International money transfers for business (2024)

FAQs

How do businesses transfer money internationally? ›

Wire transfers: These involve sending money directly from one bank account to another across international borders. Wire transfer fees and times vary depending on the bank, but they're a quick and convenient way to send funds internationally. The downside?

International business payments can be made in different ways. Most payments are made using bank transfer or card payment and involve exchanging currencies. Alternative payment methods such as crypto, mobile and e-wallets are also growing in popularity.

Any international money transfer exceeding $10,000 USD must be reported to the US government on a Foreign Bank Account Report per the Bank Secrecy Act. Many people wonder, “Do large bank transfers take longer than online services?” Typically, the answer is yes.

Bank wire transfers are a traditional method for transferring funds from one bank account to another across different banks or countries. It's a universally recognized way for businesses to make secure payments domestically or internationally.

Their Bank Identifier Code (BIC), SWIFT code or national bank code. Their bank account number or International Bank Account Number (IBAN). Their full name. Their bank's full address.

Method 1: You can perform a wire transfer through your bank's online services. Method 2: You can visit your bank's branch to get in-person assistance with the transfer. Method 3: You can execute a transfer over the phone with a representative from your bank.

So, you can send an international wire of as much as you like, provided that it's within the maximum wire transfer limits set by your bank. However, you should be aware that transfers over $10,000 will automatically be reported to the IRS.

What happens if you wire transfer more than $10,000? ›

Because of the Bank Secrecy Act, all banks and other financial institutions must file a Currency Transaction Report (CTR) for any wire transfer over $10,000. The CTR includes the following information: The name and account number of the person or party initiating the transfer.

Who must file. Federal law requires a person to report cash transactions of more than $10,000 by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.

Zelle services domestic money transfers only. This means it can only be used to send and receive funds to someone who has a bank account within the United States. If you need to send an international wire transfer, visit any U.S. Bank branch.

International money transfers are made through non-bank remittance service providers using their own systems. Wire transfers are bank-to-bank transfers using the SWIFT system. Sending and receiving banks and intermediary banks are part of the wire transfer process.

Bank wire for traditional business money transfer

A reputable financial institution handles your transfer at all times and insured against fraud or loss. Wire transfers are also easy to arrange and most businesses already use them domestically, so they know what to expect.

Can I send money through Zelle internationally? Zelle is only available for customers with a US bank account and US registered mobile number. That means it's not an option for sending international payments to friends and family overseas. Read on for some international Zelle alternatives.