Bank Transfer Guides
Whether you're sending money internationally to friends or family, making a foreign purchase, paying freelancers or contractors, or doing something else entirely, understanding the process is the first step in ensuring you don't over-pay for your transfer. In the past, making an international bank transfer meant you were limited to relying on the services of your bank - which meant paying expensive fees just to send your money abroad.
Nowadays, you have a wide range of options for international transfers. While banks are one of those options for international wire transfers, which are faster but are more expensive, you can also send money using a credit card wire transfer, as well as money transfer operators. These are other more popular methods. Transfer providers specialise specifically in sending money internationally and so can often process a transfer for lower fees and more competitive exchange rates than banks. Please read our guide to the cheapest ways to send money abroad and the cheapest way to make a wire transfer.
Making an international transfer with WorldRemit
As an example, WorldRemit supports international transfers to 150 countries in over 90 currencies, and you can initiate your transfer easily via your phone or computer. In addition to having a transparent fee structure and competitive exchange rates, WorldRemit can also send international transfers within minutes compared to the several working days it can take for a bank to process.
What details do I need for an international bank transfer?
To make an international bank transfer, you'll need your recipient's:
Name (whether it's an individual or a business name)
Address
Their account number or IBAN
Their sort code or BIC/SWIFT code. You can find the SWIFT code you need using our SWIFT code calculator.
The name and address of their bank
Make sure you double-check these details, as it might be difficult to reverse your transfer if some of the details are incorrect. For example, if you're sending money to Norway, you need to provide the correct Norwegian SWIFT code for the recipient's bank located in Norway.
Using your bank vs a money transfer service to send money abroad
You have two main options when making an international bank transfer: using your bank or using the services of a money transfer provider. Using your bank to make an international transfer may seem like a convenient way to send your money abroad, but it often ends up being one of the most expensive methods. If you'd like to know more about bank transfers, check our guide: how does a bank transfer work?
This is because banks tend to add on a number of fees to international transfers, including:
Upfront international wire transfer fees
Costs incurred for using the SWIFT transfer network
A markup on the exchange rate (on average between 4 - 5%)
What are SWIFT transfers?
The SWIFT - Society for Worldwide Interbank Financial Telecommunications - network is a vast messaging network that banks use to securely send information to one another, including instructions for money transfers.
Despite the name, SWIFT bank transfers are rarely the most rapid way to send money from one destination to another. This is because not all banks have direct connections - instead, instructions are often passed through a network of banks across the world to get to their final destination. This process is often compared to travelling abroad by plane, where in many cases, you'll need to catch a series of connecting flights to get to a less well-travelled destination.
The critical thing to know is that international bank transfers made via the SWIFT network will take on average 1 - 5 working days to be processed.
Alternative money transfer services for sending money internationally
A popular alternative to traditional banks for making a bank transfer is to use a money transfer service. These services are often digital-led and therefore have lower overhead costs, which enable them to charge fewer fees than banks, more competitive exchange rates, and process international transfers in a shorter period of time.
A few reputable services you could use to make an international bank transfer include:
WorldRemit
WorldRemit boasts a 90% approval rate on international transfers being authorised within minutes and supports over 150 countries and 90 currencies worldwide. The service has a user-friendly app and website and supports sending money internationally via bank transfer, cash pickup, mobile money, and to WorldRemit e-Wallets.
As an example, if we were to send £1,000 to Australia, converting to Australian Dollars, the bank transfer would take a maximum of 2 working days with a fee of £1.99, and a total of A$1827.39 received.
