In a world that's ever more connected, international payments are becoming much more common.
If you want to know how to transfer money internationally, this guide will help you navigate the best options available, including the most important things to consider before sending your funds.
What to consider when transferring money internationally
Before sending money internationally, consider the following factors.
Fees
Fees can really stack up when it comes to international payments, and they aren't all immediately obvious. Many providers charge an upfront fee, and that's just the beginning.
For an international wire transfer, intermediary banks may charge more transfer fees along the way, and the bank where your payment arrives might even charge your vendor a fee to receive a wire.
These hidden fees and costs can make it much more expensive to send money overseas. Even when the vendor has to foot the bill, that same vendor will often charge additional service fees to its international clients to make up the difference.
So, always compare options and understand the full fee breakdown.
Transfer speeds
Need it yesterday? Or can it wait a few days? When you send money internationally, transfer speeds vary widely depending on the service. Some can take several days (or more) to complete the journey.
If you're sending money on a tight deadline, prioritize services that offer quick transfers. Just pay close attention to what they're charging for that speed.
Newer payment methods like Local Transfer use cutting-edge payment technologies to offer the best of both worlds.
Transfer limits
Some providers are uncomfortable with large international transfers and will cap the amount you can send. This is especially true of systems that are intended for personal transfers rather than business payments.
Before you decide on an international money transfer service, be sure to investigate caps and other usage limitations. Companies that need to send international B2B payments should consider a service that's built specifically for business payments.
Destinations
Where your money's headed can make a big difference. Take some time to understand the banking infrastructure in the recipient's country, the availability of remittance services there, and the fees and speeds they offer.
Be aware of potential taxes, tariffs, or limits on incoming transfers for certain countries—these can impact the efficiency and security of your transfer.
Finally, keep an eye on exchange rate fluctuations—they can significantly affect the amount your vendor receives. Stay informed about current rates and any additional charges that may apply.
3 ways to send an international money transfer
Need to send money abroad? Here are three ways to send money internationally.
Traditional wire transfers
International wire transfers are well established as a more traditional method of sending money across borders electronically. They're offered by many banks as well as specialized money transfer services
To initiate a bank transfer by wire, you'll need to provide the recipient's banking details, including their account number and the receiving bank's information.
While generally secure and reliable, international wire transfers often come with higher fees and longer processing times compared to newer options.
Keep in mind: Recipients may face currency exchange fees or other fees on their end—and intermediary banks may charge fees as well. Be sure to factor those into your calculations.
Money transfer services
In recent years, money transfer services have become increasingly popular for personal transfers and can be an alternative for business international wire transfers in some situations. However, many aren't set up for business use and don't integrate with business accounting software.
Keep in mind: Because these services aren't typically connected to AP systems, you'll have to enter the amount and destination of each payment manually. If you accidentally add an extra zero or send that money to the wrong place, reversing the payment can be a real challenge.
BILL
For organizations that need to make B2B payments—at home or abroad—BILL offers a platform that's tailored to business needs.
Key features:
- Local Transfer allows payments in many countries through local networks, in local currencies, with funds available as quickly as the same day
- Businesses can also send international wire transfers through the same platform
- Automated approval workflows help ensure invoices are verified internally and approved before payment is sent
- Strong security protocols help protect against fraud and unauthorized access
- The platform integrates with major business accounting software and ERP systems for an automatic, real-time sync, so your books stay up to date
What is the best way to make an international money transfer?
The best way to send money abroad really depends on your specific needs. If you're looking to send money to family or friends, an informal money app designed for personal use in sending money from bank accounts (or a credit or debit card) to digital wallets might be just what you need.
However, for businesses making international vendor payments, BILL Accounts Payable offers the tools and options you need to streamline those payments while minimizing risk and improving your financial controls.
What our customers say
"Being able to pay our overseas engineers through BILL has changed their lives and allowed them to view us as a huge opportunity. It lets us recruit and retain the top talent needed to help us build awesome, stable, consistent technology." — joe
Send international money transfers to 137 countries
For businesses that need a reliable international payments platform, BILL offers international money transfers to 137 countries.
With flexible payment options and competitive rates, BILL can help meet your international transfer needs seamlessly—and your domestic ones too.
International money transfer FAQ
Here are quick, easy answers to the most frequently asked questions when it comes to international money transfers.
Why is my money transfer taking so long? (When will it hit my bank account?)
International money transfers can get held up for many reasons—banking holidays, time zone differences, provider-specific issues like verification processes, and regulatory checks, just to name a few.
If your international business payments are frequently delayed, consider switching to a B2B payments platform like BILL.
How long does an international money transfer take?
The time it takes money transfers to go through can vary widely. Traditional international bank transfers and international wires can take up to 5 business days or even longer to land in the recipient's bank account.
By contrast, funds sent via Local Transfer may be available as fast as the same day.
Always check the estimated delivery time provided by your chosen service before initiating a transfer.
