International bank transfers: How to transfer money to foreign bank accounts
When you live abroad, remittances are often a fact of life. You will typically find any way you can to send international bank transfers in order for your family and friends back home (or even your own personal account!) to benefit.
Luckily, WorldRemit is here to help you send money abroad and to give you advice on how to go about transferring money to a foreign bank account.
WorldRemit Content Team
• 5 mins read • Updated
What is an international bank transfer?
An international bank transfer is when money is sent overseas to another country that’s different from the country of origin.
As you likely know, international bank transfers can be used for a variety of purposes, including allowing your recipient to pay off bills or as discretionary spending. You can even send a transfer to your own account in a different country if you’re trying to save up for something in particular like a house.
What details do I need for international bank transfers?
When sending international bank transfers, depending on the provider you are using, the documents required will generally be :
The recipient’s name and address
SWIFT/BIC and bank account number
In order to make an international bank transfer, we’d recommend setting up a WorldRemit account in order to make the process as fast and seamless as possible. Follow these steps to know how to do an international bank transfer:
Download the WorldRemit app, then sign up to create your profile
Provide valid identification: government-issued ID to verify your identity and documents to confirm the receiver’s ID
Give details of the foreign account you’re sending money to: full name, account number, SWIFT, and IBAN depending on the country you are sending to
Set your payout method to “bank transfer”: as long as this method is available in the country you’re sending to
Select your preferred payment methods: credit card, debit card or bank transfer
How to make an international bank transfer?
With WorldRemit, international money transfers are fast and your loved ones will receive their money easily, no matter where they are in the world. There are many ways to transfer money to an international bank account with WorldRemit.
Although, your receiver might have specific preferences on the ways they like to receive money depending on their needs. For example, they may not have a bank account for you to send money to. This helpful blog post will walk you through the steps needed to transfer money to a bank-less recipient.
Some receivers also like to receive cash in-hand rather than getting a bank transfer deposited. Thankfully, WorldRemit provides four great options for sending money abroad, including cash pickup. We’ll walk you through all those options here:
Sending money to a foreign bank account
A bank transfer is an electronic payment from your bank account to another international bank account. It’s easy to send an international bank transfer with the WorldRemit app. Here are the steps you need to take:
Login or sign up for a WorldRemit account
Select the country and amount you want to send
Enter your receiver’s details (name, address and phone number) and bank details (bank name, IBAN number and SWIFT code)
Pay for your transaction
Sending money for cash pickup
Cash pickup is when you send money to your receiver to be picked up as physical cash at a supported location within WorldRemit’s 200-strong partner network.
To collect a cash pickup transfer, your receiver will need a valid photo ID that shows their full name. They’ll also need the transaction reference that will be sent to your receiver’s mobile phone as an SMS once the payment is ready for collection. Your receiver doesn’t need to download the WorldRemit app in order to receive money this way.
Sending mobile money
Mobile money is an electronic wallet service. It’s available in many countries and allows you to store, send and receive money using your mobile phone. It can be used on both smartphones and basic feature phones. The steps are similar to sending a bank transfer, however, you need to select your payment method as “mobile money” before you checkout.
Sending airtime top up
Another popular mobile phone-based payment method includes airtime top up. Using this method, you can add more talk time or data allowance to your receiver’s mobile phone instantly. You can complete this type of transaction on both your mobile phone or laptop. You just have to check that this payment method is available in the country that you’re sending to.
How long does an international bank transfer take?
How long your international bank transfer takes will depend on the country you are sending to (and from), as well as the payment method you choose. Sending an international transfer with a traditional bank can take the same day to 14 days.
With WorldRemit, it can take 1 to 2 days for your receiver to receive your transfer – but sometimes, it can be done instantly. Why not use our calculator to find out how long your transfer might take?
How much are international bank transfer fees?
Looking at overseas bank transfer fees is important. However, it can be difficult to know beforehand how much it will cost you, as this depends on a number of factors. Luckily, with WorldRemit, there’ll be no surprises! All our fees are shown upfront.
Some of the factors that influence international bank transfer fees include:
Currency conversion charges: This is how much it costs to exchange one currency for another. The amount charged depends on the exchange rate at the time and how much you’re sending. To find out more about exchange rates, please see our blog on the topic.
Transfer/sending fees: These are what the bank or service you’re using to transfer money charges. You may also incur other fees depending on the sender’s location or the money’s ultimate destination.
Receiving fees: These are not quite as common as transfer fees. But, essentially, they are charges that person receiving the money may incur – typically from the bank you’re sending money to.
Can I send large international bank transfers?
At times, you may find yourself needing to send a large sum of money to your receiver to pay off a loan or for a house payment, for example. The upper limit on what you can send with WorldRemit will depend on the following factors:
the country you’re sending to
the country you’re sending from
the payment option you choose
our local partner’s transaction limits
For more information on this topic, see our web pages on the region your receiver lives in or select the country you’re sending from on these pages.
You can also decide how often you send money in order to manage the amount you spend on transfer fees. You can choose to send large, one-off payments, which can be beneficial if you wait for when the exchange rate is best for you.
However, sending small payments more regularly can also help you and your receiver budget more effectively. To explore the pros and cons of both, please see our blog post on the topic.
International bank transfers: FAQ
What are the other ways to send money internationally?
Mobile money - Sending money to an electronic wallet on your receiver’s phone
Airtime top up - Send a top up of data allowance or talk time on your receiver’s phone
Cash pickup - Send cash for your receiver to collect from a physical location in our partner network
How do I avoid international wire transfer fees?
There’s no way to completely avoid international transfer fees. However, there are some ways we’d recommend to keep the fees low.
These include taking advantage of WorldRemit’s three-free transfer promotion, which allows you to get your first three transfers completely free when you use code 3FREE on your transaction. You can also sign up for our exchange rate notifications to find out when it’s the most favourable time for you to send.
You can also send more money less frequently in order to avoid paying too much on transfer fees.
How many currencies are available with international bank tranfers?
With WorldRemit, you have the option of sending one of 28 currencies and your receiver can get their money in 69 different currencies.
This communication is intended for marketing purposes only and does not constitute or provide legal or investment advice.
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