International Bank Transfer Fees

How much do international bank transfers cost?

International wire transfer fees in the US can range between $25 and $45, depending on the bank, while some banks also charge different fees for outgoing and incoming wire transfers. MoneyTransfers.com has looked at the biggest banks in the US, the UK and around the world to see how much they charge for international wire transfers:

What are international wire transfer fees

There are a few different types of fees for international wire transfers to be aware of, and we’ve listed them below:

What affects the cost of international bank transfers

The cost of your international wire transfer can be affected by factors like:

• The type of transfer you’re making: Some banks offer premium transfers that occur much faster, but often come at a higher cost

• The currencies involved: Different banks may offer different charges based on the currencies involved in the transfer

Banks vs money transfer providers

If you want to avoid wire transfer fees, your best alternative is to use a money transfer provider. These companies specialise in sending money abroad at low rates, using a network of bank accounts around the world to move money while avoiding the SWIFT network.

Here’s how money transfer providers compare to the banks when sending money abroad:

Sending $2,000 from the USA to Mexico

Exchange rate on 15/05 - 17.56

Sending $10,000 from the USA to Canada

Exchange rate on 15/05 - 1.35

Sending $100,000 from the USA to India

Exchange rate on 15/05 - 82.24

Why are banks so expensive?

International wire transfers with banks are one of the most expensive ways to send money abroad due to their reliance on the SWIFT banking system. When you send money via an international bank transfer, your bank uses the SWIFT network to communicate with the recipient bank, confirming details about the transfer.

Once this step takes place, your bank sends the money through a series of intermediary banks before it ends up at the receiving bank. Each of these banks takes a fee, on top of all the other fees you have to pay to your bank - and they all add up.

Because most banks have a range of other products and services on offer, they don’t generally dedicate many resources to international transfers. As a result it remains an expensive way to send money abroad, often including high wire transfer fees.

This is where money transfer providers changed the game. These online-first companies that focus almost exclusively on remittance are able to offer cheaper transfers using their significantly more streamlined infrastructure.

How do money transfer providers work?

Money transfer providers use their own network of bank accounts across all the countries in which they operate. When you make a domestic bank transfer to your chosen provider, they simply credit the same amount - minus fees and exchange rate markups - from a bank account in the receiving country to the recipient’s account. No money ever crosses an international border, so the only fees to pay are to the provider.

What is the cheapest way to send money internationally?

Money transfer providers routinely offer the cheapest way to send money abroad - it’s just a case of finding the right provider for the transfer that you want to make. Comparing your options with MoneyTransfers.com is a quick and easy way to find the best deals available for your transfer.

In most cases, the cheapest way to send money abroad will be by using a money transfer provider and paying by bank transfer. As explained above, this often results in the lowest fees and the best exchange rates - however, just be aware that bank transfers can sometimes take a little longer to process than other methods.

How to save money on your international bank transfer

If you want to make an international money transfer from your bank to another bank account overseas, here are MoneyTransfers.com’s recommendations for getting the cheapest deal possible:

• Online not phone/branch: Many banks will charge a smaller wire transfer fee if you transfer money online or via an app, compared to over the phone or in-branch

• Avoid using credit or debit card: Using your credit card to fund an international transfer will incur a range of fees, including a cash advance fee, a currency conversion fee and possibly even interest payments. Debit cards aren’t as expensive but their currency conversion fees are still often higher than you’d get with a money transfer provider

• Sacrifice speed: As is the case with so many things, you’ll find that the faster you want your transfer to happen the more you’ll need to pay. If you can afford to wait a while, it’s likely there will be a cheaper option available that will take possibly two or more days to complete

• Use a money transfer provider: The easiest and most reliable way to make an international bank transfer is to use a money transfer provider. With MoneyTransfers.com you can compare rates from the biggest providers in the industry, like WorldRemit, Wise and XE - so you can see who offers the fastest and cheapest bank transfers to your chosen destination

Is it possible to make a free international bank transfer?

It’s unlikely that you’ll be able to make a free international bank transfer as there will always be some kind of charge involved. A notable exception is if you live in the SEPA zone.

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