How to transfer money to a foreign bank account

Written by maggie mccormick
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Sending money overseas is easy with the technology now available. You can send money through a cash transfer, international money order or a wire transfer. If you want to transfer money to a foreign bank account, however, you'll need to perform a wire transfer. This is easiest for the recipient because she will not have to travel anywhere to receive the money you send. After a few days, it will be in her account.

Skill level:
Moderate

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Instructions

  1. 1

    Gather the recipient's information. You'll need to know the recipient's name and address, bank account information and bank address. Occasionally, a country will require you to add specific bank identifying numbers. If this is the case, your bank representative will help you find that information.

  2. 2

    Fill out your bank's forms for a money transfer. Your bank will have a specific form that you need to fill out. Be sure to add all details.

  3. 3

    Specify how much money you want to send. You can do this either in U.S. dollars or in the recipient's currency.

  4. 4

    Pay the bank's fees. All banks will require a fee for this service, usually in the £26 range. You must pay this before they will transfer the money. Typically, they'll simply remove the payment from your account at the time of the transfer.

Tips and warnings

  • Note that a foreign wire transfer can take several days, particularly to countries that are "slow to pay." Be sure to factor in the transfer time when deciding when to send the payment.
  • Save time by doing a foreign transfer online. Many banks with online account access allow you to initiate the transfer yourself.
  • In some cases, your money may go through an intermediary bank that performs the currency exchange. This bank may charge you a fee for the money transfer.

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