How to Send Money Instantly in 2024: the Ultimate Guide
Some money transfer providers let you send money instantly. Under the right circumstances, you can use apps like Wise and PayPal to send money in minutes.
Lots of things can make it more difficult to send money instantly. Some payment methods like ACH bank transfers can slow down your transfers. So can sending large amounts of money, or sending to particular countries. Read on to find out how to send money abroad instantly.
Author
Mehdi Punjwani
Fact Checker
Elliot Laybourne
4 minutes
January 16th, 2024
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How to make an instant international money transfer
If you want to send money abroad instantly, your best bet is to compare different money transfer providers to see who offers the best speed and rate for your transfer.
Just tell us how much you want to send and to where, and we’ll show you a list of providers who offer that transfer.
You’ll be able to compare different providers by the overall exchange rate, the fees you’ll pay, the speed of the transfer, and how you’ll be able to fund the transfer, and any features included with the provider.
Once you’ve chosen who you want, just sign up with a few details and you’ll be ready to send money. You’ll need to provide the recipient’s details, including their name, address, account details and currency they will collect the money in. Remember to be accurate - the name you give must match their bank account name exactly.
When you’ve filled in all the information, just pay for your transfer and take note of the transaction number/ID.
Fastest providers for international money transfers
Different ways of making an instant money transfer abroad
Different providers will let you send money abroad via:
Bank transfer: You’ll be able to send money from bank account to bank account via the money transfer provider, usually quicker and cheaper than going via bank wire transfer alone
Cash pickup: You can also send money to a local cash pickup and delivery agent near the recipient, so they can collect the money
Mobile wallets: Some providers offer a connection to local and global mobile apps that mean you can send money directly to another person’s mobile wallet
The fastest way to send money is usually via cash pickup, as it's often ready for collection as soon as you've deposited the money on your side.
How much it costs to send money instantly
The cost of sending money abroad as fast as possible will depend on where you’re sending as well as how much - it can be broken down into two main parts.
Fees: Some money transfer providers charge a fee as part of their service, which can range from one or two dollars to over 20
Exchange rate markup: You’ll also likely be charged a markup on the exchange rate, which can have a bigger impact on larger transfers
Where you can send money instantly
Generally speaking, it’s possible to send money immediately to most locations, but it depends on the provider. Companies like Western Union and MoneyGram have global agent networks that allow instant transfers to almost every location.
However, instant services may be harder to find on less commonly-used transfer routes. It is best to check the exact transfer time with the company before initiating the transaction.
Sending large amounts of money instantly
You’ll find that most money transfer companies have limits on how much you’ll be able to send via the fastest methods, so it will depend on how you define ‘large’. Generally speaking you might find it difficult to instantly transfer amounts larger than a few thousand dollars.
Are instant money transfers reversible?
Instant money transfers are not reversible as they are processed as soon as you make the payment, so there is no opportunity to stop the payment before it is delivered. This is why it’s important to check all details thoroughly before sending money.
Sending money faster online
To ensure your money transfer goes as smoothly and as quickly as possible, always keep the following in mind:
Customer service: It can help to look for providers that offer fast customer service around the clock in case you run into any issues, so you can try and resolve them quickly
Correct details: Be sure to fill out every single detail carefully and accurately, otherwise you may find your transfer is delayed or cancelled
Delivery: Choosing the right delivery method is also important - remember cash pickups and, if possible, mobile wallet payments usually let you send money instantly but bank transfers will usually take longer
Payment: It’s also quicker in general to pay for transfers via credit or debit card, rather than bank to bank transfers
Instant money transfers transfer providers like WorldRemit and Wise can help with sending money. With just a few clicks, you can transfer funds to friends or family members in a matter of seconds. Money transfer providers use a range secure encryption technology, you can rest assured that your information is safe and protected.
Will sending money instantly always be the cheapest way to send money?
Not necessarily. While instant money transfer services may be convenient, they often come with high fees and exchange rates. It's important to compare different transfer options and consider factors like fees, exchange rates, and delivery time before choosing the best option for your needs. In some cases, a slower but less expensive transfer method may be the cheapest way to send money abroad. It's also important to consider the receiving party's preferences, as some may prefer to receive funds quickly even if it means paying additional fees. Ultimately, there is no one-size-fits-all answer – it depends on your individual circumstances and priorities.
Do money transfer companies offer faster money transfers than banks?
Many money transfer companies advertise their services as being faster than traditional bank transfers. However, it ultimately depends on the specific company and the circumstances of the transfer. Some money transfer companies may offer instant transfers, while others may take several days to process the transaction. It is important to research and compare different options before choosing a money transfer service.
Can I instantly send money through my bank account?
