- Fair service fees and mid-market rates – a major market differentiator
- Next-day delivery for most currencies
- Easy-to-use app
Times have changed, and you have more options than ever for sending money overseas. And more money transfer services means having more details to shift through. Transfer fees are one important factor, but only the tip of the iceberg in getting the best deal. Benefit from our 15+ years of money transfer experience with our tips.
These specialists offer more affordable transfers than banks, allowing you to manage your transactions from home. In our experience, digital money transfer services are typically the cheapest way to send money internationally.
Costs can vary between money transfer services. Factors like the type of transfer, destination country and the amount being sent can affect your total cost. Therefore it’s important to compare providers to make sure you are getting the best deal.
Services like Western Union and WorldRemit give your recipient fast access to the cash sent – sometimes within minutes. You can pay online or at one of the thousands of agent locations worldwide. However, services typically cost more than a transfer specialist and vary by payment method and where you’re transferring your money.
Major US banks can safely transfer your funds to countries around the world. Banks rely on existing links between banks and banking systems worldwide. However, two downsides are the high fees and the weaker exchange rates.
Not just making purchases online, PayPal offers transfers to more than 150 countries and supports multiple currencies. Its exchange rates are often better than banks but not as strong as rates from money transfer companies. PayPal calculates its transfer fee as a percentage of the amount you’re sending – meaning it’s often better for sending smaller amounts of money.
Although not a quick option, you could send an international cheque overseas, obtained from your bank. It costs a little more – you’ll have to purchase the cheque and your recipient may be charged a fee by their own bank when cashed.
Bitcoin can be transferred directly from person to person, without the need for a bank or other intermediary. Transactions are processed on a decentralized network and can be sent anywhere in the world. However, the value of cryptocurrencies are highly volatile, and there may be additional risks associated with using them for money transfers.
While your ideal option depends on how much you send, how you pay for the transfer and where you send funds to, some industry-wide key tips include:
Online money transfer specialists profit on your transfers in two ways: transaction fees and exchange rates. When comparing providers, look for low fees and exchange rates closest to the mid-market rate at the time of your transfer.
To put this into perspective, let’s see what a transfer with each of these options looks like. This table uses real fees and exchange rates and is current as of November 24, 2020.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||$25 + additional correspondent bank fees||$3.99||$0|
|Exchange rate||1 USD= 18.833 MXN||1 USD= 19.935 MXN||1 USD= 19.874 MXN|
|Transfer speed||2-5 days||Within minutes||Same day|
The bank option is the slowest and transfers the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with MXN$1,512 more than they would from the bank. However, if speed is what’s most important, the cash transfer can’t be beaten for nearly instant transfers.
Yes. Even though most methods used to send money abroad require that you either have access to a bank account, a debit card, a credit card or cash, you have options.
Need more help? Read our full guide on sending and receiving money without a bank account.
It doesn’t have to be expensive to send money overseas, and fees differ depending on what country you send to. Countries where online money transfers are more common tend to have lower fees, while other countries may be more expensive. If possible, plan in advance to secure the best rates for your transfer.
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