To send money abroad, you need six things in hand before you walk into the branch or open the transfer form: the recipient’s exact legal name and physical address, their bank account number or IBAN, the receiving bank’s SWIFT code (plus any local routing number the destination country uses), your own government-issued photo ID and sending account details, and a specific reason for the payment. That is the core information needed for an international wire transfer. Each item serves a purpose in the compliance checks every cross-border payment has to pass, and missing or wrong details are the main reason transfers get held, returned, or routed to the wrong account.
The Recipient’s Legal Name and Physical Address
The name you give the bank has to match the name on the receiving account exactly. Not a nickname, not a shortened version, not a spouse’s name. A mismatch triggers automated fraud alerts and can hold or return the funds. Sending money to “Mike Smith” when the account is registered to “Michael J. Smith” is enough to put the payment in limbo while both banks sort it out.
You also need a full physical address. A P.O. box will not do. Financial institutions have to verify the actual location of parties in a cross-border transaction under global anti-money-laundering standards, and an incomplete address can prompt the receiving bank to return the funds. Return fees come out of the transfer amount.
Account Number or IBAN
The account number tells the receiving bank where to deposit the money. In much of Europe, the Middle East, and parts of the Caribbean, banks use an International Bank Account Number instead of a plain account number. An IBAN runs up to 34 characters, starting with a two-letter country code, two check digits, and then the domestic bank and account information.1SWIFT. IBAN Registry The check digits are a built-in error detector: if you transpose two numbers, the system catches it before the money leaves.
Countries outside the IBAN system use a standard account number, which varies in length. Either way, a single transposed digit can send funds to the wrong person or strand them in a clearing account, and recovering misdirected money is difficult and sometimes impossible once it has been credited elsewhere. The recipient can find their account number or IBAN on a bank statement, in a mobile banking app, or by asking their bank directly.
SWIFT Code and Local Routing Numbers
A SWIFT code, also called a BIC, is the address that routes your payment to the correct bank. It is an eight-character code: a four-letter bank identifier, a two-letter country code, and a two-character location code. Some banks add a three-character branch identifier, making it eleven characters total.2Swift. Business Identifier Code (BIC) You can verify the code on the receiving bank’s website or through the SWIFT online directory.
Some destinations also need a local routing number alongside the SWIFT code:
- United Kingdom: a six-digit sort code identifying the bank and branch.
- Canada: a five-digit transit number combined with a three-digit institution number.
- Australia: a six-digit BSB number.
If the recipient’s bank requires one of these and you skip it, the transfer may need manual handling by bank staff, which adds days. Ask the recipient to provide whatever local identifier their bank uses.
Your Own Identity and Sending Account
Your bank has to verify who you are before it releases funds abroad. Under the Bank Secrecy Act, financial institutions must confirm your identity for any in-person wire transfer and keep records including your name, address, and the type and number of the identification document you present.3FFIEC BSA/AML Manual. Assessing Compliance with BSA Regulatory Requirements – Funds Transfers Recordkeeping Bring a valid government-issued photo ID such as a driver’s license or passport, and know the account number you are sending from.
For transfers of $3,000 or more, the requirements tighten. Under what is known as the Travel Rule, your bank must include your name, address, and account number in the payment message sent to the next financial institution in the chain, along with the recipient’s name and account details if available.4eCFR. 31 CFR 1010.410 – Records To Be Made and Retained by Financial Institutions Every intermediary bank that touches the transfer has to pass this information along; it travels with the funds.5Financial Crimes Enforcement Network (FinCEN). FinCEN Advisory Issue 7 – Funds Travel Regulations Questions and Answers
Purpose of Payment
Most banks require a description of why you are sending the money. The field is usually labeled “Purpose of Payment” or “Payment Reference,” and you should fill it with a short, specific explanation: tuition payment, property deposit, family support, invoice number. The Bank Secrecy Act does not explicitly require the sender to state a reason, but banks ask as part of their internal compliance programs. Compliance officers review transactions that look unusual against your account history, and a vague entry like “payment” or “transfer” almost guarantees follow-up questions.
If the compliance team flags the transfer, they may request supporting documents such as an invoice, enrollment letter, or purchase contract before releasing the funds. The hold can last days, and there is no firm deadline for clearing it. Attaching documentation upfront is the single most effective way to avoid compliance delays, especially for large or first-time transfers to a new country.
What the Transfer Will Actually Cost
International wire transfers come in layers of cost, and the upfront fee the bank quotes is only the first one. Outgoing wire fees at major U.S. banks typically range from about $30 to $85 per transfer, with most falling around $45 to $50. Online transfers usually cost a few dollars less than in-branch requests, and some premium account tiers waive the fee.
The bigger cost is often the exchange rate markup. Banks do not convert dollars at the mid-market rate you see on Google; they add a spread that effectively increases the cost by 1% to 3% of the transfer amount. On a $10,000 transfer, that is $100 to $300 you will never see itemized as a “fee.” Federal law requires your bank to disclose the exchange rate, all transfer fees, any taxes, and the total amount the recipient will receive before you authorize payment.6eCFR. 12 CFR 1005.31 – Disclosures This disclosure comes from the Electronic Fund Transfer Act’s remittance transfer provisions, implemented through Regulation E.7Office of the Law Revision Counsel. 15 USC 1693o-1 – Remittance Transfers Read the pre-payment disclosure carefully. It is the one moment where every cost appears in one place.
The third layer is intermediary bank fees. When your bank has no direct relationship with the recipient’s bank, the transfer passes through one or more correspondent banks, and each may deduct a handling fee from the principal, so the recipient ends up with less than you sent. If the recipient needs an exact amount, say for a tuition bill or a contract payment, you may need to send extra to cover possible deductions, or ask the bank about fee-sharing options (often labeled “OUR,” “BEN,” or “SHA”).
Destinations Your Bank Cannot Send To
Before the transfer leaves the building, your bank runs it through the Office of Foreign Assets Control sanctions lists. If the recipient, the recipient’s bank, or any intermediary bank appears on OFAC’s Specially Designated Nationals list, the bank must block the transfer and report it to OFAC within 10 days.8Office of Foreign Assets Control. Blocking and Rejecting Transactions The money does not come back to you; it is frozen in a blocked account.
Some countries face comprehensive U.S. sanctions that prohibit most financial transactions outright. Cuba, Iran, and North Korea are among the most restricted destinations.9Office of Foreign Assets Control. Sanctions Programs and Country Information Violations can bring civil penalties, adjusted annually for inflation, and potential criminal prosecution.10Office of Foreign Assets Control. OFAC FAQs – Penalties for Violating Sanctions If you need to send money to a sanctioned country for humanitarian or otherwise authorized purposes, you have to apply for a specific license from OFAC before initiating the transfer, not after.
If You Spot a Mistake After Sending
Federal rules give you 30 minutes from the moment you pay to cancel the transfer for a full refund, provided the recipient has not already picked up or received the funds.11eCFR. 12 CFR 1005.34 – Procedures for Cancellation and Refund of Remittance Transfers Cancel within that window and the bank must refund the full amount, fees included, within three business days. After the 30 minutes close, cancellation is at the bank’s discretion; it may try to recall the wire, but there is no guarantee, and recall attempts usually carry a fee.
For errors you discover later, such as the wrong amount being sent, funds that never arrive, or the recipient receiving less than the disclosure promised, you have 180 days from the transfer’s disclosed availability date to report the problem to your bank. The bank then has 90 days to investigate and three business days after that to report back.12eCFR. 12 CFR 1005.33 – Procedures for Resolving Errors Wait longer than 180 days and the federal protections drop away.