Last Updated on December, 2024
Sending money to different countries can feel like finding your way through a big, confusing thing. But it’s not just about getting there fast. It’s also about avoiding tricky spots that cost you more money.
In this piece, I’ll make things easier by showing you the best ways to send money internationally. I’ll talk about seven services that are both fast and don’t cost too much.
Whether you’re helping out family or doing business, let’s explore these options together and find the easiest way to send money abroad.
Deal? Keep reading…
Contents
7 Best Money Transfer Services to Send Money Abroad
When I did my research, I found many ways to transfer money abroad. I’ve picked the best seven services here. Check out their features, services, pros, and cons to understand how they work.
Here’s an overall comparison table for easy understanding:
| Service | Transfer Fees | Exchange Rates | Transfer Speed | Transfer Limits |
| Wise | Starts from 0.41% | Uses the real exchange rate | 50% of transfers are instant, 90% arrive within a day | Varies depending on the currency |
| Revolut | Up to $6 depending on transfer details | Uses the real exchange rate up to certain limits | Time varies by destination | Usually no specific limits |
| OFX | No transfer fee | Includes a markup in the exchange rate | Often completed within 24 hours | Typically, there are no set limits |
| XE | Varies depending on transfer details | Includes a markup in exchange rates | Usually takes 1 to 7 working days | Up to $535,000 per transfer |
| Remitly | Varies based on currency and delivery time | Includes a markup in exchange rates | Instant or near – instant with card, 3 to 5 days with bank transfer | Up to $10,000 a day for fully verified accounts |
| Citibank | Up to $35 depending on account type | Uses Citibank’s rate online | Initiated same day, delivery time varies | Varies based on the type of account |
| CurrencyFair | Varies by currency, around 3 EUR | Uses Citibank’s rate online | Initiated same day, delivery time varies | Varies based on the type of account |
1. Wise
Wise revolutionalizes international money transfers with its transparent and cost-effective platform. Offering peer-to-peer transfers, Wise matches users in different countries, significantly reducing traditional banking fees.
What sets Wise special is its commitment to providing real exchange rates, ensuring users get the fairest deal possible.
Through Wise’s Borderless Account feature, users can seamlessly send money internationally, make local transfers, and hold balances in multiple currencies.
This account also includes a convenient debit card for spending in foreign currencies without incurring hefty fees. While Wise boasts competitive exchange rates and transparent fees, there may be better options for large transfers due to limitations in country coverage.
However, for individuals and businesses seeking a reliable and affordable way to transfer money globally, Wise remains a top choice.
Want to learn more about Wise platform? Read this article here.
Pros
Cons
2. Revolut
Revolut stands out as a versatile financial platform providing a wide range of services, including global money transfers.
The app’s user-friendly interface enables users to send money abroad, exchange currencies, and spend globally without worrying about hidden fees.
What makes Revolut unique is its comprehensive suite of financial tools, including budgeting features and cryptocurrency exchange services. Plus, Revolut offers benefits like travel insurance and access to premium accounts with enhanced benefits.
While Revolut excels in providing transparent and low-cost money transfer services, users should be aware of limitations such as restricted free withdrawals and occasional issues with customer support.
Nevertheless, Revolut remains a popular choice for individuals looking for great solutions for their financial needs.
Want to learn more about Revolut platform? Read this article here.
Pros
Cons
3. OFX
OFX is designed for individuals and businesses requiring larger international transfers with its competitive rates and low fees.
This specialized service ensures cost-effectiveness compared to traditional banks, making it an attractive option for those dealing with substantial sums.
OFX provides 24/7 customer support and designed solutions for businesses with high-volume transfers, ensuring a smooth and efficient process.
Its user-friendly online platform enables easy transaction tracking, offering users peace of mind throughout the transfer process. While OFX excels in providing competitive rates and dedicated support, its focus on larger transactions may make it not the ideal choice for small transfers.
Users should also note the limited currency options available. Nonetheless, OFX is a trusted option for individuals and businesses in need of reliable and budget-friendly international money transfer services.
If you want to learn more about OFX platform, checkout this article.
