An international bank transfer is an electronic transaction that moves money from a sender’s bank account in one country to a recipient’s account in another.
Most transfers are done through:
- Online banking
- Mobile apps
- In person at a bank branch
- Specialist currency transfer services
International bank transfers are also known as wire transfers, and operate in a similar way to regular bank transfers, but often require some extra steps and can be more difficult in some cases.
In this guide, we’ll break it all down – so you can transfer with confidence and keep more money in your pocket.
Table of contents
- How to do an international bank transfer
- How Privalgo facilitates international bank transfers
- Why international bank transfers can be frustrating
- What do banks charge you when making an international bank transfer?
- International bank transfer FAQs
How to do an international bank transfer
Conducting an international bank transfer is straightforward – but if you’re unaware of what’s involved, it can become costly.
Whether it’s to settle an invoice with a supplier overseas or pay your global employees, here’s how to do it – step by step.
Step 1: Gather the recipient’s transfer details
Before making an international bank transfer, you will need:
- The recipient’s full name (as it appears on the account)
- A bank account number or IBAN (International Bank Account Number)
- The receiving bank’s BIC (Bank Identifier Code)
Be sure that everything is accurate – even a small typo can cause delays or failed transfers. It is also not possible to reverse an international bank transfer if you send it to the wrong person, so make sure that you are sending it to the right account.
Step 2: Choose your transfer method
You can send money using:
- Any high-street bank (online, app, or in-branch)
- A dedicated currency transfer provider (like Privalgo)
Banks are familiar but often charge higher fees, less competitive exchange rates, and may take longer than the alternatives.
Specialist providers like Privalgo typically offer lower fees and faster transfers. You can learn more about our international payments via our website, as well as read our FAQs section or contact us if you have any queries.
Step 3: Confirm fees and exchange rates
Before committing to the transfer, review the full cost of it. Hidden markups and processing fees are often included.
Transparent providers will show the total cost upfront, so any provider that doesn’t should be avoided.
Step 4: Authorise the transfer and track it
Once everything’s confirmed, you can authorise the transfer.
Depending on the method, the funds may arrive within a few hours to five business days.
Tracking options vary depending on your method. Some services offer real-time tracking, while others leave you in the dark.
At Privalgo, we believe in complete transparency. That’s why we’ll clearly discuss all payment fees with you before you make any payments.
Once we’ve agreed on costs, you’ll be able to make transactions at the live exchange rate available to you in the Privalgo platform.
This means you can always work out the FX spread on your conversions and benefit from clear, competitive pricing with a human-led service that puts your business first.
Get in touch with a Privalgo Currency Specialist to learn more about how our transparent rates can bring confidence to your financial strategy.
How Privalgo facilitates international bank transfers
At Privalgo, we remove all the pain points of international bank transfers for businesses.
We offer:
- Real-time transparency into exchange rates and spreads
- Percentage-based fees with no hidden costs or flat fees
- Access to personal currency specialists, not just automated dashboards
- No fees to open an account or request a quote
- Unlimited volume with no transfer caps or upper limits
With Privalgo’s solutions, you can:
- Pay suppliers, employees, or business partners in their local currency, all in a few clicks with batch payments.
- Upload spreadsheets, automate recurring transfers, and eliminate manual work.
- Send and receive international payments same-day, next-day, or on a custom schedule.
- Cut delays and keep your cash flow moving.
Speak to a Privalgo Currency Specialist today to help us find a solution that works for your business.
Why international bank transfers can be frustrating
While the process seems simple on paper, many people still face frustrating delays, poor rates, or unexpected fees. International bank transfers can be a headache when conducted without any know-how.
Key factors like delivery time, fees, and exchange rates often vary from bank to bank, and if you’re not careful, you might lose more than just time.
Here are some of the biggest pain points for international bank transfers:
Slow transfer times
Transfers typically take between one to five business days, but that’s not guaranteed.
Delays can be caused by the recipient’s country, time of initiation, weekends, holidays, or internal bank processing.
For businesses moving large sums, that kind of uncertainty can be a serious disruption.
Hidden fees
Banks often charge a range of fees depending on the amount, destination, and currency.
These can include:
- Outgoing transfer fees
- Intermediary (correspondent) bank fees
- Receiving bank fees
In some cases, these charges aren’t revealed upfront, so the final cost often catches senders off guard.
Poor transparency
Once the transfer is made, tracking is often vague or nonexistent.
Some banks don’t provide real-time updates or status tracking, leaving you uncertain about when the funds will arrive.
No currency risk solutions
This may not matter as much for individuals.
But for businesses moving money across borders regularly, managing currency fluctuations and timing is critical.
Slow delivery times, poor exchange rates, and confusing fees have pushed many individuals and businesses to look beyond traditional banks.
But one of the biggest issues? Most people have no idea what they’re actually being charged for in the first place.
What do banks charge you when making an international bank transfer?
When conducting an international bank transfer through a traditional bank, the actual cost stretches far beyond a simple transfer fee. Most of the real charges are hidden, scattered across multiple points in the process.
Here’s a breakdown of the costs and what you’re really paying for:
1. Outgoing transfer fees
In many cases, an international transfer can be free, but often with a bank it will carry fees. This is the fee presented upfront by your bank to initiate the transfer.
It can range depending on the bank, currency, and whether you’re sending online or in-branch.
In the UK, generally, banks charge a specific rate for costs in international bank transfers, but this does not include the hidden costs built into poor exchange rates or additional third-party fees.
2. Incoming transfer fees
Even after you’ve paid to send the money, the receiving bank may charge your recipient just to accept it.
These fees usually range from £0 to £15, quietly reducing the amount your recipient gets.
3. Intermediary bank fees
If your money passes through one or more correspondent banks, each may take a cut. You can think of them as the middleman during the transfer process.
These fees are often hidden and deducted mid-transfer, without any upfront warning.
4. Exchange rate markups
This is where most transfers really feel it.
Instead of giving you the real mid-market exchange rate, banks often add a hidden markup. That means you receive less foreign currency than warranted, and the difference goes straight to the bank’s bottom line.
5. Additional service fees
Some banks add additional charges, such as:
- Fees for tracing delayed transfers
- Channel-specific fees (e.g., higher costs for in-branch transfers)
- Initiation or setup fees for one-time payments
Though familiar and convenient, using traditional banks for international bank transfers is not cost-effective for individuals, especially those handling high-volume transfers.
With Privalgo’s international payment solutions, cross-border transfers don’t have to be expensive, slow, or complicated.
Get in touch with a Privalgo Currency Specialist today to trade uncertainty for clarity and find a solution that works for your business.
International bank transfer FAQs
Here are some of the most commonly asked questions about international bank transfers.
How long does an international bank transfer take
An international bank transfer on average takes one to five business days. However, this depends on the provider and the currency being sent. With Privalgo, you can expect to make international bank transfers with the best possible rates.
What do I need for an international bank transfer?
For an international bank transfer, you will need the recipient’s full name, bank name, IBAN or account number, SWIFT/BIC code – our Currency Specialists will help you through this process.
Are international bank transfers safe?
International bank transfers are safe when made through regulated banks or payment providers such as Privalgo.
International bank transfers cannot be reversed, so always double-check recipient details to avoid errors or APP fraud.
