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Fastest Ways to Send Money: What Are Your Options?

Transferring money, whether with or without a bank account, is sometimes urgent. Avoid delays by finding the fastest ways to send money using the top money transfer services.

Frank Day
Author 
Frank Day
6 minutes
December 1st, 2023
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Wise is the fastest provider in most cases, with 45% of transfers completed in less than 20 seconds.

If you'd like to send a large amount, XE may be the fastest provider, with 90% of its transfers completed in 24 hours.

WorldRemit is also a fast transfer provider, with a variety of payment methods available.

The fastest ways of transferring money from the US

Money transfer providers are the fastest way to send money. Unlike ACH bank transfers, money transfer providers can transfer funds quickly and efficiently between accounts, whether the recipient’s bank account is based in the US or overseas.

These are the top five fastest ways of transferring money.

Wise
Wise

One of the fastest ways you can transfer money is through Wise. 45% of Wise transfers take less than 20 seconds to be deposited, with 90% delivered in 24 hours. Wise also pre-confirms how long your transfer will take before you make any payments.

Fastest payment methods: Credit card, Apple Pay, Google Wallet, your linked bank account.

  • Faster small transfers than most competitors

  • User-friendly interface

  • Transparent fees and exchange rates

  • High maximum transfer limits

XE
XE

XE specializes in large transfers, with a high limit of $535,000 per transfer*. Like Wise, over 90% of XE’s money transfers are completed within 24 hours, but this is usually the minimum. The average transfer speed is one to four business days, with card payments being quicker but considerably more expensive.

*Depending on the payment method you choose.

Fastest payment methods: Wire transfer, credit card, debit card.

  • Faster transfers than most competitors

  • High transfer limits

  • No fees for transfers above $500

WorldRemit
WorldRemit

WorldRemit lets you pay by mobile money, cash pickup, airtime top up, or bank transfer. In most cases, WorldRemit transfers are completed within minutes. On the downside, they don’t service much of Europe, and transfers are often more expensive than their competitors.

Fastest payment methods: Debit card, credit card, airtime top up.

  • Multiple payout options

  • User-friendly interface

  • Calculate fees before you send

Global66
Global66

Global66 offers instant transfers between users of the app. If your recipient is also registered with them, they’re one of the fastest transfer providers around. The setup process can be quite complex, so it’s a good idea to sign up for an account before you need to send any money to avoid unnecessary delays.

Fastest payment methods: P2P, debit card, credit card (only accessible via Webpay).

  • Fast P2P transfers in certain countries

  • Mid-market exchange rate offered

  • Helpful user interface

Instarem
Instarem

If you’re after fast business payments, Instarem is the way to go. With a streamlined business-to-business payment system, Instarem is the fastest way to transfer money between businesses. The app allows multi-user access for your finance department, and a mass payment feature for payment of wages.

Transfers usually take up to two business days to complete, but this depends on the destination and payment method. If your payment needs time to clear, this will take longer. While this is still quicker than most bank transfers, providers like Wise and XE are likely to complete faster.

Fastest payment methods: B2B payment.

  • Multi-user access for easy business payments

  • Mass payment capabilities for business owners

  • High transfer limits for businesses

Making instant money transfers abroad

Some providers let you make instant money transfers, where ‘instant’ usually means ‘within minutes’. Wise, XE, and WorldRemit all offer instant transfers, but this depends on the payment method and destination country.

Fastest providers by country

The country you’re sending money to can make a big difference to the amount of time it takes to send a transfer. Below are some of the fastest ways to send money from the US, split by country and the amount you’re sending.

India

Fastest provider

Send amount

Speed of transfer

Wise

$1,000

Seconds

XE

$10,000

Minutes

XE

$100,000

Minutes

Mexico

Fastest provider

Send amount

Speed of transfer

Wise

$1,000

Seconds

Wise

$10,000

Seconds

XE

$100,000

Minutes

Canada

Fastest provider

Send amount

Speed of transfer

Global66

$1,000

Same day

XE

$10,000

Within 24 hours

XE

$100,000

Within 24 hours

The Philippines

Fastest provider

Send amount

Speed of transfer

WorldRemit

$1,000

Minutes

XE

$10,000

Minutes

XE

$100,000

Minutes

The UK

Fastest provider

Send amount

Speed of transfer

Wise

$1,000

Seconds

Wise

$10,000

Seconds

XE

$100,000

Minutes

Note: These figures are a guide and do not account for issues with your transfer. In each case the fastest payment method available for the transfer has been chosen. Transferring higher amounts more quickly will usually be more expensive.

