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Exchange Rates
International money transfers often involve a conversion between currencies, but that doesn’t always have to be the case. The same currency is often accepted in many different countries, such as the euro in the EU and the US dollar in Panama and Ecuador. Learn ways to send same-currency international transfers and explore your options.
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Compare services to send a same-currency transfer
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.
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What are the pros and cons of same-currency transfers?
Pros
- Forget exchange rates. When you send the same currency overseas, you don’t have to worry about hunting for the best exchange rate and how much money you’ll “lose” in the currency conversion process.
- Lots of choices. There are heaps of trusted and reputable money transfer providers who can send a same-currency transfer for you.
- Hassle-free. While sending money overseas might sound like a complicated prospect, it’s actually a simple online process.
Cons
- Fees apply. You’ll need to pay a fee in the vast majority of cases when sending money overseas, so search for a provider with a reasonable fee structure. Sometimes fees are charged as portion of the exchange rate, so look for companies that offer 1:1 rates on transfers in the same currency.
- Restricted country and currency support. Because of the popularity of various currencies, some will have stronger global support than others. For instance, you’ll be able to send US dollars to far more countries than you can easily send Mexican pesos.
How does a same-currency transfer work?
Same-currency transfers, like international transfers, rely on using a service to move money between you and your recipient. This service could be a money transfer service, an international wallet, a bank or something similar. When sending same-currency international transfers, you don’t have to worry about exchange rates, but you still need to be aware of potential fees. The best services to use will vary depending on whether you’re sending a domestic or international same-currency transfer:
Domestic same currency money transfers
There are very few times when you should be paying fees to send money domestically in the United States. If the person you’re sending to doesn’t have a bank account or would prefer to pick up cash, you’ll have to rely on a money transfer service that may charge a fee. Otherwise, you have other free options for transferring money domestically, such as:
- Google Pay
- Cash App
- Venmo
- Apple Pay
- Facebook Messenger
- Zelle
International same-currency money transfers
Sending same-currency money transfers internationally is a bit trickier than sending them domestically. Because most money transfer companies make money both on fees and exchange rates, there’s little incentive for them to offer same-currency transfers between countries. Some options for sending international same-currency money transfers are:
- Wise Multi-currency Account – Learn more about how to send and receive in the same currency.
- WorldRemit Wallet – Use the WorldRemit Wallet to store and send a wide range of currencies.
- PayPal – PayPal offers international transfers in dozens of currencies.
USD to USD international transfers
When sending money abroad, there are more than a handful of countries that officially accept the USD as legal tender. When sending money to these countries, money transfer services should typically allow you to select USD as a sending option:
- Puerto Rico – Learn how to send money to Puerto Rico.
- Ecuador – Learn how to send money to Ecuador.
- El Salvador – Learn how to send money to El Salvador.
- Zimbabwe – Learn how to send money to Zimbabwe.
- Timor-Leste – Learn how to send money to Timor-Leste.
- American Samoa – Learn how to send money to American Samoa.
Services like Wise will allow you to transfer US dollars to many other countries, not just those that accept the US dollar as legal tender.
What other ways can I send same-currency international transfers
Although not the most convenient, there are other ways to send same-currency international transfers.
- Banks
Banks may seem like the most convenient option, but there are many fees and roadblocks you have to watch out for. If you’re wiring money internationally, expect both an outgoing wire fee from your bank and an incoming wire fee from your recipient’s bank. Many banks will also force you to convert currency if the destination account doesn’t support the currency you’re transferring. To avoid these fees, consider using a bank like HSBC that supports international accounts in a wide array of currencies. - Send cash
The least recommended option, sending cash, is not only risky but may be illegal depending on how much you’re sending. Instead of sending cash, considering sending a money order or check — though these are hardly your fastest or most secure options.
Bottom line
Sending same-currency transfers can be a good way to pay friends back, get money to your family, help make an international move smoother and more. Explore your options when sending same-currency transfers, including the various money transfer companies that support such transfers. Before making any moves, learn more about money transfers and what you can do with them.
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