Banking Transfers

Banking Transfers

If you have a bank account, there are several ways to transfer money overseas through the banking system. Not all banks operate in the same way. Check with your local bank for details.

Sending a Check Abroad

• Check clearing can take from 4 - 6 weeks.
• Even though it's easy to issue a check, it may not be easy for the recipient to cash the check.
• The recipient will be charged a fee of about $50 for check processing.
• Some countries have less streamlined banking systems than others and may not honor foreign-drawn checks.

Foreign Drafts

• Depending on which city or town you live in, this can take from a few days to a week for the bank to prepare the draft.
• You mail the draft to the recipient.
• The money comes out of your account when the draft is prepared, not when the recipient gets it.
• There is a fee for this service of about $25.
• Since the draft is drawn on your bank to another (corresponding) bank, the recipient must have access to the corresponding bank.

Wire Transfers

• You don't have to be a customer of the bank to wire funds, but you have to pay cash.
• This is quicker than a Foreign Draft, since it is done almost immediately.
• The fee is about $65 for non-customers and about $40 for bank customers.
• The recipient must have access to the corresponding bank.

Cost / Efficiency Comparison Sending $300 from the United States to the United Kingdom
Western Union	$29	Recipient can pick up cash in 20 minutes.
MoneyGram	$25	Recipient can pick up cash in under 60 minutes.
Money Order	$3-$10	Five days mailing time. Will probably be able to cash the money order on the same day.
Check	$50	Five days mailing time plus clearing time for check. Anywhere from 5 - 7 weeks.
Foreign Draft	$25	One week draft processing plus mailing and bank clearing time. Total about three weeks.
Wire Transfers	$40-$65	About one business day