The Best Way to Send Money Overseas Online

The landscape of global finance is quickly changing. As a result, there are good chances to send money overseas in simple, less expensive, and more flexible methods. A high-street bank or pricey remittance services are no longer the sole options. You may now choose the best international money transfer method for you. However, there are dangers associated with this freedom, and making the incorrect decision might cost you. We’ll look into all of your possibilities for sending money abroad and point you in the right direction.

Main reasons to send money abroad

The globe has shrunk as a result of globalization, low-cost travel, and remote employment. As a result, there are several reasons why you could want money in a different country and currency.

  • Here are a few examples of those causes.
  • Converting your own funds for use when living or traveling overseas.
  • Sending money to relatives or friends in another country.
  • A purchase was made. Anything from a house to a book may necessitate payment in foreign currency.
  • Mortgage payments for the second house in another country.
  • Investing in a business, real estate, or other assets in another country.
  • Purchasing services. It might be international study costs or a wedding in a foreign country.
  • Getting things done. Paying a freelancer or a foreign firm.

The best way to send money internationally:

There are seven main methods for sending money internationally. To make things clearer, we’ll look at when each could be the best option for you. We’ve also included some real-life instances of people who have used these alternatives to live and work overseas.

  • From bank to bank. You instruct your local bank to conduct an international transfer to the account of the receiver.
  • Service for international transfers. You pay directly to the transfer service in your home nation and currency in your local currency. The money transfer business subsequently puts the agreed-upon sum into the recipient’s local account.
  • Services for digital banking. Neobanks and online-only banks are entering this market. Some new market entrants, like N26 and Revolut, provide its consumers with low-cost foreign FX and free international withdrawals.
  • International wire transfers are available. These remittance series send money to a bank account, a mobile phone, or an office for cash collection.
  • Debit cards with several currencies. You can load a Visa or Mastercard card with your home currency through a bank transfer. Then you just withdraw foreign currency from an international ATM.
  • Use a global exchange platform to handle the exchange for you. Purchasing goods from a foreign Amazon merchant or hiring an overseas freelancer through Upwork involves an FX transaction.
  • Cryptocurrency exchanges. Across national boundaries and financial systems, crypto can be transferred or converted into fiat currency (local currencies such as the US dollar or Euro).

The fastest way to send money overseas online

If speed is of importance, you should select a firm that can make cash available promptly, or at the very least the same day. Depending on your location, this may not be an option, and you may have to pay an additional fee for the rush. Furthermore, how you pay might either speed up or delay down the transfer.

In general, if you show up with a wad of cash, the receiver will have ready access to it. Payments made using a credit card or a debit card (ACH) will also be processed more quickly. Payments from a checking or savings account typically take longer to process because the account information must first be confirmed.

Here are the quickest methods for sending money abroad:

  • WorldRemit: In addition to having among of the quickest delivery times, it is also simple to set up an account. The receiver receives cash transfers instantaneously; all they have to do is sign or show their cell phone. WorldRemit frequently has lower cash exchange costs than its competitors.
  • Xoom: Xoom aspires to be the quickest method to move money overseas. When a receiver signs up for remittances, the majority of them are instantly available to them. Xoom accepts PayPal and offers cash collection, bank deposits, and direct delivery to an address.
  • MoneyGram: MoneyGram is one of the world’s major remittance providers. They just unveiled FastSend, which allows you to send money through text message. They may usually provide same-day delivery regardless of the payment method you have chosen for the money you have sent.
  • Western Union: Western Union serves a wide range of countries that other services do not. Their fees and restrictions differ depending on the nation. The organization has a large global network, which gives them an advantage when it comes to cash in person and cash-pickup delivery alternatives.

You pay for speed in general, and this is no exception. These services frequently charge greater fees or offer lower exchange rates than slow alternatives.

The cheapest way to send money overseas online

If you intend to make a significant amount of transactions over a long period, you should select a reputable service provider with reasonable rates. Learn much more about the simplest techniques to send money over the world without paying expensive fees.

It’s critical to remember that suppliers pay in a variety of ways. Low fees may be compensated for by a low exchange rate, or vice versa. Don’t be duped by a fancy title that hides a hefty price.

The fees for Wise’s and other solutions are well-defined. You can view the correct number that will be paid to your abroad account on their website. This information provides a comprehensive picture of the related costs.

