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Updated . What changed?
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.
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 |
Amount received | MXN$18,362 | MXN$19,855 | MXN$19,874 |
Overall |
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|
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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.
Enter the amount you want to send, select your preferred destination and click Calculate to see how much your transfer could cost.
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.
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Do you do door cash delivery?
Hi Shayna,
Thank you for your comment.
If you’re referring to money transfer provider that delivers your money right to your recipient’s doorstep, yes, there are money transfer services that offer this. I’d refer you to our page that will give you more details about door to door cash delivery.
Please note that only some money transfer specialists offer this option and there are only a few countries where the service is available.
Regards,
Jhezelyn
I would like to know why you didn’t put Payoneer?
I am an freelancer overseas worker and I get payed in different foreigner currencies. What is the best way for me to transfer to my local bank in Italy in Euro currency? Thanks
Hi Gio,
Thanks for your question.
While we are a comparison website, we may not have all the available money transfer services available globally. Nonetheless, I can send this to our publishers and check if we can add this to one of our pages.
If you are looking to send money to Italy, you can compare international money transfers to Italy that you consider using to send cash and that will convert your USD to EUR.
Use our comparison calculator to assess transfer fees, exchange rates and other features to help you find the service provider that’s suitable for you.
Please note that the exchange rates and fees are subject to change at any time. Make sure to review the terms and conditions before making a decision on whether it is right for you.
Hope this helps!
Best,
Nikki
Is currencytransfer ltd a safe company to exchange with?
Hi Jason,
Thanks for reaching out!
All providers listed on our page is proven safe and reliable. If you wish to find more information on Currency Transfer, you may visit their website or read reviews and forums available on the web.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Cheers,
Nikki
Hi, I would like to transfer my money overseas from US to Indonesia, I have $ account in Indonesia. How much is transfer fee? Thank you
Hi Shanley,
Thanks for your inquiry.
The money transfer fee would be different depending on the amount sent, the transfer and payment method and with the money exchange service provider.
I hope this information helped.
Kind regards,
Bella