13 Jan 2025
As an expat, you may need to transfer money to a foreign bank account for travel expenses, pay overseas suppliers for your online business, or simply support loved ones back home. This process may look complicated, but it is not.
Gone are the days when international bank transfers meant longer queues, higher fees, and endless paperwork. Today, with just a few taps on your smartphone, you can send, spend, or receive money globally. Here, you will learn how to make international bank transfers.
You might be sending money internationally, and you want to know how to transfer money to a foreign bank account and ensure the process is as quick and seamless as possible. From choosing the appropriate transfer method to ensuring every detail on the recipient is correct, every step goes a long way toward making your transfer as effective and economical as possible.
You must gather all the relevant information before undertaking an international remittance move. You’ll need the recipient’s full name, address, bank account number, and bank’s SWIFT/BIC code. Depending on the country of residence, you may be required to input other identifiers, such as the IBAN or CLABE number. The more you are prepared, the better your transfer will be. Ensure the entries adequately meet these minutiae to avoid mistakes that cause delays or even failed transfers.
You’ll need to decide how you can transfer money to a foreign bank account. You can use traditional banks, online banking, or specialized online money transfer services like ACE, TransferWise, OFX, or Western Union. Online banking services provide convenience from home, but visiting your bank in person might offer more peace of mind. Online services such as ACE Money Transfer often provide better exchange rates and lower fees, making them worth considering. It's essential to compare options to find the best choice for your needs.
If you're using online banking, log in to your account and navigate to the international transfer section, typically found under "Payments" or "Transfers." Some banks set online transfer limits, which might need adjustment if your transfer exceeds the limit. If you're using a money transfer service, you’ll follow a similar process—just set up an account, verify your identity, and proceed to transfer cash to foreign bank account.
Then, insert the full details of the recipient in the other fields, such as the recipient’s bank account number, name, address, and the bank’s branch code or SWIFT /BIC code. High accuracy at this level is essential because errors and mistakes in these specifics might delay transfers or even cause their complete failure.
Verify the exchange rates and any fee that is attached to the particular rates within the market. It is essential to identify these mistakes since they can cost you money and time. Some banks approximate the charges so you know how much you will spend and how to send money to a foreign bank account.
Depending on your bank or service, you might need to complete additional security steps, such as entering a PIN or verifying a code sent to your phone. Once the transfer is processed, keep the confirmation receipt or reference number—this is useful for tracking your transfer or resolving any challenges.
Almost all banks and money transfer agencies offer tracking services that tell you the transfer status. Transfers usually happen from 1 to 5 working days but can be longer depending on movement across two banks or countries. If you are worried about the delay, you should immediately call your service provider and ask about the status of your transfer.
When living, working, or traveling abroad, knowing how to transfer money into a foreign bank account and sending and receiving money across borders becomes a regular part of life. Perhaps you have had to pay bills or other expenses by wiring money back home, or your family might be awaiting financial help. Generally, having a cheaper, effective, and secure method is the ideal goal.
The list of online payment methods is virtually endless, ranging from bank transfers to relatively recent developments. But how do you choose the one that works best for your needs? Unfortunately, not all techniques are helpful. Some are quicker, others cheaper, and a few are more secure.
Let’s examine the options and determine what will be best for you.
One of the simplest ways to transfer money internationally is through a direct bank-to-bank transfer. This method can be quite simple if you and the receiver use the same banking facility. However, things might get complicated and expensive if you deal with two or more banks or with two or more currencies.
For instance, transferring money from a New Zealand bank account to an Australian one might include currency conversion fees. While currencies like these may have lower conversion costs, the total charges can still add up to around 3% to 5% of the transaction amount. The costs could be even higher with currencies like USD to AUD, CAD, or GBP.
Nevertheless, bank-to-bank transfers are relatively safe to send money to foreign bank accounts.
PayPal is another well-known option for transferring money to a foreign account. Known for its robust security measures and international certifications, PayPal allows users to store funds directly within their PayPal account. This feature can make transactions feel more secure, as recipients don’t have to share or transfer money directly to a bank account.
However, convenience comes at a cost. More specifically, PayPal charges an average of at least a 5% fee per transaction while charging an added fixed fee according to the payment type and currency. These fixed fees can be costly for those who prefer charging with a debit or credit card. Moreover, there is a currency conversion fee; sometimes, your or the recipient’s bank charges additional fees.
