How to Send an International Bank Transfer

International bank transfers (also commonly referred to as wire transfers) occur when funds are transferred from one country to another. While fees are typically incurred for such services, it is one of the safest and quickest ways to transfer money internationally.

The most popular type of international bank transfer used today is the SWIFT, or Society for the Worldwide Interbank Financial Telecommunication. The society was founded in order to promote standards for global financial transfers and interactivity. Today, a SWIFT transfer involves sending digital message from one bank to another indicating that funds have been paid or received by the receiving bank. These messages serve as a guarantee or promissory note to the receiving bank. Such transfers are considered to be among the safest and most secure in the world.

In addition to SWIFT, International Bank Account Numbers (IBAN) are also used (contact your bank to see if they utilize SWIFT or IBAN transfers) and there are a myriad of private services that perform international bank transfers as well, such as Western Union and Moneygram.

Whether you use a bank or a private service, the process of sending money internationally is virtually the same. The individual sending the money must pay the amount of the transfer as well as the cost of the transfer (or the fee). Depending on the bank, the receiver of the funds may be charged a fee as well. There may also be an exchange fee if the money is received in a different currency than it was sent.

Given the various options for sending international bank transfers, you should always research your options and talk to you bank to find out which can send the money the fastest for the least amount.