International wire transfers remain the backbone of global business payments. When you need to send money across borders securely and efficiently, understanding the process can save you time, money, and stress.
This guide walks you through everything from preparation to confirmation.
What is an International Wire Transfer?
An international wire transfer is a banking service that electronically transfers money from one bank account to another in a different country.
These transactions enable the making and receiving of international payments without requiring conversion to the local currency before reaching the destination account. The average transfer time ranges from 1 to 5 business days, depending on the banking networks involved.

What Information is Required to Make an International Wire Transfer?
Preparation prevents costly delays and rejected transfers. Having the right information ready streamlines the entire process, whether you use your existing bank or a specialized platform.
Essential recipient information:
- Full legal name (exactly as it appears on their bank account)
- Complete mailing address, including postal code and country
- Bank name, city, and country SWIFT/BIC code (8-11 character bank identifier)
- Account number or IBAN (depending on destination country)
- Purpose of payment (required for compliance in many jurisdictions)

Understanding international transfer fees, currency conversion rates, and exchange spreads is crucial for optimizing payment costs. Platforms like Bancoli offer rates as low as $0 for certain transfers, while traditional banks typically charge higher fees.
Other Relevant Information to Make an International Wire Transfer
Your business may need additional documentation, particularly for larger transfers or first-time international payments:
- Business registration certificate
- Government-issued ID for authorized signatories
- Proof of business address
- Tax identification numbers
These requirements vary by financial institution and destination country, so verify specific documentation needs during account setup.

Costs in International Wire Transfers
Understanding the full cost structure helps you budget accurately and choose the most efficient transfer method:
- Base transfer fee (typically $15-50 per wire for traditional banks, $0-25 for modern platforms)
- Foreign exchange spread (0.30%-2.50% depending on currency pair and provider)
- Intermediary bank charges (0-$30 per intermediary bank in the chain)
- Recipient bank receiving fees (varies by institution)
How Does an International Wire Transfer Work? Types of International Transfers
Several systems facilitate international wire transfers, with SWIFT and SEPA being the most common.
- SWIFT transfers: The Society for Worldwide Interbank Financial Telecommunication (SWIFT) facilitates money transfers between banks worldwide. Each banking institution has an 8-11 character alphanumeric SWIFT code (also known as a BIC – Bank Identifier Code) that ensures secure transaction routing.
- SEPA transfers: The Single Euro Payments Area facilitates bank transfers in euros within the eurozone, covering European Union countries, as well as nine additional European countries that use the Euro.
Understanding fees, exchange rates, and processing times is essential since these vary significantly between methods and providers. Always double-check recipient details, as errors lead to delays and additional fees.
What is the Difference Between “Currency” and “Foreign Currency”?
Currency refers to the official legal tender of a country, which is typically represented by coins or paper money issued and regulated by a government or central bank. Foreign currency is any money that isn’t the official legal tender of your country.
For example, if you’re in Mexico, the Mexican peso (MXN) is the local currency, while US dollars (USD) or euros (EUR) are considered foreign currencies.

Step-by-Step International Wire Transfer Process
Steps 1-2: Account setup & verification
The most convenient approach uses online banking platforms. Whether through your existing bank’s online portal or specialized B2B payment platforms like Bancoli, digital platforms streamline the verification and transfer process.
Registration process:
- Create your business account using your company email
- Upload required documents (business registration, ID, and address proof)
- Complete verification to access international transfer capabilities
Modern platforms offer additional advantages once verified, including multi-currency account access with USD and EUR named accounts, which enable payments through various channels such as wire transfers, ACH, card payments, and stablecoins, all integrated into comprehensive business accounts.

