Online money transfer companies offer a secure way to send a same-day money transfer overseas almost instantly – but a tighter time frame can sometimes mean higher fees.
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 methodologyA same-day money transfer allows you to send funds abroad that will arrive with your beneficiary within 24 hours. It’s the same as any other overseas money transfer, but quicker. Some providers can even offer instant transfers.
However, fast transfers can sometimes cost more than regular transfers thanks to high fees and poorer exchange rates, especially if you’re using a service that offers cash pickup. By contrast, many of the new online providers offer competitive fees, especially compared to banks.
There are 3 main ways to transfer money overseas on the same day:
Companies like OFX, Taptap Send and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. These services are found online and typically have no physical offices.
You’ll need to visit a provider’s site and initiate the transfer online using a debit card, credit card or bank account.
MoneyGram, Western Union and WorldRemit offer cash pickups. Your money can typically be available for pickup within 15 minutes at hundreds of thousands of locations around the world.
To use this option, visit your nearest agent location to start your transfer. The funds can then be collected by your recipient at a branch in their country of residence.
Major UK banks make it possible to send a same-day money transfer abroad. However, while transfers within 24 hours are possible to select countries and currencies, funds sent to other destinations could take as long as 5 days to arrive.
Visit your local bank branch or the bank’s website to initiate a transfer – but just be sure to check the processing time.
Most providers either charge a set fee or a percentage of your transaction. Not all will charge an extra fee for expedited same-day service. For example, OFX and Citibank don’t charge rush fees for same-day transfers.
Yes. You can use your established PayPal account to send personal payments in minutes to friends and family abroad.
If you don’t have a PayPal account, you can set one up in minutes if you have online access to your bank statements. This is because PayPal deposits small amounts into your account, and you’re required to verify your account based on the deposits.
You’ll typically receive a weaker exchange rate and pay higher transfer fees with a same-day money transfer, so carefully review the full details of your transfer before you hand over any money. Be aware that some transfer providers – for example, your bank – will not always be able to offer a same-day transfer to your destinations.
Using an online money transfer provider or one that offers cash pickup are the most reliable options when you want to make a same-day money transfer. Many online providers can now send money instantly. Depending on where you’re sending, in some cases your best and only option will be by sending a bank-to-bank transfer, though this will normally take longer than a day. Be sure to compare money transfer services to find out more about which provider will work best for you.
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