- No minimum transfers
- Wide range of destinations
- Competitive exchange rate
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Times have changed, and you have more options than ever available to you when you want to send money internationally. And more money transfer services means having more details to sift through.
Your transfer’s total cost is one important factor, but only the tip of the iceberg in getting the lowest price. Benefit from our 14+ years of money transfer experience with these key tips.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
Most banks allow you to send money internationally, but high fees and poor exchange rates are good reasons to look elsewhere.
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.
Fees vary widely depending on the provider you choose for the transfer. Overall, money transfer providers make money on your transfer in two ways: by marking up the exchange rate and by charging you a transfer fee.
Because nearly everyone’s sending circumstances are different, the best way to send money internationally varies. Overall, using a digital money transfer provider to complete your transfer is one of the cheapest ways to send money because the company you’re sending through has fewer overhead costs.
We’ve curated a list based on common sending circumstances, so read up on our top money transfer picks for cash transfers, strong exchange rates and more.
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.
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.
A youth savings account with a whopping 7% APY on account balances up to $1,000.
Northpointe Bank’s Kids Savings account earns an unmatched interest rate on balances above $1,000.
A kids savings account with an interest rate that compounds daily but has long hold times for customer service.
Get a low rate guarantee, but you won’t know if you’re eligible until you apply.
A kids’ savings account with a generous interest rate that transitions to a lackluster regular savings account when your child turns 18.
A high-yield savings account that supports multiple currencies.
A checking account-debit card combo marketed for people with disabilities.
Bank of Missouri’s Show Me Savers earns 0.1% APY but can’t be opened online.
A checking account that earns up to 1.75% APY and up to $25 in ATM reimbursements.
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