Credit cards let you pay for goods and services, but most don’t allow you to make transfers of money. In other words, you usually can’t log into your credit card account and move money around.
One of the exceptions to the rule is the appropriately named money transfer credit cards. These cards do let you log in and initiate a transfer to another account, but this can’t usually be to another country. When you do this you may be charged a money transfer fee (typically around 5% of the amount).
If you want to transfer money from your credit card abroad, you will usually need to pay for a transfer through an international money transfer specialist. These popular services offer better rates than most banks, and most of them will accept payment by credit card. However, you will usually be charged a fee.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across the most popular international money transfer services are all weighted and scaled to produce a score out of 10. The higher the score the better the service – simple.
Read the full methodologyWhen a money transfer service takes a payment from your credit card, it also passes your bank its “Merchant Category Code” (MCC). Banks use these to classify different types of transactions. Unfortunately, credit card payments to companies which banks identify through the MCC as being money transfer services, may attract “cash advance” fees. A cash advance fee is usually around 3%. More commonly cash advance fees are incurred if you use a credit card to withdraw cash at a cash machine or get cashback at the till. With cash advances, interest is also usually charged from the moment of the transaction, and you may pay a currency conversion fee too, making it very expensive.
The short answer is yes, you can send money online using a credit or debit card. There are different ways you can do this, but you’ll need to keep an eye on the fees. It’s likely to work out much cheaper with a debit card. The most common option for paying with a credit card is through a money transfer platform like Wise. And picking the right company to send money through using your credit card can make a big difference in fees.
These apply specifically to using a credit card to pay for a transfer using an international money transfer specialist.
Specialist transfer companies like XE, Western Union, WorldRemit and more allow you to pay for online transfers using your credit card. They can provide credit-card-to-debit-card transfers (transfers to your recipients’s account) or even cash pick-up transfers, where your recipient can pick up the transfer as cash from a local branch.
Alternatively you can link your credit card to your PayPal account to make an overseas transfer. You’ll then be charged PayPal’s fees and potentially also fees from your credit card issuer.
If you don’t have a credit card, don’t panic – a debit card is actually a better bet.
Here are a few options for international transfers using your debit card:
But the cheapest way to pay for a transfer through an international money transfer specialist is – you guessed it – by bank transfer. In other words, you transfer GBP to them for free, and then they transfer a different currency to your nominated recipient (charging you a fee or a margin along the way for the privilege).
If you don’t have a credit card, bank account or debit card, consider picking up a prepaid debit card. You can purchase one at a local store — such as a supermarket — and use it to fund your transfer.
In theory, if you have a rewards credit card, you could earn air miles, reward points or cashback after you fund your transfer. However, cash advances (that’s withdrawing cash at an atm, buying foreign currency, spending money at a casino, getting cashback at the till, or other “cash-like” transactions including paying for a money transfer) are often exempt from rewards. And as you’ll end up paying interest on the outstanding balance, that will quickly outweigh the value of any rewards you might have earned.
Put simply, it’s not a great idea due to the fees and interest charges involved. If you pay for your international transfer with a global transfers specialist by debit card or a bank transfer, that will almost certainly work out cheaper.
If you’re set on using a credit card, compare multiple transfer providers before parting with your money so that you can find the cheapest option.
That depends on your chosen provider — some services do offer international debit cards that allow you to transfer prepaid amounts abroad.
Yes, however, this can be a pricey transfer. PayPal allows you to make credit card payments at a cost of around 5% of your total transaction value.
Western Union does accept credit card payments through providers like Visa and Mastercard.
WorldRemit accepts debit and credit cards issued by Visa and Mastercard. However, you may be subject to additional fees from your credit card issuer since the transaction counts as a cash transfer.
Typically, no. Few international bank accounts come with a corresponding credit card. It’s even more difficult to use your international bank account to pay off a credit card from a different provider. If you’re interested in using a card alongside an international bank account, consider multicurrency debit cards like the one offered by Wise.
The experts at Finder compare international money transfer services and rank them on key areas to help you make your choice.
Revolut has made a name for itself as a favourite for frequent travellers by offering great currency services. Stick within the “fair usage” limit for your plan and the pricing can be hard to beat.
Compare popular money transfer apps to get the most out of your mobile international transfer.
We go into detail on MoneyGram’s fast transfers to 200+ countries and territories worldwide.
Ever wondered how long it takes for an international bank transfer to arrive in your recipient’s bank account? Find out here.
Barclays offers many an option when it comes to sending money overseas. See exchange rates and fees here, and compare your options.
Looking to transfer a big sum of money? Read our guide and compare the options based on fees, exchange rates, security and simplicity.
Check for FCA approval from your international money transfer provider and make sure your money is safe during transfer from the UK.
To find the best rate for your next money transfer, check out our comparison of the fees, exchange rates and transfer speeds of Western Union and MoneyGram.