Step 3: Test transfer strategy
Before sending large amounts, it is recommended to test with $100-200. This reveals:
- Total fees charged to you
- Amount your recipient actually receives
- Any intermediary bank deductions
- Processing time for this specific corridor
This small investment helps prevent expensive surprises on larger transfers.
Step 4: Main transfer execution
With verification complete, initiate your wire transfer:
- Select “International Wire Transfer” from your account dashboard
- Enter recipient details (double-check SWIFT/BIC codes)
- Review all fees upfront before confirming
- Pro tip: When both parties use the same modern platform, like in Bancoli-to-Bancoli, transfers can be instant and often fee-free, operating 24/7
Critical verification points:
- Recipient name matches the bank account exactly
- SWIFT code corresponds to the correct bank and branch
- Currency selection matches the recipient’s account type
Step 5: Tracking & confirmation
Monitor transfer status in real-time through your platform dashboard. Most transfers complete within 1-5 business days, depending on:
- Correspondent banking relationships
- Recipient country regulations
- Currency conversion requirements

Step 6: Recipient verification
Confirm with your recipient:
- Exact amount received in their currency
- Any local bank charges deducted
- Timeline from your send to their receipt
This establishes a baseline for future transfers and ensures that no unexpected deductions are made.
Different Ways to Transfer Money Globally
Understanding transfer types helps optimize your payment strategy and manage costs effectively.

Transfer type definitions:
Payment: Movement associated with an invoice or payment request. These transfers often have additional documentation requirements, but may qualify for better business rates.
Transfer: Direct money movement without invoice requirement, including money withdrawals and movements to external accounts for operational purposes.
Deposit: Incoming funds from external sources where no invoice exists. These are processed as transfers to simplify categorization.
Cost structure breakdown:
Base transfer fees range from $0-50 depending on your financial institution and corridor. Traditional banks typically charge $25-50, while modern platforms often offer $0-25 rates, with some providing volume discounts for frequent senders.
FX conversion costs vary significantly by currency pair:
- Major currencies (USD, EUR, GBP): 0.30%-0.90% over interbank rates
- Asian currencies (SGD, HKD): 0.50%-1.20% over interbank rates
- Emerging market currencies: 1.50%-2.50% over interbank rates
Intermediary charges: Traditional banks often use 2-4 correspondent banks, each potentially charging $10-30. Modern platforms with direct banking relationships minimize these hidden costs. See more on Bancoli’s fees and rates for international wire transfers.
Timeline factors:
- Same-currency transfers: 1-2 business days
- Currency conversion required: 2-3 business days
- Complex routing (multiple intermediaries): 3-5 business days
- Enhanced due diligence triggers: Additional 1-3 days
Pro Tips for Success in International Wire Transfers
Always test small amounts first. Never send large amounts without testing the corridor. A $100-200 test reveals the true cost structure and timeline. Calculate the percentage loss and apply it to larger amounts for accurate budgeting.
Negotiate timelines with recipients. If account setup takes several days, communicate transparently: “I’m setting up a more efficient payment method that will save us both money on fees. Can we adjust the timeline by one week for a cleaner, faster process?”
Verify details twice. SWIFT code errors are the leading cause of delayed transfers. Use online SWIFT code validators and confirm with recipients before sending.
Track transfers in real-time. Modern platforms provide tracking numbers and status updates. Share these with recipients so they know when to expect funds and can follow up with their banks if needed.
Have backup plans ready. If your primary transfer method fails, have alternative options:
- Traditional bank wire transfer (slower, higher fees)
- Money service providers and credit card payments for smaller amounts
- Digital payment platforms (if both parties have access)

Document everything. Keep records of transfer confirmation numbers, exchange rates applied, total fees charged, and recipient confirmation of receipt. This documentation helps with accounting, tax purposes, and troubleshooting future transfers.
When to Use Wire Transfers
Best use cases:
- Large business payments ($10,000+)
- Real estate transactions
- Supplier payments requiring formal documentation
- Cross-border payments where both parties need audit trails
- Situations requiring guaranteed settlement
Consider alternatives when:
- Sending smaller amounts (under $1,000) where percentage fees are high
- Recipients prefer other methods (cards, digital wallets)
- Same-day settlement isn’t critical
- Working within regions with efficient local payment systems (SEPA in Europe)
Quick decision framework: Use wire transfers when security, documentation, and guaranteed delivery matter more than speed or cost. Consider alternatives when convenience and lower fees for smaller amounts take priority.
Conclusion
Wire transfers remain the gold standard for international business payments. With proper preparation and the right platform, they provide secure, traceable, and reliable cross-border money movement. The key is understanding the process, testing small amounts first, and choosing platforms that prioritize transparency over hidden fees.

