We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
Answer three quick questions and we'll give you an instant recommendation for a money transfer service based on your needs.
Question 1 of 2
Use the currency transfer calculator below by entering the amount you want to send and choose the currency you are sending to.
An international money transfer allows you to send money to a recipient in the same country or internationally. You provide funds and your recipient’s details to a bank or an independent transfer provider, which exchanges the money into your desired currency and then sends the money to your recipient in another country.
Depending on the provider, a transfer can be done in person, over the phone, through a mobile app or online. Again, depending on the provider, you can use cash, a credit or debit card, or transfer funds from your bank account. Then, the funds will either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country. Delivery of the funds varies from provider to provider.
There are two ways that a provider makes money on your transfer. The obvious one is the transaction fee. But the sneakier one is what your bank or transfer service marks up on the exchange rate.
Most providers either charge a set fee per transaction or they charge a percentage of your total transfer amount. To save on fees, keep an eye out for special deals.
For example, TransferWise charges a fixed fee plus a percent of the amount you are sending on all transfers. This fixed fee and percent both vary by the currency you are sending to and from. Other brands, like XE, simply charge no fees whatsoever.
Keep in mind that a lower fee doesn’t necessarily translate to the biggest savings. A lower fee might be accompanied by a poor exchange rate, negating any savings from the low fee.
The exchange rate determines how much one country’s currency is worth in another currency. Most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Most transfer services will advertise the real exchange rate, or “mid-market rate” — the mid-point between the buy and sell prices of two currencies on the global market. But when it comes time to make your transfer, you’ll notice you almost never get this rate. The provider will mark up the exchange rate — and pocket the difference.
Using a provider that offers the most competitive exchange rate could save you hundreds on your transaction.
According to a recent survey we conducted that received 2028 responses, low fees was the most important factor for people when sending money. Here’s a breakdown of the data:
| What’s most important when sending money? | % of responses |
|---|---|
| Low fees | 33.2% (673 responses) |
| Getting the best exchange rate | 27.6% (559 responses) |
| Speed | 20.4% (414 responses) |
| Picking up cash | 18.8% (383 responses) |
There’s no one best way to transfer funds overseas. It depends on how much you’re sending, how soon you need it to be made available and the exchange rates at the time. Below are a few tips you can use when sending money overseas.
| Bank transfer | Money transfer service | |
|---|---|---|
| Exchange rate | 1 USD = 19.61 MXN | 1 USD = 19.95 MXN |
| Transfer fee | $35 | $15 |
| Processing time | 2 business days | Within minutes |
| Amount received in MXN | 19,610 MXN | 19,950 MXN |
Visiting his local bank, Alex learns that he’ll need to transfer money from his account to another bank account, which will take a few days. His bank offers a weaker exchange rate and a stiffer transaction fee than a money transfer service does. Overall, he’ll be out $1,035 for the transfer.
Working with a money transfer service, Alex discovers it offers not only a stronger exchange rate but also a lower transaction fee. It charges a mere $4 for bank-to-bank transfers, but offers quicker cash pickups for only $11 more. By going with a transfer service, Alex saves $20 in fees and his family can pick up the cash — and an additional 340 MXN — within minutes.
Consider the purpose of your transfer. Are you sending money to friends and family overseas, or are you a business looking to pay for goods and services, potentially regularly?
For business owners, time is our greatest commodity. Without time to research our options, we often end up going with our bank. But a little planning can set you up for significant savings on your transfers. For example, if you send transfers of $1,000 every week, you could save $40 each time. That’s a savings of $2,000 a year simply by choosing a competitive independent service over your bank.
Many online money transfer providers allow you to send and receive cash almost instantly. Transferring the money into a bank account might take a few days, and bank-to-bank transfers can also take a few days to clear. If you need to send a same-day or emergency transfer, there are providers that allow your recipient to pick up cash quickly, often within an hour.
These larger payment networks allow for nearly instant transfers with cash pickup:
How to safely make an emergency money transfer to a friend or family member
This is the rate at which your money will be converted to your target currency. Some transfer providers offer lower fees but weaker exchange rates, while others charge no fees but profit from the margin between its rate and the mid-market rate. Compare the total cost of your transfer to make sure you’re getting the best deal.
Your bank or transfer provider will usually charge a fee for making a transfer. Fees can vary widely depending on who you’re transferring with. Generally, fees come in the form of a flat fee (such as $5 for transfers up to $5,000) or a percentage of your transaction (such as 1% of your transfer amount).
Independent transfer services like OFX and TransferWise offer competitive exchange rates and no fees. If you want to send and receive cash right away, compare options like WorldRemit, Ria, MoneyGram and Western Union. Bank-to-bank transfers are safe and convenient but typically not your cheapest or fastest option.
The best method for transferring money might depend on how much you want to send. If you’re making a transfer of five figures or more, you’ll want to make sure you’re getting the best exchange rate — especially since providers encourage large transfers by offering low fees. If you’re sending a small amount to friends or family, it’s wise to also consider any fees you’ll pay on top of the exchange rate.
Sending a one-time transfer differs from sending regular transfers, whether to pay for bills like an overseas mortgage payment or for goods and services. With a one-time transfer, you may put more weight on speed and flexibility in delivery, such as cash pickup. But if you’re sending recurring payments, you’ll want to set up regular transfers that can save you the most on rates and fees over the long term.
