How to make an international wire transfer

An international wire transfer is an electronic payment sent directly between bank accounts in different countries via the SWIFT network. International wire transfers let you send money securely across borders for vendor payments, international payroll, and cross-border investments. For finance teams, they're essential to keeping international cash flow steady and avoiding payment delays. But fees, timing, and security can become challenges without the right processes in place.

What are international wire transfers?

International wire transfers send money directly between business bank accounts in different countries. They use the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to route funds securely between financial institutions.

You'll typically use them for global payouts such as:

• Paying overseas suppliers or partners
• Funding regional offices or cross-border projects
• Handling payroll for international teams or contractors
• Moving funds between global subsidiaries or entities

Wire transfers are a reliable way to handle large or urgent payments, but they come with costs and complexities. Staying on top of these transfers is key to managing cash flow, meeting deadlines, and keeping global operations running without disruption.

How to send an international wire transfer online

Sending an international wire transfer through your bank's online platform is straightforward once you have the right details in hand. Here's how to do it step by step.

1. Gather recipient bank details

Before you start, collect the following information from your recipient:

• Recipient's full name (exactly as it appears on their bank account)
• Recipient's full address
• Bank name and address
• Account number
• SWIFT/BIC code
• Region-specific codes such as an IBAN number for Europe or a routing number for US transfers

Missing or incorrect details are one of the most common reasons transfers get delayed or rejected, so double-check everything before moving forward.

2. Log in to your online banking or mobile app

Access your bank's digital platform. Most major commercial banks offer international wire transfer functionality through their online portal or mobile app. If you're using a business-focused payment platform, the process will be similar.

3. Select international wire transfer

Find the option to send a wire transfer, typically under a menu such as "Pay & Transfer" or "Send Money." Make sure you select the option for an international wire, not a domestic one—they use different networks and have different fee structures.

4. Enter transfer amount and currency

Choose whether to send funds in US dollars or the recipient's local currency. This choice affects the final amount your recipient receives after currency conversion. Sending in the recipient's local currency can sometimes reduce conversion fees on their end.

5. Review fees and exchange rate

Before confirming, carefully check the exchange rate markup and any transfer fees. Banks often apply a less favorable exchange rate than the mid-market rate, which adds to your total cost. We'll cover these fees in more detail below.

6. Confirm and submit the wire transfer

Double-check all recipient and transfer details for accuracy. Some banks also ask you to specify the purpose of the transfer, such as vendor payment, investment, or payroll, for compliance reporting. Submit the transfer and save the confirmation or reference number—you'll need it for tracking and for your audit trails.

What information is required for a wire transfer?

To process your international wire transfer, your bank needs specific details about both the recipient and the transaction. Business transfers usually require more detailed information than personal transfers to satisfy compliance requirements and maintain proper records.

Recipient name and address

The recipient's name must match exactly as it appears on their bank account. Even small mismatches, such as abbreviations or missing middle names, can cause delays or lead to the transfer being rejected.

Bank name and address

Provide the recipient's bank's full legal name and the address of the branch where the account is held. Some countries may also require specific branch codes.

Account number and SWIFT code

You'll need the recipient's bank account number (or IBAN for European transfers) along with the bank's SWIFT/BIC code. Recipients can find this information on their bank statements, in their online banking portal, or by contacting their bank directly.

Additional compliance considerations

For high-value transactions or payments to high-risk regions, your bank may require supporting documents to comply with anti-money laundering (AML) and know your customer (KYC) regulations. Some transactions may be delayed or require further verification based on regulatory checks, especially if they trigger sanctions screening or involve sensitive jurisdictions.

What is a SWIFT code and how to find it

A SWIFT code (also called a BIC code) is a unique 8–11 character identifier for a specific bank in the international transfer network. It ensures your money goes to the right institution. Every bank that participates in the SWIFT network—more than 11,000 financial institutions across 200+ countries—has one.

When you send an international wire transfer, the SWIFT network doesn't move the money itself. Instead, it sends standardized, encrypted instructions between banks so they can complete transactions safely and efficiently. These messages include key details such as account numbers, currencies, and transfer amounts.

Your recipient can find their SWIFT code in a few ways:

• On a bank statement
• Within their online banking portal
• By calling their bank directly

After sending a transfer, many banks provide an MT103 document, a SWIFT payment confirmation that includes all transaction details such as sender, recipient, amount, and reference numbers. While it doesn't confirm receipt, it serves as proof that the payment was sent and can help trace its progress. MT103s are especially useful for audits, vendor confirmation, and resolving payment issues.

