Can I transfer money from my account to an international bank account?
Yes, just call up your bank and make the transfer. You'll need to know the details,of the account you're sending it to - usually the IBAN number of the account - but that's simple.
If you need to send an international wire transfer, visit any U.S. Bank branch. You'll need the following information: Receiving bank's information: The bank's SWIFT code, their name, and address. Beneficiary information: The recipient's name, account number, and address.
Wire Transfer Through Banks
If you have a savings account with a bank, an international money transfer from India can be made through a SWIFT transfer. You would need all of the below details to complete a wire transfer abroad: Beneficiary bank account number. Beneficiary bank name.
For international wires, they need to use a Swift Code instead of the routing number.
- Recipient bank name, address and country.
- Recipient bank's routing code and recipient's account number.
- SWIFT Code, National ID or IBAN number of the bank where the receiving account is located.
- Purpose for transfer.
Their Bank Identifier Code (BIC), SWIFT code or national bank code. Their bank account number or International Bank Account Number (IBAN). Their full name. Their bank's full address.
Bank of America Wire Transfer Fees
Incoming domestic: $15. Outgoing domestic: $30. Incoming international: $15. Outgoing international: $0 if sent in foreign currency; $45 if sent in U.S. dollars.
How much money can you wire without being reported? Financial institutions and money transfer providers are obligated to report international transfers that exceed $10,000. You can learn more about the Bank Secrecy Act from the Office of the Comptroller of the Currency.
| Provider | Fee¹ | Total Cost |
|---|---|---|
| US Bank (USA) | $50 | $50 + exchange rate markup + likely fees from intermediary and recipient banks |
| Wise | $6.93 | $6.93 (via ACH) |
A certified money transfer service is the fastest way to send money internationally, and it's much safer than sending cash. With simple online platforms, using these services is also easier than setting up your own wire transfer to a foreign bank.
Do you need bank account number for international transfer?
Paying someone outside Ireland
You'll need the IBAN (International Bank Account Number) for the people you are paying. We also have an urgent version of this service if you need to speed things up, for which you'll also need the person's BIC (Bank Identification Code).
The main difference between an IBAN and SWIFT BIC code lies in what they're used to identify. A SWIFT code refers to a bank, while an IBAN will identify a specific bank account. Basically, a SWIFT number tells you where to pay, and an IBAN tells you who to pay.
A SWIFT code refers to a specific financial institution in an international transaction, whereas an IBAN number identifies an individual account and the country of business. It's the global equivalent to a bank account and an ABA routing number in the United States.
Financial institutions must file a Currency Transaction Report (CTR) for any transaction over $10,000. The CTR includes information about the person initiating the transaction, the recipient, and the nature of the transaction.
Each bank or credit union has their own rules and regulations on sending and receiving wire transfers. Not all financial institutions offer both domestic and international transfers, though. As you'll see below, a number of banks don't offer international outbound wire transfers.
The cheapest way to send money internationally is to transfer funds directly from your bank account to a recipient's bank account. Most transfer services charge additional fees for debit card or credit card payments and cash pickups. Credit card payments will incur additional charges from your credit card provider.
Once the transfer has been processed, the funds will usually be deducted from the sender's account. However, this doesn't necessarily mean that it will arrive with the recipient at the same time. As stated above, international bank transfers will generally arrive within one to five working days.
Wire transfers are direct, generally immediate transfers between two financial institutions. ACH transfers, meanwhile, pass through the Automated Clearing House, and can take up to a few business days.
SWIFT Transfer Charges
The charges include a transfer fee, an exchange rate, and a double currency conversion rate. Big banks and institutions charge 3-5% on the exchange rate for each transfer. The exchange rate also varies from bank to bank and is based on the amount you send.
There is no limit to the amount of money that you can travel with, receive and send overseas. You also don't need to declare money that you transfer overseas or receive from overseas through a bank or a remittance service provider (money transfer business).
Do bank transfers count as income?
Possibly: but it depends on how large the transfer is and whether you're the giver or the receiver. You must pay taxes on gifts you send if you've given more than $12.92 million in your lifetime. You might have to pay taxes on transfers you receive if they were income, including capital gains.
Bank of America is a good option for those who want to send money to countries that are not covered by other banks. Wells Fargo: Wells Fargo is another popular bank in the United States that offers competitive exchange rates and low fees for international wire transfers.
- Wise.
- Revolut.
- OFX.
- Western Union.
- Xoom (a PayPal Service)
- Remitly.
- Xe Money Transfer.
- WorldRemit.
While traditional transfers take a day or more, instant transfers happen immediately, usually within seconds. The difference in transfer timelines is due to batch and real-time payment processing.
A routing number is used so the sending bank knows which financial institution the recipient's account is held by, and the account number is unique to that account. Using both of these pieces of information, plus some extra details like the account holder's name, banks can securely transfer money between accounts.
