A bank to bank international money transfer (wire transfer) sends funds electronically from your bank account to a recipient's bank account in another country, routed through the SWIFT network via correspondent banks. It typically costs $25–$65 in stated fees plus 1–4% in exchange rate markup, and takes 1–5 business days, though SWIFT gpi-enabled transfers often arrive within hours.

What You Need Before You Start: Information Checklist

If you're about to send money internationally through your bank, stop and gather everything first. Missing one detail will stall the entire process, and your banker won't let you wing it.

You need these eight items before you initiate:

1. Recipient's full legal name exactly as it appears on their bank account. Not a nickname. Not a shortened version. The exact name.
2. Recipient's bank name and branch address.
3. Recipient's SWIFT/BIC code (8 or 11 characters). Find it on the recipient's bank website or search at swift.com.
4. Recipient's IBAN (Europe, Middle East, parts of Africa and Asia) or account number + routing code (US, Canada, Australia).
5. Transfer amount and currency. Know whether you're sending in your currency or theirs.
6. Purpose of transfer. Banks will ask. Have a clear answer ready: "family support," "property purchase," "tuition payment," etc.
7. Source of funds explanation. Required for larger amounts. "Salary," "savings," "investment proceeds."
8. Your valid government-issued photo ID (for in-branch transfers; already verified if you bank online).

Country-Specific Identifiers

Not every country uses IBAN. Here's what you need depending on where you're sending:

Print this out. Bring it with you. Having the wrong identifier format is one of the most common reasons wires get rejected.

Also read: International Money Transfer Methods

How to Send a Bank to Bank International Transfer: Step by Step

There are three ways to initiate an international bank wire: online, at a branch, or by phone. Each has a different experience, different friction points, and different time commitments.

Online / Mobile Banking

This is how most people send wires now. Here's the actual process you'll walk through in most US bank portals:

1. Log in to your online banking or mobile app.
2. Navigate to "Transfer" or "Wire Transfer" and select "International."
3. Add the recipient. Enter beneficiary name, bank name, SWIFT/BIC, IBAN or account number, and bank address.
4. Enter the amount. Choose sending currency or receiving currency. The bank will show its exchange rate. Before you proceed, open Google and search "1 USD to [currency]" to see the mid-market rate. Compare.
5. Select the charge type: OUR, SHA, or BEN. (More on what these mean shortly. This choice matters more than most people realize.)
6. Review the fee disclosure. For personal transfers, the bank is legally required to show you the transfer fee, exchange rate, and estimated amount the recipient will receive.
7. Confirm and save your receipt. Write down or screenshot your reference number.

A few practical notes most guides skip: banks have cut-off times, typically 3–5 PM local time. Miss it, and your wire processes the next business day. Some banks make you add a new recipient and wait 24 hours before you can send to them. First-time international wires may also trigger a verification call, so keep your phone nearby.

At a Bank Branch (In-Person)

Nobody writes about this experience, which is strange because millions of people still walk into branches to send international wires. Here's what actually happens.

Call ahead. Not all branches handle international wires regularly. Smaller branches may need to bring in a specialist or redirect you to a larger location. Save yourself a wasted trip.

What to bring: Government-issued photo ID, your recipient's complete banking details (printed on paper, not buried in your phone's text messages), and your debit card or account information.

At the branch, you'll sit with a personal banker, not stand at a teller window. They'll fill out the wire transfer form or enter the details in their system while you watch.

Then come the compliance questions. Expect all of these: "What is the purpose of this transfer?" "What is your relationship to the recipient?" "What is the source of these funds?" These questions are legally required under the Bank Secrecy Act and anti-money laundering regulations. They are not optional, and the banker is not being nosy. Answer honestly and specifically.

The banker will present a written fee disclosure showing the transfer fee, exchange rate, and estimated amount your recipient will receive. You sign this before the wire is sent. You then receive a receipt with a reference number. Keep it.

Time required: Budget 30–45 minutes for a first-time international wire. Repeat transfers with the same recipient take 15–20 minutes. Go early in the day (before cut-off) and early in the week (avoid Friday processing delays that push settlement into Monday or later).

By Phone

Most major US banks accept international wire requests by phone. Call your bank's wire department directly, not the general customer service number. If you call the main line, ask to be transferred to the wire desk.

