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- A remittance is a broad term used to describe sending money to someone in another country.
- Banks let you send money internationally through wire transfers or prepaid debit cards.
- If you want to send money internationally, pay attention to exchange rates and fees.
- Compare the best checking accounts.
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Banks offer an easy way to send money abroad to family members or friends.
To understand how international bank transfers work, you'll want to be mindful of specific lingo and fees. That way, you'll know what to look for when making international banking transactions.
What to know about sending money internationally
Most banks or credit unions, but not all, let you make international bank transfers.
To find more information about how your financial institution handles international bank transfers, you'll want to ask about remittances or international wire transfers. Banks and other financial institutions often use this terminology to describe international money transactions.
A remittance is a transfer of money to someone living in another country. It's a general term used to reference all types of international transfers.
Remittances can be sent through wire transfers, checks, or prepaid cards.A prepaid debit cardis a reloadable card that works like a gift card — you can put in money into the card and use it for any purchases. A prepaid debit card isn't usually attached to a checking or money market account, so it doesn't work like a regular debit card.
An international wire transfer provides a quick way to send money to a person living in another country. It's done electronically, and money gets sent to the recipient's bank account. Transfers usually get processed in a few days and will require certain bank information about the recipient. To make an international wire transfer, call your bank or complete it online.
How much does it cost to send money internationally?
Pricing varies between financial institutions.
If you choose to send money through a prepaid debit card, you'll want to watch out for sign-up fees, monthly service fees, or reload fees.
Depending on these factors, a prepaid debit card may be a more cost-effective solution than making an international wire transfer. If you'd like to learn more about prepaid debit cards, you might want to go through our best prepaid debit cards guide.
To make an outgoing international wire transfer, it will usually cost around $40 to $50. International wire transfers may be a more suitable option if you need money right away or want to send a significant quantity.
Here's a list of how much outgoing international wire transfer fees cost at banks and credit unions featured in our best guides.
| Bank | Outgoing international wire transfer fee (US dollars) | Outgoing international wire transfer fee (foreign currency) |
| TD Bank | Up to $50 | Up to $50 |
| Regions Bank | $50 | Not available |
| US Bank | $50 | $50 |
| Bank of America | $45 | $0 |
| Chase | Up to $50 | Up to $5 |
| Ally | Not available | Not available |
| Alliant Credit Union | $50 | Not available |
| Bethpage Federal Credit Union | $30 | Not available |
| Connexus Credit Union | $50 | Not available |
| Consumers Credit Union | $25 | Not available |
| Pentagon Federal Credit Union | $30 | $30 |
| Wings Financial Credit Union | $50 | Not available |
Do any banks offer free international wire transfers?
There are a few financial institutions that have free international wire transfers.
For instance, Bank of America and Chase won't charge you any fees if you send money to a bank account in foreign currency.
HSBC Direct doesn't charge any fees if you're part of HSBC Premier banking. Citi also waives fees on eligible bank accounts.
What information do you need to make an international wire transfer?
Sending or receiving money internationally requires specific banking information. Before you're ready to make a transfer, use this checklist to confirm that you'll have everything you need:
- Money (in US dollars or foreign currency) that will be transferred
- The full name and address of the person receiving the money
- The name of the recipient's bank and International Bank Account Number (IBAN)
- A SWIFT code or Bank Identification Code (These codes verify the transaction, so this information is important)
Certain countries will require additional documentation. Australia, Canada, Great Britain, India, Mexico, and New Zealand are a few countries that will ask for supplementary codes.
If you're sending money to someone who lives in one of these countries, you may want to reach out to the recipient or recipient's bank to get the information.
Can you cancel an international wire transfer?
You have a right to cancel an international wire transfer, according to the Consumer Financial Protection Bureau.
Most banks allow cancellations within 30 minutes of making the transfer. However, if the recipient has already received the money in their account, you won't be able to cancel it.
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
