Everything You Need To Know About Sending Money Internationally

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Whether you're looking to make an international money transfer, spend abroad using a card, buy foreign banknotes, or understand exchange rates, it’s important to have a good understanding of what all of the details mean.

Fortunately, Monito has got you covered. In our in-depth resource hub, you'll be able to navigate your way through all of our consumer guides, definitions, and how-tos ⁠— all created to help you spend less and send more when transferring internationally.

Let's face it, the world of international payments is complex.

Understandably, many people who send or spend money internationally aren't totally familiar with fundamental concepts such as SWIFT and BIC codes, real-time transfers, and the role of pay-in and pay-out methods on expense ratios. Using our carefully curated consumer guides, you'll be able to equip yourself with the know-how you need to make savvy decisions when paying internationally.

International Transfer Basics

Wiring funds internationally is associated with some fairly extreme costs. Banks often charge exorbitantly high standard pricing, offer poor exchange rates, or drive up the total fees with surcharges. As a result, it's not uncommon for people to find that much more money leaves their bank account to fund an international money transfer than anticipated. You can find out more about the costs of international transfers in our extensive guide.

Still Using Your Bank To Make International Transfers?

As a rule, high-street banks are not the best or cheapest choice to transfer money internationally as high fees and hidden exchange rates drive up the cost. Take a look at a few of our banking guides below to find out more:

Wells Fargo International Wires: Everything You Need To Know
February 5, 2021 - by Byron Mühlberg
BMO International Money Transfers
June 30, 2021 - by Byron Mühlberg
BoA International Wire Transfers: Fees, Limits, and More
February 5, 2021 - by Byron Mühlberg
Sending Money Abroad with Santander UK: Everything You Need to Know
October 26, 2020 - by Olivia Willemin
Capital One International Transfers: Fees, Exchange Rates, and More
December 6, 2021 - by Jarrod Suda
Citibank International Transfers: What You Need to Know
December 4, 2021 - by Jarrod Suda
BMO International Money Transfers
June 30, 2021 - by Byron Mühlberg

Using PayPal for Foreign Transactions?

While PayPal is a cheap and convenient way to send money to friends and family in the same currency, it can be exceedingly expensive as soon as currency conversion is involved. As a result, we recommend against using PayPal for these purposes. Take a look at our guides below to find out more:

Travel Debit Cards

When using your debit or credit card overseas, many banks and card issuers charge absurd fees for card payments or cash withdrawals. In addition, poor exchange rates are often involved, which can increase the total fees for card payments to as much as 5.00%! For frequent travellers, we recommend looking for alternative multi-currency card options instead. Fortunately, many excellent travel credit cards reduce these fees to an absolute minimum.

Do You Travel a Lot?

Managing your finances while abroad can be a real challenge. Not only do hidden exchange fees and ATM withdrawal charges make the process costly, but long waiting times for payments from abroad can also get in the way. Check out our reviews of the best travel multi-currency account options to make your life easier and save money while overseas:

International Payments for Businesses

For self-employed professionals and SMEs, the search for a flexible business account can be particularly unpleasant. High fees, booking fees, poor customer service and lengthy account applications make the overall experience though. Take a look at the reviews of our favourite solutions below:

Do You Know All Your Account's Hidden Fees?

Far too often, the fees that come along with using a bank account are hidden away in the fine print. Take a look at our guides below to understand exactly where you may be overpaying without your knowledge:

Life Abroad

These days, living and working abroad is increasingly common as the world becomes more connected. However, life as an expat can be filled with its own financial difficulties. Take a look at our guides below to help you through every step of the way, from opening a bank account to getting settled in.

How To Open a Foreign Bank Account Online
April 28, 2022 - by Byron Mühlberg
How To Open a Bank Account in Germany for Non-Residents and Foreigners
July 28, 2021 - by Byron Mühlberg
Opening a Bank Account in Turkey
January 11, 2022 - by Byron Mühlberg
UK Bank Account For Non-Residents
April 20, 2022 - by François Briod
How To Open a Swiss Bank Account Online for Non-Residents
April 20, 2022 - by Byron Mühlberg
Open an American Bank Account Online
April 25, 2022 - by François Briod
Best USD Account in the UK
April 13, 2022 - by Rachel Wait
How To Open a Bank Account in Sweden as a Foreigner
February 15, 2022 - by Jarrod Suda
How To Open a US Dollar Bank Account From Nigeria
February 28, 2022 - by Jarrod Suda
How To Open a Bank Account in Denmark as a Non-Resident
February 11, 2022 - by Jarrod Suda
Open a US Bank Account From India
December 14, 2021 - by Jarrod Suda

See Our Guides About India

Sending Money To India With Remitly
December 17, 2021 - by Byron Mühlberg
How To Receive International Payments in India
December 3, 2021 - by Jarrod Suda
How to Transfer Money Abroad From India
December 9, 2021 - by Byron Mühlberg
How Much USD Can I Carry From India?
December 16, 2021 - by Byron Mühlberg
Cheapest Way To Send Money to India From the US
July 24, 2021 - by Byron Mühlberg
Sending Money To India With Remitly
December 17, 2021 - by Byron Mühlberg
NRE/NRO Accounts: Exchange Rates and Transferring Abroad
August 1, 2021 - by Byron Mühlberg
How To Receive International Payments in India
December 3, 2021 - by Jarrod Suda

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

Learn More About Monito
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