The Best Way to Transfer Money Overseas – Which One Should You Use?

Here we have analyzed the activities of several international money transfer services trying to find the best way to transfer money overseas. We hope that the provided information will help you determine which money transfer companies are more suitable for you.

TransferWise

TransferWise is a service that offers international money transfers in actual exchange rates in more than 70 countries. The company uses a unique method of matching money with other users who are sending currency in the other direction.

This unique technique of the money transfer gives reason to call it the best way to send money online.

Price

TransferWise keeps low prices (the transaction fees usually are less than 1% of the total amount) because unlike international bank transfer does not pay the currency conversion on every transaction. 

This unique way of money transfer helps the company to avoid intrusive expensive currency conversions across countries in most cases and makes TransferWise the cheapest way to send money.

Using the TransferWise calculator you can estimate the transaction value of your funds.

Transparency in transactions

TransferWise does not hide the sum of fees of transactions that banks usually do. TransferWise exchange rates are real, so you can save a lot on international transfers.

International payment methods

TransferWise has 4 payment options:  users can send money via bank accounts (ACH or international wire transfer), send money from card to card (debit or credit card) and, Apple Pay.

 

Transferwise limits

No minimum. The maximum for Americans is $15,000 for the first transfer using ACH ($20,000 after that) however the wire transfer limit is quite big and compiles $1 million per transfer.

Transferring time

Long transferring time in comparison to transferring money internationally between banks. Because TransferWise tries to match currency in a unique way the bank transfers can take several days, sometimes even more than a week.

On the other hand, sending and receiving money by using credit cards or debit cards is possible within minutes.

Web and mobile platform

TransferWise has a very convenient mobile app and website with a price calculator that makes it easy to see fees and rates. Moreover, FAQ on the website is coherent and supportive for customers too. Customers also can track their transfers.

How to send money abroad with TransferWise?

To transfer money internationally using TransferWise, you need to register an account using an email address, Google account, or Facebook. However, the recipient does not need to register on the TransferWise account, but they must have a bank account to which the money will be credited.

You, the sender, can send money using your credit, debit card, or by transferring money from your bank account to TransferWise. 

 

Advantages:

  • cheapest currency exchange
  • transparent transactions
  • user-friendly web and mobile platform
  • large numbers of payment options

Disadvantages: 

  • money can be received only from the Bank account (no card transfer is possible)
  • long transferring time

OFX 

OFX is the Australian largest money transfer company, and at the same time, offers services in most countries of the World in 53 currencies. There is also a sound opinion that OFX is the safest way to send money internationally.

These and some below-mentioned factors give us to reason to include OFX to the list of the best money transfer services.

OFX fees

The rate they offer you is better than at the bank. Their transaction fees are also low, 15 Australian dollars (10 US dollars) for transfers of up to 10,000 Australian dollars (about 6,300 US dollars).

Using the OFX exchange rate, you can save up to 75% on exchange rate margins and save more of your money. Moreover, when you book a transfer using OFX, your tariff is blocked, so you always know how much your recipient will receive.

Transparency in transactions

 

OFX never charges any hidden fees and it displays in detail the amount you expect to receive. In addition, OFX provides all your transactions on the dashboard. Transaction history displays detailed information about transfer fees and all other deductions in transit.

This will help you get a clear view of the deal. OFX also sends email and SMS to both the sender and the receiver after each transaction.

 

Payment options

 

You can transfer funds via electronic funds transfer, which is available at most banks at the international level, BPAY (if you live in Australia), direct debits for corporate clients. But unlike the bank and other international money transfer companies, they do not accept or send cash or checks for transfers.

 

International money transfer limits

 

You must transfer at least $1,000 per year and at least $200 per transfer for using OFX services. The maximum transfer amount depends on the transfer currency and the method of transferring money. 

Popular currencies, such as GBP, EUR, USD, AUD, JPY, NZD, and CAD, are usually in free float. But currencies such as South African Rand or Chinese Yuan (CNY), which are regulated by the state, can be restricted in circulation.

Overall, compared to other competitors, OFX offers the largest maximum limit for money transfers, reaching up to $2 billion.

 

Transfer time

 

OFX global network allows you to transfer money abroad safely and quickly, so if you send, for example, from Australia to the USA, they often can offer delivery on the same day. Most other major currency transfers can be received within 1-2 days. But in unpopular currencies, this process can take from 3-5 days.

While banks require you to send your money transfers during business hours, OFX works 24 hours a day, 7 days a week.

