MoneyTransfers
/Sending Money/Cheap Money Transfers

Cheapest Ways to Send Money Internationally

Sending money abroad can be expensive. With so many ways to transfer money available, it can be hard to find the best deal. So, which money transfer service is the cheapest?

We’ve reviewed the top transfer providers available to find you the best deal on your transfers. Currencies Direct is cheapest overall, but it may not be the best for your needs. Avoid losing out by reading our full breakdown below. Discover why transfer providers are so cheap, and find the cheapest ways to send money.

Frank Day
Author 
Frank Day
14 minutes
January 16th, 2024
Disclosure
Money Transfer Comparison
Fill in the form and we’ll find you the best rates.
Send
Currencies Direct
9.8
Fees & Rates

Looking at fees and rates, Currencies Direct is the cheapest provider, with no transfer or monthly fees and low exchange rate markups.

The top 7 cheapest ways to send money internationally

Currencies Direct is the overall cheapest way to transfer money internationally, but they lack some currency corridors and payment methods.

TorFX offers the best affordable customer service, but smaller transfer amounts have higher exchange rate markups.

Overall, the best affordable provider is Wise. They offer the mid-market rate on currency exchanges and a versatile product offering with low fees.

Here’s a quick summary of the cheapest international money transfer providers:

  • Wise - Best cheap provider overall

  • Currencies Direct - Cheapest provider

  • TorFX - Best for affordable customer service

  • OFX - Cheapest for sending large amounts

  • Instarem - Cheapest for business payments

  • Global66 - Fastest provider for cheap money transfers

  • XE - Most countries available

Currencies Direct
Currencies Direct

Currencies Direct is the cheapest international money transfer service. They charge no fees and low exchange rates of between 0.7% and 1.7%. You can send money online to over 120 countries using Currencies Direct, and they rate typically highly in customer reviews.

The low price does come at a sacrifice. There’s no cancellation policy, so you can’t get a refund if you make a mistake, and payments are slower than average. You can also only make payments by bank transfer, debit card or prepaid debit card, and their limits are relatively low at $50,000 per transfer via their 24/7 transfer service.

  • No fees

  • Low foreign exchange fees

  • Over 120 countries serviced

Wise
Wise

When all is considered, Wise is the best provider for cheap money transfers. They offer the mid market rate on currency exchanges, so your recipient gets exactly what your money is worth when you exchange.

You can calculate your fees quickly and easily with Wise before you send any money. Their online and in-app calculator allows you to see exactly how much your transfer will cost and how much will be sent to your recipient’s bank account. This transparency helps give you the peace of mind that you always know exactly how much you’re spending.

With Wise, you can open a multi-currency bank account that can hold up to nine different currencies at once. This allows you to send money from one bank account to another and help you manage your finances with ease, no matter what currency you’re using.

It’s not surprising that Wise frequently receives positive reviews on Trustpilot, Google Play, and the App Store. These usually highlight the transparent fee structure, their efficiency, and how easy their service is to use.

While some providers like Currencies Direct and Revolut are slightly cheaper, Wise offers better value with higher transfer speeds and a wider product offering. They fall down slightly on the range of their services. Wise can only send money to around 70 countries, and payments can only be sent directly to the recipient’s bank.

  • Offer the mid market exchange rate, giving you more value for money

  • Low, transparent fees

  • User-friendly app and website

  • Faster small transfers than most competitors

TorFx
TorFx

TorFX also charges no fees, but their customer service is what really makes them stand out. When you register for an account, you’re assigned a dedicated account manager to help you manage your transfers. Your account manager can help you with any of your transfer needs, from finding the cheapest rates for your transfers to navigating the TorFX app.

With TorFX, you can monitor exchange rates live, and even set alerts for when they improve so you never miss out on a good deal. With the TorFX app, you can also make cheap transfers 24/7.

The exchange rate on small amounts is quite high, but you’ll get a better rate on larger amounts. They have a maximum transfer limit of $25,000 online, with no limit if you arrange a transfer over the phone. TorFX only accepts payments by bank account and debit card.

  • No fees

  • Excellent customer service with a dedicated account manager

  • 24/7 transfers

OFX
OFX

OFX is one of the cheapest international money transfer services to send large amounts of money. They don't charge fees for their services and add a small markup to currency exchange rates. There’s no maximum limit on OFX transfers, with over 170 countries serviced and more than 50 currencies available.

You can monitor the exchange rates available with the OFX app and set an alert to notify you if rates improve before making your transfer. This could save you more money in the long run by allowing you to exchange when the rates are at their best.

