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Best Ways to Send Money Abroad in 2024

Using a money transfer provider is the best way to send money abroad, but it’s not always easy to decide which service or method to use. This guide runs through the different ways you can make an international money transfer, as well as explains how to find the best company to use. This way you’ll be fully informed before comparing providers with MoneyTransfers.com.

Mehdi Punjwani
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Mehdi Punjwani
32 minutes
January 16th, 2024
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What is the best way to send money internationally?

The best way to send money internationally is to use a money transfer provider, such as Wise, XE or WorldRemit. These companies usually offer the fastestand cheapest transfers abroad. When you compare providers with MoneyTransfers.com, we’ll show you the best deals available for the transfer you want to make - so you know you’re getting your money’s worth.

Our overall top providers
Wise
Wise
Visit
Fees & Rates
9.4
Transfer Speed
9.0
Safety & Trust
9.5
Product Offering
8.8
Transfer Limits
9.5
Ease of Use
10.0
Customer Feedback
8.5
MoneyTransfers Score 2024
9.2
Currencies Direct
Currencies Direct
Read ReviewVisit
Fees & Rates
9.8
Transfer Speed
9.0
Safety & Trust
9.0
Product Offering
8.0
Transfer Limits
9.0
Ease of Use
9.0
Customer Feedback
8.4
MoneyTransfers Score 2024
8.9
Fees & Rates
9.3
Transfer Speed
9.0
Safety & Trust
9.0
Product Offering
8.0
Transfer Limits
9.0
Ease of Use
9.0
Customer Feedback
8.7
MoneyTransfers Score 2024
8.9
Fees & Rates
9.1
Transfer Speed
8.0
Safety & Trust
9.0
Product Offering
9.0
Transfer Limits
8.0
Ease of Use
9.0
Customer Feedback
9.0
MoneyTransfers Score 2024
8.7
Fees & Rates
9.4
Transfer Speed
8.0
Safety & Trust
8.5
Product Offering
8.8
Transfer Limits
9.5
Ease of Use
8.2
Customer Feedback
8.3
MoneyTransfers Score 2024
8.7
Fees & Rates
8.5
Transfer Speed
7.0
Safety & Trust
9.5
Product Offering
8.8
Transfer Limits
9.0
Ease of Use
9.5
Customer Feedback
8.0
MoneyTransfers Score 2024
8.6

Best money transfer service for sending money internationally

It’s important to remember that not all providers serve every route, so the top providers on our list might not support the country you want to send money to, or the currency you want to send it in. This is why you should always use our convenient comparison tool to find the best options for your desired money transfer.

We’ve ranked the top five money transfer services overall based on important factors like their overall cost, service quality, customer feedback and more. You should keep these in mind when comparing results and looking for the best ways to send money internationally.

Provider

Best for

Transfer fees

Transfer speed

Visit

Wise

🔐 Security and trust, ⭐ Customer ratings

From 0.41%

1-3 days

Visit Wise

XE

💲 Transfer fees, 🇺🇲 Transfers to US, 🌏 Transfers to Asia

$3 for small transfers. No fees for transfers over $500

1-4 days, often in minutes

Visit XE

WorldRemit

🇺🇲 Transfers from US, 🌍 Transfers from Africa, 🌍 Transfers to Africa

From $0.99 - $3.99 depending on currencies

1-2 days

Visit WorldRemit

TorFX

🇬🇧 Transfers from UK, 🇪🇺 Transfers to EU

No fees

Up to 2 days

Visit TorFX

Instarem

🌏 Transfers from Asia

From $0 - $35 depending on currency pair and payment method

Up to 2 days

Visit Instarem

Why are money transfer providers better than alternatives?

Money transfer providers are better than alternative methods, like banks, money orders and mobile money apps, because they use their own network of bank accounts across the world to move money efficiently and at low cost.

When you make a local bank transfer to your chosen money transfer provider, or if you pay by debit or credit card, it receives the money in its bank account. Your provider will then credit the same amount of money from its account in the destination country, minus fees and rate markups, into the recipient’s bank account or other chosen deposit method.

The money you send doesn’t cross any borders, helping you avoid paying bank transfer fees - something you’d have to do if you used a wire transfer and went through the SWIFT banking system.

When banks move your money, they often send it through a series of intermediary banks, each of which take a small fee. These can add up, and result in a significant overall cost - not to mention the fact that banks often charge bigger markups on their exchange rates. They end up being a costly and time-consuming alternative.

International money orders have their own major limitations, often not allowing transfers exceeding a few thousand dollars and costing up to $50. They’re also not widely used anymore, and therefore won’t be accepted by many recipient countries.

Apps like PayPal can sometimes be convenient, especially for domestic transfers, but when it comes to sending money internationally they end up being quite expensive. The only way to find the cheapest rates is to compare money transfer providers.

