Sending money overseas is easy with the technology now available. You can send money through a cash transfer, international money order or a wire transfer. If you want to transfer money to a foreign bank account, however, you'll need to perform a wire transfer. This is easiest for the recipient because she will not have to travel anywhere to receive the money you send. After a few days, it will be in her account.
Gather the recipient's information. You'll need to know the recipient's name and address, bank account information and bank address. Occasionally, a country will require you to add specific bank identifying numbers. If this is the case, your bank representative will help you find that information.
Fill out your bank's forms for a money transfer. Your bank will have a specific form that you need to fill out. Be sure to add all details.
Specify how much money you want to send. You can do this either in U.S. dollars or in the recipient's currency.
Pay the bank's fees. All banks will require a fee for this service, usually in the $40 range. You must pay this before they will transfer the money. Typically, they'll simply remove the payment from your account at the time of the transfer.
Tips
Note that a foreign wire transfer can take several days, particularly to countries that are "slow to pay." Be sure to factor in the transfer time when deciding when to send the payment.
Save time by doing a foreign transfer online. Many banks with online account access allow you to initiate the transfer yourself.
Warnings
In some cases, your money may go through an intermediary bank that performs the currency exchange. This bank may charge you a fee for the money transfer.
References
- Consumer Financial Protection Bureau. "Can I Cancel a Money Transfer?" Accessed April 24, 2020.
- American Bankers Association (ABA). "ABA Routing Number." Accessed April 24, 2020.
- Wells Fargo. "The Ins and Outs of Wire Transfers." Accessed April 24, 2020.
- American Express. "7 Answers About Wire Transfers Every CFO Should Know." Accessed April 24, 2020.
- Federal Bureau of Investigation (FBI). "International Business E-Mail Compromise Takedown." Accessed Feb. 6, 2020.
- Indiana University Office of Treasurer. "Banking." Accessed April 24, 2020.
- Western Union. "Frequently Asked Questions." Accessed April 24, 2020.
- Santander Bank. "What Is a Cashier's Check?" Accessed April 24, 2020.
- Consumer Financial Protection Bureau. "Helpful Tips for Using Mobile Payment Services and Avoiding Risky Mistakes." Accessed April 24, 2020.
Tips
- Note that a foreign wire transfer can take several days, particularly to countries that are "slow to pay." Be sure to factor in the transfer time when deciding when to send the payment.
- Save time by doing a foreign transfer online. Many banks with online account access allow you to initiate the transfer yourself.
Warnings
- In some cases, your money may go through an intermediary bank that performs the currency exchange. This bank may charge you a fee for the money transfer.
Writer Bio
Maggie McCormick is a freelance writer. She lived in Japan for three years teaching preschool to young children and currently lives in Honolulu with her family. She received a B.A. in women's studies from Wellesley College.