You'll verify your identity, provide all recipient details verbally (the banker reads them back for confirmation), and authorize the fee. The call typically takes 20–30 minutes. Some banks restrict phone wires to pre-saved recipients only, so this may not work for first-time transfers.

Have every detail written down in front of you before you dial.

How Bank to Bank Transfers Actually Work: The SWIFT Process Explained

Every wire transfer guide on the internet says "money goes through SWIFT." Almost none explain what that actually means. Here's the part most articles skip.

SWIFT does not move money. It moves messages. The money moves separately, through a chain of correspondent bank accounts.

The process has five stages:

1. Your bank creates an MT103 message. This is a standardized SWIFT instruction containing the sender's details, recipient's details, amount, currency, and charging instructions (OUR, SHA, or BEN). Think of it as a very precise set of payment instructions, not a payment itself.

2. SWIFT routes the message. SWIFT is a secure messaging network connecting over 11,000 banks in more than 200 countries. It tells banks what to do. It does not handle funds. It's a communication layer, not a payment system.

3. Correspondent banks process the transfer. If your bank has a direct relationship with the recipient's bank, the message goes straight through. This is rare outside major corridors like US-to-UK. Usually, one to three intermediary "correspondent" banks relay the message and settle funds through their own accounts. Each correspondent may deduct a fee, typically $10–$30 per hop.

4. Settlement happens through nostro and vostro accounts. Your bank debits your account and credits its nostro account (its own account held at the correspondent bank in the destination currency). The correspondent credits the next bank's account, and so on, until the recipient's bank is credited. No physical money crosses borders. It's a chain of bookkeeping entries.

5. The recipient's bank credits their account. After receiving the MT103 instruction and confirming that funds have arrived, the recipient's bank posts the credit.

A real example: You send $5,000 from Chase in the US to HDFC Bank in India. The MT103 message goes from Chase to JPMorgan's correspondent desk, then to Standard Chartered (a correspondent bank in India), then to HDFC Bank, which credits your recipient's account. That's three hops.

The number of hops matters. US to UK may be one hop (direct correspondent relationship). US to Nigeria might be two or three hops (limited direct relationships). More hops mean more fees and more time.

BEN, SHA, and OUR: The Charging Codes Banks Never Explain

When you initiate a wire, every bank asks you to select a charge type. BEN, SHA, or OUR. No consumer guide on the first five pages of Google explains what these mean. That changes now.

BEN, SHA, and OUR are SWIFT charge codes that determine who pays the intermediary bank fees on an international wire transfer. OUR means the sender pays all fees. SHA means fees are shared. BEN means the recipient pays all fees, which is the cheapest option for senders but reduces the amount the recipient receives.

The recommendation is simple. For family support and any transfer where the recipient needs a specific amount, choose OUR. For routine personal transfers, SHA is the standard default. Avoid BEN for personal transfers. The cost savings for you come directly out of what your family member or friend receives.

Some banks default to SHA and don't offer all three options online. If you don't see the choice, ask.

SWIFT gpi: Why "3–5 Business Days" Is Outdated

Every competing guide tells you international wires take 3–5 business days. That guidance is from the pre-gpi era.

SWIFT gpi (Global Payments Innovation), launched in 2017, has been adopted by over 4,000 banks that now process 89% of SWIFT's cross-border payment value. The impact is dramatic: over 50% of gpi payments are credited within 30 minutes. Nearly all arrive within 24 hours.

Each gpi transfer gets a UETR (Unique End-to-End Transaction Reference) that enables real-time tracking through every correspondent bank in the chain. Your bank can provide this tracking if you ask.

The practical takeaway: if your wire is taking 3–5 days on a major corridor like US-to-UK or US-to-India, it's likely stuck at a compliance checkpoint, not crawling through slow infrastructure. Ask your bank for the UETR and a status update.

What a Bank to Bank Transfer Really Costs: The Numbers Nobody Publishes

Here's the truth the industry prefers you not calculate: the stated wire fee ($25–$50) is often the smallest part of what a bank wire costs.

The exchange rate markup, the difference between the mid-market rate and the rate your bank offers, typically adds 1–4% of the transfer amount. On a $5,000 transfer, a 2.5% markup costs $125 in hidden charges on top of the $45 wire fee.

The total cost of a bank wire equals: flat fee + exchange rate markup + correspondent bank deductions + recipient bank incoming fee. Most guides only show you the first number.