Frequently Asked Questions
How long do international wire transfers take?
Most international wire transfers complete within 1-5 business days. Same-currency transfers typically take 1-2 business days, while transfers that require currency conversion take 2-3 business days. Complex routing through multiple intermediary banks can extend the timeline to 3-5 business days. Enhanced due diligence checks may add an additional 1-3 days.
What information do I need to send an international wire transfer?
You need the recipient’s full legal name (exactly as it appears on their bank account), complete mailing address including postal code and country, bank name and location, SWIFT/BIC code, account number or IBAN, and the purpose of payment. Always double-check the SWIFT code, as errors are the leading cause of delayed transfers.
How much do international wire transfers cost?
Costs include a base transfer fee ($15-50 for traditional banks, $0-25 for modern platforms), foreign exchange spread (0.30%-2.50% depending on currency pair), intermediary bank charges ($0-30 per intermediary), and recipient bank receiving fees. The total cost varies significantly between providers and currency corridors.
What’s the difference between SWIFT and SEPA transfers?
SWIFT transfers use the Society for Worldwide Interbank Financial Telecommunication network for global money transfers between banks worldwide. SEPA (Single Euro Payments Area) facilitates euro transfers within the eurozone, covering EU countries plus nine additional European countries using the euro.
Should I test with a small amount before sending a large transfer?
Testing with $100-200 before sending large amounts reveals the total fees charged, the amount your recipient actually receives, any intermediary bank deductions, and the processing time for that specific corridor. This small investment prevents expensive surprises on larger transfers.
What documents are required for business verification?
Typically, you will need a business registration certificate, a government-issued ID for authorized signatories, proof of your business address, and your tax identification number. Requirements vary by financial institution and destination country, so verify specific documentation needs during account setup.
What’s the difference between payment, transfer, and deposit types?
Payment refers to the process associated with an invoice or payment request, often accompanied by additional documentation requirements, but potentially offering better business rates. Transfer is a direct money movement that does not require an invoice for operational purposes. A deposit refers to incoming funds from external sources where no invoice exists.
When should I use wire transfers instead of other payment methods?
Use wire transfers for large business payments ($10,000+), real estate transactions, supplier payments requiring formal documentation, cross-border payments needing audit trails, and situations requiring guaranteed settlement. Consider alternatives for smaller amounts under $1,000, such as when percentage fees are high, recipients prefer other methods, or when same-day settlement isn’t critical.
How can I track my international wire transfer?
Modern platforms like Bancoli offer real-time tracking through dashboard interfaces, providing status updates and tracking numbers. Share these with recipients so they know when to expect funds and can follow up with their banks if needed. Most transfers show progress through correspondent banking relationships and regulatory checkpoints.
What happens if I enter wrong recipient details?
SWIFT code errors are the leading cause of delayed transfers. Incorrect details can result in transfers being returned, delayed, or sent to the wrong accounts. Always use online SWIFT code validators and confirm all details with recipients before sending. Keep detailed documentation of all transfer details for troubleshooting purposes.
Why are there intermediary bank fees?
Traditional banks often use 2-4 correspondent banks in the transfer chain, each potentially charging $10-30. These intermediary banks facilitate the movement of funds between your bank and the recipient’s bank across different countries and banking networks. Modern platforms with direct banking relationships can minimize these hidden costs.
What’s the difference between currency and foreign currency?
Currency refers to the official legal tender of a country – coins or paper money issued and regulated by a government or central bank. Foreign currency is any money that isn’t the official legal tender of your country. For example, if you’re in Mexico, the Mexican peso is the local currency, while US dollars or euros are considered foreign currencies.
Can international wire transfers be instant?
When both parties use verified accounts on the same modern platform, transfers can be instant and often fee-free, operating 24/7 regardless of banking hours. Traditional bank-to-bank transfers typically require 1-5 business days due to correspondent banking networks and regulatory requirements.
What should I do if my transfer is delayed?
Contact your financial institution with your transfer confirmation number and tracking details. Delays often result from enhanced due diligence checks, correspondent banking relationships, or recipient country regulations. Having complete documentation helps resolve issues faster.
How can I minimize international wire transfer costs?
Test small amounts first to understand the true cost structure. Choose platforms with transparent fee structures and competitive exchange rates. For frequent transfers, look for volume discounts. When both parties can use the same modern platform, you may access instant, fee-free transfers. Always compare total costs including hidden intermediary fees, not just advertised rates.