Complete Guide To International Wire Transfer For Students

International wire transfers are one of the most reliable ways to send money across borders, especially for students studying abroad. Whether it’s paying tuition, covering accommodation costs, or managing day‑to‑day living expenses, wire transfers allow funds to move securely between banks in different countries.

Using networks like SWIFT, these transfers don’t involve physical cash. Instead, payment instructions are exchanged digitally, ensuring safety and compliance with global banking regulations.

Understanding how wire transfers work, the requirements involved, the fees you might encounter, and their safety features can help students and parents plan their finances better and avoid unexpected delays or costs.

Introduction To International Wire Transfers

An international wire transfer is a secure electronic method to send money between banks in different countries using networks like SWIFT (Society for Worldwide Interbank Financial Telecommunication). No physical cash moves. Payment instructions are exchanged digitally. 

The sender needs the recipient’s full name, account details, bank name, branch address, and SWIFT/BIC (or IBAN). Transfers may pass through intermediary banks, include currency conversion, and are usually completed in 1–5 business days. Commonly used for tuition, rent, or remittances, these transfers are reliable but may involve fees at both sending and receiving ends.

For example, a student in Canada can easily receive tuition or living expense funds from their parents in India, and vice versa, parents in India can receive money from their children abroad, making international payments smooth and convenient.

How Do Wire Transfers Work?

1. Initiation

The process starts when the sender (e.g., parents in India) provides their bank with the recipient’s details abroad. This includes the student’s name, address, bank name, branch address, account number or IBAN, and the SWIFT/BIC code. The amount and currency are specified, and sometimes the purpose of the transfer (like tuition or rent) is required.

2. Verification and Compliance

The bank verifies the sender’s identity (KYC) and screens the transfer for anti‑money laundering (AML) compliance. Large or unusual transactions may require extra documentation to ensure they meet international banking regulations.

3. Processing and Routing

Once verified, the sender’s bank sends secure payment instructions via SWIFT to the recipient’s bank. If the two banks do not have a direct relationship, the transfer may pass through intermediary banks, each of which can deduct small handling fees.

4. Currency Conversion

If the money is being sent in a different currency, the sender’s bank automatically converts the funds at its exchange rate, which often includes a small markup. This ensures the recipient receives the money in the correct currency without extra steps.

Also Read: How Currency Exchange Rates Work in the UK: Essential Guide

5. Crediting the Recipient

The recipient’s bank receives the transfer instructions and deposits the converted amount into the student’s account. International transfers usually take 1–5 business days, depending on the countries and banks involved, and may be delayed by weekends or public holidays.

6. Confirmation and Tracking

The sender receives a confirmation or transaction reference number, which can be used to track the payment if delays occur. It’s essential to double‑check recipient details before sending, as international wire transfers are secure but difficult to reverse once completed.

Requirements For Making A Wire Transfer

Before initiating an international wire transfer, banks require specific details to ensure the money reaches the right account securely and complies with regulations.

Providing complete and accurate information helps avoid delays, extra fees, or rejected transactions.

• Recipient Details: Full name and residential address (must match the bank’s records).
• Bank Account Information: Account number or IBAN (IBAN mainly used in Europe).
• Bank Details: Bank name and branch address of the recipient.
• SWIFT/BIC Code: Essential for routing international transfers.
• Purpose of Transfer: Clearly specify the reason (education, family maintenance, medical treatment, etc.); India requires a specific purpose code.
• Amount & Currency: The Exact amount to be transferred and the currency in which it should be received.

How To Make An International Wire Transfer? 

Students and parents sending money abroad have multiple options to initiate an international wire transfer, depending on their convenience and the services offered by their bank or transfer provider.

Each method requires similar recipient and bank details but may differ in terms of processing time, fees, and exchange rates, so it is important to choose the option that best suits the urgency and cost considerations of the transfer.

1. Wire Transfer Through The Bank (In Person)

The most common method is through a visit to the bank in person. In this process, the individual must request the transfer at the branch and provide all necessary details to ensure the funds are sent to the correct recipient. They must also decide the currency in which the funds will be transferred. The bank applies its exchange rate and charges an international transfer fee, which varies depending on the amount, destination, and bank policies.

Below are the details that need to be submitted

• Recipient’s full name and residential address (as per bank records)
• Recipient’s bank name and branch address
• Recipient’s bank account number and account type (savings/current)
• Recipient bank’s SWIFT/BIC code or other identifiers (e.g., IBAN, CLABE)
• Purpose or reason for the transfer (sometimes mandatory for regulatory compliance)

2. Wire Transfer Through Your Phone 

Certain banks now allow international wire transfers through their phone banking services. In this process, the individual must call the bank’s customer service centre and request the transfer. They are required to keep all necessary information ready, including the recipient’s details, bank account information, SWIFT/IBAN code, and the purpose of the transfer. The details requested are generally similar to those required for an in‑person wire transfer.

