Sending money internationally can be expensive, with high fees and unfavorable exchange rates. However, with a little research and planning, it is possible to find the cheapest way to send money abroad.
To determine the cheapest option for sending money abroad, compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options. Consider using online money transfer services with low fees, utilizing alternative methods for sending money, and negotiating lower fees with a money transfer service provider to find the most cost-effective solution for your needs. Additionally, be sure to carefully read the terms and conditions of the money transfer service and to avoid hidden fees to ensure the lowest possible cost for your money transfer.
There are online money transfer services that offer low fees. Examples include TransferWise, Xoom, and Remitly. These services typically charge a flat fee or a small percentage of the total transfer amount, and they often offer better exchange rates than traditional banks.
Visit XE Money Transfer
Used By: 280000000
Currencies Available: 76
Transfer Fees: none
Payment Methods: Bank transfer, credit card, debit card
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: US$1.00
Max Transfer: US$500,000.00 (or equivalent)
Year Founded: 1993
Visit Wise Multi-Currency Account
Used By: 11000000
Currencies Available: 54
Transfer Fees: 0.5%-1%
Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: 1 USD
Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Year Founded: 2011
Visit Remitly
Used By: 3000000
Currencies Available: 63
Transfer Fees: 0-3.99$
Payment Methods: Bank transfer, credit/debit card
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: US$1.00
Max Transfer: US$20,000.00
Year Founded: 2011
Visit Wise Business
Used By: 11000000
Currencies Available: 55
Transfer Fees: 0.5%-1%
Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: 1 USD
Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Year Founded: 2011
Visit Wise
Used By: 11000000
Currencies Available: 54
Transfer Fees: 0.5%-1%
Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: US$1.00
Max Transfer: US$1,000,000 (varies based on currency)
Year Founded: 2011
Visit CurrencyFair
Used By: 150,000
Currencies Available: 17
Transfer Fees: 0.45%
Payment Methods: Bank transfer, debit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: £5.00 (or equivalent)
Max Transfer: £10,000,000.00 (or equivalent)
Year Founded: 2009
Visit InstaReM
Used By: 130000000
Currencies Available: 11
Transfer Fees: 0%-1%
Payment Methods: bank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents)
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: $1 (minimum sending amounts could differ based on certain currency pairs)
Max Transfer: No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country)
Year Founded: 2014
Visit MoneyGram US
Used By: 150000000
Currencies Available: 46
Transfer Fees: 0-1.99$
Payment Methods: pay by card or directly from your bank account
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: none
Max Transfer: 3000 USD
Year Founded: 1940
Visit Xoom
Used By: 250000000
Currencies Available: 4
Transfer Fees: 0$-40$
Payment Methods: Bank transfer, debit/credit card, PayPal balance
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: US$10.00
Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
Year Founded: 2001
Visit Skrill
Used By: 120,000
Currencies Available: 33
Transfer Fees: none
Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: US$1.00 (varies based on certain currencies)
Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
Year Founded: 2001
Visit Scotiabank
Used By: 25,000,000
Currencies Available: 23
Transfer Fees: none
Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: none
Max Transfer: 10000 USD
Year Founded: 1832
Visit OFX
Used By: 1000000
Currencies Available: 54
Transfer Fees: 15 AUD below 10k AUD
Payment Methods: ETF, BPAY (Australia), Direct debits
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: 1000 USD
Max Transfer: none
Year Founded: 1998
Visit Credit Suisse
Used By: 1000000
Currencies Available: 1
Transfer Fees: none
Payment Methods: eBill, QR-bill, standing orders, payment orders, online & mobile banking, direct debit, multi-payment orders, bank transfer, debit card, credit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: none
Max Transfer: none
Year Founded: 1856
Visit Western Union
Used By: 15000000
Currencies Available: 38
Transfer Fees: up to 3%
Payment Methods: Cash, bank transfer, debit card, credit card (varies from country)
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: $1.00
Max Transfer: $10,000.00 (varies)
Year Founded: 1851
Visit TransferGo
Used By: 2,500,000
Currencies Available: 39
Transfer Fees: 0.5%-1.5%
Payment Methods: Bank transfer, debit card, credit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: 1.5 GBP
Max Transfer: 1000000 GBP
Year Founded: 2012
Visit Moneycorp
Used By: 15000000
Currencies Available: 161
Transfer Fees: none
Payment Methods: debit card via our online platform or a wire transfer, cash
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: 50 USD/GBP/EUR
Max Transfer: none
Year Founded: 1962
Visit Currencies Direct
Used By: 325,000
Currencies Available: 22
Transfer Fees: none
Payment Methods: Bank transfer, debit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: none
Max Transfer: 25000 GBP
Year Founded: 1995
Visit Neteller
Used By: 500000
Currencies Available: 28
Transfer Fees: none
Payment Methods: online banking account, debit, and credit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: none
Max Transfer: up to 50000 USD/transaction
Year Founded: 1996
When sending money abroad, it's important to compare different options' fees and exchange rates. Online money transfer services such as TransferWise, Xoom, and WorldRemit can offer lower fees and more favorable exchange rates than traditional bank transfers. Additionally, cryptocurrency, such as Bitcoin, can be a cheaper option for sending money abroad, but its value is highly volatile and not widely accepted. It's important to compare the fees and exchange rates of different options and choose the one that best fits your budget.