Bank-by-Bank Fee Comparison: Including the Markup They Don't Advertise

Look at the total cost column, not the outgoing fee column. A "free" online wire with a 3% exchange rate markup on $5,000 costs you $150. A $45 wire with a 2% markup costs $145. The bank with the lowest stated fee is not always the cheapest.

Always check: before you confirm any wire, Google "1 USD to [currency]" and compare that mid-market rate to what your bank is offering. The gap between those two numbers is what the markup is costing you.

Note: Markups are estimated ranges based on publicly reported data and user reports. Actual rates vary by corridor, amount, and relationship tier.

Worked Example: The True Cost of Sending $5,000 from Chase to HDFC (India)

Let's follow $5,000 from a Chase account in the US to an HDFC Bank account in India and see what actually happens to the money.

Through Chase (bank wire):

At the mid-market rate, that $5,000 would be ₹421,000. The recipient gets ₹27,922 less.

Through Wise (same transfer):

The difference: the recipient gets roughly ₹25,836 more through Wise. That's about $307.

This is not a knock on Chase. The same math applies at nearly every bank. The SWIFT correspondent banking system was built for institutions, and its cost structure reflects that.

How Long Does a Bank to Bank International Transfer Take?

Speed depends on where the money is going and how many banks touch it along the way.

When a wire takes longer than expected, it's usually one of these five factors:

Cut-off times. Most banks process international wires before 3–5 PM local time. Initiate at 4:45 PM and your wire doesn't leave until tomorrow.

Time zones. Your Friday afternoon wire arrives at the recipient's bank on their Monday morning. That's not a delay. That's a calendar.

Compliance holds. Transfers flagged by automated sanctions or anti-money laundering screening can be held one to seven days pending manual review. The bank often won't tell you why, just that the transfer is "being processed."

Correspondent bank processing. Each intermediary bank in the chain adds hours to days. A two-hop transfer naturally takes longer than a one-hop transfer.

Recipient bank clearing. Some banks hold incoming international wires for 24–48 hours before crediting the account, especially for first-time credits or large amounts.

Tip: Send wires early in the day, early in the week, and avoid month-end when processing volumes are higher.

What Your Recipient Experiences: The Side of the Transfer Nobody Covers

You sent the money. Your bank confirmed it. Now what happens on the other end?

This part matters. If you're sending money to family, they're probably waiting for it. Here's what they'll go through.

Notification is inconsistent. Some banks send an SMS or email when an incoming international wire hits the account. Many don't. Your recipient may need to check their balance manually or call their bank.

Clearing takes time. Incoming wires typically post to the recipient's account within 1–24 hours of receipt by the bank. But some banks impose holds, especially on first-time international credits or large amounts.

Fees get deducted. If you sent with SHA or BEN charging, the recipient's bank will deduct an incoming wire fee ($5–$25) and any correspondent bank fees not covered by you. There's no warning beforehand. The money just arrives lighter than expected.

"Why did I receive less than you sent?" This is the most common question after an international wire. The causes: exchange rate markup at your bank, correspondent bank deductions (if SHA or BEN), the recipient bank's incoming fee, and if you sent in USD rather than converting to the local currency, the recipient's bank applies its own exchange rate on top of everything.

What the recipient should do: Check their bank statement for the credit, verify the amount against what you confirmed, and if it's significantly less than expected, request an MT103 copy from their bank. The MT103 shows every deduction in the chain.

What you should do as the sender: Tell your recipient the expected amount and approximate arrival date before the wire is sent. Send them the reference number. And if you used SHA charging, warn them that deductions are possible.

When Things Go Wrong: The Emergency Playbook

Wire transfers mostly work. When they don't, the panic is real. You've sent thousands of dollars into a system you can't see, and nobody at your bank seems to know where the money is.

Here's what to do.

Transfer Delayed or Not Received

Don't panic on day two. Do act on day five.