3. Wire Transfer Through The Bank (Online) 

Many banks now offer the option to initiate international wire transfers through their online banking portals. To complete this process, the individual must log in with their registered bank account credentials and navigate to the wire transfer section. Here, they are required to enter details such as the recipient’s information, bank account number, SWIFT/IBAN code, currency, and the amount to be sent. An international transfer fee is applied, and the bank’s exchange rate is used to process the transaction.

4. Wire Transfer Through An International Money Transfer Provider

International money transfer providers, such as Western Union, Wise, or Remitly, allow individuals to send funds abroad without going through their bank directly. To use this service, the individual must create an account with the provider (either online or in person), submit required identification documents, and provide details of the recipient, including name, bank account information, and SWIFT/IBAN code. The sender selects the amount and currency, pays the applicable fees, and funds are then transferred to the recipient’s bank account or made available for cash pickup, depending on the service chosen.

Fees Involved In International Wire Transfer

International wire transfers usually involve multiple charges, both when sending and receiving funds.

For students and parents transferring money from India to a foreign bank account, here’s what to expect:

Sending Fees (India to Abroad)

Banks typically charge between ₹1,500 – ₹4,000 per transfer. This fee depends on the bank, the transfer amount, and the destination country.

Currency Conversion Costs

When sending money in a foreign currency, banks apply their own exchange rate, which often includes a markup over the mid‑market rate. This can add to the overall cost.

Processing or Intermediary Bank Fees:

If the transfer passes through correspondent/intermediary banks (common in SWIFT transfers), additional handling charges may apply. These are usually deducted from the amount being transferred.

Receiving Fees (Abroad):

The recipient’s bank may also charge a fee, usually ₹500 – ₹2,000 (equivalent in local currency), to credit the incoming funds.

Time Factor:

While not a direct fee, slower transfers can sometimes lead to higher exchange rate fluctuations, indirectly impacting the amount received.

Safety Of International Wire Transfers

• International wire transfers are among the safest ways to send money overseas, as they are processed through secure banking networks like SWIFT.
• Funds are transferred directly between verified banks, requiring accurate personal and banking information from both sender and recipient.
• The safety of the transfer depends heavily on accurate details even small errors in the recipient’s name, account number, or SWIFT code can lead to delays or blocked transfers.
• Reversing a transfer is extremely difficult once processed, making it essential to double‑check all information beforehand.
• To protect against fraud, always confirm bank details from official documents (e.g., admission letters, tuition invoices) and avoid sharing sensitive information over unsecured channels.
• Banks conduct compliance checks such as KYC (Know Your Customer) and AML (Anti‑Money Laundering) to ensure transactions are legitimate and secure.

Alternative Methods Of Receiving Payments

While international wire transfers are widely used, there are several other ways students can receive money from abroad. These alternative methods can be faster, more affordable, or more convenient depending on the sender’s location, transfer amount, and the recipient’s banking setup.

Below are some commonly used options:

International Money Transfer Services

Platforms like Wise, Remitly, Western Union, and Xoom allow students to receive funds directly into their bank accounts or through cash pick-up locations. These services often offer competitive exchange rates and lower fees.

Foreign Currency Demand Drafts (FCDD)

This is a paper-based payment instrument issued in a foreign currency by the sender’s bank. The draft is mailed to the recipient, who deposits it into their bank account. While secure, this method is slower and less commonly used today.

Digital Wallet Transfers

In some countries, international transfers can be received into e-wallets (like PayPal or Skrill), which can then be linked to a local bank account. However, limits and additional withdrawal fees may apply.

Using Credit Cards for Convenience

Credit cards offer a quick way to pay for tuition deposits, accommodation, or daily expenses abroad. They process payments instantly but may involve foreign transaction fees and currency conversion charges, so choosing a low‑fee card is advisable.

Also Read: Best Credit Cards For Students: Features, Types, and Top Options

Multi-Currency Student Bank Accounts

Some banks abroad offer accounts designed for international students that support multiple currencies, making it easier to receive and manage funds from different countries.

International wire transfers remain one of the most secure and widely accepted ways to send money across countries, making them a reliable option for students studying abroad. However, while wire transfers are ideal for tuition and large payments, it’s always best to double‑check bank details and stay informed about exchange rates and potential receiving fees. 

If you are looking for financial assistance in your study abroad journey, UniCreds can help you secure student loans at some of the best interest rates, tailored to your needs.

FAQs

1. How long does an international wire transfer take?

An international wire transfer usually takes 1 to 5 business days to complete, depending on the countries and banks involved. Delays can occur due to intermediary banks, currency conversion, weekends, or public holidays.

2. How can I wire money from India to the USA?

You can wire money from India to the USA by providing your bank with the recipient’s U.S. bank details, SWIFT code, and required documents like your passport and PAN card. The funds are sent via the SWIFT network, converted to USD, and usually reach the recipient within 1–5 business days.

3. What is the international wire transfer method?

The international wire transfer method is a secure way to send money electronically between banks in different countries using networks like SWIFT. It involves sending payment instructions digitally rather than moving physical cash, making it widely used for tuition, rent, and other cross‑border expenses.