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Compare rates and fees for sending money to the USA
There are multiple ways to easily send and receive money in the USA but these will largely depend on the provider you decide to use.
How can I pay for my money transfer to the USA?
If you decide to use a money transfer provider, you’ll find that different providers offer alternative ways of paying for your transfer. But in general, most will let you pay with one of the following methods:
Bank transfer: The overall best method, you can send money directly from your bank account - however bank transfers can sometimes take a little longer to process compared to other payment methods
Debit card: You can also pay using your debit card, which may be processed a little faster but comes with extra fees for currency conversion
Credit card: While convenient and easy, credit card paymentscan incur high fees for things like currency conversion and cash advances, while you could also potentially face interest charges
Digital wallet: Some providers may let you pay through a digital wallet like Google Pay, PayPal or Apple Pay, just keep an eye out for whether there are any extra processing fees involved
What is the best way to send money to the USA?
The best way to send money to the USA from abroad is by using a money transfer provider like WorldRemit, XEor Atlantic Money, and paying for it via bank transfer. Money transfer providers are the best choice as they specialize in remittance - their entire focus is on giving people a quick and affordable way to send money abroad.
Making a bank transfer from your account is a better option than paying by debit or credit card, as you avoid a whole host of fees associated with credit and debit card payments. It’s also far better than sending money via a direct wire transfer as this uses the SWIFT banking system, which often involves high fees and long waiting times.
How long does it take to send money to the USA?
Most money transfer providers will facilitate a money transfer to the US within a day - some can even have your money sent on the same day. For example, if you wanted to send £2,000 from the UK to the USA, WorldRemit will complete your transfer in minutes.
However, it’s important to be aware of the different factorsthat can affect the total transfer time, including:
The amount you’re sending: You might find larger transfers take a little longer to clear, and they can even involve extra security checks on your part to verify the source of the money
When you start the transfer: If you pay by a bank transfer, you’ll likely need to complete it before your bank’s cut-off time to ensure it’s processed on the same day, otherwise you might face a longer wait
What is the fastest way to send money to the USA?
The fastest way to send money to the USA is to use a money transfer provider. We recommend WorldRemit and PassTo for fast bank transfers, as both offer transfers in minutes - and for bigger transfers TorFXcan move the funds in one to two hours.
These companies specialize in fast international money transfers as they don’t actually send any money across international borders. Instead, you send money to your local branch of the provider, and they credit the local branch in the receiving country, who then sends the money to the recipient.
This beats banks who conduct wire transfers, which means the money passes through several intermediary banks before reaching the destination, increasing the overall wait time.
To speed up your transfer to the USA we would also recommend paying by credit or debit card - while there are extra fees involved, these payments are normally processed faster than bank transfers.
Additionally, sending money for a cash pickup can also help you speed up your money transfer, as the money is often ready for collection as soon as you’ve deposited it on your side. XE and Xoom have thousands of cash pickup agents across the USA, so it may be worth looking into this company if you want to arrange a cash transfer.
How much does it cost to send money to the USA?
The cost of sending money to the USA from abroad will come down to whether the provider charges a transfer fee, or an exchange rate markup, or a combination of both. As an example, Atlantic Money charges a £3 fee for transfers from the UK to the US but only ever provides the market exchange rate, so the cost will always be £3.
Likewise Key Currency do not charge any fees for sending money from France to the USA, but they markup the exchange rate, so the total cost of sending €10,000 is $24.35, but the cost of sending €20,000 is $48.70.
It’s important to consider the mid-market rate itself as it shows you how much each currency is worth, so you know what you’ll be getting for your money. Also remember some providers charge fixed fees while others charge percentages - which means the amount you’re sending can also affect the cost.
It’s always good to compare providers with MoneyTransfers.com to find the best rates and lowest fees - this way you know you’ll be getting the best value deal.
What is the cheapest way to send money to the USA?
The cheapest way to send money to the USA is by using a money transfer provider and paying via a bank transfer. We recommend using providers like XE for smaller transfers as they charge nothing in fees and offer a competitive exchange rate - it costs less than one dollar to send €100 from France.
If you’re sending a large amount of money to the USA then Atlantic Money will be one of the best providers to consider if they offer your route. They charge a flat fee of £3 for transfers from the UK, and always provide the mid-market rate, so a transfer of £5,000 will cost £3 as will a transfer of £10,000.
Remember using a money transfer provider and sending a bank transfer is cheaper than sending money abroad via banks alone. They tend to use the SWIFT banking system, which sends the money through intermediary banks that each charge a fee - not to mention the whole process takes days to complete. For example, HSBCcharges £10 to send money to the USA, and your transfer won’t be complete until 3-5 days.
It’s also cheaper to pay by bank transfer than it is to pay with a credit or debit card, as card payments often come with extra fees for currency conversion.
What do I need to send money to the USA?
When you send money to the USA using a money transfer provider, you’ll need to provide a few bits of information - including the following:
Your details: As part of the signing up process with most providers, you’ll need to give your name, address and contact details. You’ll also likely need to upload or show a form of photo ID to prove who you are - this helps to protect your money. Once you’ve signed up you probably won’t need to show these again
Your recipient’s details: You’ll also need to provide the details of your recipient to ensure the money gets where it needs to go. If you’re sending money to the USA, you’ll need their full name, their bank account number, their routing or ABA number and their BIC/SWIFT number. You won’t need an IBANas banks in the USA do not issue them
A payment method: To pay for your money transfer, you’ll need to provide a payment method. Most providers lets you pay with a debit or credit card as well as a bank transfer directly from your account - while you may also be able to use a digital wallet such as PayPal or Google Pay
What do I need to receive money in the USA?