1. Wait the expected timeframe. Two to three business days for major corridors, up to five for less common ones. Check whether weekends or holidays interrupted processing.
2. Contact your bank. Ask for a status update. If they support SWIFT gpi, request the UETR (Unique End-to-End Transaction Reference) for real-time tracking.
3. Request a SWIFT trace. Your bank sends a tracer message through the SWIFT network to locate your transfer. This typically takes 2–5 business days for a response. Your bank may charge $25–$50 for the trace.
4. Ask for the MT103. This is the actual SWIFT message that was sent. It shows every field: sender, recipient, amount, correspondent banks, charging instructions. Having this document allows the recipient's bank to locate the incoming credit even if there's a reference mismatch.
5. If unresolved after 10 business days, file a complaint with the CFPB at consumerfinance.gov (for personal transfers). Under the Remittance Transfer Rule, your bank must investigate and resolve errors within 90 days.

Wrong Details: Sent to the Wrong Account

This is the nightmare scenario. Here's what happens depending on what went wrong.

Wrong SWIFT/BIC code: If the code doesn't match a real bank, the transfer bounces back. Fees may still be deducted. If it matches a different real bank, your funds go to the wrong institution and your bank must initiate a recall.

Wrong account number: If the number doesn't exist at the recipient's bank, the bank returns the funds, typically in 5–15 business days, with fees deducted. If the number matches a real account belonging to someone else, recovery depends on the account holder's cooperation and the laws of the receiving country.

Name mismatch: Some countries' banks perform name-matching validation (increasingly common under EU regulations). Others don't. A mismatch may cause the transfer to be returned.

The hard truth: Wire transfer recalls are not guaranteed. Your bank sends a "request for return" to the recipient's bank, but the recipient's bank has no obligation to comply. If the funds have been withdrawn by the wrong account holder, recovery may require legal action.

Triple-check every detail before you confirm. Every digit. Every letter.

Cancellation and Refund Rights

The 30-minute rule. Under the CFPB Remittance Transfer Rule, you have the right to cancel a remittance transfer at no cost within 30 minutes of payment, as long as the funds haven't been picked up or deposited. Call your bank immediately if you need to cancel.

After 30 minutes, cancellation is at the bank's discretion. If the SWIFT message has already been sent, your bank can attempt a recall, but success is not guaranteed and may take weeks.

The critical limitation: The 30-minute cancellation right applies only to personal and household transfers. Business wire transfers have no federal cancellation protection. None.

If a cancellation is successful, refunds typically take 3–10 business days.

Bank to Bank Transfer vs. Alternatives: An Honest Comparison

There are cheaper ways to send money internationally. There are also situations where your bank is the right choice. Most comparison content is written by fintech companies trying to make banks look bad, or by banks pretending alternatives don't exist. Here's an objective look.

Bank wires are the right choice when you need to send large amounts ($25,000 and above), when the recipient specifically requires a bank-to-bank credit (property settlements, tuition payments to institutions that mandate wires), or when you're making business payments that need the institutional audit trail.

For personal remittances under $10,000, sending money home to family, supporting a relative, paying a freelancer overseas, fintech providers like Wise typically cost 60–80% less and deliver faster.

The honest answer: use your bank when you must, use a specialist when you can.

Business vs. Personal International Bank Transfers: What's Different

Most guides treat all wire transfers the same. They're not. The rules, protections, and costs differ significantly between personal and business wires.

The most critical difference is consumer protection. If you're sending a personal wire and something goes wrong, you have federal rights: cancellation within 30 minutes, error resolution procedures, and mandatory cost disclosure. If you're sending a business wire, you have none of those protections. You rely entirely on your bank's policies and your own due diligence.

Tax and Reporting Obligations Nobody Mentions

International wire transfer guides never mention taxes or reporting requirements. This is a problem, because the penalties for noncompliance are severe.

1. The $10,000 bank reporting question. Banks automatically file a Currency Transaction Report (CTR) for cash transactions over $10,000. Wire transfers are electronic and do not trigger CTRs. However, banks may still file Suspicious Activity Reports (SARs) if wire patterns appear unusual. And structuring, intentionally breaking transfers into smaller amounts to avoid reporting, is a federal crime regardless of whether your underlying purpose is innocent.

2. FBAR (FinCEN Form 114). If you hold foreign bank accounts with aggregate balances exceeding $10,000 at any point during the year, you must file an FBAR annually by April 15. This applies even if you're simply receiving wire transfers into a foreign account you maintain. The penalties for non-filing are steep.

3. Form 3520 for foreign gifts. If you receive gifts from foreign persons totaling over $100,000 in a year, you must report them on IRS Form 3520. This does not create a tax liability. It's an informational filing. But failure to file carries a penalty of 25% of the unreported amount.

