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How to repatriate funds with an international money transfer
Secure, affordable ways to get your money back home to the US.
Specialized money transfer companies offer more competitive exchange rates than traditional banks, which means more of your money makes it into your US account.
Our pick: TransferWise
When you need to send money, benefit from competitive mid-market exchange rates and straightforward fees with TransferWise.
- Fair service fees and mid-market rates — a major market differentiator.
- Next-day delivery to your loved ones and businesses.
- Trusted the world over, with five-star ratings on Trustpilot.
How can I repatriate my money to the US?
Whether to support family, business or investment connections in the US, you need an affordable way to make regular overseas payments. Major banks worldwide can help you organize international payments. But their services can come with high fees on every transfer sent, resulting in significant costs every time you repatriate your funds.
For much more affordable transfers, consider the services of a dedicated money transfer specialist that typically offer better exchange rates and lower fees than banks. These services specialize in moving funds internationally and can offer secure transactions backed by professional and friendly customer support.
Companies like Western Union, MoneyGram and Ria are well-known transfer companies that operate large worldwide networks. They allow you to send cash that can be collected from thousands of agent locations across North America. However, you may find the best exchange rates and most affordable fees with an online money transfer company.
Payza and XE are just a few of these specialists, which gives you the ability to shop around and compare trusted providers to find a service that best fits your repatriation needs. Of course, whenever moving funds from one country to another, be aware of any restrictions that could apply to the amount of money you’re transferring. You may also need to provide details of the source of your income.
Step-by-step on repatriating your funds to the US
The exact steps you’ll follow will vary by provider, but most providers will require you to register for a free account as part of a straightforward transfer process.
- Visit the provider’s website.
- Enter your personal contact information and any required ID.
- Enter the details of your transfer, including your recipient’s information and how you’d like your money delivered.
- Enter your payment details — typically a credit or debit card or bank account.
- Confirm your rate and fees and complete your transfer.
Compare services to help repatriate your currency
Why might I need to repatriate funds?
Among the many reasons you might need to send money back to the United States:
- You’re want to send money you’ve saved from working overseas back to your loved ones.
- You’re moving to the US and need an affordable way to transfer your assets.
- You receive a salary or pension into an overseas bank account.
- You own rental property in another country that generates income.
- You’re based overseas but need to make mortgage payments on a property in the US.
- You have investments in assets overseas that you want to sell in exchange for foreign currency, convert that currency to US dollars, and then send to the States.
How do I compare money transfer services?
Take these factors into account when weighing the strengths and weaknesses of transfer specialists and currency providers.
- Exchange rates. Nearly all providers skew exchange rates for a profit. Finding the best rate can make a substantial difference, especially if you’re transferring large amounts of money. Compare the rates of a range of companies against the mid-market rate as a baseline to find the smallest margin among them.
- Transfer fees. Most companies will charge you a fee when sending a transfer overseas. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Flexible transfer options. Some companies will allow you to schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract to make more cost-effective international transfers.
- Pickup options and delivery speeds. Most providers offer online transfers directly to US bank accounts, while others also offer the convenience of cash pickup if you need your funds in a hurry. You may be able to deliver your funds in minutes, but if you have more time, you’ll save money on expedited fees.
- Customer support. When you’re moving money overseas, especially large amounts, help whenever you need it is reassuring. Look for a company that offers multiple support options — Internet chat, phone, in person or by email — during convenient hours.
- Reputation. Online research will reveal reviews for many transfer companies. Learn whether they’re trusted by consumers, and ask friends and family if they have any recommendations to help you make your final decision.
What are the pros and cons of repatriating funds?
- It’s easy. Sending money overseas might sound complicated, but online money transfer providers make the process as easy and stress-free as possible.
- It’s affordable. You can save a lot of money when sending funds overseas by not transferring money through your bank. A rise of online money transfer services allows you to access a range of cheaper options.
- You have many options. Compare fees, rates and delivery options of the many trusted providers available to handle your transfer.
- Varying laws and regulations. Restrictions may apply to the amount of money you can send to the US. Abide by all laws and regulations before sending your funds.
When it comes to repatriating funds back home, you should always compare your options to get the best deal.
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