Just because you can send money to another country does not mean you can send it to a bank account
Using our credit cards, shopping online, splitting dinners with Venmo have become apart of daily life for most Americans. As a result, when a provider says they can send to particular country, it can be easy to assume that you can send to someone’s bank account. However, this isn’t always the case. Instead, having the recipient pick up cash at a physical location or add funds to a mobile carrier may be the only available options.
Which providers can send funds internationally to a bank account?
From testing online money transfer providers for the finder.com Money Transfer Awards
, we found that the countries available to send from the U.S. weren’t always obvious. You had to search through FAQs (which often weren’t up-to-date) and just because the country was listed in the drop-down menu, didn’t mean that you could actually transfer money to that location. We also are an online business and know how important digital convenience is to finder visitors. As a result, we only counted countries that were able to send bank account/debit to bank account. We did the tedious process of checking each drop down for our 13 finalists: TransferWise, WorldRemit, Xoom, Sharemoney, Western Union, RIA, MoneyGram, World First, Paypal, Circle, Transfast, Pangea, and Small World for you. This was a major determining factor for winning Most Convenient
finder.com Money Transfer Awards Lead Researcher Olivia Chow explains methodology
Patterns we noticed
- No country in the world allowed funds to be sent to recipient bank account out of the 13 finalists.
- Mexico had the most providers available for receiving funds in bank account with 12 providers
- Small World Money Transfer had the most number of countries available to send to bank account
- Of the 13 providers we tested, the average number of countries available for transfers to a bank account is 43
- The average number of finder.com money transfer finalist providers available per country in the world was 2.73