How do I find the best money transfer provider?

When it comes to comparing providers, think about the following factors:

Cost

Likely the most important factor, the cost of sending money with a money transfer provider can be broken down into two main components; fees, and rate markups.

Not all providers charge for transfers in both ways, often it will be one of the two - so when you see transfers advertised as fee-free, watch out for the rate you’re being offered.

  • Transfer fees: Providers that charge a transfer fee will usually either have a flat rate (e.g. Atlantic Money), or a percentage fee (Wise). Flat rate transfers are often better for large amounts, while a percentage fee is more likely to be economical for smaller transfers

  • Exchange rates: If a provider doesn’t charge a transfer fee, it may be marking up the exchange rate to make money instead. This is when the provider charges a slightly different exchange rate to the mid-market rate, so they can earn a little extra from converting your currency

9.8
Fees & Rates

Our number one provider for the total cost of sending money abroad, offering the cheapest money transfers, is Currencies Direct.

Service

The quality of service you’ll get from the provider is also a major factor. If you don’t know what to look for, here’s a list that will help you get started with your analysis:

  • Transfer speed: As you might expect, faster transfers often cost more, and some providers even offer premium transfers at better speeds for those in a hurry

  • Transfer limits: While there aren’t any official global limits on how much money you can send abroad, providers might have their own rules about maximum or minimum amounts you can send through them

  • Payment options: Most providers will accept bank transfers as a standard payment method, but some will accept also debitor credit cards, wire transfers, and mobile wallet payments

  • Deposit options: You’ll also usually be able to send money to the recipient’s bank account, but some providers also offer cash pickups, mobile wallet deposits and more

  • Supported countries and currencies: When you use our comparison service, you’ll see only providers that offer rates for the transfer you want, but it’s useful to look into the list of supported countries if you’re looking for a long-term solution or you want to send money to multiple destinations

  • Customer service: Its customer service options will be very important - taking special note of whether you can reach them 24/7 and speak to a human in short time

  • Other services: Lastly, you might be interested in any other services they might provide, like business transfers or multi-currency accounts

9
Product Offering

WorldRemit are our number one choice for the strongest overall money transfer service.

Ease-of-use

If you’re going to be transferring money regularly, it helps to have a reliable and simple way to conduct your transactions. Keep in mind how easy it is to sign up, verify your identity and actually send money, and whether any long steps in the process might discourage you from using them.

9.5
Ease of Use

In our opinion, the money transfer provider that offers the simplest and most easy-to-use service is Atlantic Money when it comes to signing up and making a transfer.

Safety and trust

While all providers on MoneyTransfers.comare fully regulated and authorized to provide money transfers, and all will adhere to minimum standards of data protection and security, it’s still helpful to bear in mind a company’s size, reputation, and transparency.

9.5
Safety & Trust

One of the biggest and most well-known money transfer providers, XE gets our vote for the most trustworthy brand.

Customer feedback

Finally, to get a real picture of what it’s like to use a provider, it’s good to check out its customer reviews on websites like Trustpilot and both the Android and iOS app stores.

8.4
Customer Feedback

The provider with the best customer ratings and feedback from Trustpilot and both app stores is Currencies Direct.

What is the best way to receive an international money transfer?

In our opinion, the best way to receive money sent from abroad is directly into your bank account - as this is often the most cost-effective and simplest method. However, not all providers will offer the same methods of receiving money abroad, so it can help to keep this in mind when comparing your options.

In general, most providers will offer at least one of the following:

  • Bank deposit: The most common method of receiving money sent from overseas, and available for most money transfer providers, is having the funds deposited directly into the recipient’s bank account. It can sometimes take a day or two for the money to be deposited, but you’ll find it’s also usually the cheapest option

  • Cash pickup: Cash pickups are a convenient and fast option, which involves having the money sent to a local agent from which the recipient can collect the cash themselves. Often the money is ready for collection minutes after the sender has deposited the funds on their side - but keep in mind it can cost a little more than bank deposits

  • Mobile money deposit: Another useful option, particularly for those without local banks or money transfer agents, is to have the money sent directly to the recipient’s mobile wallet

  • Cash delivery: It’s a very rare option, but in some countries your provider might offer the ability to deliver cash to the recipient’s home address

  • Airtime: Finally, some providers allow airtime top ups for the recipient’s mobile phone account directly with your transfer, either with minutes for phone calls, or data for internet browsing

How should I pay for an international money transfer?

