+ See a summary of the 5 best ways to send money internationally
5 Best Ways to Send Money Internationally
Wise
OFX
Xoom
MoneyGram
Western Union
International money transfers are a popular practice. The World Bank estimates that international remittances (aka sending money internationally) to low- and middle-income countries will reach $630 billion in 2022. The average cost of sending money internationally from the U.S. is 5.52% of the sending amount, according to the most recent data from the World Bank.
Though a bank might seem like an obvious place to use to make an international money transfer, they’re actually the most expensive option, costing an average of nearly 11% of the amount you’re sending. The typical cost for an international wire transfer sent from the U.S. is $49.
You’ll likely pay lower costs and your recipient will get the money faster by using one of the following licensed money transfer companies instead of your bank. Here are five options for the best way to send money internationally.
Wise: Best for cheap costs, great web experience
Coverage from the U.S.: Around 70 countries (though this number can fluctuate).
Cost: One of the cheapest services. Wise, formerly TransferWise, offers some of the best exchange rates you can find, and upfront fees tend to be lowest if you use a bank account to fund your transfer, typically less than 1% of the transfer amount.
Speed: Bank transfers tend to take days, but same-day delivery is possible for sending to some countries. A transfer using a debit or credit card can arrive within seconds, while a transfer using a bank account can take anywhere from seconds to two business days, depending on the destination.
Transfer limits and options: Sending limits go up to $1 million per transfer, if using a wire transfer to pay Wise. You can also pay with debit card, credit card, Apple Pay, Google Pay or a direct debit (or ACH transfer) from your bank account. Your recipient needs to have a bank account to receive money, regardless of how you fund the transfer.
Customer experience: Phone support is limited to weekdays, but Wise’s mobile app receives high user ratings and its website's FAQ is easy to find.
» Want more context? Read our Wise review
SoFi Checking and Savings
Bask Interest Savings Account
CIT Bank Platinum Savings
Min. balance for APY
$5,000
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OFX: Best for sending large amounts
Coverage from the U.S.: More than 190 countries.
Cost: One of the more expensive options. While OFX doesn't charge transfer fees regardless of how much gets sent, its exchange rate markups tend to be around 2% to 4%, which is on the high end compared to other providers.
Speed: No same-day delivery option. OFX generally receives your bank transfer within half a business day and delivers the money to your recipient in another one to three business days, depending on the destination.
Transfer limits and options: The sending minimum per transfer is $1,000, and there’s no set maximum. Transfers can only be made between bank accounts, as opposed to funding with cash, credit card, or other options that are available with some of the other providers on this list.
Customer experience: OFX’s 24/7 support line and its website FAQ are helpful. Its apps get high user ratings, too.
» To learn more, see our full OFX review
Xoom: Best for fast delivery, great web experience
Coverage from the U.S.: Over 160 countries.
Cost: Pricey for an online provider. Xoom tends to have low upfront fees, such as $0 to under $5 when you use a PayPal balance or bank account instead of debit or credit card, but exchange rate markups can be over 2%. Some providers mark up their rates by less than 1%. Xoom still tends to be cheaper than banks’ international wire transfers (see what banks charge).
Speed: Many transfers can arrive within minutes, regardless of the payment method. But it could take up to a few days, depending on factors like banking hours or time zones.
Transfer limits and options: Cash pickup at supermarkets or other locations is a delivery option in some countries. Sending limits vary, but daily transfers are capped at $50,000. You can fund a transfer with a bank account, debit or credit card, or PayPal account since Xoom is owned by PayPal.
Customer experience: Phone support is available from 9 a.m. to 9 p.m. ET in English, Spanish and Filipino, and support is available in several languages through email. The online platform provides clear cost calculators and FAQ, and mobile apps receive high ratings.
» See more: Read our full Xoom review
MoneyGram: Best for fast delivery, in-person transfers
Coverage from the U.S.: Over 200 countries with more than 380,000 locations.
Cost: On the higher end. Upfront fees for transfers funded by bank account tend to be low, but fees for other payment methods as well as MoneyGram’s rate markups, which can go over 3%, tend to be high.
Speed: Delivery can be within the same day, regardless of payment choice, but can be longer, depending on banking hours and other factors.
Transfer limits and options: MoneyGram maxes out at $10,000 per online transfer and per month but depending on the country you’re sending to, that limit can jump to $15,000 per transfer. It has the advantage of physical locations so people, especially those without bank accounts, can pay in cash and have recipients pick up funds. Its web platform lets you pay with bank accounts and debit and credit cards.
