Sending a money transfer: What information is required?

Each company can set its own requirements for what information and proof of ID you need to send or receive a transfer. Being ready can make sending a transfer easier — and picking one up possible.

What information do I need to send a money transfer?

The information required to send a money transfer will differ slightly by bank or provider, your recipient’s location and your method of delivery.

Sending an international money transfer online

Regardless of whether you choose to send a transfer through your Internet banking account or use a specialist online transfer company such as Wise, the details you need to provide remain the same.

You must supply:

• The recipient’s name
• The account name
• The recipient’s home address (supplying this information is optional with some providers)
• The recipient’s account number

Based on the country you are transferring funds to, you will also need to supply one of the following:

• IBAN (International bank account number)
• ABA (American Bankers Association) routing number
• Bank and branch
• IFSC (Indian Financial System Code)
• SWIFT (Society for Worldwide Interbank Financial Telecommunication) or BIC (Bank Identifier Code)

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:

• The currency you wish to send
• The amount you are sending
• The purpose of the transfer

Sending an international cash transfer in person

If you don’t have a bank account or merely prefer cold, hard cash, you’ll find providers that accept cash payments for international money transfers. The best-known services for cash transfers are Western Union and MoneyGram.

Western Union allows you to send in person at over 500,000 locations in over 200 countries. MoneyGram also offers online and in-person transfers to more than 200 countries, with some 350,000 agent locations around the globe.

For domestic transfers, look no further than your local Walmart store. Through a partnership with MoneyGram, you can send cash from your nearest store to any Walmart in the US or Puerto Rico or to any of MoneyGram’s agents worldwide.

The details you need to provide when sending a cash transfer are a little different, as you will typically need to supply:

• Photo identification for yourself (a passport or driver’s license will do)
• Your recipient’s full name (this must match the recipient’s name as it appears on their ID)
• Your recipient’s address
• Money to complete the transaction

It’s also worth remembering that you will need to be at least 18 years of age to send a transfer overseas.

Who is most likely to be researching money transfer requirements?

Finder data suggests that men aged 25-34 are most likely to be researching this topic.

What information do I need to receive a money transfer?

Depending on whether you’re receiving the money from an overseas bank account or you’re collecting a cash transfer, you’ll need different information.

Receiving an online international money transfer

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:

• Your name
• The name of your bank
• Your bank’s BIC/SWIFT code
• Your bank’s BSB (Bank State Branch) number
• Your account number
• Your address

IBANs are not used in the United States, but banks and transfer providers in some countries will require an IBAN to be provided before the transfer can be processed. If this is the case, you can combine your BSB and account number.

It’s also worth pointing out that you may be charged a fee by your bank for receiving an international transfer.

Receiving an international cash transfer

If you’re visiting a transfer provider’s branch to collect a cash transfer, you will need to provide:

• Photo ID, for example your driver’s license or passport
• The reference number quoted to you by the person who sent the transfer

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.

Money transfer providers and required documentation

Am I required to share my Social Security number?

With most money transfer providers, you’ll need to provide specific personal information to establish your identity. This is because most companies that sell money transfers are subject to anti–money laundering laws and counter-terrorist financing standards, which require providers to exercise their due diligence to confirm that you’re not using their services for terrorist or otherwise nefarious activities.

“Identifying information” doesn’t always mean your Social Security number, however. But you’ll nearly always need to submit at least your government-issued ID, like your driver’s license or passport, to continue through the transfer process. MoneyGram is one provider that needs to see your official photo ID but not necessarily your SSN.

Note that Remitly and a few other providers may require your Social Security number to upgrade your account to unlimited or high-limit maximums.

What if I don’t have the required documentation?

Whether you can continue with your transfer without the required documentation will depend on your provider. A few may simply limit how much you can send your first transfer, while others may not allow you to send anything at all.

You may be able to get around documentation with a peer-to-peer app like Venmo or Circle. If you have a valid account with any of the banks that use Zelle — like Bank of America, Chase, Capital One or USAA — you’re already set up for domestic transfers of up to $2,500. Simply visit your bank’s website or download its app to begin sending money.

ID and other documentation is necessary for providers to satisfy federal laws in place to prevent money laundering and other potentially illicit activities.

Top tips for sending or receiving an international money transfer

Check details carefully

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.

Check the exchange rate

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.

Be aware of transfer fees

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.

Use a reputable transfer provider

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.

Bottom line

You have many options when it comes to a money transfer, but nearly all will require at least some documentation to establish your identity — and keep the provider out of hot water with the government. Weigh the requirements when considering a money transfer specialist that’s right for your needs.

Common questions about money transfer requirements

• Do I have to report a large money transfer into the US?

  Yes, if you’re receiving a large sum of money, you’ll typically need to report it to satisfy tax requirements. By law, banks report all cash transactions that exceed $10,000 — and any transaction of any amount that alerts their suspicions. Money transfer businesses, which often solely send money between countries, sometimes have reporting thresholds as low as $1,000. Learn more about the laws and legal documents required when transferring large sums of money.

• Can I use a P.O. box as an address when transferring money?

  It depends on the money transfer specialist you’re using to transfer your money. Many require a verified physical address for your transfer to be approved. Ask the provider you’re interested in for its requirements for approval.

  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.

• Can I pay for an international money transfer using my credit card?

  Yes, this option is available with some transfer providers, but typically only with companies that offer cash pickup transfers.

• Will I need to sign up for an account before I send a transfer?

  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.

• Should I send a transfer via my bank or a specialist transfer company?

  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.

• What recipient bank account details will I need to provide when sending funds to India?

  You will need to supply a SWIFT and an IFSC number for your recipient’s bank, as well as a reason for your transfer.

• What recipient bank account details will I need to provide when sending funds to China?

  You will need to provide a SWIFT for your recipient’s bank.

Written by

Kelly Suzan Waggoner

Editor-in-chief

Kelly Suzan Waggoner is a Personal Finance Editor at AOL and the former US editor-in-chief at Finder, where she worked with a talented team of expert writers and editors focused on helping readers to save money, earn money and grow their wealth. She joined Finder in 2016 as an editor, germinating the site from money transfers to include the wide scope of personal finance. Kelly has worked with publishers, magazines and nonprofits throughout New York City to develop best practices around editorial, SEO, plain language and accessibility, including Black Dog & Leventhal Publishers, HauteLife Press and Queerty. She is quoted on such sites as Lifehacker and CertifiKid, and ghostwrote Copyediting and Proofreading for Dummies, published by Wiley. Kelly earned a BA in English from Russell Sage College and a Poynter ACES Certificate in Editing from Poynter News University. She is trained in digital and website accessibility and plain language, and is a member of ACES: The Society for Editing and the Center for Plain Language. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma’s world domination. See full bio

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