Author, Mike Smith
Last Updated on August 21st, 2024
Sending an international wire transfer is not something many people are familiar with.
If you have ever needed to transfer money internationally before you may well have heard the term, but not know what it entails.
Providing you have the correct information and professional guidance, a wire transfer can be an efficient way to transfer money across borders.
In this guide, we will walk you through the steps of making an international wire transfer, the required details, available services, costs, and more.
What is an International Wire Transfer?
In a nutshell, an international wire transfer is a method used to send funds between banks across international borders.
The difference between a wire transfer and other ways of making international money transfers is that a wire transfer involves direct bank-to-bank transfers.
The usual practice when making an international wire transfer is that the sender’s account will be debited using their local currency.
These funds will then be converted into foreign currency so that your intended recipient receives the funds in the currency that they have requested.
Of course, these funds are subject to exchange rates which can fluctuate and will affect the total amount that your recipient receives.
Transfer fees and exchange rates vary depending on the banks and services used, potentially making it more expensive for smaller amounts.
As we have already clarified, an international wire transfer is a way to send money between banks overseas, quickly and securely.
But how does it differ from other ways to send money internationally?
The main differences relate to speed and directness.
Wire transfers are fairly quick, usually taking 3-5 business days, depending on where you’re sending your money, other money transfer services are quicker, however, such as an international bank transfer or using an online money transfer app.
To summarise, when making an international wire transfer, the sender’s bank acts as an intermediary, sending information about the transfer to the receiver’s bank before the money is moved, whereas an international bank transfer simply involves sending money directly from one bank account to another and can be done by other money transfer services.
What details are required for an International Wire Transfer?
To make an international wire transfer, you need to make sure you have all the necessary information at hand.
This step-by-step guidance below explains exactly what details you will need:
Recipient’s Bank Information
- Clarify and confirm the recipient’s full name and address.
- Confirm the recipient’s bank account number. (Remember to double-check this!)
- Determine the bank’s full name and address.
Bank Identifier Code (BIC) or SWIFT Code
- Ask your recipient for the BIC or SWIFT code for their receiving bank.
a SWIFT code – often called a BIC number – is a standard format for Business Identifier Codes. It’s used to identify banks and financial institutions globally. It says who and where they are – a sort of international bank code or ID.
- This code is essential for international transfers.
A top tip is to ALWAYS double-check accounts or IBANs to avoid any errors during your transfer.
Currency and Amount
- Select the currency you want to send, in most cases, this will be your local currency.
- Determine the exact amount you wish to transfer.
Begin the Transfer Process
- Speak with a currency broker, or if using your bank, it’s always a good idea to visit the branch in person if at all possible.
- You will need to give your chosen service provider all of the relevant information relating to the recipient, including the BIC or SWIFT code and IBAN (if required).
- Again – we cannot stress enough the importance of double-checking that all the information is 100% accurate before finalising the transfer request with a service.
Available Money Transfer Services
- Do your research!
- This is YOUR money and you want to ensure you are using the very best method to make an international money transfer.
- We would recommend talking to a professional currency broker for an unbiased opinion.
- It’s vital to ascertain that making an international wire transfer is the best option for you.
Foreign Exchange Rates and Fees
- Be aware that the exchange rate offered by your bank can dramatically affect the final amount received by the recipient.
- Ask your bank to clarify this BEFORE you make this transfer!
- It may be advisable here to compare this rate to that offered by other money transfer services available.
- Make sure you have absolute transparency from your bank about any transfer fees that they may apply.
- Fees can vary depending on the provider and the countries involved in the transaction.
Confirmation and Tracking
- It’s essential to ensure that you are given both a confirmation receipt and reference number for your international transaction.
- Be sure to keep this information safe in case you may need to refer to it in the future.
Follow these above steps and you should have no problem deciding if making an international wire transfer is the right option for you.
How long will an International Wire Transfer take?
International wire transfers usually take 1 or 2 days but can take as long as 5 days depending on the currency. For example, US dollars and Euros are normally quicker than other currencies.
Depending on when you make the transfer with your bank, this can also make the transaction longer as banks will close over a weekend.
However, the service is widely available in over 200 countries, providing a secure method to transfer money to an international recipient’s bank account.
Does an International Wire Transfer differ when sending money outside the EU?
Transferring money within the EU or to countries outside of the European Union can bring many differences, most importantly in terms of costs and transfer times.
When making a wire transfer within the EU it is generally a straightforward and efficient process.
However, when you go beyond the EU borders and look at global transfer to other continents for example, things can become more complicated.
International wire transfers outside the EU may take several business days, or even longer, depending on the countries involved and their banking systems.
It’s also vital to remember that fees can be higher, with both your bank and your beneficiary’s bank charging for the service.
Always be sure to clarify what charges will be incurred with your bank before initiating a wire transfer.
As an alternative, you may wish to consider online payment platforms or remittance services as they may offer faster and more cost-effective options for international transfers outside the EU.
The potential challenges and higher costs when sending money to destinations outside the EU via your bank can also be minimised by using a currency broker, like Key Currency.
Are International Wire Transfers Safe?
Providing you have double-checked the recipient’s details, and you are both using established banks, international wire transfers are a safe way to send money overseas.
When the money lands in the recipient’s account, it will be declared as ‘cleared funds’ and this means that the transaction is complete.
The beneficiary should then be able to access their funds immediately.
It is extremely uncommon for an international wire transfer to encounter issues, but it is not unheard of.
As an example, should you have the misfortune that a thief or hacker gains access to the recipient’s account, they could immediately receive and withdraw funds and/or send them elsewhere.
If you’re wiring a large amount, it’s worth speaking to the payee to establish extra controls for the transfer.
The beneficiary should double-check check no one else has access to the receiving bank account.
When you wire money from bank to bank, there is always a risk but if you take the steps above you are minimising the chances of it happening to your wire transfer.
Why choose a currency broker for your international money transfer?
Using a professional currency broker such as Key Currency can not only eliminate transfer fees but also ensure you get the very best exchange rate for your international money transfer.
All our customers have an account manager who will help you from start to finish, as well as help you with the timing of your transfer.
Key Currency can assist you with making an international wire transfer but we will also work with you to explore various options.
It could be better suited for you to make a SEPA transfer if you are making a transfer within the EU, which can mean your funds are transferred and received in only 24 hours in some cases.
The Single Euro Payments Area (SEPA), is a simpler way of transferring Euros between countries that have signed up to the agreement.
Part of the commitment of the European Union is to make procedures within the EU member states much simpler and SEPA payments were established to make paying someone in Euros quick and easy.
We serve customers throughout the UK, EU, the Middle East, and Australasia and can transfer money in multiple currencies.
Our exchange rates are highly competitive, and we don’t charge any transfer fees.
We’ve gained an ‘Excellent’ customer rating on Trustpilot – which is the highest possible rating.
If you need support sending money abroad and want a free quote, simply contact us today!
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