Customer experience: Support by email and live chat is available (and by phone for reporting fraud), and fees, rates and other information can be found online easily. Its mobile apps have solid ratings.
» Want more detail? Read our full MoneyGram review
Western Union: Best for in-person transfers, destination countries not offered by other providers
Coverage from the U.S.: Over 200 countries with 500,000 locations.
Cost: Varies. Fees for transfers up to $1,000 can be under $5 (or more, depending on the funding source and delivery method), but Western Union’s rate markups range from less than 1% to over 13%, depending on the destination.
Speed: Same-day delivery is possible when you have transfers sent to cash pickup locations and use a debit or credit card (or pay cash in person), though you pay more for the rush. The cheapest transfers require bank accounts for sending and receiving money and can take over a week for delivery.
Transfer limits and options: Western Union’s website varies its transfer limits by country, such as $5,000 to Mexico and $50,000 to India. As one of the biggest transfer providers worldwide, Western Union’s main advantage is its network, especially for sending cash in person and providing cash-pickup delivery options.
Customer experience: There’s phone support and live chat available 24/7, but the website doesn’t make it easy to compare exchange rates and the FAQ aren’t easily found.
» For more details, read our full Western Union review
» Going abroad? See our picks for the best banks for international travel
Frequently asked questions
What is the best way to transfer money internationally?
Using a money transfer service provider is the best way to send money internationally. Costs can vary depending on the amount you’re sending, what country you’re sending it to, how quickly it needs to arrive, how you pay for it and how it’s delivered to the recipient. It’s a good idea to get estimates from a few money transfer providers so you can choose the best option for your situation.
Can you use PayPal for international money transfers?
You can use PayPal to send money internationally, but fees can be less competitive than other money transfer service providers. You’ll pay 5% of the amount you’re sending, plus a fee between 99 cents and $4.99.
Does Zelle work internationally?
Zelle works only with U.S. bank accounts. It doesn’t work for sending money to or from a bank outside the country.
How to choose among the best ways to send money internationally
When deciding on which provider to use to transfer money internationally, there are a few factors to consider. Here are definitions of money transfer terms and some general advice that can help you choose.
Definitions: Money Transfer Rates
There are three rates that determine how much your money transfer will cost and how much money your recipient will receive.
Exchange rate: An exchange rate is the price of one currency in relation to another currency. For example, if you want to convert U.S. dollars to euros, you would check what one U.S. dollar is worth in euros.
Midmarket rate: The midmarket rate, also called the interbank rate or interbank exchange rate, is the exchange rate that big banks use to swap currencies among one another.
Exchange rate markup: Most providers use an exchange rate markup when pricing your transfer. They give customers an exchange rate that’s the midmarket rate plus an additional percentage, or markup, to make a profit on the transfer.
Example: If the midmarket rate for U.S. dollars to Mexican pesos is 20 pesos per dollar, then a 2% exchange rate markup means the provider is giving you 19.6 pesos per dollar. For a $500 transfer with a midmarket rate, you’d send 10,000 pesos, but with a 2% markup, you’d end up sending 9,800 pesos. The higher the markup, the less your recipient gets in their currency.
General advice for international money transfers
1. Know how exchange rates work (and how to find the best). One of the ways money transfer providers make money is through exchange rate markups. Most transfer providers won’t give you the exchange rate you’d find on a currency exchange platform like the one at Bloomberg.com or Reuters.com. Those sites just tell you the price of one currency in relation to another, but they are a helpful starting point to know what the best rate looks like this minute. When you check the exchange rate for an international transfer with services like Western Union, focus on the exchange rate markup by looking at the foreign currency amount. The higher it is, the lower the markup is, and the more money your recipient receives.
2. Compare total transfer costs across multiple providers. There are two types of costs: upfront fee and exchange rate markup (see above). Find the provider that has the lowest fee combined with the best exchange rate you can get. Usually online nonbank providers offer cheaper transfers than banks.
3. Avoid paying with a credit card. It’s an option for some providers, but there might be a higher upfront fee and your credit card issuer may tack on costs such as interest and cash advance fees. A transfer paid by bank account directly tends to be a much cheaper (and much slower) transfer. If you need money delivered quickly, use a debit card, which will also incur a lower fee than using a credit card.
METHODOLOGY FOR INTERNATIONAL MONEY TRANSFERS
We analyze seven providers that work in the U.S., focusing on major players in the international money transfer industry, based on market research, experts, cost analysis and U.S. internet traffic.