Tips for making fast money transfers

Top tips on how to transfer money abroad quickly.

Send money online
Use a money transfer provider for international transfers
Register before you need to transfer
Consider paying by card
Make sure the money is available
Check the recipient’s details
Arrange a cash pickup
Avoid banks

PayPal isn't the best option

Ever popular, PayPal allows you to send money directly from your PayPal account to the recipient’s account. This transaction is instant, but transferring the money to your PayPal account by bank transfer takes a few days. This, combined with the high transfer costs charged by PayPal, makes it less efficient than money transfer apps like Wise and XE.

Wise vs PayPal - Who to use?

Other things that affect transfer speeds

Even if you choose a quick transfer provider, there are some things that may slow up your transfer. These include:

  • The payment method

  • The amount

  • When you start

  • The destination

The payment method

The payment method makes a huge difference to the speed of transferring money. Bank transfers usually take 3-5 days to process, while credit and debit card payments tend to clear in minutes.

You can also arrange a cash pickup, which will often be made available for collection as soon as the transfer has been made. Airtime top-ups are also available, which deposit credit onto the recipient’s prepaid cell phone instantly.

The amount

The amount you’re transferring can change the speed of your transfer. Some providers take longer to clear larger payments, while others like XE specialize in larger payments, but charge a higher fee for the privilege. Most bank transfers above a certain amount are subjected to more rigorous checks, so keep this in mind when arranging large transfers.

Check your withdrawal limit

Check the withdrawal limits on your bank account before you make any payments. If you’re making a transfer that’s above your withdrawal limit, the payment will be refused, which will delay your transfer. Make sure your transfer amount doesn’t exceed your withdrawal limit, or use an account with a higher limit before transferring.

When you start

Most money transfer services are available 24 hours a day. But, the banks they link to will usually only process payments within a certain period of time. Most bank transfers need to be made before 3pm to be processed on the same day, while other payments like card payments and airtime top ups can be made at any time.

The destination

Transferring money to some countries takes longer than others. This can be because of regulatory checks that need to be made, geopolitical issues like international sanctions, or even simple things like the exchanging of currency and local time differences.

Check how long it usually takes to send money to your target destination before you start your transfer.

Other ways to send money quickly

As well as money transfer providers, there are other ways you can send money quickly. These include:

  • P2P payment apps

  • Wire transfers

  • Walmart2Walmart

P2P payment apps

Most P2P payment apps like Venmo and Zelle allow you to send money to someone using only their email address. Often, they’ll need to have the app before they can receive money.

While P2P payment apps are fast ways of sending money domestically, not many allow international money transfers. Cash App is available for use in the US and the UK, allowing you to transfer money between these countries, and PayPal permits international transfers but charges high transfer fees for the privilege.

Google Pay and Apple Pay

Google Pay and Apple Pay let you transfer money online using your bank cards from your phone. These apps don’t charge their own fees for domestic or international money transfers, but remember - you’re still using your bank account to make the payment.

This means you’ll be charged the same fees as you would for a standard card payment from your bank, and the transfer speed will usually be the same as for other international card payments.

Wire transfers

Wire transfers are quicker than bank transfers on the whole, but they’re still not as fast as money transfer providers or P2P payment apps. On average, domestic wire transfers take around one business day to complete, while bank transfers take nearer three. International wires take two business days on average, but can take up to five.

Walmart2Walmart

Walmart offers domestic money transfers between its stores across the US and Puerto Rico. You’ll need to show your photo ID at the Customer Service Desk. Usually, these transfers will be paid within 10 minutes, but Walmart will charge fees starting at $2.50, and they’re only available for domestic transfers.

Walmart can send money to bank accounts, debit cards, a mobile wallet, or in cash.

Did you know?

Walmart uses money transfer providers to power its transfers. These include MoneyGram, Western Union, and Ria. Be careful; these providers tend to offer slower transfers than the likes of Wise and XE.

Faster isn’t always better

The fastest money transfer app for smaller amounts, Wise, is also one of the cheapest ways of sending money. However, when you start sending larger amounts at short notice, the costs tend to grow. This makes the higher than average exchange rates of XE your best option for amounts over $10,000, in most cases.

Where possible, it’s always best to prepare in advance, set up an account with your chosen provider, and make sure the funds are available, ready to send. When this isn’t possible, you should still be able to make fast money transfers when you need to, but you may lose out on the best fees and exchange rates.

FAQs

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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.