What is an international wire transfer?

An international wire transfer is simply an electronic transfer of money via a transfer service or bank that starts in one country and is settled in another.

The transfer takes place between a domestic and international bank account, with no physical handling of funds. The sender is required to pay for any transfer fees¹ and provide necessary billing and account information.

A domestic wire transfer works in a similar way. However, transfers are made between two banks within the same country, rather than overseas.

How does an international wire transfer work?

The process of sending money to your loved ones in another country with a wire transfer is quite straightforward. In fact, the bank or money transfer service you use does most of the work.

Generally, all you need to focus on is having the right amount of funds and accurate account details to hand. An international wire transfer normally works like this:

1. You, as the sender, pay for the funds to be sent and cover any transfer fees¹. You can normally do this online, via an app, or in person at a bank or money transfer service location.
2. Your bank, or chosen transfer service, contacts the bank of the receiver with payment instructions.
3. As the process involves sending funds overseas rather than domestically, a unique bank identification code called a SWIFT code or number is usually required. This identifies banks and financial institutions around the world and is used to identify your specific wire transfer so the money can be received.
4. The money is then transferred into the receiver’s account. The two banks (or a money transfer service) exchange money to pay for the funds.

How to make an international wire transfer

There are two main ways to make an international wire transfer. You can either choose to send money via your bank or use a money transfer service.

Depending on your chosen method, this slightly affects how you can send and receive an international wire transfer. Whichever way you choose, making an international wire transfer is straightforward.

How to make bank-to-bank international wire transfers

1. To make a bank-to-bank transfer, simply visit your local branch or your bank’s website, and provide them with the necessary ID. You’ll also need to fill out any forms requested.
2. Accept (or decline) the exchange rate¹ offered.
3. If you’re happy to go ahead, provide all the relevant account details for yourself and the receiver.
4. Next, simply pay for your international wire transfer and any exchange rate fees¹. The money must be in your account at the time of sending.
5. The bank will send the money to the receiver’s account.

How to wire money internationally via money service providers

1. When using a money transfer service to make an international wire transfer, you can often do this in person, online, or via an app.
2. Simply choose the currency your funds need to be exchanged into based on the destination country and the amount you wish to send.
3. Double-check any exchange rates and transfer fees.¹
4. If you’re happy, you will need to provide all the relevant account details for your receiver.
5. Finally, pay for the transfer, covering any transfer fees¹ included.