Region-specific codes

Different regions use different codes alongside (or instead of) a SWIFT code. Here's a quick reference:

Make sure you know which code type your recipient's country requires. Using the wrong code format is a common cause of failed or delayed transfers.

How much does an international wire transfer cost?

International wire transfers often come with more costs than you'd expect. These charges vary depending on the sending bank, destination country, currency, and number of banks involved. Understanding each component helps you avoid surprises and protect your margins.

Outgoing wire transfer fees

Your bank charges a flat fee to send an international wire. These fees typically range from $25 to $50 or more, depending on the institution and the destination. Some banks charge higher fees for same-day or expedited processing.

Exchange rate markups

The exchange rate you get has a big impact on your total cost, especially at scale. Most banks apply a foreign exchange (FX) markup on top of the mid-market rate, which can range from 1%–4% or more.

That may not sound like much, but on a $100,000 transfer, even a 2% markup means $2,000 lost to currency exchange—every single time. Here's how to manage that:

• Compare providers regularly to find competitive rates
• Use platforms that offer real-time FX rate previews or locked rates
• Set internal thresholds for acceptable FX margins
• Time transfers strategically if you have flexibility around market movements

Minimizing FX markups through smart provider choices and strategic timing can save your business thousands of dollars on every international transfer.

Intermediary bank charges

As the wire passes through the SWIFT network, correspondent or intermediary banks may deduct their own fees. This means your recipient may receive less than the amount you originally sent.

These fees can erode margins and complicate vendor relationships, especially if the recipient receives less than expected. In some cases, vendors may also incur foreign currency receiving fees charged by their own bank. If you don't account for these costs up front, they can disrupt cash flow planning and affect forecasting accuracy.

How long does an international wire transfer take?

International wire transfers typically take 1–5 business days to complete. Submitting a transfer before your bank's daily cutoff time (often in the early afternoon) can help speed up processing.

Several factors affect timing:

• Destination country: Transfers to major financial centers such as the UK or EU often settle within 1–2 days, while payments to countries with less developed banking infrastructure can take the full 5 days
• Intermediary banks: The more banks involved in the transfer chain, the longer it may take
• Cutoff times: Transfers submitted after your bank's deadline get pushed to the next business day
• Currency conversion: The process of converting currencies can add processing time

International wire transfer limits

Banks set daily and per-transaction limits for online wire transfers, and these vary by bank and account type. If you need to send a larger amount, you may need to visit a branch in person or call the bank to authorize the transfer.

Transfers over certain thresholds also trigger mandatory regulatory reporting. In the US, transactions exceeding $10,000 require your bank to file a report with the Financial Crimes Enforcement Network (FinCEN). This doesn't mean the transfer is blocked; it just means additional documentation is generated behind the scenes.

If you regularly send high-value payments, talk to your bank about your limits and whether your account type supports the volumes you need. Traditional commercial banks often allow higher limits than consumer accounts, which makes them better suited for large B2B payments.

Why use an international wire transfer?

Wire transfers aren't the only way to move money across borders, but they're often the best choice for certain types of payments. Here's why finance teams rely on them.

Fast and reliable delivery

Compared to international checks or ACH transfers, wire transfers are one of the fastest ways to send large sums of money across borders. When a payment is time-sensitive—such as funding a deal or meeting a vendor deadline—wires give you the speed and certainty you need.

Secure and traceable transactions

Each transfer is assigned a unique reference number for tracking. Funds move through verified banking channels with established fraud protections, and the SWIFT network's encrypted messaging reduces the risk of interception or error.

Wide global acceptance

The SWIFT network connects thousands of banks in most countries worldwide. Your recipients can receive funds directly in their bank accounts without needing to sign up for a third-party platform or service.

How to receive an international wire transfer

If you're on the receiving end of a cross-border payment, you'll need to provide the sender with the right details so the transfer reaches your account without issues. Your bank may also charge a fee for incoming international wires.

Share the following with your sender:

• Your full name as it appears on your bank account
• Your bank's name and address
• Your bank account number
• Your bank's SWIFT code
• Your routing number (for US accounts)
• Your IBAN (for European accounts)

Double-check that every detail matches your bank records exactly. Even small discrepancies can cause delays or rejections.

How to send a bank wire transfer safely

International wires move quickly, and once they're sent, there's often no getting them back. That's why payment security is critical, especially when you're handling large sums or high volumes.

