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