Global payments
Posted on Jun 9, 2025
You have secured your first international project, and are excited to start working. The client offers to make payment through an international wire transfer. However, you are unfamiliar with how these transfers work.
This scenario is very common among Indian exporters and freelancers. But, we've got you!
In this guide, we’ll explain the international wire transfer process, including the necessary documentation, typical transaction fees and key points to keep in mind. With this information, you will be well-prepared to receive international payments smoothly and efficiently.
What Is an International Wire Transfer?
An international wire transfer means sending money from a bank account in one country to another bank account in a different country.
These transfers are facilitated through a network of banks and financial institutions, commonly using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system.
The SWIFT system connects over 11,000 financial institutions worldwide. This enables your international client to send money through unique SWIFT or BIC codes. That’s why international wire transfers are often referred to as SWIFT transfers.
Example: Let’s say a client in Canada wants to pay you, a freelancer based in India. They’ll provide their bank with your account number, your bank’s SWIFT code and other required details.
The bank will then transmit these instructions via SWIFT to your Indian bank. Once your bank receives and processes the transfer, the funds will be credited in INR to your domestic bank account.
How Does An International Wire Transfer Work?
International wire transfers can work in four different ways:
Method 1: Online International Wire Transfer
If the bank offers Internet banking, one can initiate an international wire transfer online without stepping out of the home. Here's a step-by-step guide on how it typically works:
Log in to the net banking portal.
Go to the ‘International Transfers’ or ‘Wire Transfers’ section.
Enter the recipient’s details. This requires:
The recipient’s full name and residential address.
Their bank name and address.
Account number or IBAN (International Bank Account Number).
SWIFT/BIC code of the recipient’s bank (You can find the correct SWIFT code with Infinity’s SWIFT Code Finder)
Specify the transfer amount and currency. Choose the amount you wish to send and the currency in which it should be received.
Confirm the details and authorise the transfer using an OTP.
Foreign banks usually charge $45 for outgoing international wires. Additional charges may apply based on currency and country.
Method 2: In-Person International Wire Transfer
If you prefer personal assistance or are transferring a large amount, visit your bank branch.
Here’s how in-person international wire transfers work:
Visit the bank branch with a valid ID.
Fill out the money transfer form with beneficiary/recipient details.
Provide supporting documents.
Confirm the amount to be sent.
The bank staff will process the request and give a receipt for tracking purposes.
Note: In-person transfers may cost more than the online ones.
Method 3: Wire Transfer Through Phone Banking or Mobile App
Some banks also allow users to initiate wire transfers via their mobile app or by calling customer service.
Here’s how to make an international wire transfer with a mobile app:
Open the bank's app and navigate to ‘International Transfer’.
Enter beneficiary details and transfer amount.
Authenticate via OTP or biometric login.
Confirm and initiate the transfer.
Here’s how to do internal wire transfers through phone banking:
Call the bank's customer support for a money transfer.
Verify your identity (customer ID or security questions).
Share the beneficiary and transfer details with the executive.
Follow any final authorisation steps and receive a reference number.
Method 4: Wire Transfer Through Third-party Providers
Traditional banks often charge high fees, have slow processing times and follow complex procedures for international wire transfers.
Third-party platforms like Wise and PayPal allow international wire transfers, especially for freelancers and businesses.
Here’s a comparison of all these methods:
Method | Best For | Speed | Fees |
|---|---|---|---|
Online Banking | Existing bank customers | 2-5 days | $0-$50 |
Bank Branch | High amounts | 2-7 days | Often higher |
Mobile/Phone Banking | on-the-go users | 2-5 days | Moderate |
InfinityApp | Freelancers, speed, better rates | 1 day settlement | 0.5% platform fee(inclusive of all) |
Documents and Information Required for International Wire Transfer
It's important to gather all the information before initiating the wire transfer to avoid payment delays and rejections.
Here's a list of documents and information required for both senders and receivers:
If you're sending an international wire transfer
Your bank or payment service provider will typically ask for the following:
The beneficiary’s full name and address.
Beneficiary’s bank name and branch address.
Account Number or IBAN. Use an IBAN if transferring to Europe or the UK. Most Indian banks still use standard account numbers.
Currency and amount to be sent.
Purpose of wire transfer. You may need to specify whether it’s for education, travel, business, or gifting, etc.
For high-value or purpose-specific transfers, you may be asked to submit the following supporting documents:
University admission letters (for education payments)
Medical bills (for healthcare-related transfers)
Invoices or contracts (for business payments)
Your government-issued ID
If you're receiving an international wire transfer
To ensure a smooth incoming transaction, share the following details with your sender:
Your full name and residential address.
Bank account number and account type (savings or current).
Your bank’s name and branch address.
SWIFT/BIC code of your bank branch.
