An international bank transfer, or international wire transfer, is one of the most common ways to send money internationally. Both the sender and the beneficiary need to have bank accounts. Nearly all banks in the world offer international bank transfers to their account holders but the way an international wire transfer can be issued may vary. Some banks may require the transfer to be made in person, over the phone or directly through online banking. While international bank transfers are the most common, the pros and cons should be considered since other alternative transfers may suit the sender better.  Advantages of international bank transfers Security since the transfer is made directly from your bank to the recipient's bank There is no need for the money to be cashed by the recipient Fairly fast and only take a few days There are rarely any limits on the size of the transfer Disadvantages of international bank transfers 2-3 days may be too slow if the money is needed immediately The beneficiary must have a bank account The transfer fees are often quite high and often fees are debited from both the sender and recipient The transfer is subject to the bank’s exchange rates which are often set in advance and not in the user’s favour