How to Make International Wire Transfers

Sending money abroad might seem complicated, but it doesn’t have to be. Whether you’re paying for a service, supporting family overseas, or making an international business transaction, knowing how to make an international wire transfer can save you time, stress, and unnecessary fees.

In this guide, we’ll share all you need to know about making international wire transfers, including your different options and things to consider.

What is an international wire transfer?

An international wire transfer is a secure way to send money from one country to another through banks or financial institutions. It allows you to electronically transfer funds from your account to a recipient’s account anywhere in the world. International wire transfers can be made online, through mobile apps, over the phone, and in person.

International wire transfers typically use networks like SWIFT (Society for Worldwide Interbank Financial Telecommunication) or SEPA (Single Euro Payments Area) to move money across borders. Banks are just one way you can make an international wire transfer, but there are lots of other options including Western Union, MoneyGram, PayPal, and ZEN.

How to make an international wire transfer

Let’s take a look at different ways you can make an international wire transfer, including online, in-person, through the phone, or via a specialized money transfer service like ZEN.

Option 1: Send an international wire transfer online

Most banks allow you to wire money internationally through online banking. Here’s how to do it:

1. Log into your online banking account and navigate to the wire transfer section.
2. Enter the recipient’s banking information, including their name, bank address, bank account number (or IBAN), and the bank’s SWIFT/BIC code.
3. Choose the amount and currency you want to send.
4. Pay the transfer fee, which typically ranges from $40 to $50, plus potential intermediary and receiving bank fees.
5. Confirm and submit the transaction.

Bank transfers can take anywhere from 1 to 5 business days, depending on the banks involved.

What’s a BIC/SWIFT code?

A BIC/SWIFT code is a unique identifier for banks around the world, similar to a routing number or postal code. It ensures that international wire transfers reach the correct financial institution and helps banks process payments securely and efficiently.

If you don’t have your recipient’s BIC/SWIFT code, your bank may be able to find it using their name and account number. You can also look it up online using a BIC/SWIFT code finder or ask the recipient’s bank directly for the correct details.

Option 2: Send an international wire transfer in person

If you prefer face-to-face transactions, you can visit your bank’s branch to make an international payment in person. The process is similar:

1. Bring your account details and the recipient’s banking information (including IBAN and SWIFT/BIC code).
2. Decide on the amount and currency for the transfer.
3. Pay the international transfer fee – which can be higher than online transactions.
4. The bank processes the transaction and the money is sent.

Option 3: Send an international wire transfer by phone

Some banks let you wire money over the phone. Here’s how the process typically works:

1. Call your bank’s customer service line and let them know you want to transfer money internationally.
2. Provide your account details and the recipient’s banking information.
3. Confirm the transfer amount and currency you want to send.
4. Authorize the payment of the transfer fee.

Like in-person money transfers, phone transfers may cost more than online transactions.

Option 4: Use an international money transfer provider

Instead of using a bank, you can also send money through services like PayPal, ZEN, or other international transfer platforms. These services often offer lower fees and better exchange rates compared to traditional banks, as well as faster transfers – sometimes within minutes.

What information do you need to make an international money transfer?

The exact information you’ll need to complete an international wire transfer can vary depending on the bank or payment provider, as well as the destination country and amount you’re sending.

However, there are a few key pieces of information that you’ll always need to provide. These include the:

• Recipient’s full name: Make sure you have their name exactly as it appears on their bank account.

• Recipient’s banking details: This includes their bank name, account number (or IBAN) and the bank’s BIC/SWIFT code.
• Payment details: Naturally, you’ll need to specify the amount you’re sending and the currency the recipient will receive.

If you’re using a payment provider for the first time, you’ll need to create and verify an account. Depending on the payment provider, this might involve uploading identification.

For higher-value transfers or payments made to certain countries, you might also be asked to provide:

• Details of the payment’s purpose: This tells the bank or payment provider why you’re sending the money.