Verify recipient details before sending

Always confirm new or updated recipient details through a trusted channel—like a phone call—before initiating the transfer. Don't rely solely on email, which is the most common vector for fraud. Wire transfers are very difficult or impossible to reverse once sent.

Use secure online banking channels

Only access wire transfer services through your bank's official website or mobile app. Avoid using public Wi-Fi networks when sending money. Implement dual approval workflows so no single person can initiate and approve a wire on their own, ensuring separation of duties.

Recognize common wire transfer scams

Be wary of these common threats:

• Business email compromise (BEC): A fraudster poses as a trusted contact and sends fake wire instructions
• Fake invoice scams: You receive a legitimate-looking invoice with altered bank details
• Urgent payment requests: Pressure to send money immediately without following normal approval processes

If a payment request seems unusual or suspicious, verify it independently with the person or company before sending any funds. Use tools that log all actions and flag unusual activity to maintain strong audit trails.

Comparing wire transfers to other cross-border payment methods

Wire transfers work well for large or urgent payments, but they can become costly and inefficient for frequent, smaller transactions. When you're choosing a cost-effective cross-border payment method, focus on:

• Cost structure
• Processing speed
• Transaction volume capabilities
• Integration with your accounting systems

The right choice depends on how often you make payments, where you send money, and what your team needs.

International ACH transfers

Global ACH lets you send cross-border payments through local clearing systems in different countries. These include SEPA in Europe, BACS in the UK, EFT in Canada, and ACH/Nacha in the US.

Here's how Global ACH compares to wire transfers:

• Cost: You'll typically pay lower fees. Some providers offer flat-rate pricing regardless of how much you're sending.
• Speed: Transfers take longer—usually 2–5 business days. The exact timing depends on the region and local banking systems.
• Use cases: Works well for recurring vendor payments, international payroll, or smaller transfers where saving on fees matters more than speed

The main drawback is limited tracking and slower processing compared to SWIFT wire transfers. Wire transfers give you near real-time confirmation, while Global ACH provides fewer updates as your money moves through the system.

Online payment platforms

Services such as Wise, Western Union, WorldRemit, PayPal, or Payoneer may offer better exchange rates and lower fees, particularly for smaller transfers. They can be a good fit if you're paying international contractors or freelancers or collecting payments in foreign currencies.

Multi-currency wallets

Multi-currency wallets are digital accounts that let you hold, pay, and receive money in several currencies without converting everything to your home currency first. It's like having local bank accounts in different countries.

You can use multi-currency wallets to:

• Handle international receipts and payments from a single platform
• Reduce foreign exchange exposure by choosing when to convert currencies
• Improve cash flow management in foreign markets by eliminating conversion delays

Global bill pay solutions

If you pay international vendors regularly, dedicated platforms can automate payments and reduce per-transaction costs. These tools often integrate with your ERP or accounting software, syncing directly with platforms such as Xero, QuickBooks, or NetSuite, for easier reconciliation.

Send international wire transfers, and other payments, with Ramp

Ramp is a business spend management platform designed to help companies automate, control, and manage how they pay bills—domestically and globally.

International wire transfers are essential for one-time, high-value, or urgent cross-border payments where speed and certainty matter. Ramp makes it simple for businesses to handle these and other payments without the hassle of juggling multiple systems or providers.

Ramp supports a wide range of payment types to help your business move money exactly how—and when—you need to:

• International wire transfers: Ramp supports payments to vendors abroad in US dollars or payments to international vendors in their local currency
• Domestic wire transfers: Great for large, time-sensitive payments. Ramp enables same-day domestic wires for eligible transactions, with secure processing through the Fedwire network.
• ACH (direct deposit): Ideal for payroll, recurring vendor payments, and predictable disbursements. Ramp supports both regular and same-day ACH for faster delivery on eligible bills.
• Check payments: For US-based vendors who still prefer checks, Ramp can issue and mail checks on your behalf
• Ramp cards: Pay vendors by card—either with your existing cards or one-time-use Ramp cards—to earn cashback for vendors that accept Visa

By combining control and ease of use, Ramp helps you manage every payment efficiently, whether it's recurring or last-minute, small or large, domestic or international.

Whatever the need, Ramp Bill Pay makes it easy to manage spend.

This post includes general information about international payments. For help with international payment functionality specific to Ramp, visit Ramp Support for more details.

Learn more about Ramp Bill Pay and how it helps automate accounts payable.