What’s your cheapest option for overseas money transfers? | finder.com
Cheapest ways to send money overseas

Cheapest ways to send money overseas

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Get your money safely to loved ones and businesses cheaply and quickly with an online transfer specialist.

When sending money overseas, your options are no longer limited to the time-tested providers that have become household names. Today, newer online companies are undercutting the competition on exchange rates, fees and speeds to earn your business — and get you a better deal.

Your typical US bank versus a money transfer provider

While there’s no question that banks are a convenient option for sending funds from a bank account, overseas money transfers aren’t their specialty. With a bank, you’ll typically pay transfer fees of up to $35 to $40 and receive exchange rates that are anywhere from 2% to 5% or more above the mid-market rate, depending on the country you’re sending it to.

What’s the mid-market rate?

The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.

Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.

Unlike your typical US bank, an independent money transfer provider specializes in one thing: safely moving your money from the US to countries around the world. This one focus means that they can offer more options — and stronger exchange rates — than a bank can.

Money transfer methods and costs infographic

What are my cheapest options when sending money online?

Online money transfer specialists make a profit on your transfers in two ways: transaction fees and exchange rates. When comparing providers, look for low fees and exchange rates that are closest to the mid-market rate at the time of your transfer.

While your best option will depend how much you’re sending, how you’re paying for the transfer and where you’re sending your funds to, your cheapest options are:

  • World First. On top of no-limit transfers and competitive exchange rates, finder.com readers can enjoy an exclusive $0 fee offer.
  • TransferWise. Unlike the competition, TransferWise doesn’t skew exchange rates to make a profit. Instead, it offers the mid-market rate to all of its customers.
  • OFX. A safe way to send money with no fees and competitive rates.
  • XE. This provider offers one-off and regular transfers with a no-fee threshold of $5,000 and a low $5 for all other transactions.
  • WorldRemit. WorldRemit offers bank-to-bank deposits, cash pickups and mobile top-ups. Use promo code FREE to send your first transfer with no fee.
  • Currencies Direct. This UK provider offers strong exchange rates and low fees for transfers of $100 or more.

Sending $1,000 to Mexico

Let’s say you want to send $1,000 to your sister who’s traveling throughout Mexico. Which online service will charge you the least, get the money to her the fastest, give her the most money — and not give you a headache?

Here’s what you’d get when paying for a money transfer to Mexico with your bank account.

World FirstTransferWiseOFXXEWorldRemitCurrencies Direct
Exchange rate1 USD = 19.772 MXN1 USD = 19.841 MXN1 USD = 19.738 MXN1 USD = 19.6301 USD = 19.821 USD = 19.622
Transfer fee$10 (or $0 for finder.com readers)$10$0$5$3.99$10
Typical transfer speed1–2 business days1–2 business days1–2 business days2–3 business days1 business day2 business days
Transfer optionsBank transferBank transferBank transferBank transferBank transfer, cash pickup, Mobile Money, mobile top-upBank transfer
Total MXN received19,772 MXN19,841 MXN19,738 MXN19,630 MXN19,820 MXN19,622 MXN

Compare cheap ways to send money overseas

I want to send


Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$0 3 - 5 days USD 0.00 19.131 MXN 95,656 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
USD 1,000 1 day USD 0.00 19.121 MXN 95,607 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 Within an hour USD 3.99 19.121 MXN 95,531 Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 1 3 - 5 days USD 75.00 19.295 MXN
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
GBP 5,000 1 - 2 days USD 0.00 19.102 MXN 95,511 Get live quotes on exchange rates and take advantage of no transaction fees with no limits on transfers. Go to site Show details

Compare up to 4 providers

Can I make an emergency money transfer cheaply?

Being able to transfer money quickly, easily and safely during an emergency can be tricky. But with an online specialist, you can often transfer money quickly at a cost that’s cheaper than your local bank.

Before you make your transfer, compare:

  • Exchange rates. Look for a rate that’s as close to the mid-market rate as possible.
  • Transfer fees. Fees can range from flat fees of a few dollars to up to $80 or more, depending on how quickly you need it there.
  • Transfer options. Can your recipient accept a bank account transfer, or do they need to pick up cash right away?
  • Security. Make sure you can track your transfer through to receipt.

To get the best value for money for your international money transfer, compare the benefits and features of competing services before selecting a provider.

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US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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