Pros
Cons
4. XE
XE offers a dependable solution for individuals and businesses seeking to transfer money internationally. With its mid-market exchange rates and low fees, XE ensures cost-effective transactions, saving users money compared to traditional banks.
However, XE does include a markup on the exchange rates, typically ranging from 1% to 1.2%. What sets XE apart is its provision of real-time currency updates and market analysis on its website, empowering users to make informed decisions about their transfers.
This transparency and accessibility contribute to XE’s reputation as a trustworthy and reliable service provider. However, users should be aware of the limited additional services offered by XE, and occasional delays in transfers may occur.
Nevertheless, XE remains a popular choice in the money transfer market for those who prioritize competitive rates and reliable service.
If you want to learn more about XE platform, checkout this article.
Pros
Cons
5. Remitly
Remitly specializes in providing fast and affordable money transfer services, particularly catering to individuals sending remittances to loved ones in over 100 countries worldwide.
Its express option offers instant transfers, ensuring recipients receive funds promptly when time is of the essence. Alternatively, the economy option provides a more cost-effective solution for those willing to wait a bit longer for their transfers.
Remitly’s mobile app enhances user experience with its user-friendly interface and tracking features, allowing senders to monitor the progress of their transactions easily.
While Remitly excels in providing fast and competitively priced transfers, users should note its limited country coverage and the variation in fees based on delivery speed and payment method.
Nevertheless, for individuals seeking a reliable and efficient way to send money internationally, particularly for remittances, Remitly remains a popular choice.
If you want to learn more about Remitly platform, read this article.
Pros
Cons
6. Citibank
Citibank offers international money transfer services to its customers through its online banking platform, providing convenience and reliability.
Citibank does not offer mid-market exchange rates directly to its customers. Instead, they include a markup on the exchange rate, which can result in higher costs compared to the mid-market rate. This markup means that the exchange rate customers receive is less favorable than the actual market rate.
Additionally, Citibank’s online portal and mobile app allow users to track their transfers conveniently. However, it’s important to note that Citibank’s money transfer services are limited to its customers, and fees may apply based on the transfer method and destination.
Despite these limitations, Citibank remains a trusted option for individuals looking for a secure and efficient way to send money internationally.
Pros
Cons
7. CurrencyFair
CurrencyFair offers a UNIQUE peer-to-peer money transfer service, allowing users to exchange currencies at competitive rates. By matching users looking to trade currencies, CurrencyFair ensures fair rates and low fees compared to traditional banks.
Its user-controlled exchange rates feature empowers users to set their rates in a marketplace setting, giving them more control over their transfers.
While CurrencyFair provides competitive rates and a peer-to-peer model, users should be aware of its limited currency options and suitability for large transfers.
Nevertheless, for individuals seeking a cost-effective and user-friendly way to transfer money internationally, CurrencyFair remains a compelling choice.
Pros
Cons
How to Send Money Internationally?
That’s not as hard as you think. However, you should carefully follow certain things.
If you’re ready to do so, you can send money abroad without stress:
How to Choose the Best Way to Send Money Internationally?
Sending money internationally can have different costs. It’s not always the best way to use your favorite app. Other methods, like delivery payment, can change fees.
Speed and location also affect fees. It’s smart to look at different options each time you send money. To make sure your recipient gets the most money, pick the app with the best exchange rate.
Depending on how much you’re sending, some services might save you money. A comparison tool can help you compare costs.
You might find that one service is better for small transfers, while another is cheaper for transfers over $2,500.
International Money Transfer Tips
TRUST ME. The following tips will help you find the best deal and ensure your money gets where it needs to go.
Relevant article:
Conclusion
Sending money internationally doesn’t have to be complicated. By comparing different services and considering factors like fees, exchange rates, and transfer speeds, you can find the best option for your needs.
Whether you’re sending money to family overseas or making business transactions, choosing the right money transfer service like Wise can save you time and money in the long run.
So, remember to shop around, stay informed, and make smart choices when sending money across borders.
FAQs
Was this article helpful?
Was this article helpful?