As a high-value transfer specialist, OFX has an equally high minimum transfer limit of $1,000. This makes it unsuitable for sending small, regular transfers. The fee structure is also more opaque than some other transfer services, with no calculators available for their exchange rates. Customer reviews of OFX also remain mixed.

  • Fee-free transfers

  • Optional exchange rate alerts

  • Over 170 countries serviced

  • No maximum transfer limits

Instarem
Instarem

Instarem is the cheapest way to transfer money internationally for a business. They offer a streamlined B2B payment system via their app for cheap online business payments. Plus, they allow multi-user access so your team can manage business finances on your behalf. Mass payment capabilities also allow you to pay staff quickly and easily.

Instarem for business has a high annual transfer limit of $2.5 million, with a smaller limit on personal accounts. Both the individual transfer limit and the monthly transfer limit are $250,000, depending on your payment method.

The Instarem fee structure is not very clear, which marks it down on transparency. Payment methods are also a little limited with Instarem. Currently, credit card and debit card payments are not accepted in the US. Transfers tend to be slower than average, with each taking at least 24 hours to process.

  • Multi-user access for easy business payments

  • Mass payment capabilities for business owners

  • High transfer limits for businesses

Global66
Global66

The Global66 payment app is one of the fastest and cheapest ways to send money internationally. They charge no fees for transferring funds most of the time, but add a small markup to the mid market rate on currency exchanges.

Using the Global66 app, you can make P2P payments to other app users instantly. Domestic P2P payments are free, while international payments come with a small markup on exchanges. You can also make payments directly to your recipient’s bank account, they don’t need to have the app to receive money.

Global66 specializes in the South American market, limited to users in Chile, Peru, Argentina, Brazil, Ecuador, and Mexico. Registering for Global66 can also be a little more complicated than with other providers, so you may want to register a few days before you need to send any money to avoid unnecessary delays.

  • No fees

  • Fast P2P transfers offered

  • Easy-to use app allows transfers on the go

XE
XE

XE has a transfer corridor to over 200 countries worldwide. Specializing in higher value transfers, XE charges no fees for sending amounts over $500. This makes them one of the cheapest ways to send large amounts of money overseas.

XE processes most payments in less than 24 hours, making them one of the faster ways to send large amounts cheaply. The high-value focus is also reflected by their high transfer limits of up to $535,000 per transfer*.

Despite wide country coverage overall, XE offers transfers to fewer Asian and African countries than some other providers. It’s a good idea to check your recipient’s country is serviced before starting a transfer. Sending small amounts with XE is also more expensive than providers like Wise and Currencies Direct.

*Depending on the payment method you choose.

  • No fees on transfers above $500

  • Over 200 countries serviced

  • High transfer limits

How to make a cheap transfer internationally

Making a cheap money transfer internationally is simple, you just need to find the best deal for your needs.

Find the best provider

Find the best provider for sending money internationally to your recipient. This should be based on more than just cost. You should consider how much you’d like to send, where you’d like to send it, and how you’d like to pay for it. As well as how long you’re prepared to wait for the transfer to be processed.

Remember: It's more than just the fees

The cheapest money transfers provider for you will not always be the provider with the lowest transfer fees. The lowest fee provider may not service your destination country, or they may charge hidden fees through a high markup on the exchange rate. Make sure you consider all eventualities before making your decision.

Use a cheap money transfer payment method

Consider making your payment by ACH bank account transfer or debit card to minimize transfer fees. Credit card payments and wire transfers tend to be more expensive.

Top tips: How to make sure your transfers are as cheap as possible

If price is on your mind, look no further. Follow our top tips and save money on your international transfers.

Avoid using credit cards
Avoid high street banks
Send larger, more infrequent amounts

Cheapest methods of sending money abroad

Money transfer providers are the cheapest way to send money internationally. They keep their overheads low and don’t need to physically send money overseas. There are other ways of making a money transfer abroad, but these are often more expensive.

Online money transfer services

Specialist money transfer providers like Wise and Currencies Direct are the cheapest way to send money abroad. They keep costs low by mainly transferring money locally through their own P2P money pools in their operating countries.

Email money transfers

Some money transfer providers, like Wise, let you send money overseas via email. They do this using their own P2P payment system. This allows you to cheaply send money internationally to people without a bank account. If you want to send email transfer, the recipient will need to have an account with the money transfer provider you’re using.

Bank transfers

While they’re a cheap way of making domestic transfers, banks are not the cheapest way to send money abroad. To get cheapest international bank transfer, avoid the high fees of banks by using a money transfer provider that can make bank account transfers. The cheapest ways to make bank transfers abroad is via Wise and Currencies Direct.

