Send Money Internationally

These refer to international bank wire transfers, carried out between banks. Therefore, they use the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network. Since international wire transfers require settlement times, they usually take two to five business days to process. In some instances, the turnaround time can be even longer.

A SWIFT payment may take two to five business days to process. 

The best way to send money internationally is through specialist money transfers companies. You may transfer money to the recipient's bank account, carry out a cash transfer, or even pay an international bill.

• Sending cash. The best way is through companies such as WorldRemit and Azimo, as they support cash pickup and delivery.
• Paying internationally bills. Paying international bills and topping up mobile airtime is possible online. WorldRemit offers the most competitive pricing and the widest range of bill payment options.
• Bank account transfer. This is the best way to transfer money internationally to another bank account. Use companies such as OFX, XE, or Wise for low fees and competitive exchange rates.

The safest way to send money overseas is through a reputable money transfer company. All international remittance providers compared on iCompareFX are registered with their local financial regulators. This means that their client funds are segregated and are protected from business activities.

The cheapest way to transfer money internationally is through low cost and high quality money transfer companies. Remittance companies such as Wise, WorldFirst, OFX, and Currencies Direct rate well across different parameters. With large fund transfers, ensure that you can talk with a personal account manager to negotiate costs. Currencies Direct and OFX provide personal and business account managers to discuss currency markets and offer personalized cost estimates.

The fastest way to send money internationally is not through international bank wire transfers. Choose companies that support country-specific solutions, letting you send your funds to them faster. Wise supports solutions such as debit cards and POLi (Australia) for an instant upload of money. With funds reaching your service provider instantly, you can save between a day or two when transferring money internationally.

While Google Pay lets its users carry out domestic money transfers in various countries, it does not facilitate international money transfers yet. However, some money transfer companies let you use Google Pay to pay for your transfer. Examples include Wise, Revolut, Monese, Monzo and PayPal.

Yes, you can make international payments using online banking. Payments toward international invoices, holiday rentals, and long-term leases can be made bank to bank. However, your bank might not support international bill payments through its online banking system. In that case, you may need to turn to an international payments provider such as WorldRemit or Xoom.

Yes, you can transfer money from one bank to another internationally. Depending on the bank, this may come at a rather high cost. Use iCompareFX to choose from the top international money transfer companies that can help reduce the cost of overseas fund transfers.

The average cost of international money transfers when you use the big banks is around 5% of the real/interbank exchange rate. You could also pay $20 or more in fees. Consider these examples:

From the U.S. to the UK

• Bank: JPMorgan Chase Bank, United States
• Real Exchange Rate: $1 = £0.79
• Rate Offered by Bank: $1 = £0.75
• Wire Transfer Fees: $45

From the UK to the U.S.

• Bank: HSBC UK
• Real Exchange Rate: £1 = $1.27
• Rate Offered by Bank: £1 = $1.219
• Wire Transfer Fees: £4

From Australia to the U.S.

• Bank: ANZ Australia
• Real Exchange Rate: AU $1 = US $0.71
• Rate Offered by Bank: AU $1 = US. $0.678
• Wire Transfer Fees:  AU $24 (online) - AU $32 (branch, phone banking)

How much money you can send internationally depends on the countries where you and the recipient live. This is because several countries have regulations surrounding maximum transfer limits. In the U.S., all incoming and outgoing international transfers that exceed $10,000 need to be reported to the Internal Revenue Services (IRS). In India, resident individuals can transfer up to USD 2,50,000 each financial year.

Minimum and maximum limits may also apply depending on the service provider you select. These can come in the form of transaction-based, daily, weekly, monthly or annual limits.

No. Zelle does not work internationally. As of now, its services are available only in the United States. In addition, the sender and the recipient need to have American bank accounts.

An international money transfer involves sending money from one country to another. You might initiate your transfer online, over the phone or in person. The recipient may receive the transferred funds in a bank account, by visiting a cash pickup center or in a digital wallet.

In the past, a telegraphic transfer (TT) involved one bank sending a cable message to another bank to facilitate the transfer of funds. Before electronic payment networks came into being, banks typically relied on telex messages. Now, the term is used interchangeably with wire transfers and electronic transfers. For example, while the use of the term telegraphic transfer remains common in the UK and Australia, use of the term wire transfers is more prevalent in the U.S.

While much of the modern day international telegraphic transfer technology is based on the SWIFT network, various central banks have their own real-time gross settlement (RTGS) systems in place. These include Fedwire (the U.S.), CHAPS (the UK) and TARGET2 (Europe).