 

Web and mobile platform

 

OFX transfer service has one of the best mobile transfer app suitable for iOS and Android. Besides, its website is user-friendly and equipped with FAQs and a cost calculator. Customers can also track their transfers on the Website.

 

How to send money through OFX transfer

 

On its Website, you can select the currencies in which you transfer money and see the amount you receive. Nevertheless, keep in mind that OFX uses the average market exchange rate, not the rate they would give for the transfer.

 

When you are ready, click register. After the establishment of an account, enter the beneficiary’s bank account information, and book the transfer. Finally, send your funds via BPAY or electronic funds transfer. To see how to register your OFX account watch the video below:

Advantages:

  • competitive exchange rates and transaction fees
  • user-friendly webpage
  • great Customer Support
  • you can send money electronically
  • 55 supported currencies
  • possibility to transfer large amounts of money

Disadvantages:

  • limited payment options
  • long transferring time
  • high minimum transfer limit

WorldRemit

 

WorldRemit is a London based company that now serves more than 4 million users across 150 countries in 90 different currencies. With various options for sending money internationally, including bank deposits, mobile money, and cash pickup, WorldRemit makes it convenient to send and receive money.

Furthermore, over 90% of WorldRemit transfers are implementing within minutes. These and many other features of the WorldRemit formulate the idea that Worldremit is the best way to transfer money internationally.

 

How much does it cost to wire money?

 

WorldRemit expenditure consists of transfer fees, exchange rates markup, and other incidental costs. The company offers affordable transfers with lower than average fees to many destinations through the World. 

Transfer fees for WorldRemit depending on destination, amount, and the method of sending money overseas. For example, the sending 1000 USD from the USA to Cameroon will cost you 6,99 USD. However, sending the same amount to Australia from the USA will cost 3,99 USD. 

Another example, if to send money via cash pick up from the USA to South Africa transfer will cost you 14,99 USD but transferring the same amount in the same direction through bank depositing will cost you 3,99 USD.

All in all, the transfer fee variates from $3.99 to $24.99. The transfer fees are displayed on the website what helps you to know in advance how much you will be charged.

WorldRemit offers a locked-in exchange rate depending on the pay-out method so that you can know how much money will take your recipient.

 

Transactional transparency

 

There are hidden fees that banks can charge on both sides. If you use the bank at both ends, then they may charge a fee. Fortunately, WorldRemit has many “local partners” that help a lot in reducing costs.

 

Payment methods

 

Payment options depend on the country of departure: 

  • Bank transfer – an electronic payment that allows you to send money directly from your bank account to another. With WorldRemit, you can send money from your bank account to the bank accounts of your family or friends around the World
  • Poli – an online payment tool in New Zealand and Australia, through which its users can withdraw money directly from their bank account upon request. This is good for those who do not have  creditor or debit cards or do not want to use them in online stores. You do not need to register, so information that allows you to access your bank account is not saved
  • Interac payment provider, which withdraws money directly from a bank account upon request, available for people sending from Canada
  • iDEAL – an e-commerce payment system based on online banking available for people shipping from the Netherlands
  • Klarna (or SOFORT) – an online banking payment service that allows you to use electronic banking for fast and secure bank transfers. It can be used by customers with a bank account in Germany, Austria, Belgium, and the UK
  • Google Pay and Apple Pay
  • Trustlymoney transfer service which provides the ability to make online payments directly from your bank account in a safe way. In addition to quick and easy payment, registration and software installation are not required.

 

Transfer limits

 

Despite that WorldRemit don’t have a minimum limit for a transaction, the maximum amount you can send depends on:

  • the destination where you transfer money;
  • the country from which you intend to send funds;
  • payment method;
  • local partner transaction limits.

For more information, you can look at the region in which your recipient resides, and/or view the money sent on the pages.

 

All in all, WorldRemit offers a maximum of $10,000 per transaction.

 

Transferring time in WorldRemit varies depending on the method of transaction:

 

Bank Transfer
  • Transfers within minutes are available for several banks.
  • Transactions duration may vary depending on
    • The bank
    • Day of the week
    • Transaction creation time
Cash Pickup
  • Available to receive instantly
Mobile Money
  • Within minutes
Airtime top-up 
  •  within minutes – fastest way to send money
Home delivery
  • 24/7 depending on location

  

Web and mobile platform

 

WorldRemit has a very suitable mobile app and website with a cost calculator that makes it easy to see fees. The online FAQ on the website is very useful for visitors too. Customers also can track their transfers here.

How to send money to someone?

