Do I Need a Routing Number for an International Wire Transfer?

Understanding the specific information required for international wire transfers is important, as requirements differ significantly from domestic transactions. While routing numbers are used for domestic transfers, global transactions rely on different identifiers. This guide clarifies the role of various identifiers in global money movement.

Understanding Routing Numbers

A routing number, also known as an ABA routing transit number (ABA RTN), is a nine-digit code used primarily within the United States. It identifies a specific financial institution in domestic transactions. Routing numbers are essential for processes such as Automated Clearing House (ACH) transfers, domestic wire transfers, and check processing.

These numbers direct funds to the correct bank within the U.S. banking system. However, routing numbers are not used for international wire transfers, as global transactions rely on different identification systems.

Information for Sending International Wire Transfers

Sending an international wire transfer requires specific details. A routing number is not used for these global transfers.

The recipient’s full name and address, as listed on their bank account, are required. The full legal name and physical address of the recipient’s bank are also necessary. Accuracy in these details helps prevent delays or misdirection of funds.

A key identifier for international transfers is the SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code). This code uniquely identifies banks and financial institutions globally for cross-border transactions. The recipient’s account number or an International Bank Account Number (IBAN) is also needed. An IBAN is a standardized format for bank account numbers, often used in Europe, that includes details identifying the country, bank, and specific account. Some banks or countries may require a brief description of the transfer’s purpose, such as “family support” or “invoice payment.”

Steps to Complete an International Wire Transfer

Initiating an international wire transfer can be done through several channels. Many banks offer online banking portals with a dedicated international wire transfer section. Here, the collected details, including the SWIFT/BIC code and IBAN or account number, are entered along with the desired currency and amount. Review all entered information carefully before confirming the transaction to avoid errors.

Transfers can also be completed in person at a bank branch. This involves filling out a form and providing recipient information to a bank teller. The teller processes the transaction, and a confirmation receipt is provided. Third-party money transfer services also offer international transfer options, requiring similar recipient information.

Fees for outgoing international wire transfers range from $5 to $75, depending on the bank and method used. Some banks may offer lower fees for transfers made in foreign currency. Transfer times for international wires vary, taking one to five business days, though delays can occur due to factors like holidays, time zones, currency conversion, or compliance checks.

Receiving International Wire Transfers

For individuals expecting to receive an international wire transfer, providing accurate banking information to the sender is important. The sender will require your full name and address exactly as they appear on your bank account. Your bank’s full legal name and its physical address are also necessary.

You must provide your bank’s SWIFT/BIC code, which identifies your bank globally for incoming international funds. This code can be found on your bank’s website, on a bank statement, or by contacting your bank directly. Your account number, or your International Bank Account Number (IBAN) if your bank or country uses this standard, will be needed. While many U.S. banks do not use IBANs for domestic accounts, it is essential for transfers originating from countries that do. Some banks may charge a fee for receiving an incoming international wire transfer, ranging from $0 to $25.