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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.
Compare international money transfer services
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We only list services that are overseen by a government regulator.
Every service we compare has been assessed and reviewed by our editorial team.
What is an international money transfer?
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.
How can I pay for my money transfer?
Not all money transfer services accept the same payment methods, but you may be able to pay by the following:
Debit card
Credit card
Bank transfer (requires your account number)
Cash
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.
How can my recipient receive the money?
Again, receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:
Bank account
Mobile wallet
Cash pick-up at a bank or money transfer location
Airtime top-up
What are the benefits of using an online money transfer service?
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:
Security. Similar to banks, online transfer services follow industry-standard security practices to protect your money and personal information. This often includes encrypted data transfer, SSL certificates, two-factor authentication, security questions/answers and personal identity verification.
Regulation. Money transfers are regulated by the Consumer Financial Protection Bureau
Cost savings. Online transfer services often translate to lower fees and stronger exchange rates
Fast. Online money transfer companies often use the latest financial technology to get your money where it needs to go fast. In some cases transfers can be almost instant but others can take days.
Easy. Mobile apps and online platforms make it easy to send money anytime from anywhere. Additionally, many transfer services offer features that let you set up recurring transfers, making it easy to pay bills, send regular remittances, manage international business payments and more.
How to send money using an online money transfer service
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:
Create an account by entering personal details like your name, email, address, phone number and Social Security number (SSN).
You may need to submit a scanned copy of your personal ID (i.e. passport photo page or driver’s license) to qualify for higher transfer limits.
Link your bank account, debit card or credit card to your newly-created account, so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.
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.
What do I need to send and receive money abroad?
Make sure you have the following on hand when sending an international money transfer.
Your personal details. Name, phone number, and government-issued identification like a driver’s license or passport. Additional details may be required for security purposes, particularly for very large transfers.
Your recipient’s personal details. Name, phone number and residential address.
Your recipient’s bank information. Bank name, address, routing number, SWIFT code and your recipient’s account number.
Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.
What documents do I need to send money abroad?
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.
How much does it cost to transfer money internationally?
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 fee. This is typically a flat fee or a percentage of the transfer amount.
Exchange rate margin. Most banks and money transfer services make a profit by taking a fee worth a small percentage of the mid-market rate (the “true” exchange rate between two currencies). This fee is called a “markup.” To save money, look for services that have as small a markup as possible.
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:
No maximum limit
Competitive exchange rates
No fees
Positive user experience and easy-to-use platform
Personal account manager
Trustpilot score of 4.9 out of 5*
*According to Trustpilot on 11 July 2022.
Xe – Best for small transfers
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:
No fees on most transactions
Competitive exchange rate for smaller amounts
Worldwide network
Forward contracts available
MoneyGram – Best for cash 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:
350,000 agent locations in more than 200 countries
Money sent in as little as 10 mins during normal business hours
MoneyGram Plus Rewards which offer discounts on fees
OFX – Best for business 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:
Recurring payments
Forward contracts and limit orders
Wide range of currencies
No transfer fees
Wise – Best for exchange rates
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:
Always offers the mid-market rate
Wide reach – send money to 80 countries
Multiple payment options including Google Pay & Apple Pay
Tips to save money on your international transfer
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:
Use a service that offers zero markup the exchange rate. The mid-market rate is the “true” exchange rate between two currencies. While most transfer services add a margin on the mid-market rate to make money, some don’t. Instead, these services prefer to make money through transfer fees and possibly other charges. Depending on the type of transfer, it may work in your favor to use such a service.
Send larger transfers. Some services offer discounted or waived transfer fees if you send at, or above, a minimum amount.
Use forward contracts and limit orders. A forward contract lets you lock in a favorable exchange rate for future transfers. This means you’ll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favorable exchange rate is found before locking in your transfer.
Watch out for scams. Scams cost Americans $5.8 billion to fraud in 2021, up 70% from $3.4 billion in 2020. With this number increasing each year, it’s important to keep an eye out for the most common money transfer scams. It’s usually best to avoid sending money to anyone you don’t know personally.
Pay attention to taxes and regulations. Every country regulates money transfers differently. Make sure your recipient is aware of any tax or reporting obligations that apply to your transfer. Learn more about tax guidelines and regulations for large transfers to the US in our guide.
Usually, online money transfers directly to a bank account are less expensive than sending funds for cash pickup. However, fees and options vary between service providers, so the cheapest option depends on which service you choose and the type of transfer you want to send.
It depends on the service provider and transfer method you choose. In general, if you pay with a credit or debit card, your money will arrive fast — often within the day. Paying by bank transfer is a lot slower and could take up to 2-5 days to process. Check out our guide on factors that can affect your transfer to learn more.
It's possible to send money within seconds up to an hour if you use WorldRemit, MoneyGram or Western Union. Funds transferred electronically typically pass through a national clearinghouse and other intermediary financial networks before being released to your recipient. If you opt to send an international money transfer with an instant cash transfer, then this could be available for collection as cash within as little as 20 seconds.
Most transfer services impose minimum and maximum transfer amounts, but the exact amounts vary. Check with your service provider to find out what limits apply to your transfer. Note that some services may raise your maximum transfer amount if you provide additional documents to verify your identity and employment.
Legally, there are no limits to the amount you can send out of the US. But you may be required by law to provide extra personal and/or employment information for large transfers. These laws are designed to track and prevent illegal financial activities such as fraud and terrorist financing.
That depends on the tax laws in the country in which your recipient lives. In the US, international money transfers are not taxed. But you do need to report foreign gifts of money or other property to the IRS on Form 3520 if the value of the gift exceeds certain thresholds.
Ultimately, no. Banks and money transfer services must make a profit to continue providing international money transfer services. Some services offer zero transfer fees but charge a margin on the exchange rate. Others don't add a margin to the exchange rate, but you'll have to pay a transfer fee.
You may be able to find special promotions designed to attract new customers like zero fees on your first transfer. Learn more in our guide to free money transfers.
Yes, major money transfer services provide a tracking number once payment is received. You can use this number to check the status of your transfer online, by phone or by mobile app (options vary between services).
International money transfers and wire transfers are both types of electronic funds transfers. But international money transfers are typically handled by companies that offer money transfer services exclusively, while wire transfers are offered by banks. Additionally, wire transfer must usually be submitted in person at a bank branch, while money transfer services can be sent online.
Money transfer services have different strategies for making a profit, which results in different fee structures. Some may choose to cater specifically to a certain target audience like businesses or those who send recurring transfers. Fees are set up to carve out a market niche and appeal to different customers with different needs.
It's best to transfer money on regular business days. Try not to send money on, or just before, holidays and weekends to avoid delays. Note that you may be able to submit transfers online outside of regular business hours, but funds may not be processed and received until financial institutions reopen.
You can send money online to almost any country in the world. Certain countries may be restricted due to government sanctions that have been put in place because of political instability, extreme social turmoil, economic instability or other reasons.
