient's account within a few minutes (especially if you arrange a cash transfer and pay with a card). However, a traditional bank transfer may take longer, approximately 3-5 business days.
If you'd like to know more, be sure to check out our guide to the duration of bank transfers for more information on this.
What's the cheapest way to transfer money abroad?
The cheapest way to send money abroad really depends on:
- The amount you send
- Currency pair between which the conversion is performed
- How quickly do you want your recipient to receive funds?
The fees associated with sending money abroad can be broken down into several main areas:
- Fixed commissions
- Exchange rate appreciation (percentage added to the mid-market exchange rate)
- Fees for certain payment methods, such as credit card fees.
International Bank Transfer Fee
Sending money abroad using bank transfer often entails some commission, whether you use your bank or money transfer provider. However, bank transfer fees at banks will be much higher and may vary depending on which bank you use. Our guide to wire transfer fees covers the fees for sending and receiving international transfers for US and UK banks.
What to look for when transferring money abroad
Aside from cost, there are a number of other factors to look out for when sending money overseas that can affect your overall experience. All of these factors are factored into our comparison tool to help you find the best service for your shipping needs, and include:
- Security
- User Reviews
- Transmission speed
Bottom line: how to transfer money abroad?
Transferring money abroad is one of the easiest ways to send money abroad by simply transferring funds from one account to another by entering the recipient's bank information. However, at times it can be difficult to find the best way to transfer money abroad with the lowest fees.
Our best advice is to always compare providers to make sure you can find the best service for your needs.