To receive money in the United States if it’s been sent from abroad, you’ll need to show a photo ID and give your name and address exactly as the sender gave it. It’s important that the details match precisely, otherwise your money transfer may be delayed or canceled.
Most money transfer providers will also give a reference number or code to the sender to share with the recipient, who can then use it to confirm the transfer.
Do I pay tax on money transfers to the USA?
You won’t need to pay tax on money you send to the USA from abroad in most cases, as the US government allows up to $15,000 in gifts untaxed. However if you’re purchasing a property or paying an employee then the situation may be different - we’d recommend talking to a tax accountant or lawyer to fully understand whether you need to pay any tax.
It’s worth noting that all transactions valued at over $10,000 are automatically reported to the IRSas part of efforts to protect your money and prevent financial crime.
What reasons do people send money to the USA?
While the USA is known for its vast immigrant population, there are also millions of Americans living outside of the States. The US government doesn’t officially keep track of these numbers by year, but the last estimate of almost nine million was taken in 2015.
According to the most recent data from the World Bank, just under $7 billion dollars was remitted to the USA in 2021. Some of the most common reasons for sending money to the USA include:
Supporting friends and family
Paying tuition fees
Investing in real estate or stocks
Supporting healthcare costs
Repaying debts
Sending money to major banks in the USA
Pretty much all banks in the USA will allow international money transfers. You’ll be able to send money to be converted into dollars before depositing with banks including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley and more.
What apps can I use to send money to the USA?
Using your mobile phone to send money can be convenient and fast, and money transfer providers like Wise and XE offer the best and most straightforward apps to do so.
You can also receive money in the USA using digital wallets like Skrilland PayPal, but be careful as these can sometimes come with high fees. You can’t yet use Google Pay to send money to the USA, but you can send money from the USA to people in India or Singapore. Cash App also allows you to send money to the USA, but only for people sending money from the UK.
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Useful links for Americans abroad
We’ve found some useful links for Americans living abroad that you can use to stay updated with what’s happening at home.
Democrats Abroad and Republicans Overseas for voting and election information
The Association of Americans Resident Overseas for health insurance, advocacy, voting and general information
American Citizens Abroad for information on voting, citizenship, census issues
Americans Welcome Switzerland Expats for Americans in Switzerland
Expatriates.com for general help and information for expats
InterNations for general help and information for Expats
The cost of sending money to the USA from different countries
We’ve explored and compared providers offering money transfers to the USA from a range of different countries - see below to find out more.
How much does it cost to send money from the UK to the USA?
Here are the best rates for sending £1,000 from the UK to the USA:
Provider | Transfer fee | Read our review |
|---|---|---|
£1.99 | ||
£3 | ||
£4.64 |
How much does it cost to send money from Canada to the USA?
Here are the best rates for sending $1,000 from Canada to the USA:
Provider | Transfer fee | Read our review |
|---|---|---|
$0 | ||
$3.99 | ||
$8,97 |
How much does it cost to send money from India to the USA?
Currently the only money transfer provider allowing transfers from India to the USA is Wise, and you’ll need to send a minimum of 5,000 INR. We’ve compared the rates for sending 200,000 INR with Wise and some alternatives.
Provider | Transfer fee | Read our review |
|---|---|---|
4,128 INR | ||
Not transparent, but includes exchange rate markup, commission, correspondent bank charges, GST on foreign currency conversion + commission | ||
INR 300 plus applicable taxes for inward transfers, 0.3% of transaction value (Min INR 100, max INR 1,500) plus cable charge of INR 200 plus applicable taxes |
How much does it cost to send money from Mexico to the USA?
Unfortunately at this moment only OFX offers money transfers from the USA to Mexico - they don’t charge any transfer fees, just a markup on the exchange rate. We’ve compared OFX to alternative methods to give you an idea of what costs you might face.
Provider | Transfer fee | Read our review |
|---|---|---|
$0 | ||
5% of transfer fee | ||
BBVA Mexico | $39 plus VAT to send, and $30 plus VAT to receive |
Sending Different Amounts To The USA
Here’s what you can expect when sending different amounts of money to the USA.
Sending under $1,000 to the USA
If you’re sending less than $1,000 to be received in the USA, whether it’s a small gift or token support for friends and family, it will be relatively straightforward. Money transfers of small amounts are relatively common, and providers like Wise and XE offer transfers to the US from countries across the world.
Sending $1,000 or more to the USA
For bigger money transfers of over $1,000 to the USA you’ll have largely similar options, but we’d recommend looking at providers who charge a flat fee for these transfers, such as WorldRemit. Percentage fees, like those charged by Wise, can become significantly higher for bigger transfers, so keep this in mind when comparing rates.
Sending $10,000 or more to the USA
For occasions when you’ll be sending over $10,000 for things like tuition fees, you might want to start considering specialist money transfer providers who deal with larger transfers as standard. Such examples would be TorFX and Currencies Direct, who both offer money transfers of this amount without any fees.
Sending $100,000 or more to the USA
When you’re purchasing property or making significant investments in the USA, it’s time to think about specialist providers and even currency/foreign exchange brokers such as Moneycorp or Global Reach. These companies, like TorFX and Currencies Direct, offer free transfers for large amounts, and sometimes offer access to advisors and account managers to help you along with transactions.
Amount | Best Provider | Amount Received |
|---|---|---|
£1,000 | XE | $1,119.87 |
£5,000 | TorFX | $5,637.87 |
£10,000 | TorFX | $11,299.55 |
£20,000 | TorFX | $22.507.02 |
£50,000 | TorFX | $56.352.93 |
Looking to Send Money Somewhere Else?
Sending money anywhereelse in the world is as easy as sending money to the USA. If you're looking to send money to another country, here is the list of the most popular destinations.
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