How to Set Up an International Money Transfer Step-by-Step

What Is an International Money Transfer?

An international money transfer is when you send money from a bank account in one country to a receiving bank account in another country. People do this to pay for things, help their family, or manage investments in different places. Understanding the standard format and steps can help you save time and avoid additional charges.

Step 1: Gather the Recipient’s Bank Details

Before making the bank transfer, you will need:

• Full name of the payee (recipient)
• Bank account number or International Bank Account Number (IBAN)
• SWIFT code or Bank Identifier Code (BIC)
• Bank code (used in some countries for branch identification)
• The type of currency the recipient will get (e.g., euros, pounds sterling, USD, RUB)
• The name and address of the receiving bank.

For transfers within the European Economic Area (EEA) or European Union (EU), you must follow IBAN and SEPA (Single Euro Payments Area) rules. A pdf confirmation might be made for your records.

Step 2: Log In to Your Banking Platform or App

Use your bank’s online banking portal or mobile app. This is often the most secure way to send money. You can use it anytime, any day.

Choose the international payment option. After that, select your current account, currency account, or linked debit card to complete the payment.

You may need to put in your email, phone number, or other personal data for security checks.

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Step 3: Choose the Currency and Amount

Select the local currency for the person you are sending money to. You can also choose a foreign currency such as EUR, GBP, or USD.

If you are sending large amounts of money, consider how changes in the exchange rate can impact the currency equivalent. Some banks allow you to secure an exchange rate for a transfer on a later date.

For example:

• Sending £10,000 to Europe will be converted into euros.
• Sending pounds sterling to Vietnam will be converted into Vietnamese dong.

Step 4: Enter Payment Details

Provide the following:

• Recipient’s IBAN (if you are within the EU/EEA) or account number
• SWIFT or BIC code for the receiving bank
• Any necessary bank code or national clearing code
• A reference or note (this is optional, but it can help the payee)

You may be offered payment methods such as:

• Moving money from a bank account
• Using a debit card
• Paying with Google Pay or Apple Pay
• Scanning a QR code (on supported platforms)

Step 5: Review Fees and Estimated Arrival Time

Carefully review:

• Fees for sending money
• Exchange rate used
• Expected arrival time (for example, next working day or 2–5 business days)
• Any additional fees for overseas payments

Some payments, like those to areas outside of SEPA, such as Russia or Belarus, might take longer. They may also have higher fees.

Step 6: Confirm and Send the Money

Once you’re satisfied with the details:

• Look at the payment type.
• Confirm the transfer (often through SMS, app approval, or 2FA).
• Save a record of your confirmation or transaction number.

Many banks provide a summary or let you download a PDF receipt.

Step 7: Notify the Recipient

It’s helpful to let the beneficiary know when the transfer is complete. Make sure to inform them:

• The amount you are sending
• The type of currency
• The time you expect for delivery
• Any bank account number, reference, or tracking ID you might need to check.

It is very important if the person getting the money is in a country with different currencies. Changes in the exchange rate can also affect the final amount they receive.

Correct as of 25 March 2025

FAQs About Setting Up International Money Transfers

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