This paper examines the international bank lending channel of monetary policy. We use exogenous changes in the policy rate in systemically important advanced economies, including the U.S., and the local projection method to estimate the dynamic effect of monetary policy shocks on cross-border banking flows. We find robust evidence that exogenous monetary policy tightening in these economies leads to a statistically and economically significant decline in cross-border bank lending. This effect tends to be larger during periods of lower measured global risks (proxied by the VIX) and when lending toward emerging market borrowers. In contrast, no clear-cut evidence emerges on the ability of capital controls and floating exchange rate regimes in reducing the cross-border spillover effect of monetary policy.