Many credit and debit cards charge currency conversion fees when used abroad. Avoid currency conversion fees when sending money using a credit or debit card that doesn't charge these fees or withdrawing cash from an ATM and paying in the local currency. Additionally, when using online money transfer services, it's important to ensure that the recipient's account is in the same currency as the sender's account to avoid currency conversion fees.
Some online money transfer services and banks offer promotions and bonuses to attract new customers. These can include waived fees, reduced exchange rates, or cash back. Keep an eye out for these promotions and take advantage of them to save money on your international transfer. It's important to read the terms and conditions to ensure that you qualify for the promotion and that it's still the cheapest option.
When sending money abroad, it's important to pay attention to the exchange rate. Some online money transfer services and banks offer limit orders, which allow you to lock in an exchange rate for a certain period. Limit orders can be useful if the exchange rate changes in your favor. By setting a limit order, you can take advantage of a favorable exchange rate and save money on your international transfer.
If you need to send money abroad regularly, consider transferring money in bulk. Many online money transfer services and banks offer discounted fees for larger transfers. Sending money in larger amounts can be a cost-effective option if you need to send money abroad frequently or in large amounts. It's important to compare fees and exchange rates to ensure you get the best deal.
Bank transfers are a traditional method of sending money abroad and can be one of the cheapest options. However, the cost of a bank transfer can vary depending on the bank and the country you send the money. Some banks charge a flat fee for international transfers, while others charge a percentage of the amount. Additionally, the exchange rate applied by the bank may not be as favorable as other options. It's important to compare fees and exchange rates before transferring to find the best deal.
Online money transfer services, such as TransferWise, Xoom, and WorldRemit, can be cheaper than traditional bank transfers for sending money abroad. These services typically charge lower fees than banks and offer more favorable exchange rates. They also offer the convenience of making transfers online, and some offer cash pickups, bank deposits, and mobile money transfers. However, comparing fees and exchange rates before making a transfer is important as they can vary depending on the service and the country you are sending the money.
Cryptocurrency, such as Bitcoin, can be a cheap option for sending money abroad. Transactions made with cryptocurrency are generally faster and cheaper than traditional methods and are not subject to the same fees and regulations. However, it's important to note that the value of cryptocurrency can be highly volatile, so it may not be a suitable option for everyone. Additionally, it's important to ensure that the recipient can receive the money in the form of cryptocurrency, as crypto assets are not as widely accepted as traditional forms of currency.
Peer-to-peer (P2P) lending platforms, such as Lending Club and Prosper, can be a cheap way to send money abroad. These platforms connect borrowers and lenders directly, cutting out the middleman and reducing the costs associated with traditional lending methods. However, it's important to note that P2P lending may not be available in all countries due to regulations. Additionally, not all P2P platforms allow for international transactions.
Anti-Money Laundering (AML) laws are designed to prevent money from being laundered through financial institutions, including money transfer services. These laws require financial institutions to implement procedures for identifying and reporting suspicious activity and maintaining transaction records. Money transfer services must verify customers' identities and report any suspicious activity to the relevant authorities.