To send money via WorldRemit you should present the following information:

  • Some of your identification information (your address and photo ID). WorldRemit need this to verify you and set up the account
  • The information about the person who you are going to pay. For example, if you are transferring to a bank account overseas you will need things as the name and account number, as well as the bank identification number

 

Advantages:

  • competitive exchange rates and fees
  • user-friendly website
  •  no minimum transfer amount
  • 24/7 support available in nearly 20 countries worldwide
  • Worldwide network

 Disadvantages:

  • no fixed transfer fee which can change between different currencies
  • not all transfer options are available in all countries
  • low maximum transfer limit
  • government-issued ID required

MoneyGram 

MoneyGram is an international provider of innovative global money transfer and payment services.  is one of the widespread money transfer services.

With approximately 350,000 representative offices in over 200 countries and regions, MoneyGram offers transactions in 50 currencies. In some countries, multi-currency are also available that helps consumers save on exchange rates by sending more popular currencies.

Moreover, MoneyGram has a reward system “MoneyGram Plus Rewards” which provides customers with several discounts on the commission for each transfer.

Price

MoneyGram fees are relatively high. In most directions, MoneyGram charges you approximately $5 for every $100 (see MoneyGram estimator). This trend may be related to their dominance in the market.

Also, it should be mentioned that MoneyGram exchange rates are unstable and depend on the method of payment and receipt. Commissions are not transparent if you want to exchange money from one currency to another.

Despite all these shortcomings, the price of transferring money with MoneyGram is much more profitable than transferring money internationally between banks.

Transparency in transactions 

The exchange rate margin makes up a sufficient part of the total price of your transfer, but MoneyGram does not properly disclose the information about the exchange rate margin.

Payment options

MoneyGram has a wide selection of payment options that help users to send money from around the World. Furthemore, users can send money from a website, a mobile application using debit or credit cards, bank transfers, and cash.

The transaction speed and its commission depend on the chosen payment method. This system also allows you to pay bills if you live in the USA or Canada.

Moreover, MoneyGram issues money orders (a certificate secured by cash, usually issued by governments and banking institutions). You can purchase cheap money orders at many supermarkets, financial institutions, checks, or other independent stores.

Transfer limits

The transfer limit for online shipments is low. The amount of funds should not exceed $10,000 per transaction. Moreover, a monthly transaction also can not exceed $10,000.

More money can be sent through the pick-up points (agent), however, there may also be restrictions depending on other circumstances.

Transferring time

While a cash transfer in  MoneyGram is the fastest way to transfer money (in a few minutes after sending the receiver can withdraw money), a bank transfer can take several hours or days (within 5 days).

Moreover, MoneyGram has a “Service on the same day” service. Especially MoneyGram is very useful when an urgent transaction is needed because customers can receive cash at points of delivery a few minutes after sending it.

Web and mobile platform

MoneyGram has a cutting-edge mobile app with biometric identifications (fingerprint and face ID) available in android and IOS. You can track your transfer in the easy-using website or via mobile app. There is also a supportive FAQ on the website which helps you to find what you need to know.

How to send money to someone without a bank account?

MoneyGram has cash pick up option which allows you to send and receive money without using any bank account.

For that, at first, you should find the nearest MoneyGram location and go there with your ID and money you are going to send.

There you will need to provide the next information:

  • your full name
  • recipient’s name
  • recipient’s location
  • amount to send.

To complete your transaction the cashier will hand you a transfer reference which you will need to give to the recipient who will need it to pick up the money. This and other features allow us to the inference that MoneyGram is the best way to send cash internationally.

If you want to send money internationally online you need to register yourself on the website by using the email address and mobile number. To get more information about how to send money via mobile app or through the website you can watch the video below:

Advantages:

  • the wide selection of payment;
  • widespread money transfer services;
  • “Service on the same day” service;
  • “MoneyGram Plus Rewards” system;
  • best cash transfer app.

Disadvantages:

  • high transaction fees;
  • low transfer limits.

PayPal 

PayPal is one of the leading money transfer companies that provide international money transfer and international payments. You can send money by credit card or bank account associated with your PayPal account.

Payments are made through a secure connection after entering the email address and password specified to confirm the account. The account contains the address where purchases will be delivered. 

The commission is charged to the recipient.  Money transfers to bank accounts are only possible in local currency.

How much does PayPal charge to send money?

PayPal international transfer fee size depends on the country of payment, the recipient country, and the methods of payment (see PayPal international fee calculator).

However, it should be noted that the commission is low for small transactions and relatively high for large transactions, which does not make PayPal the cheapest way to send money internationally.

