10 Effective International Money Transfer Methods

When looking for the best ways to send money worldwide to business associates, retailers, family members, or friends abroad, you have a number of options at your disposal. Due to their well-known brands and extensive global networks, banks have historically been the favored means for transferring money between individuals.

Banks, however, can charge more and send funds more slowly than online money transfer providers. Money transfer services usually provide better and more affordable methods and currency rates for sending money abroad.

We’ve listed the top 10 methods for sending money abroad below.

1. Wise

Online overseas money transfers are almost always less costly than phone or in-person transfers, regardless of the bank you choose. For online shoppers who want to send less than US$7,000 abroad, we advise Wise. They provide exceptionally attractive exchange rates for international money transfers of US$7,000.

Without going to a branch, you’ll have the same level of comfort you would have with a bank transfer thanks to an easy-to-use online and straightforward procedure. Additionally, they offer a user-friendly mobile app and a number of ways to get in touch with customer service.

2. Currency Direct

On Trustpilot, Currencies Direct has a stellar five-star rating and is a market leader. The company was founded in 1996, making it older than many other companies on our list and having a long history. Over 250,000 customers were supplied throughout that time. There are no transfer fees with Currencies Direct, and the exchange rates are remarkably reasonable and honest.

Both online and through mobile devices, account creation is free and straightforward. This company offers some of the best prices currently available.

If someone wants to send money internationally at the lowest cost, they should check into this firm. There is a drawback to this company, though.

It only moves money into a little over 20 other currencies. Therefore, you might not be able to utilize this company if you wish to transfer money to a location that isn’t really conventional or “the norm.”

However, this does not seem to be a significant drawback to most individuals, as seen by thousands of five-star ratings.

Customers routinely praise Currencies Direct’s exceptional customer service, which is offered around-the-clock, every day of the week. The company is also widely renowned for working with clients rather than against them.

3. World Remit

According to the World Bank, 689 billion remittances were transferred overseas in 2018. Because of increased competition from money senders who specialize in smaller quantities, cash transfers are becoming more affordable. The most used money transfer services are still Western Union, MoneyGram, and Xoom. Traditional remitters are also more expensive.

For this reason, we suggest WorldRemit. They provide lower prices and better exchange rates for cash transactions under US$2,000.

4. Paypal

One of the finest and quickest ways to send money abroad is using PayPal. Here, you may send money from your PayPal account to the recipient’s PayPal account.

The main benefit of the entire process is that everything is done digitally. When you use PayPal to send payments, you link your bank account, and the recipient transfers money digitally from PayPal to their bank account.

PayPal, however, levies a small fee on transactions made when transferring money to friends or family members who reside outside of the nation.

When you transfer money from a checking account to an active PayPal account, the transfer is speedy in terms of processing time. However, it can take a few days for the recipient’s bank to deposit the funds to their account.

5. Ria

Ria has 370,000 outlets and operates in around 150 countries. When feasible, several locations in the Dominican Republic, the Philippines, Peru, and Vietnam provide same-day pickup.

Cash must be sent, however, via bank account and not a debit or credit card. Ria only accepts transactions of up to $3,000 per day, unless you transfer money in person.

Be aware that Ria marks up the currency rate and charges a small transfer fee. While some bank account transfers might take up to four days to execute, others simply take a few minutes.

6. Citibank

Banks are almost always more expensive than companies that focus on foreign transfers. In comparison to our earlier approaches, they impose greater fixed costs and provide lower conversion rates.

However, we think you ought to compare equally. As a result, we suggest Citibank as one of the finest options for sending money abroad. This is due to the fact that they provide the best foreign exchange rates and the lowest transaction expenses. Your money will travel farther if you transfer a modest amount than it would at a high street bank.

7. OFX

OFX achieved a four-star rating out of five using the same TrustPilot rating methodology. They provide transfers directly from the buyer’s debit card or through wire transfers, and they, too, do not impose transfer fees when transferring funds through their company.

The money must be deposited into the recipient’s bank account, which has certain limitations on how they might receive it.

They have offices in the United States, Canada, Australia, Singapore, Hong Kong, the United Kingdom, and New Zealand and are well-known all around the world. Additionally, they provide a lock-in rate tool. Additionally, this enables purchasers to lock in a particular rate prior to money transfers.

8. Your Bank

Verify whether wire transfers are permitted with your bank (most do). Due to the fact that you already deal with your bank and have an account there, this is sometimes the simplest way to send money.

Start by contacting your bank to learn more about the procedure as you will likely need to authorise international transactions (most accounts are not automatically set up for it). When everything is ready, your bank will send money to the chosen recipient in a foreign country.

Its prices also differ depending on whether you’re sending money to a branch of the same bank or another bank. Wire transfers are typically completed by banks in two to three business days.

9. Currencyfair

Over the course of its roughly ten years in business, CurrencyFair has managed the exchange of more than 8 billion euros, or almost 9 billion US dollars. It is well-known and dependable all around the world and has a 4.7 out of 5-star rating on TrustPilot.

Although they have operations in Australia, Hong Kong, and Singapore, their corporate offices are in Ireland and the United Kingdom.

It costs nothing to accept money into your account immediately via a bank transfer. But there are costs involved in the process if you get money into your account using any other means.

The transfer process can involve extra bank fees. And this relies on any institutions outside the process that must be involved.

10. Xoom

Xoom, a PayPal company, offers rapid international money transfers. Recipients often get monies in a matter of minutes. Because it is a PayPal company, you may send money via PayPal. But the money cannot come from your PayPal balance; it must come from your bank account.

There are multiple “approval tiers” on Xoom, and they determine how much money you may move. With a fully verified account, you may deposit up to $50,000 straight away right now.

However, sending more than $10,000 in a single transfer results in a few-day delay in the transfer. If you send money through Xoom using a debit or credit card as opposed to a straight bank transfer, there are considerable costs involved.

FAQs Regarding The Best Ways To Send Money Abroad

What Is the Time Frame for Sending Money Abroad?

The method of transmission often dictates the amount of time. Many service providers handle bank transfers in a matter of minutes or a business day. Transfers via a credit or debit card, however, may take a few days to a week.

Is the transaction amount subject to a cap?

Every service has some restrictions. If you need to transfer a sizable amount, take note of the limits because some are more stringent than others. Several months must pass after you initially utilize a service’s offerings, according to many providers, before submitting a greater sum.

Is there a cost associated with sending money abroad?

Yes, the majority of service providers do charge a fee for sending money abroad (it’s how they make money). Find a company that charges correct exchange rates, a small markup, and low transfer expenses to save the most money on your transfer.

Final Reflections

In the end, it makes sense to draw the conclusion that using an online money transfer service rather than a traditional bank is the best option to send money abroad. But once more, this largely relies on the transfer requirements you have. There will never be a solution that works for everyone.

You will save money and ensure that your whole transfer reaches the intended recipient by using one of the many accessible money transfer providers, which will help keep their costs and exchange rate margins low.

However, consider your alternatives carefully due to the variations in rate, pace, and other aspects.

Additionally, the total costs for each service differ based on the locations from and to which you are sending money, the currency pairs you need, and the quantity you are sending.

You may choose the most advantageous methods of sending money abroad only after carefully weighing your options.

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