Looking to send money internationally? A common way to send money across borders, international bank transfers are transactions initiated by a person via their bank to someone else in a different country. But how they work can vary widely depending on the sending and receiving destinations, the banks involved, and currency exchange fees.
This article includes tips, suggestions and general information. We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision.
International bank transfers may differ from transfers conducted through money transfer companies in terms of convenience, speed, fees, and level of risk. So, what is an international bank transfer? This guide explores what an international bank transfer is, how it typically works, and some of the potential pros and cons.
While the exact steps to make an international bank transfer may differ between banks, here is a general guide:1
The following details may be needed to carry out an international bank transfer:2
The person making the transfer normally doesn’t need to provide these details for their own account.
Banks may charge a fee for sending money internationally, which can apply to both outgoing and incoming international transfers. The fees can vary widely from bank to bank, so it's important to understand the associated costs.
Also, the sending bank or the intermediary bank may convert the money to the recipient's local currency at a foreign exchange rate. This exchange rate can fluctuate widely daily, so anyone making an international bank transfer should check the total combination of the exchange rate and bank fees that will be paid on top of the transfer.
The duration of international bank transfers varies but usually takes between one to five working days.3 This may vary depending on factors like the recipient’s country, time of initiation, and other internal bank-specific processes.
International bank transfers come with potential advantages and disadvantages. They typically concern speed, fees, and potential currency conversion charges.4
Potential pros may include:
Potential cons may include:
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