Transparency in transactions

No hidden fees with PayPal. You only need to track cross-border currency conversion fees when you receive international payments and chargebacks related to disputed transactions.

In addition to these fees, PayPal only takes a small percentage for each transaction, plus a standard transaction fee for some variates of payments. All of these costs make up a PayPal transfer fee.

PayPal international transfer options

PayPal provides you with a large number of payment methods, including bank account, debit or credit cards, PayPal Cash or PayPal Cash Plus, and PayPal Credit. However, the recipient can only receive money by creating a PayPal account.

Moreover, PayPal may allow you to redeem rewards associated with your eligible card(s) when purchasing with your account through PayPal’s “Pay with Rewards program”. For instance, rewards may include points, miles, or cashback, as well as other reward types.

How to send money on PayPal without a fee?

No fee is charged if you send money to friends and relatives using your PayPal balance or a linked bank account as a source of financing.

You can also accept funds from someone with a PayPal balance or bank account. In this case, you will receive an email notification from PayPal about the receipt of funds. No fees for receiving these payments either.

When you withdraw money from your PayPal account, you will not be charged for crediting them to a linked bank account. However, the verification fee is $1.5. Keep in mind that you will have to manually deposit these funds into your linked bank account.

There is no commission for transferring money from your own linked bank account to or from your PayPal account.

Transfer limits

The maximum limit for PayPal international money transfer is the US $60,000, but may be limited to the $10,000 per transaction. This amount may vary depending on the currency.

PayPal bank transfer times

Sending money from a PayPal account to a bank account usually takes 2 to 5 business days. Weekends and holidays may affect the exact time you deposit your money.

Web and mobile platform

PayPal has an easy to use mobile applications and web pages. In attached videos, you can clearly understand how to send money overseas using your web account or PayPal Mobile app

Besides, there should be mentioned, that your account may be blocked. PayPal is financially responsible for the money you accept, so if they believe that your account may cause problems for them or other customers, they will freeze your account (reasons: increasing in transaction volume; increasing disputes with customers and so on.). The number of transactions allowed may also be limited.

Advantages:

  • quick and easy direct transfer
  • easy to use mobile applications and web pages
  • relatively low commissions for small transactions
  • buyer protection system

Disadvantages:

  • high commissions for large transactions
  • the recipient can receive money only by creating a PayPal account
  • your account may be blocked

XE

XE is one of the popular money transfer service, which offers own services in more than 170 countries in over 60 currencies. Both legal and private individuals can transfer money internationally

How much does it cost to send money?

XE does not charge transaction fees for sending money abroad and takes its mark up from exchange rates.

Moreover, the offered exchange rates are relatively low in comparison with other money transfers services which variate between 0.5% and 3.5% of the amount of transaction.

The rates increase with increasing the amount of sending. You simply to be aware of the exchange rate you are offered at the time of your transfer.

Transparency in transactions

XE money transfer is very transparent with its services, exchange rates, and commissions. There is no hidden fee for any transaction with the company.

When you start a transaction, XE blocks the average market rate in real-time and remains the same until the funds are transferred to the recipient. There is no transfer fee, and the exchange rate will be shown to you when the transaction starts.

Payment options

XE accepts only bank transfer and Bpay (in Australia) as a payment option and doesn’t accept card and cash transfers.

Transfer limits

No minimum and maximum transfer limits in XE if you pay by phone. For online transfers, the transaction limit should not exceed $500,000 (or equivalent). In general, sending and receiving large amounts abroad is very profitable using XE Money Transfer.

Transferring time

Depending on the currency and destination, the money transfer time is usually from 1 to 4 days.

Web and mobile platform

XE website can seem a bit overwhelming when you look at all information that is presented on it. But their process for making an international money transfer is quite simple.

XE shows current exchange rates on the website and has a currency converter widget. Moreover, using of comparison table allows you to compare rates between different money providers and get a better idea of the rates available.

XE Mobile app is very popular and was downloaded more than 65 million times since its launch.

How to transfer money internationally?

At first, you should sign up on the website by using your email address. Then log in to your account, confirm the currencies you want to exchange. Enter the amount you want to send and its destination.

Confirm how you will pay and agree to the exchange rate and total cost. Here below  you can see  how to send money using your web account

Advantages:

  • XE does not charge transaction fees
  • no maximum or minimum limit in transfers
  • user-friendly website and very convenient and popular app
  • competitive rates

Disadvantages:

  • limited payment options
  • long transferring time