International money transfers make it easier for you to send money around the world, but providers differ in terms of fees, exchange rates and speed. By comparing banks, money transfer apps, and services that send cash, you can save money and time on your next transfer.
We’ve scoured the market to find the best international money transfer services based on low fees, strong exchange rates, fast delivery and flexible delivery options. Here’s what you need to know.
An international money transfer is the process of sending money between people or financial accounts in different countries. Every day, trillions of dollars are transferred between people and businesses all over the world.
Typically, you need to give a bank or money transfer service your recipient’s details and the money you want to send. The bank or transfer service then converts your funds to the currency in which it will be received and electronically sends the payment to your recipient.
Depending on the money transfer service, you should be able to send funds online, via mobile app, over the phone or in person.
Not all money transfer services accept the same payment methods, but you may be able to pay by the following:
If you want to pay in cash, you’ll need to visit a bank branch or money transfer agent in person. If you transfer funds online or via mobile app, you can only pay electronically by card or bank transfer.
Again, receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:
While it might be easy to assume that big banks are the best way to go when sending an international money transfer, there are many reasons why an online money transfer service might be just as good if not better:
Compare money transfer services
There are multiple options to consider when sending money overseas:
| Transfer method | Description | Pros | Cons |
|---|---|---|---|
| Online money transfer service | Electronic funds transfer through an online money transfer service. |
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| In-person money transfer service | Cash or electronic transfer by visiting a money transfer service location in person. |
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| Bank | Wire transfer or international money transfer through a bank. (Note: All major banks support wire transfers, but not all offer additional in-house money transfer services.) |
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| Check | Write a check and mail it to your recipient. |
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| Money order | Get a certified money order printed and mail it to your recipient. |
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Online money transfer services are increasingly competitive with big banks, in many cases offering more flexible options and lower fees. Sending an international money transfer through an online service is simple:
Most of the time, you can access your account immediately after submitting all the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.
Make sure you have the following on hand when sending an international money transfer.
For transfers under USD$10,000, you don’t need any particular documents for sending money overseas other than government-issued personal identification.
If you’re sending more than USD$10,000, you may also need to provide your Social Security number (SSN) and proof of residence like your most recent utility bill or bank statement.
According to US law, if you receive more than USD$10,000, make sure you report this amount to the IRS using Form 3520 — Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts.
Compare money transfer services
The cost of sending an international money transfer varies between service providers. Factors like the type of transfer, destination country and amount being sent can affect your total cost.
Generally, banks and money transfers services make money from international transfers in two ways:
Transfer for cash pickup can cost more than transfers to a bank account. Some companies charge higher fees for large transfers, while others will actually slash fees for large transfers.
Companies that offer fee-free transfers may make up for it with a poor exchange rate. This is why it’s important to look at the total cost of your transfer, not just the transfer fee or exchange rate.
If you need to make a large money transfer, you will want to find a provider with no transfer limit but that also offers strong exchange rates and low fees.
CurrencyTransfer is just such a service. When we compared the rates and fees for transfers of $25,000, CurrencyTransfer proved to be the most cost-efficient. We found the combination of its exchange rate and lack of transfer fee made it the cheapest option for a transfer of that size.
Here’s why CurrencyTransfer is our winner for large transfers:
*According to Trustpilot on 11 July 2022.
When it comes to small money transfers, you don’t want the cost of fees or weak exchange rates to eat into the amount your recipient gets.
We picked Xe as our best money transfer for small transfers as it has no fees and good exchange rates, resulting in the lowest cost for a $1,000 transfer. You can also “buy now, send later” and lock in a rate in advance. Xe does charge a small flat fee for transfers below $500, but anything above that amount has no fees and strong exchange rates when compared to other providers.
Another decent option for smaller transfers is CurrencyFair, but due to its relatively limited reach, it’s best used for major currencies only.
Here’s what made Xe our winner for small transfers:
If you need to get cash to a loved one abroad then there is no better option than money transfer titan MoneyGram. As one of the most established international money transfer services, MoneyGram has 350,000 cash pick-up locations in more than 200 countries and territories around the world.
It’s only competition being Western Union, you are likely to find a MoneyGram location in whichever country or city you need. So if you need to get cash to someone without a bank account, or it’s important the funds get there fast, MoneyGram’s extensive network and experience are a huge help.
Here’s what we liked about MoneyGram for cash transfers:
If you are a business that makes regular international money transfers, you will be looking for a service which offers tools such as recurring payments or forward contracts to help you lock in the best rate in advance.
We compared the best business transfer services around and our top pick is OFX. It has a feature which means that you can easily set up recurring transactions to pay salaries or invoices. Added to this there are no transfer limits and flexible options. So you can fix your rate up to 12 months in advance using a forward contract.
It was a close-run competition between OFX and CurrencyTransfer, but we picked OFX for its wide reach of over 50 currencies and 190 countries.
Our main reasons for picking OFX as our top pick for business transfers are:
It’s hard to beat Wise when it comes to exchange rates as it is one of the few providers to offer the mid-market rate. The mid-market rate, or the interbank rate, is the one banks use to exchange currencies with each other. Money transfer providers typically add a markup to the mid-market rate in order to make money from the transfer.
Wise prides itself on offering the mid-market rate, choosing instead to add a transfer fee as its way to make money. This means that whatever exchange rate you are quoted by Wise is going to be the best exchange rate around. However, exchange rates are just one piece of the puzzle, so it is still worth comparing the overall cost of the transfer to make sure you are getting the best deal for you.
Close runners-up were OFX and Remitly. OFX offers competitive exchange rates but doesn’t quite have the same reach or easy-to-use user experience as Wise. Meanwhile, if you are a new customer with Remitly, you can benefit from a promotional rate which makes them very competitive. But if you are an existing Remitly user, then the exchange rate is comparatively weak.
Here are the key features that meant we picked Wise as our winner for best exchange rates:
Looking for low fees and strong exchange rates isn’t the only way to save on your next international money transfer besides. The following tips can also help keep your costs down:
Best international money transfer apps
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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We compare two big names in international money transfers to see who is cheaper and faster.
Western Union’s extensive global network comes with high fees and weak exchange rates, use these alternatives to look for a better deal.
Compare MoneyGram with competitive alternatives to find the best deal for your transfer.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
We dive deep into OFX, looking at everything from supported currencies to customer service.
Xe is a leading company of currency solutions and it offers competitive international money transfer options to individuals and businesses around the world.
I’m trying to get money transfer tracking number that I’d made on August 15 of 2019. I honestly forgot to give my sender the tracking number, and I totally lost the receipt. Can you please help me and get me the tracking number the way my family can receive the money?
Hi Mario,
Thanks for your comment. I’m sorry to hear that you lost the tracking number of the money transfer. I wish I could help you out in finding the tracking number however we are not working with any money transfer providers seen on our site.
It would be best to contact the customer service team of the money transfer provider you used to make the transfer and inform them of the situation, I’m sure they’d be happy to help you out!
Hope this helps and best of luck!
Cheers,
Nikki
Are there locations for Ria in Gastonia, NC
Hi Knorthcott,
Thanks for reaching out.
It looks like there are several locations where Ria is available in Gastonia, NC, several of which can be found in Walmart stores in the area. You can see where the closest Ria service is in your area by using their location finder tool.
Hope this helps!
Best,
Brian