Peer to Peer (P2P) money transfers apps

P2P payment apps like PayPal can be used to make international money transfers to the recipient’s linked bank account, but they’re not very cheap. Fees average at around 5% per international transfer, with a markup of 3% - 4% on the exchange rate. The cheapest payment app that can be used for P2P transfers is Wise.

What about Cash App and Zelle?

Zelle and Cash App are great at transferring money domestically, but they’re not so useful for low cost international money transfer. Zelle is only available in the US between connected banks, and Cash App can only make transfers within and between the US and the UK. Cash App offers one of the cheapest ways to send money internationally from the UK and the US and vice versa, as all transfers are free.

Cash

Some providers can be used to send cash transfers. The cheapest way to send cash to someone is through providers like Instarem and WorldRemit.

Never send cash in the post

You should never send cash in the post as it may get lost or stolen. There are lots of ways to safely send cash abroad using a money transfer service.

Cheapest ways to send money internationally by region

🌍 Europe

Amount

Cheapest way to send money to Europe

Cost

$100.00

XE

€0.81

$1,000.00

Wise

€8.24

$2,000.00

TorFX

€8.65

$10,000.00

TorFX

€23.56

$20,000.00

Currencies Direct

€92.22

$100,000.00

TorFX

€151.34

These are based on transfers from the USA to Spain - different countries may have slightly different rates.

Europe is home to 44 countries, but not all of them use the Euro. This makes sending money to the continent less straightforward than you may have originally anticipated. Those looking for a cheap international money transfer, must always consider the destination country, currency and costs involved. However, if you're looking for a Euro transfer, the cheapest way to send money to Europe will be with XE or Wise.

🌎 Americas

Amount

Cheapest way to send money to Americas

Cost

$100.00

XE

$11.71

$1,000.00

XE

$110.32

$2,000.00

TorFX

$198.90

$10,000.00

TorFX

$580.73

$20,000.00

TorFX

$771.25

$100,000.00

TorFX

$2,597.22

These are based on transfers from the USA to Mexico - different countries may have slightly different rates.

The Americas are made up of multiple different regions and countries, including North America, South America, Central America and the Caribbean. Remittance to countries in Latin and Central America as well as the Caribbean have been rising steadily since the Covid-19 pandemic, thanks to the growth of online money transfers as well as the increase in wages in the US.

🌍 Africa

Amount

Cheapest way to send money to Africa

Cost

$100.00

XE

$0.70

$1,000.00

XE

$6.86

$2,000.00

TorFX

$13.53

$10,000.00

Currencies Direct

$46.63

$20,000.00

TorFX

$93.25

$100,000.00

TorFX

$376.41

These are based on transfers from the USA to South Africa - different countries may have slightly different rates.

While much of Africa is still developing, many nations on the continent receive a significant proportion of their GDP from remittance flows. Nigeria alone received almost $20 billion in remittance in 2021, over quadruple that of the next highest, Ghana.

🌏 Asia-Pacific

Amount

Cheapest way to send money to Asia-Pacific

Cost

$100.00

XE

₹69.80

$1,000.00

Currencyfair

₹639.35

$2,000.00

Currencyfair

₹1213.10

$10,000.00

XE

₹3141.81

$20,000.00

XE

₹8473.44

$100,000.00

XE

₹29282.88

These are based on transfers from the USA to India - different countries may have slightly different rates.

The Asia-Pacific region encompasses multiple countries, but the exact ones will depend on your definition. Remittance flows are a significant source of income for many countries in Asia, owing to many from the continent migrating to more developed countries in search of high wages and a better standard of living.

Things that affect the cost of money transfers

Different providers offer different fees and exchange rates, but it’s more complicated than that. Lots of factors can impact the cost of your transfers, including:

  • The amount you’re sending

  • Where you’re sending it

  • How you pay for the transfer

  • How quickly you need the transfer to be sent

The amount you’re sending

Sending large amounts of money is more expensive with some providers than with others. For example, XE charges no fees for transfer amounts over $500, and OFX charges no fees, but has no transfer limits. Providers like Wise charge a percentage fee of the amount you’re sending, so costs can rack up when you send large amounts.

Where you’re sending the money

Some providers charge higher fees and markups for exchanging certain currencies. This makes sending money to certain countries more expensive than others. You’ll also find it cheaper to make a money transfer in your own currency, without exchanging. But this can cause a headache and extra fees for your recipient.

