How to Make International Wire Transfer
An international wire transfer is a bank-to-bank payment sent across national borders. Nigerians may need international transfers for purposes such as school fees, business payments, family support, professional services, travel expenses and other legitimate obligations.
International transfers are different from ordinary domestic transfers because the transaction may involve foreign currency, correspondent banks, exchange-rate conversion, compliance checks and international payment instructions. Getting the beneficiary information correct is therefore particularly important.
What Is an International Wire Transfer?
A wire transfer moves money electronically between financial institutions. For an international payment, the sender’s bank may communicate through the SWIFT network and, depending on the currencies and institutions involved, one or more correspondent banks.
The exact process differs between Nigerian banks, currencies and destinations.
Information You Usually Need
| Information | Purpose |
|---|---|
| Beneficiary name | Identifies the person or organisation receiving the payment. |
| Beneficiary account number | Identifies the destination account. |
| Bank name | Identifies the receiving institution. |
| SWIFT/BIC | Identifies the bank internationally. |
| Bank address | May be required by the sending institution. |
| IBAN | Required in many countries and payment systems. |
| Purpose of payment | May be required for regulatory or compliance purposes. |
| Supporting documents | May be required depending on the transaction. |
Step 1: Confirm the Recipient’s Details
Before initiating the transfer, obtain the beneficiary’s exact banking instructions directly from the beneficiary or their institution.
Do not guess a SWIFT code or bank identifier from an unofficial website. A wrong identifier can delay a payment or cause it to be returned.
Step 2: Confirm the Currency
Determine whether the recipient expects USD, GBP, EUR or another currency. Sending the wrong currency can result in conversion charges, rejection or additional processing.
Step 3: Check Your Nigerian Bank’s Requirements
Nigerian banks can have their own forms, documentation requirements, limits and procedures for international payments. Some transactions may require branch processing or additional regulatory documentation.
Ask the bank for its current requirements before attempting the transfer.
Step 4: Complete the Transfer Instruction
Enter the beneficiary’s details exactly as provided. Pay particular attention to spelling, account number, SWIFT/BIC and intermediary-bank information.
Step 5: Review Charges
International transfers can involve charges from the sending bank, correspondent banks and receiving bank. Exchange-rate differences can also affect the amount received.
Ask your bank whether charges are deducted from the amount sent or paid separately.
What Is SWIFT?
SWIFT is an international financial messaging network used by financial institutions to communicate payment instructions. A SWIFT/BIC code identifies a particular financial institution for international transactions.
SWIFT itself is not the bank account. It is part of the messaging infrastructure used for international financial communication.
Why International Transfers Can Take Time
A domestic Nigerian transfer may be completed through local payment infrastructure, but an international wire can involve multiple institutions and compliance checks. Processing times therefore vary.
A transfer can also be delayed when beneficiary information is incomplete or when an intermediary bank needs additional information.
What to Do If the Transfer Is Delayed
Contact your sending bank and provide the transaction reference. Ask whether the transfer has been released, rejected, returned or held for additional information.
Do not send a second payment simply because the first one is delayed until the status of the original payment is established.
Common Mistakes
- Using an incorrect SWIFT/BIC.
- Entering the wrong account number.
- Using the wrong beneficiary name.
- Choosing the wrong currency.
- Ignoring intermediary-bank instructions.
- Failing to provide required documents.
- Underestimating international transfer charges.
How to Make an International Transfer Safely
Use your bank’s official channels, verify every beneficiary detail and keep copies of all documents submitted. For large transfers, confirm the instructions with the beneficiary before authorizing payment.
Frequently Asked Questions
Do I need a SWIFT code?
Many international bank transfers require a SWIFT/BIC identifier, although the exact information depends on the destination and payment route.
Can international transfers be delayed?
Yes. Delays can occur because of correspondent-bank processing, compliance reviews, incorrect information or other payment-system issues.
Can I cancel an international wire transfer?
Cancellation depends on the transfer status and the policies of the institutions involved. Contact your bank immediately if you need to stop a transaction.
Conclusion
Making an international wire transfer successfully depends on accurate beneficiary information, the correct currency, proper documentation and an understanding of the fees and processing stages involved. Always obtain current instructions from your Nigerian bank before initiating an important international payment.