Providers considered: MoneyGram, OFX, Remitly, Ria, Wise, Western Union and Xoom (owned by PayPal).
Fees and exchange rate markups mentioned are based on the analysis linked below.
How we analyze money transfer providers
FAQs
Can I use Zelle® internationally? In order to use Zelle®, the sender and recipient's bank accounts must be based in the U.S.
What is the best way to send money internationally? ›
Our Top Picks for the Best Ways to Send Money Internationally
- Wise — Best for Low Fees.
- PayPal — Best for Peer-to-peer Money Transfers.
- Western Union — Best for Availability.
- MoneyGram — Best for Cash Transfers.
- OFX — Best for Large Amounts of Money.
- WorldRemit — Best Mobile Option.
- XE — Best for Business Transfers.
Can I use Zelle® internationally? In order to use Zelle®, the sender and recipient's bank accounts must be based in the U.S.
How to send $10,000 dollars instantly? ›
Best for sending $10,000 or more within the U.S.: Bank wire transfer. Cheapest for international bank-to-bank transfers: MoneyGram. Fastest for international transfers: Xoom. Best for transferring large amounts internationally: OFX.
What is the cheapest way to transfer money internationally? ›
Seven Cheapest Ways To Send Money Internationally
- Best for bank transfers: Wise.
- Best for cash transfers: Remitly.
- Best for mobile money: WorldRemit.
- Best for card transfers: Paysend.
- Best for additional banking features: Revolut.
- Best for coverage: XE Money Transfer.
- Best for large transfers: OFX.
The safest way to send money through the mail is with a money order. This offers more security than cash, as it's only payable to a specific person and can be cancelled and reordered if it is stolen or lost. It's also better protected than a check, as it isn't linked to a bank account.
What is the safest way to receive money internationally? ›
Best ways to receive money internationally
International money transfer specialist. Online multi-currency account. Bank-to-bank international transfer. Cash pick-up.
Can I pay internationally with Venmo? ›
No. You can not make a Venmo payment to anyone based outside of the US, or send a payment in any currency other than USD. But you can use alternatives like Wise, OFX and WorldRemit to make international payments.
Can I use PayPal internationally? ›
Can PayPal be Used for International Transactions? The short answer is… yes! Paypal is available in over 200 different countries, giving companies the option to make cross-border payments and transfers via the app or website at PayPal.com.
Can I use Venmo internationally? ›
Venmo is currently only supported within the U.S. If you try to sign in while abroad, you'll likely get an error message. We will be able to further assist you with any login issues upon your return to the U.S. If you are outside of the U.S. long term, please reach out to Venmo Support.
Here are a few of the most common:
- Automated clearing house (ACH) ...
- Bank-to-bank. ...
- Money transfer. ...
- Cash-to-cash. ...
- Prepaid debit cards. ...
- Foreign currency check. ...
- International money transfer service.
Best Money Transfer Methods
- Zelle. Zelle can be used online, through the Zelle mobile app or through participating banks' online banking platforms. ...
- PayPal. PayPal lets you send, request or collect money online or with the PayPal app. ...
- Venmo. ...
- Western Union. ...
- Walmart2Walmart.
Follow these steps on how to do a wire transfer online:
- Find the wire transfer section on your online banking service.
- Enter the recipient's bank details.
- Enter the amount and currency you want to send.
- Pay the transfer processing fee.
- Prepare the information needed for international wire transfer.
There are no fees to send or request payments outside your region using Cash App. Cash App uses the current mid-market exchange rate for international payments, which is determined by the current “buy” and “sell” rates with no additional fee included by Cash App.
How much can I transfer online internationally? ›
Is There A Wire Transfer Limit? The IRS does not impose any transfer limits on international transfers but there are reporting requirements for transfers of $10,000 or more and for individual payments made over a short period of time that add up to exceed $10,000.
How much money can you send internationally through Western Union? ›
How much money can I send?
| Transfer limits | Methods of payment |
|---|
| Western Union | Up to $3,000 1 without additional ID verification Up to $50,000 1 upon verification | Credit or debit card, cash, and bank account |
| MoneyGram | Up to $10,000 2 every 30 calendar days for most countries | Credit or debit card, cash, and bank account |
Avoid payment transfer scams
- Never use money transfers to make purchases or sales. Important: Do not make purchases using money transfers. ...
- Only transfer money with people you know & trust. To avoid the majority of scams, transact only with people you know well and trust. ...
- Avoid other types of suspicious requests.