How you pay for the transfer

Some payment methods are cheaper than others. For example, sending money with a credit card is one of the most expensive ways you can make an international money transfer with most providers. Bank transfers tend to be cheaper, with P2P payments generally being cheapest, often free of charge.

How quickly you need the transfer to be sent

Generally speaking, the fastest transfers are generally the most expensive. Some instant payments, like P2P payments, are usually free. Other providers will charge a fee for ‘instant transfers’, making them overall more expensive. If you’re interested in sending money cheaply, you may need to be patient and wait for a slower transfer.

How to minimize the cost of an international money transfer

You can minimize the cost of your money transfer by:

Using a money transfer provider
Using the cheapest payment methods available
Beware of ‘fee free’ transfers
Plan ahead

Safety

Safety is crucial when sending money. International money transfer providers often use encryption to protect your finances, making them one of the cheapest and safest ways to send money. Transfer providers and money transfer apps are usually just as safe as making transfers with your bank, just make sure your provider is regulated by the correct financial institution before sending any money.

Check your provider is regulated

You should only ever use regulated providers to transfer money. If a provider is not regulated, it’s likely to be a scam.

Remember: We will only ever recommend regulated financial institutions.

How to find the cheapest way to send money internationally

To find the cheapest way to transfer money internationally, you need to consider more than just fees. Exchange rate markups can make a big difference to the cost of your transfer, and you could find fee free providers with a high exchange rate markup are pricier than those that charge a flat fee.

You should also keep your specific needs in mind. Some of the cheapest providers don’t offer many payment methods, and may have more restrictive transfer corridors. If the cheapest money transfer provider available doesn’t service your recipient’s country, you’ll need to opt for a slightly more expensive version.

We’ve compared the best money transfer providers on the market, looking at fees, exchange rates, and their different specialties. Through this data, we’ve created a list of the cheapest ways to transfer funds internationally.

Cheap ways to send money without a bank account

Lots of people don’t have bank accounts. If you don’t have a bank account, you can still transfer money internationally. You can open a digital account with Wise, and transfer money directly through them. Wise accepts payments to your account through apps like Google Pay and Apple Pay.

Alternatively, you can send money through a provider that accepts cash deposits, like Ria, MoneyGram, and Western Union. Be aware that these providers are more expensive than many of their competitors.

Cheapest international money transfer - it’s not just about fees

There are lots of things to consider when finding the cheapest money transfer service for transfers abroad. The providers offering fee free transfers aren’t always the cheapest, keep an eye out for high exchange rates. You should also consider how much you’ll be sending, how you’ll be sending it, and where it'll be going, as things like this can make the costs creep up.

FAQs

What’s the cheapest way to send money internationally?
How do I send money to someone cheaply online?
Can you send money to someone cheaply without a bank account?
Why are specialized currency providers cheaper?
Is my bank a cheap way to send money internationally?
Is PayPal the cheapest way to transfer money overseas?
Are international money transfers cheap?

Related Content

Remittance and Crime: Statistics that Illustrate the Connection
Discovering how remittances might affect crime is important for institutions and civil organizations. In this article, we explore the connection between these cash transfers and criminal activities. Read on for all the latest remittance and crime statistics.
January 3rd, 2024
What it costs to send money from 21 countries
Sending money between countries and continents is increasingly common. Every day, people send money to family members across the globe. Someone might need to transfer money to pay for a destination wedding, add a prized antique from an overseas dealer to an art collection, or buy a specialty product from another country.
October 6th, 2023
Understanding the tax laws and your obligations in a foreign country can be confusing. Therefore, we provide a basic overview of what you need to know about sending money to Australia. You’ll learn about the requirements for declaring money and when you need to pay taxes. Additionally, you’ll discover the cheapest money transfer methods, including WorldRemit, Wise, and Xe.
February 15th, 2023
It can be confusing to understand the various laws and regulatory bodies that deal with crime prevention in the money transfer space. Hence, this article looks closely at the rules and processes in place to combat money laundering and terrorism financing. Furthermore, we offer the best specialist transfer companies that abide by these laws, so you can safely send money cross-borders. Top examples include TorFX, VertoFX, and WorldRemit.
January 16th, 2024

Contributors

Frank Day
Author
Frank Day
Based in London, Frank is a dedicated writer and editor specializing in personal finance, boasting over five years of experience in the field. Frank's professional journey began in the pensions industry, where he developed a keen expertise in this area. He has crafted content for notable organizations like the Teachers’ Pension Scheme, the Environment Agency, and Direct Line.