International bank transfer: What it is and how much it costs from the U.S.
What is an international bank transfer?
An international bank transfer is the electronic movement of funds between bank accounts in different countries. For immigrants in the U.S., it is one of the most common methods for sending money to their families in Latin America.
In the context of remittances, an international bank transfer involves sending money from a U.S. bank account directly to the beneficiary's bank account in their home country.
To do this, you need your family member's complete bank details: the beneficiary's name, the name of their bank, and in some countries, a local account number identifier.
How do you make an international bank transfer?
There are two ways for the money to reach your family member's bank account, and they differ significantly in cost and speed:
| Method | How it works | Typical cost | Speed |
|---|---|---|---|
| Bank deposit through a money transfer service | A money transfer service receives your payment and deposits the funds directly into the beneficiary's account. | Low fee, which you see before confirming | Minutes to 24 hours |
| Wire transfer (SWIFT) | Your bank sends the funds directly to the beneficiary's bank via the SWIFT network. | Your bank's charge plus their exchange margin | 1 to 5 business days |
At Félix, you see the fee before confirming your transfer, with rates starting at $2.99 USD to a bank account depending on the destination country: check the Félix fee by country before sending.
How do you make an international bank transfer via Wire Transfer (SWIFT)?
To transfer from a U.S. bank account to an account in another country, you need:
- Beneficiary's full name: As it appears on their bank statement
- SWIFT/BIC code of your beneficiary's bank: International identifier for the receiving bank in the destination country (8 or 11 alphanumeric characters)
- Beneficiary's account number: Depending on the country, it has different formats for identification (see table below)
When do you need a SWIFT code for an international bank transfer?
You need a SWIFT code when your U.S. bank sends funds directly to the beneficiary's bank via the SWIFT network (wire transfer). If you use a money transfer service like Félix, you don't need a SWIFT code: the service handles the bank routing for you.
Account number identifiers by country in Latin America
A local account number identifier is the name of the format that each country uses for its bank account numbers. In some countries, it is a special format (such as CLABE, CCI, or IBAN), and in others, it is the account number assigned by each bank.
Most countries use the account number provided by the bank, but some have their own format for receiving transfers. Examples for Latin America:
| Country | Account identifier | Detail |
|---|---|---|
| Argentina | CBU / CVU | Uniform Banking Key / Uniform Virtual Key (22 digits) |
| Bolivia | Account number | No standard national acronym |
| Brazil | Agência / Conta / PIX | Agência + account; PIX as payment identifier |
| Chile | Account number / CTA CTE | Account number; sometimes “CTA CTE” (checking account) |
| Colombia | Account number / CTA AHO / CTE | Account number; CTA AHO (savings) / CTA CTE (checking) |
| Costa Rica | IBAN | 22-character IBAN account, starting with “CR” |
| Ecuador | Account number | Bank account number |
| El Salvador | Account number | Bank account number |
| Guatemala | Account number | Bank account number |
| Honduras | Account number | Bank account number |
| Mexico | CLABE | Standardized Bank Code (18 digits) |
| Nicaragua | Account number | Bank account number |
| Paraguay | Account number | Bank account number |
| Peru | CCI | Interbank Account Code (20 digits) |
| Dominican Rep. | Account number | Bank account number; the number of digits varies by bank |
| Uruguay | Account number / Checking / Savings | Account number; Checking / Savings account on bank documentation |
| Venezuela | Account number (20 digits) | 20-digit bank account number |
For the vast majority of those who send remittances regularly, a bank deposit through a money transfer service provider is the most convenient option: it is usually faster and cheaper, and it does not require you to go to your bank or know SWIFT codes or local account number identifiers.
How to send money with Félix without needing a wire transfer?
With a money transfer service provider like Félix, it is as simple as starting a conversation with the Félix chat on WhatsApp, choosing your beneficiary's bank, and confirming the transfer. In most cases, the bank account deposit arrives in minutes, and you do not need special codes.
Check out our step-by-step guide on How to send money with Félix to understand how to make an international bank transfer in less than 5 minutes.
For a complete comparison of all money transfer methods available internationally, see our full guide: Money transfers and remittances from the U.S.: Everything you need to know in 2026.