  • Wise (previously TransferWise): Wise offers mid-market exchange rates with no markup and has low upfront fees (typically less than 1 percent ). Even in little quantities, this adds up to outstanding value for the majority of transactions.
  • OFX: OFX never charges transfer fees and has competitive exchange rates for large sums (over $25,000). If you need to spend a significant sum of money, this works to your advantage because other providers may raise their prices for large transactions. The disadvantage is that they are not the fastest, so if you want same-day service, you will need to go elsewhere.
  • Bitcoin: If your recipient is prepared to take cryptocurrency payment, there may be only a little crypto transaction fee. Even if you want to do a fiat/crypto/fiat transaction, the fees may be little. The amount you lose depends on the cryptocurrency as well as the exchange you utilize. So, if both the sender and the destination are familiar with the crypto world, you could save a ton of cash if you transfer money regularly. For further information, please see our cryptocurrency section.

The safest way to send money overseas online

Most well-known businesses provide a good level of security and dependability, but if you’re concerned about safety, the following are your best options:

  • Wise: Wise has a record for processing transactions on time, with integrity, and securely. Because it must comply with UK regulations, Wise is an excellent choice for the simplest way to move money over the world. As one of the world’s biggest payment processing companies, you can be confident that your funds are safe with us.
  • WorldRemit: WorldRemit is based in London and must adhere to strict UK regulations. They follow the Financial Conduct Authority (FCA) standard, which adds to the security of an already secure remittance service. They also have an app that allows us to send money directly to your phone.
  • Your bank: Your bank, in general, will be a security-focused institution. Most nations have banking rules and guarantees in place to protect your money and transactions. Banks were traditionally one of the only safe ways to move money abroad. Nowadays, there is a lot of competitors that can generally outperform banks in terms of fees, the convenience of use, and quickness. Each foreign money transfer made through your bank may entail significant costs, and currency exchange spreads may be exorbitant.

The best apps to send money overseas

There is also a new kind of money transfer service that can be accessed directly from your smartphone. These applications are frequently simple to install, provide enough support, and can be used at any time of day. Before you commit to one provider, you should always compare the payout amount.

  • OFX: One of the greatest remittance applications available. They have the greatest reach and serve people throughout the majority of the world, servicing 195 nations. One thing to keep in mind is that you cannot pay with a credit card, and there is no option for cash pickup. This makes it more suitable for transmitting greater quantities of cash from a checking or savings account.
  • Remitly: Remitly is a wonderful choice for minimal costs and small money transfers. Their well-designed and user-friendly software receive several 5-star ratings from satisfied clients. It also tells you the precise time and dates your money will arrive, and it comes with a money-back guarantee. This software is fantastic for sending money to Asia and South America.
  • PayPal/Xoom: Not the cheapest choice, but they’ve nailed it in terms of usability and user experience. The caveat is that both you and your recipient must create PayPal accounts. This is not a difficult process, but it will take some time. You can utilize your PayPal balance or connect it to a bank account.

Using cryptocurrency to send money overseas online

In recent years, the usage of cryptocurrencies (digital currencies) for international money transfers has grown. Because the entire process is hosted in the cloud, adopting digital currencies like Bitcoin, XRP, Litecoin, or Ethereum can increase speed and save fees. This eliminates a large portion of the overhead expenses that normal service providers incur.

Because the very notion of cryptocurrencies is that they are borderless, there are no upper or lower limits to the amount you may transfer. Because of these traits, some experts feel that cryptocurrencies are the best way to transfer money internationally.

You must still exchange your Bitcoin twice: once by the sender and again by the receiver. You must first acquire the cryptocurrency, then your recipient must then convert it into their local currency.

Traditional businesses can guarantee a rate of exchange, while cryptocurrencies can’t. In a typical transaction, however, both the sender and the receiver frequently do not store the digital money for very long. This means there’s a slim chance you’ll see a major shift in the rate.

You’ll have a severe learning curve if you’ve never used cryptocurrency before. Do some research on current exchange rates and compare them to regular transfer providers before using bitcoins to send money abroad.

Volatile cryptocurrency pricing, a lack of regulation, and the danger of a user error costing you money are all risks. Before using this money transfer method, we urge that you take the time to learn how to manage these risks.

Risks when sending money abroad

All of the options we’ve suggested are safe and secure methods to send money internationally. Even so, it’s a good idea to be aware of the potential dangers before you start.

Exchange rates

When you obtain a quote, most servicers will set your exchange rate. To avoid unnecessary exchange fees, it’s easiest and simplest to wire money in the recipient bank’s currency if you can. If you can’t (and we often can’t), make sure you’re aware of all the expenses involved with your move. A firm may promote reduced transfer fees to inflate the exchange rate.