While PayPal is a trusted and widely recognized brand, it’s not always the most cost-effective solution, especially for frequent and significant transfers. If you’re sending money occasionally or in smaller amounts, PayPal’s ease of use guides you on how can you transfer money to an international bank account. And security might make it worth considering. But for regular transfers, those fees can add up fast.
However, while Western Union offers this unique service, it comes at a price. The fees also differ based on the mechanism you use to transfer the money, whether from your online banking platform, debit or credit card, or the physical store. Such costs may slightly increase due to the extra currency conversion charges that will apply. On average, fees are 5-10%, depending on these factors.
Many people find this company's services expensive while transferring money to a foreign account. This makes it less attractive, especially if one is looking for a cheaper and direct transfer from one bank to the other.
You’ve likely come across various apps and websites, many of which may have left you wondering whether you can trust them or how to transfer money to an international bank account through them. The internet is flooded with adverts promising quick and cheaper transfers, but how do you know which ones are secure and reliable?
With so many options available, choosing a secure and affordable service, especially when transferring funds internationally, is essential. After researching various services, Transferwise, known as Wise, stood out due to its transparency and unique approach to making a money transfer.
Wise works differently from similar services as it transfers funds from one country to another. Unlike an international wire transfer, which is usually expensive, Wise pairs two transactions within different countries. For instance, when you know how to transfer money to an international bank account and you are transferring money from Australia to Indonesia, the money, in the real sense, doesn't have to travel to Indonesia. Instead, Wise finds someone in Indonesia who sends money elsewhere, and both transactions are processed locally. This method only incurs a few fees and is relatively quicker.
The service charges a small percentage, usually around 1.5%, much lower than the fees typically charged by traditional banks. In contrast, with traditional bank transfers, the sender and recipient are often subjected to hidden charges, making it challenging to predict how much the recipient will receive.
Wise’s security measures are robust, keeping all funds separate from operational funds. The company is regulated in every country it operates in, including being overseen by the Financial Conduct Authority (FCA) in the UK and FINCEN in the U.S. Two-factor authentication and an Anti-Fraud team offer an extra layer of protection, keeping the users safe and providing all the information on how to make an international bank transfer.
In addition to sending money, Wise works as an international service account. Customers can have accounts in over fifty different currencies. Unlike current bank accounts, Wise helps process borderless transactions efficiently and cheaply, where transactions across borders take a lot of time and money.
It offers features like physical and virtual debit cards, which can be used for purchases or withdrawals worldwide. The app also enables linking cards to Apple Pay or Google Pay, making transactions even more flexible. Additionally, Wise allows a certain number of free ATM withdrawals monthly, depending on the currency used and how money is transferred internationally.
In terms of fees, Wise is known for offering real-time exchange rates with no markup, unlike traditional services like PayPal, which often add a significant premium. Wise is recognized for saving users up to $1.5 billion in fees annually.
ACE Money Transfer offers a seamless solution for sending money internationally. Available in 28+ countries, including the UK, EU, Canada, Australia, and Switzerland, ACE ensures your money reaches its destination quickly and securely and offers quick support on how to send money to an overseas bank account.
ACE offers excellent value for your money with competitive exchange rates, lower transfer fees, and a first transfer fee-free offer. Our instant, secure transfers ensure your funds reach beneficiaries on time, and with 24/7 availability, you can send money whenever you need to, even on weekends or holidays. The facility to choose from several payment options makes the remittance experience convenient and smooth.
ACE’s transaction tracking feature lets you monitor your transfer in real time and keeps you informed every step of the way. With over 375,000 payout partner locations worldwide, your recipients can easily access their money.
ACE Money Transfer is a good option to explore if you want to transfer bank accounts or send money to family overseas. Just be sure to research and check out all the accreditations and reviews, and ensure you're comfortable with the service before proceeding. Ensure you get a solution that addresses your needs and satisfies you in every transaction.
You'll need the recipient's name, address, bank account number, SWIFT/BIC code, and possibly an IBAN or CLABE number.
Compare transfer options, such as banks and online services (e.g., Wise, Western Union), based on fees, speed, and security.
How long does an international bank transfer take?
Money transfers usually take 1–5 working days, depending on the methods used and the countries to be dealt with.
Yes, there are transfer costs for both transfer fees and exchange fees for the currency.
ACE offers low fees, competitive exchange rates, real-time tracking, and quick, secure transfers.
