Find the Best Way to Send Money Internationally

Money transfer providers rarely charge the same way. Some charge an upfront fee without marking up the exchange rate, while others advertise “zero fees” but hide their cost in a marked-up exchange rate. A third group does a mix of both, charging explicit fees alongside a rate markup. To determine which app is truly the best and most affordable, we tested 18+ money transfer providers and calculated their total cost markups. Here are the results.

Compare money transfer apps to find the cheapest option

*How we calculated the cost markups

To find these cost markup ranges, we analyzed the exchange rates and fees charged by different money transfer apps across 10 sample countries (covering a mix of high, medium and low-volume routes).

To keep our comparison fair, we chose the cheapest payment and delivery method available for all tests and used a standard sending amount of $200. The only exceptions were OFX and Loop; because they specialize in large transfers, we tested them at $10,000.

Keep in mind that exchange rates and fees fluctuate constantly. These ranges are estimates to give you a general idea of costs, not guaranteed rates.

**Figures reflect an assumption of sending 1 transfer per week.

Why do some money transfer apps have very low or negative markups?

When we first started testing money transfer apps, we were surprised by the good exchange rates on offer from some providers. And we mean really good—sometimes better than the mid-market exchange rate, which is the “real” exchange rate that banks use when they exchange currencies with one another.

But we soon realized that those great rates were only available to select destinations. That’s because transfer apps often target high-volume transfer destinations to bring in new customers. So while they might lose money or just break even on your transfer, it’s worth it to them to get you to download and use their app.

What are the cheapest payment methods to send money internationally?

In our testing, bank transfers and e-Transfers were usually the cheapest payment methods when sending an international money transfer. Most apps will charge low or no fees when you choose either of these methods.

Paying with a debit card, credit card or cash will often incur a higher transfer fee.

That said, we found that fees vary depending on the app you choose, how much you send and the transfer destination, so it pays to compare quotes to find the cheapest option.

What are the cheapest delivery methods?

Sending money directly to your recipient’s bank account is usually the cheapest option, while transfers to a mobile wallet typically come with low or no fees. Our testing revealed that other transfer types, such as cask pickup transfers or sending money to someone’s debit card, tend to attract higher fees.

But fees do vary among money transfer apps, so compare fees across different providers for the type of transfer you want to send.

Exchange rates and fees: How do they work?

There are two costs you need to be aware of when you send an international money transfer: the exchange rate markup and the transfer fee.

• Exchange rate markup. Most money transfer apps don’t offer customers the true, mid-market exchange rate. Instead, they add a hidden markup that increases the cost of your transfer. For example, while 1 Canadian dollar might be worth 72 US cents at the mid-market rate, a transfer provider might only offer you 70 US cents for every Canadian dollar you send.
• Fee. Some apps don’t charge transfer fees when you send money internationally, but many do. This could be a flat fee or a percentage of your transfer amount, and the fee varies depending on factors like the payment and delivery method, where you send money, and how much you send.

“Gotchas” to watch out for

• Promo rates. Many transfer apps offer attractive promo rates for your first transfer, and that’s fine if you only need to send a one-off payment. But if you need to send subsequent transfers, the provider’s standard rate could be much lower.
• Hidden transfer costs. We were annoyed with some apps that required us to hand over all our personal information and proof of ID before showing us how much our transfer would cost.
• Varying exchange rates. Some of the apps we tested offered different rates based on the transfer delivery method we selected. For example, cash pickup transfers often had worse rates than if we transferred money to a bank account.
• Transfer calculator fine print. Make sure you always check the fine print of any transfer service’s in-app or online cost calculator. Sometimes calculators use promo exchange rates or $0 fees for first-time customers, but this isn’t always obvious unless you check the terms and conditions.

Tips to save money

• Set price alerts. We appreciate the fact that some apps allow you to create custom price alerts, ensuring that you’ll automatically be notified when your target exchange rate becomes available.
• Compare quotes. Shopping around is essential when choosing any financial product, and money transfers are no different. Compare quotes for your transfer across a few different providers to find the best deal.
• Choose cheaper payment and delivery methods. We were quite surprised how much money we could save just by experimenting with different payment and delivery options. Exchange rates and fees vary based on the methods you select, even within the same transfer app.
• Consider large transfers. Some apps offer better exchange rates and waive fees when you send large transfers, such as $10,000 or more. Instead of sending multiple smaller payments, sending a single large transfer could save you money.