Our recommendation would be to pay for your money transfer via a local bank transfer to your chosen provider, though it might not be the only option available. Each method of payment has its benefits and drawbacks, but you should have at least one of the following options available when paying for your transfer:

  • Local bank transfer: Making a bank transfer to your provider may not be the fastest option but it’s often the cheapest, and most providers will accept this payment method

  • Debit card: Debit cards can be a faster payment option if available, but keep in mind there may be extra processing fees in place

  • Credit card: Credit cards are also a fast and convenient option, but these will definitely come with extra fees, particularly from your credit card issuer

  • Wire transfer: You may even be able to make a direct wire transfer using your provider, but it will still use the SWIFT banking system and potentially result in multiple intermediary fees

Alternatives to money transfer providers

While money transfer providers will always be the recommended option for sending money abroad, there are alternative methods you might want to think about.

Direct wire transfer

Direct wire transfers take place between banks without the need for a money transfer provider. While it might seem like a sensible option to use traditional banks as they are safe and trusted, their transfer methods are somewhat outdated when sending money abroad.

International wire transfers take place over the SWIFT banking system, which is a communication network that allows institutions to send details about a transfer before the money is actually moved.

Once details have been communicated, the money goes from the sending bank to the receiving bank via a clearing house like Fedwire or CHIPS. However, the money also often needs to go through a series of intermediary banks in order to reach the receiving bank - and each intermediary will take a fee, which soon adds up in terms of cost as well as time taken.

The sending bank itself is also likely to charge a high transfer fee - in the US, banks often charge up to $50 to send money abroad, and up to $30 to receive international payments.

Bank

Fee for sending money abroad

Fee for receiving money from abroad

Transfer speed

PNC

$40 for self-service, $45 for agent-assisted

$15

2-3 days

Bank of America

$45 when send in US dollars

$15

3-5 days

Chase

$40 for self-service, $50 for agent-assisted

$15

3-5 days

Citibank

$25-35 for most accounts

$15

3-5 days

Money transfer providers avoid this process by using their own network of local bank accounts from which they can credit money transfers. This is why direct wire transfers are no longer the most common way to send money internationally.

PayPal

PayPalis a widely used payment provider, offering fast and easy money transfers - however it’s more suited to domestic payments than international. PayPal’s fee structure for international payments can be quite expensive, and many money transfer providers offer lower fees and better exchange rates.

Payment method

Transfer fee

Minimum amount

Maximum amount

PayPal Balance

5%

$0.99

$4.99

Bank account

5%

$0.99

$4.99

Cards

5% transfer fee + 2.9% card payment fee + fixed fee based on currency received

$0.99

$4.99

Amex Send Account

5%

$0.99

$4.99

Cryptocurrency transactions

You may also consider sending money abroad via cryptocurrencies like Bitcoin or Ethereum, as it can be a quick way to move money across borders. Cryptocurrencies aren’t connected to banks or government agencies, so they offer more freedom in terms of how much you can transfer and where.

However, it can be a complicated process with higher levels of risk compared to more mainstream methods like money transfer providers or even banks. Transaction fees are often harder to pin down, and as they’re calculated per-byte rather than a percentage of the total amount, smaller transactions can be quite costly.

It works by the sender buying cryptocurrency on an exchange, and sending it to the recipient’s crypto wallet. As these are not as regulated as other financial services, and don’t have the same levels of insurance and protection for consumers, it can be a risky method. You need to be ultra-careful when entering the recipient’s wallet address, as if you make a mistake the cryptocurrency you send will be lost forever.

Overall we’d recommend steering clear of cryptocurrency remittance unless you’re already familiar with how it works and trust yourself to find the best prices. Using money transfer providers is incredibly straightforward by comparison, and you’re still likely to find low transfer fees and favorable exchange rates.

Specific transfer requirements for sending money internationally

For the best experience when sending money to any country or even locally, you have to play by the rules set by each provider. Failure to abide fully by their requirements may cause unnecessary delays or even transfer cancellations. Below are some of the best practices to follow when finding the best way to transfer money.

Larger Transfers
Credit Card
Cash Pick-Up
Bank Account
Sending Locally

Finding the best way to send money internationally for you...

Overall, it's fair to conclude that the best way to send money internationally online will almost always be an online money transfer service rather than an established bank - but again, this entirely depends on your specific transfer needs, so there will never be one set answer.

The variety of money transfer services on offer helps keep their fees and exchange rate margins low, saving you money and ensuring the maximum amount of your transfer possible reaches your intended recipient - but the differences in rates, speed, and more between companies means comparing your options is always a sensible habit.

Depending on where you’re transferring money from/to, the currency pairing your transfer needs, and the amount you are sending, the total fees and charges will be different for each provider. It’s only by comparing the options that you can truly find the best way to transfer money overseas.

That’s where we come in.

Our easy-to-use money transfer comparison tool can lay out your options clearly for you in seconds, so you can quickly find your best money transfer option. Click the button below to start your comparison and find the best deal for your transfer!

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Fill in the form to get the best rates
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Other ways to send money abroad

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Contributors

Mehdi Punjwani
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.