It should go without saying that giving funds to those you’ve never met is really not a good idea. Anything provided for free must raise warning flags. Email, text messaging, webpages, and telephone conversations may all be used to promote scams. Scam artists get slicker and slicker every day.

Scammers urge victims to move money overseas because they have limited control over the funds once they leave their accounts. Do not however fall for it, and always use a reputable money transfer company when sending money internationally. If you believe you’ve been tricked, notify the authorities right away immediately so they can investigate.

Hidden fees

Make certain you’re aware of any fees ahead of time. Servicers frequently quote mid-market prices (the exchange rate banks use with each other). After that, they apply a markup to the exchange rate. Commissions and transfer fees may also be charged. Please keep in mind that even a fraction of a percent can have a significant impact on your overall payment.

Some people provide a free first transfer before charging exorbitant monthly costs. Others provide a no-fee option with low currency conversion rates. Compare prices from at least three different services to discover who can offer the greatest value if you have the time. Also, make sure you’re comparing apples to apples by utilizing the total payment.


Some services are better suited to large transfers, while others are better suited to little ones. Know their limits ahead of time, particularly if you will be transferring frequently. You would not want to find out at the last moment that they won’t work with amounts under $1,000 or that they’ll only work with approved associated accounts.


Even the most well-established organizations will have delays. These aren’t usually the fault of the service provider, but they must have a policy in place to reimburse you if this occurs. Inquire about it right now.

How do international exchange rates work

The mid-market rate is frequently used to calculate international exchange rates. This is the rate at which large banks exchange currencies with one another. When you transfer money using a remittance provider, you’ll be charged the mid-market rate plus a commission.

Transferring money through a bank is one method of sending money abroad, but it is not always the best option. In general, if you’re sending money through bank wire, you’ll need to have all of your recipient’s financial information on hand:

  • Full name and address of the bank to whom you are transferring funds.
  • Full name of the recipient, address (certain banks only accept actual addresses, no PO boxes), account name and number, or IBAN (International Bank Account Number). You may obtain the account number and IBAN from your bank or via your online account.
  • Obtaining a bank’s SWIFT/BIC code. These are one-of-a-kind identifying numbers for each bank in the globe. You may locate these on your statement or by calling your bank.
  • There is a reason. Yes, you will frequently be required to offer a brief explanation as to why you need to send money abroad. This is a precautionary step taken by banks to prevent money laundering. A simple remark such as “work costs” will suffice.

Also Enjoy: Top 5 Reasons Instant Money Transfer Makes Life Easier

Top 3 picks

With so many options for sending money abroad, it might be difficult to choose the best one. To choose the finest money transfer provider for your payment, consider aspects such as location, time of day, and payment type.

But, everything else being equal, these are our top three overall picks:

1.   Wise

Wise is often praised for its honesty, dedication to affordable costs, outstanding website, and excellent customer feedback. A connected bank account, a debit or credit card, Apple Pay, or Google Pay can all be used to make a payment. There are daily maximums that may be altered as well. You should also look at their international internet banking account. When you show up with a large sum of money, the receiver typically has quick access to it. Credit card and debit (ACH) payments are processed faster, therefore you may want to utilize one of those ways. Because account information must be validated first, payments made from a checking or savings account take longer to complete.

2.   WorldRemit

WorldRemit: You may send money to over 150 countries in 90 different currencies using WorldRemit. It’s safe, fast, and typically has the best rates for cash transfers, however, it’s better for lesser amounts. Pay with a linked bank account, a debit or credit card, SOFORT, INTERAC, POLI, or iDEAL. It’s also a great option to send money internationally, whether you’re sending money to Nigeria or Mexico from the UK or the US.

3.   Xoom

Xoom: Xoom is quick, even with bank account transfers, and it serves over 160 countries. It also allows you to transmit sums ranging from $10 to $50,000 every day. You can use a connected bank account, debit card, or credit card to pay. You can also use your PayPal balance, however, credit card costs are typically hefty. To transfer bigger sums, you’ll need to sign up for a more comprehensive account, which will require your personal details to be validated.


Sending money abroad used to be straightforward, with few options. Because of the proliferation of possibilities, the procedure has become more complicated. However, it also implies that you have the freedom to discover a solution that works for you. The best option should save you money, fulfill your needs, and provide you with peace of mind.

Whether you’re sending money to family all over the world or simply transferring funds to your bank account back home to pay off a bill, being able to send money online quickly and at the best rates is essential. But, with so many alternatives for transferring money online, how do you know which one will provide you the most return on your investment? Fortunately, it’s all quite simple if you break it down.

Dave P
Dave P
Be a little better today than yesterday.
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