What are the best ways to send money internationally?

The best way to send money internationally depends on your top priority.

If you’re searching for the best value, using a transfer app to send money from your bank account to your recipient’s bank account is the most affordable option.

If speed is crucial, sending a cash pickup transfer and paying with a debit or credit card lets you get money to your recipient within minutes. (But if you’re sending to a popular transfer destination, such as India, you may not need to select cash pickup; deliveries to bank and UPI accounts can be instant too.)

If you need to send money internationally to lots of locations around the world, choose a provider with an extensive global transfer network.

And if you’re sending money to someone who doesn’t have a bank account, look for an app that offers mobile money, cash pickup transfers or transfers to a debit/credit card.

Different apps excel in different ways. The best transfer app for you will depend on where you need to send money, how much you need to send, how you’ll pay for the transfer and how the funds will be delivered. Compare the best international money transfer apps to find one that suits your needs.

Steps to send a global money transfer online

When you’re ready to send money internationally, here’s what you need to do.

Step 1: Compare money transfer apps

Compare apps to find the best choice for your transaction. Consider exchange rates and fees, payment and delivery methods, transfer speed, and how easy the app is to use. Download and install the app on your smartphone.

Step 2: Create an account

Open the transfer app and follow the prompts to create an account. You’ll need to provide your personal information and contact details along with proof of ID.

Step 3: Enter your transfer details

You can usually begin a new transfer by tapping Send. You will then need to select the country where you are sending money, the transfer delivery method, and how much you want to send. You will also need to provide information about your recipient and specify how you will pay for the transfer.

Step 4: Review and confirm

Take a moment to review all the details of your transaction, including the exchange rate and any fees that apply. If you’re happy with everything, confirm the transfer.

What information and documents do I need?

You will need to provide the following information and documents to send money internationally:

• Personal information. You will need to provide your full legal name, address, phone number and email address.
• Proof of ID. You’ll need to verify your identity by providing a valid, government-issued photo ID such as a driver’s licence or passport.
• Payment method. You will need to provide payment information to fund your transfer. This may mean linking your bank account, entering your credit card details or even paying cash.
• Payee details. The transfer app will need your recipient’s full name, address and contact details. If you’re sending money to their bank account, you will also have to provide details such as your recipient’s bank account number, bank name and address, and SWIFT/BIC code.
• Transfer details. You must provide details such as the amount and currency you want to send. If you’re sending $10,000 or more, you’re also legally required to provide information about the purpose of your transfer.

IBAN vs SWIFT codes: What’s the difference?

Our expert says: Why the exchange rate matters

"As a freelancer who works for international clients, I regularly get paid in foreign currency. Over the years, I’ve come to realize just how important it is to get the best exchange rate for international transfers when sending money back to my home country. Even though a slightly higher exchange rate markup might seem small and insignificant, it actually results in a big difference when you’re sending thousands of dollars. That’s why it pays to shop around for the best rates. "

Tim Falk

Writer

Bottom line

There are lots of reputable apps to choose from when you need to send money internationally, but no single app is the best choice for everyone. The right transfer app for you depends on factors like where you want to send money, how you want to pay, and how the funds will be delivered to your recipient. That’s why you need to compare apps based on your specific transfer needs.

Frequently asked questions

• How long do international money transfers usually take?

  Transfer speeds vary depending on the provider, the destination country, your payment method and how your recipient is getting the funds. Transfers can take anywhere from minutes to several business days. Be sure to confirm the timing of your transfer before submitting your payment.

• How do I send money internationally from Canada?

  You have several options to send money internationally from Canada. The cheapest option is to use a specialist online money transfer company to send funds to your recipient's international bank account. The most convenient option is to send an international wire transfer from your bank, but you'll get poor exchange rates compared to specialist transfer services.

• Why should I use a money transfer app instead of my bank?

  The best money transfer apps offer better exchange rates and lower fees than major banks. This means the transfer is more affordable for you and ensures that your recipient gets more money.

• Does Interac work internationally?

  Yes, it is possible to send money internationally with Interac. If your financial institution supports International Transfer by Mastercard and Interac, you can send money from your bank account to over 75 countries worldwide. You also have the option to send a cash pickup transfer with Western Union via Interac e-Transfer. However, it's not possible to directly send an e-Transfer to another country.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

Writer

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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