Compare international money transfer services

A solid exchange rate is crucial. When it comes to larger amounts, even two cents in your favor can save — or cost you — hundreds of dollars. If you have the luxury of time, you may be able to take advantage of a limit order. A limit order allows you to set a target exchange rate with a service or broker, which monitors the markets 24/7 to ensure you don’t miss that target. Once rates meet what you’re looking for, you give the okay to complete the transfer. Services like OFX offer free limit orders for transfers of $35,000 or more.

• How can I track the progress of my money transfer?

  Most services will give you a tracking number or ID that you can use to check the status of your transfer. In many cases, your recipient will also receive one so they can check as well.

• What’s the maximum amount I can send overseas?

  The maximum you can send depends on both the transfer service you use and the type of transfer you’re making. Money orders through USPS are capped at $700, although you can send multiple orders. MoneyGram has a per-transfer limit of $6,000 and Ria has a per-transfer limit of $2,999.99. These providers also have 30-day transfer limits of $3,000 to $7,999. Services like Xoom allow you to transfer up to $2,999 per transaction with a 30-day limit of $6,000, but you can increase this limit if more information is provided.

• What’s the minimum amount I can send overseas?

  The minimum you can send depends on the service you use. Travelex has a slightly higher minimum of $500, while others let you send as little as $1. PayPal’s services are optimal for transactions under $200. Some forex providers waive transfer fees when you send more than $5,000 per transaction.

  • WorldRemit: $0 minimum
  • Travelex: $500 minimum
  • Wise: $1 minimum
  • OFX: $150 minimum
  • TorFX: $200 minimum
  • MoneyGram: $1 minimum
  • Currency Online: $0 minimum
  • CurrencyFair: 8 EUR minimum

• Why can’t I send money to a particular country with my selected transfer service?

  This could be for a few reasons — including whether the country is currently under economic sanctions (such as Iran) or your transfer provider hasn’t yet built the facilities and networks needed to send money to a particular country. See the countries you can send money to on our individual review pages.

• How much does it cost to send money?

  Providers generally turn a profit on your money transfer in two ways. One is by charging you a fee to complete your transaction. These transfer fees can vary wildly by provider but are typically 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. The other “fee” is an often hidden markup on the mid-market rate — or the rate banks and transfer services use when they trade among themselves. Nearly all providers skew exchange rates for a profit, so be sure to find one offering the smallest margin between the mid-market rate and the rate they’re offering to you. Other fees will depend on how you’re paying for your money transfer and how you’d like your recipient to pick it up. Credit or debit card transfers are often your most expensive option, though often the fastest, while cash pickups can also increase what you’ll pay.

• How long does money take to arrive?

  The quickest money transfers will arrive instantly depending on the specific service you use and where you’re sending the money to. Western Union can have funds to your recipient almost instantly. MoneyGram, on the other hand, can send funds to China that are available in as little as an hour, but funds are available the next business day when sent to France. Other services like OFX can take longer than quicker cash services like MoneyGram and Western Union. Sending money to Australia using OFX takes at least a day, whereas countries like Canada can take one to three days.

• Is there such a thing as a free international money transfer?

  Yes, a number of providers have fee-free thresholds for international money transfers. For example, OFX charges no fee for transfers of $5,000 or more, while XE charges no fee for transfers. Keep in mind that even if a service is free, you’ll likely pay through a margin applied to the exchange rate. Because it’s a trusted partner of finder.com, OFX is waiving transfer fees for our readers on all qualifying transfers. See how they compare to find the right one for your needs.

• How can I send money online?

  Today, you have many options for initiating money transfer. But if saving money is your goal, online services are a wise choice. Most banks offer the ability for account holders to initiate a transfer online simply by logging into their account. Banks, however, typically won’t be your cheapest online option. Online money transfer specialists like Wise and XE have been giving banks a run for their money, offering lower fees and stronger exchange rates. Still other online options include PayPal and payment apps like Circle. With these services, you can often send funds to friends and family for free.

• How do I make a wire transfer?

  To initiate a wire transfer, you can visit your local bank, go to a money transfer office or use an online money transfer specialist. With any of these option, the process will differ slightly. Generally, you’ll need to complete a wire transfer form indicating your personal banking information, your recipient’s name and banking information and the amount you’re sending. Once your transaction is complete, you’ll typically receive a tracking number to confirm that your recipient receives your funds.

• Can I use PayPal to send money internationally?

  Yes, PayPal is a popular way to make international payments. Both the sender and the receiver both need an active PayPal account. Once the funds are transferred to the recipient’s PayPal account, they will then need to transfer to their bank account to be withdrawn. PayPal international transfer fees vary according to the method of payment. Using a credit card to credit a PayPal account with money is more expensive than transferring the money from a bank account. The fee is a percentage of the total transfer amount.

• How do I send money to a PayPal account?

  To send money to a PayPal account, you must sign up for a free account online. Once signed up, click “Send & Request” at the top of the screen. If the account you’re sending to is in the US, click “Send to family and friends in the US” and follow the prompts to enter your recipient’s email address or phone number, the amount you’re sending and where your money will be pulled from. Transfers among PayPal accounts are free. If you’re sending money to an international account, click “Send to friends and family internationally.” Choose your recipient’s country from the drop-down menu and click “Next.” Indicate how much you’re sending to see how much your recipient will receive in their home country’s currency. Confirm the exchange rate you’ll receive and transfer fee you’ll pay, then follow the prompts to complete your transaction.

• Are international money transfers safe?

  Yes. It is industry standard for international money services to use 128-bit SSL encryption systems at a minimum. Many also are licensed with US financial regulators. When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. And if you’re sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.