How to send a wire transfer: What you need to know
Learn everything you need to send a wire transfer. Plus, explore alternatives for sending money internationally.
A wire transfer is one way to send money electronically from one bank account to another. People often use wire transfers for larger payments, international transfers, or situations where money needs to move directly between financial institutions.
While the process is generally straightforward, wire transfers require specific banking information and can involve fees from multiple institutions. If you’re sending a wire transfer for the first time, knowing what information you’ll need ahead of time can help make the process smoother.
In this guide, we’ll cover how wire transfers work, what information you’ll need to provide, how long they typically take, and an alternative option for sending money internationally.
Before you start your transfer, it’s worth taking a few minutes to gather all the required information. Having everything ready upfront can help prevent delays and reduce the risk of mistakes.
This should match the name on the recipient’s bank account exactly. Even small differences can sometimes cause delays.
You’ll need the name of the bank where the money will be received. Some transfers may also require the bank’s address or branch information.
Many countries use an International Bank Account Number (IBAN) to identify individual bank accounts. Other countries use a standard account number instead.
Your recipient can usually find this information through online banking, a bank statement, or by contacting their bank directly.
A SWIFT code, sometimes called a BIC code, identifies a specific bank during an international transfer. Think of it as the bank’s international address.
Your recipient’s bank can provide this information if they’re unsure where to find it.
For transfers within the United States, a routing number may be required instead of a SWIFT code.
Some banks and financial institutions require the recipient’s residential address as part of the transfer process.
Before sending a wire transfer, ask your recipient to verify all banking details directly with their bank. A single incorrect digit in an account number or bank code can lead to delays or additional processing steps.
The exact process varies by bank, but most wire transfers follow the same general steps.
Before you begin, collect all required banking details, including account numbers, routing information, and any required SWIFT or IBAN codes.
Most banks allow customers to send wire transfers through online banking, mobile banking, over the phone, or at a branch location.
Carefully enter all required information exactly as provided by the recipient.
Because wire transfers move directly between financial institutions, accuracy is important.
Choose how much money you’d like to send and confirm the currency being used.
Before authorizing the transfer, review any applicable fees and exchange rates.
International wire transfers may involve fees from the sending bank, intermediary banks, and the receiving bank.
Once you’ve confirmed all details, submit the transfer according to your bank’s security requirements.
Keep any confirmation numbers or receipts until the recipient confirms the funds have arrived.
The timing of a wire transfer depends on several factors, including the destination country, banking hours, weekends, holidays, and whether intermediary banks are involved.
Domestic wire transfers are often completed within the same business day or the next business day.
International wire transfers generally take longer and may take anywhere from one to five business days, depending on the banks involved and the destination country.
Delays can occur if banking information is entered incorrectly or if additional verification is required.
If timing is important, it’s a good idea to check with your bank before initiating the transfer.
Wire transfer fees vary by bank and destination.
In many cases, international wire transfers can involve multiple charges, including:
Because multiple institutions may be involved, the total cost isn’t always immediately obvious.
Before sending a wire transfer, review all fees carefully and confirm how much money the recipient is expected to receive.
Wire transfers are one way to send money internationally, but they’re not the only option.
Traditional wire transfers are typically processed through banks and often require detailed banking information, including SWIFT or BIC codes, bank addresses, and account numbers. Depending on the banks involved, fees may apply on both the sending and receiving side.
International money transfer services offer another way to send money abroad. Depending on the destination, recipients may be able to receive money directly into a bank account, mobile wallet, debit card, or through cash pickup.
The best option depends on your destination, delivery preferences, timing needs, and the information you have available.
If your goal is to get money directly into someone’s bank account, a traditional wire transfer isn’t your only option.
With MoneyGram, you can send money to bank accounts in many countries through the MoneyGram app or online.
Sign in to your MoneyGram account through the app or at MoneyGram.com.
Choose where you’re sending money.
Select direct to bank delivery if it’s available for your destination.
Provide the required recipient and banking information.
Requirements vary by country and receiving bank.
Before confirming, you’ll see the transfer fee, exchange rate, and estimated amount your recipient will receive. If this is your first time using MoneyGram, your first online or in-app transfer fee is $0.
Once your transfer is sent, you can track its status through the MoneyGram® app or website.
For people who want to send money internationally, bank account transfers through MoneyGram can be a convenient alternative to traditional wire transfers while still delivering funds directly to a recipient’s account.
MoneyGram has been helping people move money around the world for more than 85 years and serves more than 50 million customers. Customers can track bank transfers in real time through the MoneyGram app and website, making it easy to stay updated from start to finish.
If you’re sending money to popular destinations such as Mexico, the Philippines, or India, you can also explore our country-specific sending guides for more information.
