Whether you are sending money back home, paying a remote worker, or making vendor payments internationally, transferring money internationally can be confusing and stressful. While banks are the most popular choice for making international money transfers, they turn out to be costly and slower than other options.
So how to send money internationally in a faster and more affordable way? Continue reading to learn about the best ways to send money internationally.
How to Send Money Internationally?
The cost of international bank transfers averages 11.48%, according to the World Bank’s report from 2023. This figure reflects the high fees often associated with sending money internationally through banks, which tend to be the most expensive option.
However, there are many money transfer services that make it more convenient and affordable to send money internationally:
1. Western Union
Western Union is one of the most popular international money transfer services with the biggest network in the world. It covers over 200 countries and offers the option of cash pickup.
They have quite competitive fees, ranging from less than 1% to 6% and depending on the destination, payment method, funding source, and the currency you’re sending in. For instance, for U.S. citizens, the fees for sending up to $1,000 can be below $5.
Western Union even offers same-day delivery to cash pickup locations and when you use a debit or credit card. However, the fees for same-day transfers are higher. If you are in no rush, we recommend using bank accounts via Western Union for cheaper transfers.
2. Wise
Formerly known as TransferWise, Wise allows you to transfer money in more than 40 currencies. It operates in over 80 countries and has one of the best exchange rates in the market along with the lowest fees (0.55%).
Wise allows you to transfer money by using your debit or credit card, Apple Pay, Google Pay, Wise balance, or by making an ACH transfer from your bank account. In terms of speed, it typically takes less than 24 hours to up to 2 working days to send money anywhere. Just make sure that the recipient has a bank account to receive money.
Overall, it is one of the fastest and most highly-rated platforms to send money internationally. It also has a user-friendly app that you can download on your mobile to make transactions.
3. PayPal
PayPal is a popular platform for sending money internationally, especially if both you and the recipient have PayPal accounts. It’s quite convenient and easy to use. However, the fees can vary.
For instance, sending money from your PayPal balance or a connected bank account will cost you 5%, with a minimum fee of 99 cents and a maximum of $4.99. If you use a debit or credit card, the fee will still be 5%, but an additional currency-based fee will also be applied.
For transfers directly to bank accounts, we recommend using Xoom, PayPal’s sister company, for potentially lower fees and faster delivery.
4. Xoom
Xoom, owned by PayPal, allows you to send money directly to bank accounts from over 160 countries. It offers a variety of payment methods, including bank accounts, debit/credit cards, and your PayPal balance.
Xoom has low upfront fees, often ranging from $0 to under $5 if you use bank transfer or PayPal balance. However, exchange rate markups can range from 1% to 3%.
When it comes to speed, Xoom stands out as transfers usually arrive within minutes. You can also opt for cash pickups in certain countries.
While Xoom’s transfer limits vary, you can typically send up to $50,000 per day.
5. OFX
OFX is a great option for free international money transfers. It doesn’t charge any fees, and its exchange rate markup is usually less than 1%, making it an affordable option for sending larger amounts.
However, transfers with OFX must be bank-to-bank, and they typically take two to four business days to complete. You can send money to over 170 countries in more than 50 currencies. The minimum transfer amount is $150, and there’s no set maximum.
OFX offers 24/7 customer support and a highly-rated app. However, it doesn’t have a same-day delivery option.
So that’s all, folks! Now that you know how to transfer money internationally, we hope you can make international payments seamlessly. Good luck!
EN 
EN 
ES 
EN 
EN 
ES 