Paying a supplier, a contractor or a partner in another country can feel simple until the money arrives short, late or not at all. A fee you did not see, an exchange rate that was worse than you thought or one wrong digit in an account number can turn a routine payment into a problem.
The short answer: to send money internationally for your business, compare the total cost, not just the fee, check every detail of the person you are paying, and choose a way that pays out on the local payment system in their country when you can. SWIFT wires can pass through several banks, take days and arrive with fees taken out.
How international business payments work
When most banks send money abroad, they use SWIFT, a messaging network banks use to pass payment instructions to each other. The money can pass through one or more correspondent banks on the way, and each one may take a fee out of the payment. A SWIFT payment often takes 1 to 5 business days. We do not encourage SWIFT when another way works.
Many payment providers work differently. They convert your money and pay it out on the local payment system in the other country, like SEPA for euros. That is usually easier to price and less likely to arrive short.
A US domestic wire is something else. It moves over Fedwire between two US bank accounts and settles the same day during operating hours. It does not move money between countries on its own.
What to check before you send
- Total cost. Add the transfer fee, the margin in the exchange rate and any fees taken out along the way.
- Exchange rate. Compare the rate you are offered with the mid-market rate for the same day.
- Speed. Ask when the money will arrive, and plan around weekends and holidays in both countries.
- Payee details. Check names, account numbers and bank codes before you send.
- Limits. Ask about any limits on the amount you can send in one payment or one day.
Details you usually need
- The payee’s full legal name, as it appears on their account.
- The payee’s address.
- Their account number or IBAN.
- Their bank’s SWIFT or BIC code, if the payment goes by SWIFT.
- Their bank’s name and address.
- The amount, the currency and a payment reference, like the invoice number.
7 tips for sending money internationally
Tip 1: Compare total cost, not just the fee
A provider with no transfer fee can still cost more if its exchange rate is worse. Here is an example with made up numbers. On a $10,000 payment, a rate that is 1% worse than the mid-market rate costs you $100. Ask each provider how much will arrive for the same amount on the same day.
Tip 2: Look past your bank
Banks often send international payments by SWIFT and build a margin into the exchange rate. Specialist payment providers often show their conversion fee upfront and pay out on local systems. For small personal transfers, the World Bank reports that sending money abroad costs an average of 6.36% of the amount sent. Source: World Bank Remittance Prices Worldwide, last updated August 2025.
Tip 3: Ask about every fee
Ask about the sending fee, the receiving fee and any fees banks in the middle may take out. A payment that arrives short can leave your supplier asking you to pay the difference.
Tip 4: Choose the right way to pay
For a supplier abroad, a local payout in their own currency is usually simpler than a SWIFT wire. For clients abroad who pay you, US dollar payments from a US bank account or stablecoins can be simpler than a SWIFT payment into your bank.
Tip 5: Plan for time
Banks have cutoff times, and weekends and holidays differ by country. Send early enough to meet your deadline, and ask for the expected arrival date before you promise one to your supplier.
Tip 6: Protect yourself from fraud
Scammers often send fake invoices or emails that say a supplier has “new bank details”. Before you pay new details, call the supplier on a phone number you already have. For large payments, ask a second person to approve.
Tip 7: Get help when you are unsure
If something about a payment is unclear, ask your provider before you send. Getting the details right the first time costs less than fixing a payment that went to the wrong place.
Are international payments safe?
Payments through regulated banks and payment providers are generally safe. Most problems come from wrong details, scams or surprise fees, not from the payment systems themselves. Once a wire is sent, it is very hard to get back, so check every detail first.
- Confirm new or changed bank details by phone, using a number you already have.
- Never pay because an email says it is urgent. Check with the person first.
- Keep a record of the amount sent, the rate and the amount that arrived.
How Bancoli helps
Bancoli is a chartered bank and a fintech together in one.
Bancoli works this way. You get paid in USD, by ACH, RTP or US domestic wire from a US bank account, or in stablecoins (USDC, USDi and USDT), and the money lands in your Smart USD Wallet. When you pay a supplier abroad, you get free FX in 25 currencies. Bancoli does not offer accounts that hold other currencies. You control your funds. Bancoli does not own or control them. Smart USD is not a bank deposit and is not FDIC-insured.
- See how Zero FX works.
- Payments between Bancoli accounts arrive in minutes, and they are unlimited and free or nearly free.
- Wires you receive into Bancoli typically take 1 to 2 business days. Bancoli does not encourage SWIFT.
- Signing in to your wallet uses at least two social logins, chosen from Google, Apple, X or Telegram, and each payment approval uses MFA or a passkey.
Frequently asked questions
What is the cheapest way to send money internationally for a business?
It depends on the currency and amount. A payment that converts at a fair rate and pays out on the local system in the other country usually costs less than a bank SWIFT wire. Compare how much will arrive, not just the fee.
How long does an international payment take?
A SWIFT payment often takes 1 to 5 business days. Payments that go out on a local system in the other country can be faster. Weekends, holidays and cutoff times can add time.
What information do I need to send money abroad?
Usually the payee’s full name and address, their account number or IBAN, their bank’s SWIFT or BIC code, the bank’s name and the amount and currency.
Can an international wire be reversed?
Usually not once it is sent. That is why you should confirm the payee’s details, especially new or changed ones, before you pay.
In conclusion
Sending money internationally costs less and goes more smoothly when you compare the total cost, check every detail and avoid SWIFT when another way works. To get paid in USD and pay suppliers abroad with free FX in 25 currencies, open a Smart USD Wallet.