The answer to this question depends on the specific bank and payment method you are using. Some banks offer instant money transfer options, such as through a service like Zelle, while others may take several business days to process the transfer. It is important to check with your individual bank to determine their capabilities and timeframes for transfers. Additionally, certain payment methods, such as wire transfers, may also have quicker turnaround times than others. Overall, it is always a good idea to plan ahead and allow for sufficient time when sending money to ensure the funds arrive on time.
Can I send money instantly through PayPal?
Yes, PayPal offers instant money transfers to both domestic and international recipients as long as they have a valid email address or mobile number. However, there may be certain limitations or fees associated with the transfer. It is best to check with PayPal directly for more information on their specific policies and procedures. Additionally, other financial institutions or payment platforms may also offer instant money transfer options. It is important to compare and research the options available before choosing a method for sending funds.
In general, it is recommended to use caution when sending or receiving large sums of money, and to properly verify the recipient's identity to prevent fraud or scams. Always make sure to keep records and documentation of any financial transactions for personal records and protection.
Are there apps that allow you to send money instantly?
Yes, there are several apps that allow instant money transfers. Some popular examples include WorldRemit and Wise. These apps make it easy to send and receive funds from friends, family, or businesses quickly and securely. Just be sure to double check the recipient's information before sending any payments.
Do you pay tax on instant international money transfers?
If you are sending money for personal reasons, such as to family or friends, then typically the transfer would not be subject to taxes. However, if you are transferring money for business purposes or as an investment, then it may be taxable. It's important to consult with a tax professional or accountant to ensure that you are correctly reporting any taxable transfers.
Additionally, it is important to note that there may be fees associated with international money transfers. These can include exchange rate charges, transfer fees, and foreign bank charges. It's important to research and compare options before making a transfer to ensure you are getting the most cost-effective option.
One convenient option for international money transfers is using an online service or app. These often allow for instant transfers and can be a hassle-free option compared to going through a traditional bank. Just be sure to carefully review the terms and fees associated with the service before initiating any transfers.
How do you transfer money between banks instantly?
With modern technology, there are a few options available.
One option is to use a mobile payment app, such as Venmo or Zelle, which allows users to quickly and easily transfer funds using just their phone number or email address.
Another option is to use an online banking platform to transfer funds between bank accounts instantly, often for a small fee.
Some banks also offer the ability to transfer funds through ATM machines, as long as both parties have their debit cards and PIN numbers.
Whichever method you choose, be sure to double check the recipient information to ensure your money goes to the right person or account.
How do I receive money online instantly?
One option is to use a mobile payment app, such as WorldRemit or Wise. Both allow you to link your bank account and easily transfer money from one user to another. Another option is to set up a direct deposit with the sender, where they can transfer money directly into your bank account.
Keep in mind that there may be a waiting period for the funds to become available, depending on the sender's method of payment. Either way, with these options, you can receive money instantly and conveniently from anywhere.
A SWIFT transfer is when you send money from your bank account to another bank account, without using a third-party provider to facilitate the payment. SWIFT, standing for Society for Worldwide Interbank Financial Telecommunication, is actually the communication method by which banks swap details about the transfer. During international bank transfers, The money itself is processed by a clearing house, as well as sometimes multiple intermediary banks.
Wire transfers are a way of moving money securely between people or entities, to be sent from and deposited into other bank accounts. They are called ‘wire transfers’ as they used to be literally conducted through a telegraph wire - but these days everything is done electronically.
Mehdi is an accomplished writer and editor, specializing in personal finance with over five years of experience. His expertise is reflected in his work for prominent brands such as MoneySuperMarket, Equifax, and The AA. Additionally, Mehdi contributes as an author at USA Today, further showcasing his proficiency in the field.
Mehdi is an accomplished writer and editor, specializing in personal finance with over five years of experience. His expertise is reflected in his work for prominent brands such as MoneySuperMarket, Equifax, and The AA. Additionally, Mehdi contributes as an author at USA Today, further showcasing his proficiency in the field.
Elliot Laybourne is a seasoned financial professional with a 20-year tenure in investment banking in the City of London. His career includes pivotal senior roles at prominent institutions like ABN Amro, Societe Generale, Marex Financial, and Natixis Bank. Elliot's expertise is particularly notable in commodity derivatives and options market-making. Throughout his career, he has served an impressive roster of clients, including Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System.
Elliot Laybourne is a seasoned financial professional with a 20-year tenure in investment banking in the City of London. His career includes pivotal senior roles at prominent institutions like ABN Amro, Societe Generale, Marex Financial, and Natixis Bank. Elliot's expertise is particularly notable in commodity derivatives and options market-making. Throughout his career, he has served an impressive roster of clients, including Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System.
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