Purpose code. This is mandatory under RBI rules for all inbound foreign remittances. It specifies why the money is being sent.
IBAN (if requested). It is not usually required in India, but it is useful if the sender is in Europe.
International wire transfer fees
International wire transfers from India usually involve several types of fees:
Outgoing international transfer Fee: Charged by the bank for sending money abroad. For international clients, it is typically between $0 and $50.
Intermediary bank fees: If the transfer passes through intermediary banks, each may deduct a fee.
Currency conversion markup: The Markup fee in international transactions is often 2%–4% above the mid-market exchange rate. It is often not disclosed directly.
Receiving bank fee: Once you receive the international payment in your bank account, your bank may also charge a fee for currency conversion.
Exchange Rate Markup: Banks often add a margin to the exchange rate, reducing your total payment received from the client.
How Long Does it Take to Receive an International Wire Transfer?
Typical international wire transfer time is 1–5 business days. However, if you receive international payments as a freelancer, delays can impact your cash flow.
Here are a few factors that impact transfer time:
Bank processing times: Some banks process transfers faster than others. If a bank requires additional information, it may take longer to process the payment.
Time zones: National bank holidays for different countries and time zones can affect processing times and cause payment delays.
Intermediary Banks: Transfers passing through multiple banks may take longer.
Currency Conversion: Additional time may be needed for currency exchange.
How to Track an International Wire Transfer?
Here’s how you can track your wire transfers:
When the sender initiates a transfer, they receive a reference number or SWIFT number.
Use this reference number to check the status on your bank’s portal or by contacting customer service.
If the transfer is delayed, your bank can initiate a “wire trace” using the reference number to locate the funds.
Some banks provide SMS or email updates when the transfer is completed.
To get even more detailed information, ask for an MT103 document from the sender’s bank. This is like a certified payment receipt for SWIFT transactions and is particularly useful if your payment is delayed.
Challenges in Making International Wire Transfers
While international wire transfers online are generally reliable, you may face some challenges:
Multiple fees: Banks deduct various fees, including processing fees and currency conversion charges. This can reduce the total amount you will receive.
Slow processing: Errors in bank account details, public holidays, or involvement of intermediary banks can slow down payment processing.
Complexity: Different countries have different banking regulations and requirements.
Currency fluctuations: Exchange rates can change between initiation and completion, affecting the final amount.
Limited support: Traditional banks may offer limited customer support for international issues.
Alternatives to International Wire Transfer
Traditional wire transfers can be slow and have multiple hidden charges. For freelancers, startups, and exporters, platforms like InfinityApp offer a smarter alternative as one of the top international payment methods in India.
Here’s how Infinity works better than international wire transfers:
With zero FX markup, flat 0.5% fees and 1-day INR settlements, Infinity helps you receive international payments at live foreign exchange rates, saving up to ₹50,000 annually.
You also get multi-currency local accounts, real-time tracking and free FIRA compliance, all in one dashboard.
You receive international payments in just 24 hours, with full transparency and real-time updates.
Whether you're working with Upwork clients or global customers, Infinity simplifies cross-border money transfer with speed, transparency and security. This makes it a powerful alternative to outdated wire transfers.
Comparison Table: InfinityApp vs. Bank Wire Transfers
Features | Traditional Bank | InfinityApp |
|---|---|---|
Transfer fee | 0 but comes with hidden charges(3-%-5%) | Flat 0.5%(inclusive of all) |
Exchange rate markup | 3-5% above real rate | 0% exchange rate |
Intermediary deductions | Yes, possible on transfer | No |
FIRA document charges | May charge extra fee | Free-of-cost and instant |
Settlement time | 1-5 business days | 1 day settlement |
Transparency | Low | High |
Conclusion
International wire transfers are a necessity for global payments. But they come with their own set of requirements, fees and challenges. By following this step-by-step guide, you can ensure your money transfers are smooth, secure and cost-effective.
For those seeking even faster and more transparent payments, platforms like InfinityApp offer a modern alternative tailored to Indian needs.
Receive international payments faster with InfinityApp today!
FAQs
How to do an international wire transfer?
Wire transfers can be initiated through the bank's online platform, in person, via phone, or using third-party services like InfinityApp.
How long does an international wire transfer take?
International wire transfer time typically takes 1 to 5 business days, depending on various factors like banks involved and currencies exchanged. With Infinity it takes just 24 hours.
How to avoid fees in international wire transfer?
It is advised to compare different providers, use services with transparent fee structures and consider transferring in the recipient's currency to minimise conversion fees.
Are international wire transfers safe?
Yes, international wire transfers are safe. They use secure networks like SWIFT, which uses encrypted messaging and strict KYC checks by banks. Each transfer includes a unique reference number, ensuring traceability and protection against fraud.