4. 2026 considerations. Legislative discussions around a federal excise tax on certain outbound remittances continue to evolve. If you're sending significant amounts, stay informed on this.

For any transfer over $10,000, or any transfer related to foreign property, gifts, or inheritance, consult a tax professional. This section is informational, not tax advice.

Frequently Asked Questions About Bank to Bank International Transfers

How much does an international wire transfer cost?

An international wire transfer costs $25–$65 in stated bank fees plus 1–4% in exchange rate markup, making the true total cost $50–$250+ on a $5,000 transfer depending on your bank and corridor. The exchange rate markup is usually the larger cost. Always compare your bank's offered rate to Google's mid-market rate before confirming.

How long does an international bank transfer take?

International bank transfers typically take 1–5 business days, though over 50% of SWIFT gpi-enabled transfers now arrive within 30 minutes. Speed depends on the corridor (US-UK: 1–2 days; US-Nigeria: 2–4 days), the number of correspondent banks involved, and whether you initiate before your bank's cut-off time (usually 3–5 PM).

What is a SWIFT code and where do I find it?

A SWIFT code (also called a BIC code) is an 8-to-11-character identifier that uniquely identifies a bank in the SWIFT network. You need it to send an international wire. The format is AAAABBCCXXX: four letters for the bank, two for the country, two for the location, and three optional characters for the branch. Find it on the recipient's bank statement, their bank's website, or by searching swift.com.

What is the difference between a SWIFT code and an IBAN?

A SWIFT code identifies the bank. An IBAN identifies the specific account at that bank. You typically need both. SWIFT/BIC is 8–11 characters and tells the network which bank to route to. IBAN is up to 34 characters and pinpoints the recipient's account. US banks don't use IBANs. For US-bound wires, use the ABA routing number plus account number instead.

Can I cancel an international wire transfer?

You can cancel for free within 30 minutes of payment under the CFPB Remittance Transfer Rule, but only for personal (not business) transfers, and only if funds haven't yet been collected. After 30 minutes, your bank can attempt a recall through SWIFT, but success depends on whether the recipient's bank cooperates and whether the funds have been withdrawn.

Does the recipient pay fees on an international wire transfer?

Yes, unless the sender chooses OUR charging (paying all fees). With SHA charging (the most common default), the recipient's bank typically deducts an incoming wire fee of $5–$25, and correspondent banks may also deduct from the transfer amount. The recipient usually receives $15–$50 less than what was sent. To ensure the full amount arrives, the sender should select OUR and accept the extra cost.

Is a bank wire transfer safer than using Wise or Remitly?

Bank wire transfers and licensed money transfer services like Wise and Remitly offer comparable safety. Both are regulated by financial authorities, required to safeguard customer funds, and subject to anti-money laundering and KYC compliance. Banks have institutional trust and FDIC insurance on deposits (though not on wires in transit), while fintechs hold equivalent money transmitter licenses and segregate customer funds. The meaningful safety distinction is licensed versus unlicensed, not bank versus fintech.

What is the $10,000 rule for international wire transfers?

The $10,000 rule requires banks to file a Currency Transaction Report for cash transactions over $10,000, but international wire transfers are electronic, not cash, so they don't automatically trigger a CTR. Banks may still flag wire transfers of any size that appear unusual through Suspicious Activity Reports. Intentionally splitting transfers to stay below thresholds ("structuring") is a federal crime regardless of your underlying purpose.

Conclusion

Sending money internationally through your bank is the most established, but also the most expensive and least transparent, way to move funds across borders. The SWIFT correspondent banking system that powers bank wires was built for institutions, not individuals, and its cost structure reflects that.

Three things this guide covered that most don't. First, the stated wire fee is often the smallest cost.

The exchange rate markup typically costs two to five times more, and you can see it by comparing your bank's rate to the mid-market rate on Google before you confirm. Second, BEN, SHA, and OUR charging codes directly determine how much your recipient actually receives.

Choose OUR when the exact amount matters. Third, SWIFT gpi has made "3–5 business days" an outdated expectation for major corridors. Most transfers arrive within 24 hours. If yours doesn't, ask for the UETR.

When a bank wire is the right tool, use it with full awareness of the costs. When it isn't, alternatives exist that are licensed, regulated, and dramatically cheaper. Either way, you now have the information to make that call for yourself.