If your bank or credit union offers Zelle®, please contact them directly to learn more about their sending limits through Zelle®. If your bank or credit union does not yet offer Zelle®, your weekly send limit is $500 in the Zelle® app. Please note that you cannot request to increase or decrease your send limit.
What is the best way to send money to someone without a bank account? ›
9 Ways to Send Money to Someone Without a Bank Account
- Money Order. Money orders work a bit like checks. ...
- Walmart-to-Walmart. ...
- Western Union. ...
- PayPal. ...
- Venmo. ...
- Square Cash. ...
- Prepaid Debit Cards. ...
- Google Wallet.
Which bank is best for international wire transfers?
| Provider | Fee for $1000 to Germany | Exchange rate |
|---|
| Bank of America³ | $45 | exchange rate + likely markup |
| BB&T (now Truist)⁴ | $65 | exchange rate + likely markup |
| BECU⁵ | $35 | exchange rate + likely markup |
| Capital One⁶ | $50 | exchange rate + likely markup |
21 more rows- Wise.
- Western Union.
- Remitly.
- WorldRemit.
- MoneyGram.
- Skrill.
- Paysend.
- Remitly vs Wise.
One of the main disadvantages of bank transfers is cost. Banks usually charge fees for sending or receiving money, especially for international transfers. The fees may vary depending on the amount, the destination, the method, and the service provider.
Can you Apple Pay internationally? ›
Can I use Apple Pay abroad? Apple Pay works in countries and regions that support contactless payments. Confirm with your bank, and ask about any fees they may charge for overseas usage.
What countries is Zelle available in? ›
Which countries is Zelle available in? As mentioned above, Zelle is available exclusively in the United States and can only send and receive payments domestically.
How much are PayPal international fees? ›
PayPal international fees
PayPal charges the applicable transaction and/or seller fees, as well as an additional 1.5% for all international commercial, donation, charity, and micropayments transactions. Currency conversion fees are either 3% or 4%, depending on the product or service.
How much is the PayPal fee for $100? ›
For the most common PayPal fee of 3.49% + $0.49, the fee for a $100 transaction will be $3.98, making the total money received after fees $96.02.
How long does it take for PayPal to send money internationally? ›
Transfer money between PayPal accounts in seconds, no matter where you are in the world. The funds go quickly into the recipient's account and can be easily withdrawn at their convenience. See PayPal fees here.
Does PayPal charge a fee to convert currency? ›
If your transaction requires a currency conversion, we will use a retail exchange rate (the wholesale cost of foreign currency as denominated by an outside financial institution) plus a conversion service charge of 4.5%.
What Cash App is international? ›
Which countries is Cash App available in? Cash App is only available in the US and the UK. International payments (international transactions to and from different countries) are only available between the US and the UK. The company has plans to expand internationally to regions such as Europe.
Is Google pay international? ›
You can use Google Pay to send money in the US, India, and Singapore. Learn how to send money to family and friends in the US and Singapore. Learn how to send money to family and friends in India.
Top Destinations for Sending Money With Facebook Pay. At the time of writing this review, Facebook Pay is available in 144 countries around the world: view the full list of global coverage here.
What is the maximum money transfer without tax? ›
By law, banks report all cash transactions that exceed $10,000 — and any transaction of any amount that alerts their suspicions. Money transfer businesses, which often solely send money between countries, sometimes have reporting thresholds as low as $1,000.
What happens if you transfer more than $10 000? ›
In summary, wire transfers over $10,000 are subject to reporting requirements under the Bank Secrecy Act. Financial institutions must file a Currency Transaction Report for any transaction over $10,000, and failure to comply with these requirements can result in significant penalties.
What happens if someone has your bank account number and routing number? ›
When a scammer has your bank account and routing numbers, they could set up bill payments for services you're not using or transfer money out of your bank account. It's tough to protect these details because your account number and routing number are printed right at the bottom of your checks. But do your best.
Can you send $5000 through cash App? ›
Cash App lets you send and receive up to $1,000 within any 30-day period.
What is the easiest and fastest way to send money? ›
A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as Wise, formerly TransferWise. For a domestic wire transfer, you'll need the routing number, account number, the name of the recipient and possibly the recipient's address.
What is the easiest and cheapest way to send money? ›
- Your Bank.
- Zelle.
- PayPal and Venmo.
- Western Union or MoneyGram.
- Physical Cash.
- Personal Checks.
- Bank Drafts, Money Orders, and Cashier's Checks.
- Email Money Transfers.
