Money

International Wire Transfer: How It Works and What You See Before You Pay

3 min read

In this guide
  1. What counts as an international money transfer?
  2. What you should see before you pay
  3. A worked example from the CFPB
  4. Your language and your right to cancel
  5. Common mistakes
  6. Frequently asked questions
    1. What is the minimum for these protections?
    2. Does every company have to follow the rules?
  7. Key takeaways
  8. Related guides
  9. Sources

Quick answer: An international wire transfer moves money electronically from a US account to a person or company in another country. When a consumer sends it through a remittance transfer provider, the provider generally has to show the exchange rate, fees and taxes, and the amount the recipient is expected to receive before you pay.

Many migrants send money home every month, so knowing what you should see on screen before you press “pay” really matters. This guide walks through it.

What counts as an international money transfer?

The CFPB says federal law defines “remittance transfers” as electronic transfers of more than $15, sent by consumers in the United States to people or companies in foreign countries through a remittance transfer provider. Common terms for them include “international wires,” “international money transfers” and “remittances.” Banks and other financial services companies may qualify as remittance transfer providers.

What you should see before you pay

Before you pay, providers must generally tell you about:

  • The fees and taxes they collect from you.
  • The exchange rate that applies, if any.
  • Fees charged by the company’s agents abroad and certain other institutions in the process.
  • The amount of money expected to be delivered.
  • If applicable, a statement that additional foreign taxes and fees may be deducted.

After payment you should also be told when the money will be available, your right to cancel, what to do if there is an error and how to complain. In some cases the provider may give estimates, as long as they are clearly marked.

A worked example from the CFPB

Line Amount
Transfer amount $100.00
Transfer fees +$7.00
Transfer taxes +$3.00
Total you pay $110.00
Exchange rate US $1.00 = 12.27 MXN
Transfer amount in MXN 1,227.00 MXN
Other fees -30.00 MXN
Total to recipient 1,197.00 MXN

The CFPB adds that the recipient may receive less due to fees charged by the recipient’s bank and foreign taxes. See why the recipient can receive less.

Your language and your right to cancel

Providers generally must use your language on receipts and disclosures if they use it in advertising or made the transfer in your language. After paying, you have up to 30 minutes to cancel at no charge, unless the money has already been picked up or deposited. Read more in how to cancel an international money transfer.

Common mistakes

  • Looking only at the fee. Compare the amount the recipient gets.
  • Ignoring estimates. If a figure is an estimate, ask the provider.
  • Not saving the receipt. You need it to report an error.

Frequently asked questions

What is the minimum for these protections?

Transfers of more than $15 are covered under the CFPB’s description.

Does every company have to follow the rules?

A company is not a remittance transfer provider if it made 500 or fewer remittance transfers in the prior calendar year and makes 500 or fewer in the current year.

Key takeaways

  • Check exchange rate, fees, taxes and the amount delivered before paying.
  • The recipient’s bank may deduct more.
  • You can usually cancel within 30 minutes.

Last updated: October 2026. General information, not financial advice.

Sources

  • Consumer Financial Protection Bureau (CFPB): What is a remittance transfer and what are my rights?
  • CFPB: Send money abroad with more confidence

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