Thanks to modern technology and the rise of online banking, it’s quicker and easier than ever before to send money overseas. From banks to specialist online transfer providers, there are plenty of options to choose from when you need to transfer funds across international borders.
But do you know what information you need to provide to ensure that your funds arrive in the right account straight away? This guide explains all the bank account details you need to supply to safely send or receive an international money transfer.
Regardless of whether you choose to send a transfer through your Internet banking account or using a specialist online transfer company such as OFX, the details you need to provide remain the same.
You must supply:
Based on the country you are transferring funds to, you may also need to supply one of the following:
For example, the ABA routing number is used to identify banks in the United States and you will need to provide it or a SWIFT for transfers to that country, while if you’re sending a transfer to Europe you will need the IBAN and the SWIFT of the recipient’s bank. Your bank or money transfer provider will be able to provide specific information about the bank details you need to supply during the transfer process.
Apart from your recipient’s bank account details, you will also need to provide some specific details about the transfer, including:
This service is offered by providers such as Western Union and MoneyGram, allowing you to send fast cash transfers to hundreds of thousands of pickup locations around the world. The details you need to provide when sending a cash transfer are a little different, as you will typically need to supply:
It’s also worth remembering that you will need to be at least 18 years of age to send a transfer overseas.
If someone wants to transfer money to you from an overseas bank account, you’ll need to make sure they have all the relevant details needed to complete the transaction. These include:
IBANs are not used in Canada, but banks and transfer providers in some countries will require an IBAN to be provided before the transfer can be processed. You can contact your provider to find out how they would like this field populated.
It’s also worth pointing out that you may be charged a fee by your bank for receiving an international transfer. For example, TD Bank charges customers up to $17.50 for transfers received into Canadian accounts.
If you’re visiting a transfer provider’s branch to collect a cash transfer, you will need to provide:
Depending on the size of the transfer, you may need to phone ahead to confirm that the agent has sufficient cash to complete the transaction. This is also useful if you need to check a branch’s location or opening hours.
It’s your responsibility to ensure that the bank account details you provide for your recipient are correct. If you make a mistake and the funds are sent to the wrong account, there’s no guarantee that you’ll be able to recover those funds.
Exchange rates vary from one transfer provider to the next, and even a minor variation in rates can make a big difference to the affordability of a transfer. Search for a provider that consistently offers competitive exchange rates.
Make sure you’re aware of the fee the bank or money transfer provider charges for handling the transfer, and check whether the receiving bank will take a cut by imposing its own fees.
Make sure that any transfer provider you choose is reputable and trustworthy before handing over any bank details or money. The last thing you want to do is disclose your own or your recipient’s account information to a dodgy company.
When sending money via PayPal, you’ll need to provide the email address or mobile phone number of your recipient, as well as the details of the bank account or credit card used to fund the transaction. As for receiving payments, you will need to provide your name, address, phone number and email address to open a free PayPal account.
Yes, this option is available with some transfer providers, but typically only with companies that offer cash pickup transfers.
Yes, if using an online transfer company you will need to register for an account before you can send any money. Signing up is usually free. Some companies may require you to upload documents to verify your identity online.
That’s entirely up to you. The advantage of using your bank is that it’s convenient, as you will most likely already have an account established from which you can transfer funds. However, in most cases, the better exchange rates and lower fees charged by online transfer companies mean that they are often a more affordable option.
You will need to supply a SWIFT and an IFSC number for your recipient’s bank, as well as a reason for your transfer.
You will need to provide a SWIFT for your recipient’s bank.
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