What Is an International Wire Transfer?
An international wire transfer (also called an international bank transfer or SWIFT transfer) is an electronic method of sending money from a bank account in one country to a bank account in another. It works through the SWIFT network, which connects thousands of financial institutions globally.
While online money transfer services have grown in popularity, bank-to-bank wire transfers remain the most widely accepted method for large amounts, business payments, and transfers to countries not well-served by fintech apps.
What Information Do You Need?
Before initiating a transfer, gather the following details from your recipient:
- Recipient's full name — must match the account holder name exactly
- Recipient's bank name and address
- SWIFT/BIC code of the recipient's bank
- IBAN or account number (IBAN for European banks; account number + routing number for US banks)
- Transfer amount and currency
- Reason for transfer (sometimes required for compliance)
Step-by-Step: How to Send a Wire Transfer
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Log in to your online banking or visit your branch.
Most banks now allow international transfers through their online portal or mobile app. For large or first-time transfers, visiting a branch in person may be required.
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Navigate to the international payments section.
Look for "International Transfer," "Send Money Abroad," or "SWIFT Payment" in your banking interface.
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Enter the recipient's details carefully.
Input the SWIFT/BIC code, IBAN (or account number), and beneficiary name. Double-check every character — errors can cause delays or misdirected funds.
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Enter the transfer amount and select the currency.
Choose whether you want your recipient to receive a specific amount in their currency (the bank will calculate the equivalent in your currency) or send a fixed amount from your account.
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Review the exchange rate and fees.
Banks typically apply a markup to the mid-market exchange rate in addition to a transfer fee. Check these costs before confirming.
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Confirm and authorise the transfer.
You may need to verify with a one-time passcode (OTP) or security token. Keep a record of the transaction reference number.
How Much Does a Wire Transfer Cost?
Fees vary by bank and destination, but here's what to expect:
- Outgoing transfer fee — typically charged by your bank for initiating the transfer
- Incoming fee — the recipient's bank may charge a fee to receive the funds
- Intermediary bank fees — if the transfer routes through a correspondent bank, additional fees may be deducted
- Exchange rate margin — banks typically charge a percentage above the mid-market rate
To reduce costs, consider using a specialist money transfer service (such as Wise, Revolut, or similar) for smaller personal transfers, as these often offer better exchange rates and lower flat fees than traditional banks.
How Long Does It Take?
Transfer times depend on the destination and the banks involved:
| Transfer Type | Typical Timeframe |
|---|---|
| SEPA transfer (within Europe) | 1 business day |
| SWIFT transfer (major currencies) | 1–3 business days |
| SWIFT transfer (exotic currencies) | 3–5 business days |
Tips to Avoid Common Mistakes
- Always verify the SWIFT/BIC code and IBAN directly with the recipient — don't copy from emails (fraud risk)
- Initiate transfers early in the week to avoid weekend processing delays
- Confirm whether the recipient's country uses IBANs or domestic account numbers
- Keep your transaction reference number in case you need to trace the payment