Know Your Customer (KYC) laws require financial institutions, including money transfer services, to verify the identity of their customers. KYC verification includes collecting and verifying personal information, such as name, address, and identification documents. KYC laws aim to prevent money laundering and terrorist financing by ensuring that financial institutions know who their customers are.
The Foreign Account Tax Compliance Act (FATCA) is a law in the United States that requires financial institutions, including money transfer services, to report information about their foreign account holders to the Internal Revenue Service (IRS). FATCA includes information about the account holder's identity, balance, and transactions. FATCA aims to prevent tax evasion by U.S. taxpayers with foreign accounts.
Combating the Financing of Terrorism (CFT) laws prevent financing terrorist activities through financial institutions, including money transfer services. These laws require financial institutions to implement procedures for identifying and reporting suspicious activity and maintaining records of transactions. Money transfer services must verify customers' identities and report any suspicious activity to the relevant authorities.
The recipient's local currency is the best currency to send abroad. The money recipient will not have to pay any currency conversion fees, and they will be able to use the money immediately. Additionally, when sending money in the local currency, the exchange rate is more favorable for the recipient and will not be affected by currency fluctuations.
Another option is to send money in the sender's currency. Sending money in the sender's currency is useful if the sender is uncertain about the exchange rate or wants to avoid currency conversion fees. However, it's important to note that the recipient may have to pay currency conversion fees, and the exchange rate may not be as favorable as when sending money in the local currency.
Another option is to send money in an international currency, such as the U.S. dollar, Euro, or British pound. Useful if the recipient frequently travels or if they have international expenses. However, it's important to note that the recipient may have to pay currency conversion fees. The exchange rate may not be as favorable as sending money in the local currency. Also, this option may limit the usage of the money in certain situations.
Cryptocurrency such as Bitcoin can be another option when sending money abroad. Transactions made with cryptocurrency are generally faster and cheaper than traditional methods and are not subject to the same fees and regulations. However, it's important to note that the value of cryptocurrency can be highly volatile, so it may not be a suitable option for everyone. Additionally, it's important to ensure that the recipient can receive the money in cryptocurrency. Crypto assets are not traditional forms of currency.
PayPal is one of the most widely used and popular money transfer services, and it offers a wide selection of currencies. Users can send and receive money in over 200 countries and territories and over 20 currencies. PayPal also offers the ability to hold balances in multiple currencies, which can be useful for international transactions. Additionally, PayPal's exchange rate is competitive and offers a Buyer and Seller protection service.
TransferWise is another money transfer service that offers a wide selection of currencies. The platform supports over 50 currencies and allows users to send and receive money in these currencies. TransferWise also offers borderless accounts that allow users to hold and manage money in multiple currencies, which can be useful for international transactions. TransferWise also offers a very competitive exchange rate, which guarantees that the exchange rate you see on their site is the rate you get.
OFX is a global money transfer service that offers a wide selection of currencies. The platform supports over 80 currencies and allows users to send and receive money in these currencies. OFX also offers a very competitive exchange rate, and it offers a 24/7 customer support service. Additionally, OFX offers various services, such as forward contracts and limit orders, which can help users manage their currency risk and save money on their international transfers.
XE is a money transfer service that offers a wide selection of currencies. The platform supports over 60 currencies and allows users to send and receive money in these currencies. XE also offers a very competitive exchange rate and a forward contract service that allows users to lock in an exchange rate for a certain period, which can be useful for managing currency risk. Additionally, XE offers a 24/7 customer support service.
Western Union is a money transfer service that offers a wide selection of currencies. The platform supports over 130 currencies and allows users to send and receive money in these currencies. Western Union offers a competitive exchange rate and a cash pickup service in over 200 countries and territories.
Yes, local providers or brick-and-mortar locations may offer cheaper money transfers. For example, some grocery stores, post offices, and check-cashing locations offer money transfer services at a lower cost than banks or online transfer services. To find the cheapest option in your area, compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options.