• Source of the funds: You might need to prove where the money is coming from (e.g. savings or salary).

What are SWIFT payments?

SWIFT payments are a global standard for sending international wire transfers. These payments are processed through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network, which connects thousands of financial institutions around the world.

Each bank in the SWIFT network has a unique SWIFT/BIC code, which is a combination of 8 to 11 characters that helps identify the bank and its location. If you need to find the code for a specific bank, you can use a SWIFT/BIC code finder online.

With the SWIFT network, your money doesn’t always travel directly to the recipient’s bank. Instead, it might pass through several intermediary banks – three or more – before reaching its destination. You can think of it like taking connecting flights to get to your final destination, except each intermediary bank typically charges a fee, which makes SWIFT payments more expensive.

Here are some things to note about SWIFT transfers:

• SWIFT payments can take anywhere between 1 to 5 working days to complete. They are not as fast as other methods of international wires.
• Money might pass through 3 to 5 banks, each of which may charge a fee for processing the payment. This adds to the total cost of the transfer.
• If your money needs to be converted into a foreign currency, you might have to deal with unfavorable exchange rates, which can also add extra cost to the transaction.

What are SEPA transfers?

SEPA (Single Euro Payments Area) transfers are a way to send money within the European Union and a few other European countries. They allow you to send payments in euros to make cross-border transactions easier and more efficient for countries that participate in the SEPA network.

Unlike SWIFT transfers, which can involve multiple intermediary banks, SEPA transfers usually occur directly between the sending and receiving banks. This reduces the overall fees involved and makes SEPA a more affordable option for European transactions. SEPA payments are also generally faster than SWIFT payments, taking about 1 to 2 business days to complete.

Note that SEPA transfers only work for euro transactions. If you’re sending money outside of the SEPA region, or in a different currency, you’ll need to use other methods.

Things to consider when transferring money internationally

Before you make an international wire transfer, there are a few things to consider if you want to avoid any unexpected surprises. These include:

Regulations and limitations

International transfers are highly regulated to ensure security and compliance with local laws. Financial service providers around the world need to verify both your identity and the details of the transfer. Depending on the provider and the amount being sent, you might need to:

• Prove your identity (if online, by uploading documents like passport or driver’s license)
• Verify your address (often through a recent utility bill)
• Provide proof of the source of funds, mainly when it comes to high-value payments.

Hidden fees and exchange rates

It’s easy to overlook the true cost of an international money transfer due to hidden fees and unfavorable exchange rates. Banks and transfer services may have complicated fee structures that aren’t immediately clear, especially if third-party banks or intermediary services are involved. To avoid surprises:

• Check the exchange rate: Always compare the rate you’ll get with the mid-market rate, which is the real exchange rate. This can save you money and help you avoid overpaying.

• Ask about third-party fees: Some transfers may involve intermediary banks that charge additional fees, which can add up. Make sure you know exactly what you’ll be paying, including any extra charges from third-party institutions.

Transfer speed

Depending on the destination and transfer method you choose, the time it takes for the money to reach the recipient can vary widely. Some online transfers can be completed within minutes, while others can take up to 5 business days or longer. If you need to transfer money quickly, be sure to choose a provider known for fast transfers.

Make international money transfers a breeze

Sending money internationally doesn’t have to be complicated or expensive. With the right information and a little planning, you can make your international wire transfer stress-free. Use this guide to explore your options and navigate the process with confidence.

When you’re ready to make your international transfer, don’t forget to check out ZEN’s low-cost international payment solutions. With no hidden fees, quick delivery times, and competitive currency exchange rates, ZEN makes it easy to send money wherever you need it.

Inside the ZEN.COM app, you’ll find all the popular methods for transferring money with the lowest fees on the market. You can pay locally or make international payments using SWIFT or SEPA. All you need to do is input the Mastercard card number, approve the transaction, and watch as funds reach the recipient’s account almost immediately.

Learn more about ZEN money transfers for businesses, or personal money transfers for individuals.