Sometimes you or a loved one are in an emergency and need funds quickly — and in cash. Thankfully there are global money transfer providers with tons of agent locations that allow your recipient to pick up the funds in cash, often within minutes. If you have a little more time, however, consider an independent transfer provider that can get you much lower fees and stronger exchange rates.
The United States does business with just about every country worldwide. When it comes to money transfers, you have options to convert your dollars into Mexican pesos, Kenyan shillings and many currencies in between. Larger networks like Western Union will have the largest number of possible currencies, whereas smaller banks and other services usually limit their supported currencies to the most popular ones. Choose your country from the drop-down:
The rise of online money transfer services gives you more options — and stronger rates — than ever before. These services specialize in safely moving money internationally, saving you frustration when making or receiving regular payments.
Whether you’re putting roots down in France, opening an office in Japan or spending while vacationing in Australia, compare to get the best exchange rates and lowest fees on sending money internationally.
Buying, selling or investing in a property abroad? Compare transfer services to make your purchase safely, whether closing on your dream home or scheduling recurring payments.
Maybe you’re ready to buy that boat you’ve been eyeing. It could be time to pay off your child’s education abroad or support their destination wedding. Perhaps you’re coming into an inheritance that needs to be transferred to your US account. When transferring big money, it all comes down to the exchange rate.
A solid exchange rate is crucial. When it comes to larger amounts, even two cents in your favor can save — or cost you — hundreds of dollars. If you have the luxury of time, you may be able to take advantage of a limit order. A limit order allows you to set a target exchange rate with a service or broker, which monitors the markets 24/7 to ensure you don’t miss that target. Once rates meet what you’re looking for, you give the OK to complete the transfer. Services like OFX offer free limit orders for transfers of $35,000 and more.
| Service A | Service B | |
|---|---|---|
| Exchange rate | 1 USD = 0.93 EUR | 1 USD = 0.92 EUR |
| Inverse exchange rate | 1 EUR = 1.075 USD | 1 EUR = 1.087 USD |
| 500,000 euros in dollars | $537,500 | $543,500 |
Finding the inverse rate, you learn that the exchange rates are a mere 1 cent difference (0.012 cents, to be exact). Yet, when applying these rates to 500,000 euros, you’d lose $6,000 to the first money transfer service on the exchange rate alone. That’s a lot of rioja you could be sipping in Madrid.
How do I find the inverse exchange rate?
The world of finance can feel hopelessly complicated. But it’s easy to find the inverse exchange rate for your currency. If you think of an exchange rate as A = B, you’d simply divide the number 1 by B: 1/B.
Take 1 USD = 0.93 EUR. To find how much 1 euro is worth in dollars using this same exchange rate, divide 1 by 0.93: 1/0.93 = 1.075. With this exchange rate, 1 euro is worth $1.075.
Minimum and maximum transfer limits can vary by provider, currencies and recipient country.
| Provider | Minimum transfer amount | Maximum transfer amount |
|---|---|---|
| OFX | $150 | No limit |
| XE Money Transfer | $0 | No limit |
| WorldRemit | $1 | $2,000 |
| Travelex International Payments | $500 | No limit |
| TorFX | $200 | No limit |
| Currency Online | $0 | No limit |
| Western Union | $1 | $5000 per transaction |
| TransferWise | $1 | Private individual — $49,999 a day and $199,999 a year Business — $199,999 a day and $1 million a year |
| Xoom | Varies by country | $2,999 every 24 hours, up to $6,000 every 30 days and up to $9,999 every 180 days |
| MoneyGram | $1 | $6,000 a day and up to $6,000 every 30 days |
| RIA | $1 | $2,999 a day and up to $7,999 every 30 days |
Federal law requires most banks, credit unions and money transfer services to give you information both before and after any transfer of $15 or more. Before you agree to a transfer, you have the right to know:
You also have the right to cancel your transfer without penalty within 30 minutes of initiating it, unless it’s already been picked up or deposited. If there’s any error with your transfer, your bank or transfer service has 90 days to work through any problems to make it right.
Most services will give you a tracking number or ID that you can use to check the status of your transfer. In many cases, your recipient will also receive one so they can check as well.
Learn how to track, cancel or get a refund
There is so much attention on money leaving the country that whether you don’t report your taxes or don’t know you have to report them as required by law — it will likely be discovered. If you’re found not in compliance, you’re on the hook for some stiff penalties that include multi-year fines and even jail time. To avoid a tax minefield, know the tax thresholds and how to report when you’ve met them.
What are the tax requirements when sending a large transfer?
Online money transfers not only save money and time for senders and recipients, it also lets the cash reach its destination instead of being lost to fees. Read more…
If you've ever wished you could send or receive a money transfer through your Gmail account, your wish has just come true. Learn all about it here. Read more…
Western Union is now making it easier than ever for international Chinese students to pay their tuition. Find out how its alliance with WeChat Pay is making that happen. Read more…
WorldRemit has launched in New York state which could help United States immigrants send twice as much money to friends and family. Get the details on the story here. Read more…
Overall, countries received more money transfers, but the costs to send them increased. Some regions face higher fees due to a lack of technology and market competition. Read more…
PayPal recently changed its longstanding variable fees to fixed-rate fees for international money transfers. Find out whether its customers will welcome the change. Read more…
Please note that OFX will call you to verify your first money transfer. If you are unable to take the phone call, please consider another money transfer provider.