It depends on your bank and its specific transfer options. Some banks may offer lower-cost international money transfers, while others may have high fees and unfavorable exchange rates. Before using your bank to send money abroad, compare the total cost of the transfer, including any fees and exchange rates, to other transfer options, such as online money transfer services.
Yes, alternative methods for sending money may be cheaper than traditional money transfer services. For example, peer-to-peer money transfer services, such as PayPal, Venmo, and Zelle, can be more cost-effective than traditional money transfer services. Additionally, some digital wallets, such as Skrill and Neteller, allow users to send money internationally at a lower cost. To find the cheapest alternative method for sending money, compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options.
To avoid hidden fees when using a money transfer service, you should always compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options. Additionally, you should carefully read the terms and conditions of the money transfer service, as some providers may charge fees for things like currency conversion, account maintenance, or transaction processing.
The cost of sending money via wire transfer or ACH transfer can vary depending on the transfer provider and the specific transfer options. Wire transfers tend to be more expensive, with higher fees and unfavorable exchange rates, while ACH transfers can be more cost-effective, with lower fees and more favorable exchange rates. To determine which option is cheaper, compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options.
Yes, you can send money to a mobile wallet at a lower cost than a bank transfer. For example, some digital wallets, such as PayPal, Venmo, and Zelle, allow users to send money domestically and internationally at a lower cost than traditional bank transfers. Additionally, some mobile wallets, such as M-Pesa, have partnerships with money transfer providers, allowing users to send money internationally at a lower cost than traditional bank transfers. To determine the cheapest option for sending money to a mobile wallet, compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options.
The cost of using peer-to-peer money transfer services, such as PayPal, Venmo, and Zelle, can vary depending on the transfer provider and the specific transfer options. Some peer-to-peer transfer services may charge fees for currency conversion, account maintenance, or transaction processing, while others offer free transfers. To compare the cost of different peer-to-peer money transfer services, compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options.
Several limitations and restrictions could increase the cost of a money transfer. For example, some money transfer services may have maximum transfer limits, which could result in additional fees or charges. Additionally, some transfer services may restrict the type of currency or the countries where transfers are allowed, which could result in additional fees or charges for currency conversion. To avoid these limitations and restrictions, it is important to carefully read the terms and conditions of the money transfer service before using it.
The destination country can greatly affect the cost of a money transfer. For example, transfers to some countries may have higher fees or unfavorable exchange rates due to that country's regulatory or economic environment. Additionally, transfers to some countries may be subject to additional restrictions or limitations, which could result in additional fees or charges. To determine the cost of a money transfer to a specific country, compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options.
It depends on the money transfer service provider and the specific transfer options. Some money transfer services may be willing to negotiate lower fees, especially for high-volume or frequent transfers. To negotiate lower fees, you should research and compare the fees and exchange rates of different money transfer providers and then reach out to the provider of your choice to discuss any potential discounts or special promotions.
A remittance is a type of money transfer specifically designed for sending money from foreign workers back to their home country. A more general term, a money transfer, can refer to any money transfer, including remittances. The cost of a remittance or a money transfer will depend on the transfer provider and the specific transfer options. To determine which is cheaper, compare the total cost of the transfer, including any fees and exchange rates, for different transfer providers and options.
Some money transfer services may offer free transfers under certain conditions, such as a minimum transfer amount, a certain number of monthly transfers, or a specific type of transfer. Some money transfer services may offer promotions or discounts that can result in a free transfer, such as a waived fee or a reduced exchange rate. It is important to carefully read the terms and conditions of the money transfer service and compare the transfer's total cost, including any fees and exchange rates, for different transfer providers and options.
Sending money abroad can be costly, but there are ways to save money on international transfers. One of the cheapest options is to use online money transfer services such as TransferWise, Xoom, and WorldRemit, as they typically charge lower fees and offer more favorable exchange rates than traditional bank transfers. Additionally, cryptocurrency, such as Bitcoin, can be a cheaper option for sending money abroad, but its value is highly volatile and not widely accepted. It's also important to avoid currency conversion fees, take advantage of promotions and bonuses, limit orders, and transfer money in bulk. It's important to compare different options' fees and exchange rates and choose the best fit for your budget and needs.
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