How much do international bank transfers cost? Every bank is different, but in general you can expect them to take as much as 3-4% of your total transfer as a fee when you send money internationally. Thankfully, despite that, a lot of banks will try to cap the amount they charge their customers.
How much does Zelle charge for international sending? ›
You'll pay 5% of the amount you're sending, plus a fee between 99 cents and $4.99. Does Zelle work internationally? Zelle works only with U.S. bank accounts. It doesn't work for sending money to or from a bank outside the country.
Does Zelle work internationally? ›
Can I use Zelle® internationally? In order to use Zelle®, the sender and recipient's bank accounts must be based in the U.S.
PayPal supports registered businesses in all countries EXCEPT:
- Central African Republic.
- Cote D'Ivoire (Ivory Coast)
- Democratic People's Republic of Korea (North Korea)
- Libya.
- South Sudan.
- Syria.
- Timor-Leste.
- and.
Here's when your Cash App will charge you a fee
So sending someone $100 will actually cost you $103. This is a rather standard fee with other payment apps as well, like PayPal, and is about the same rate businesses usually absorb with credit card transactions.
What do I need to transfer money internationally? ›
You will require:
- Their Bank Identifier Code (BIC), SWIFT code or national bank code.
- Their bank account number or International Bank Account Number (IBAN).
- Their full name.
- Their bank's full address.
- BIC and IBAN codes are similar to a bank account number and sort code in the UK.
The best day of the week to transfer money internationally
Mondays often experience the lowest number of trading in foreign exchange market. Therefore, you may expect the least fluctuation in price. Friday has a definite effect which is called the summary effect.
How long does an international money transfer take? ›
How long do international payments take? International bank transfers usually take one or two days but can take as long as five depending on the currency. For example, US dollars and euros are normally quicker than weaker currencies.
What is the safest way to transfer money internationally? ›
Our Top Picks for the Best Ways to Send Money Internationally
- Wise — Best for Low Fees.
- PayPal — Best for Peer-to-peer Money Transfers.
- Western Union — Best for Availability.
- MoneyGram — Best for Cash Transfers.
- OFX — Best for Large Amounts of Money.
- WorldRemit — Best Mobile Option.
- XE — Best for Business Transfers.
To send $100 from your bank account to their bank account still carries a significant fee of $14.00. Sending the same amount from your credit card as a cash pickup will cost you $20.50.
How long does Western Union international transfer take? ›
Generally, an international wire transfer takes between one and five days for the money to arrive in your receiver's account. Some might take longer. Setting up an international wire transfer can be simple and take a few minutes.
Which country can use Zelle? ›
In order to use Zelle®, the sender's and recipient's bank accounts must be based in the U.S.
Can I use venmo internationally? ›
Venmo is currently only supported within the U.S. If you try to sign in while abroad, you'll likely get an error message. We will be able to further assist you with any login issues upon your return to the U.S. If you are outside of the U.S. long term, please reach out to Venmo Support.
PayPal and our new Xoom service offer the flexibility, speed and security you need to send money worldwide. Choose from a variety of convenient options to transfer funds internationally – all with amazing rates.
Does Cash App work internationally? ›
There are no fees to send or request payments outside your region using Cash App. Cash App uses the current mid-market exchange rate for international payments, which is determined by the current “buy” and “sell” rates with no additional fee included by Cash App.
Can you Apple pay internationally? ›
Can I use Apple Pay abroad? Apple Pay works in countries and regions that support contactless payments. Confirm with your bank, and ask about any fees they may charge for overseas usage.
Can you wire money internationally? ›
Wire transfers are common for both domestic use in the U.S. and international use. They are popular for international transfers because they are easy to exchange to a foreign currency, if needed. They are also a good option if: You need to complete a transfer urgently.
Which currency is Zelle? ›
Zelle doesn't provide international transfers: Zelle only supports payments within the US, made in US dollars. If you need to send a payment overseas, you may want to check out an alternative like Wise for transfers to bank accounts, or Remitly if you're thinking of having your recipient collect their money in cash.
How long does it take to send money from PayPal internationally? ›
Transfer money between PayPal accounts in seconds, no matter where you are in the world. The funds go quickly into the recipient's account and can be easily withdrawn at their convenience. See PayPal fees here.
How do I avoid currency conversion fees on PayPal? ›
How to avoid PayPal currency conversion fee. Besides reducing expensive PayPal business transaction fees, it is also possible to avoid the PayPal currency conversion fee by either using multi-currency IBANs or making use of virtual local accounts.
