Everything you need to know when sending money abroad
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean.
We’ve got you covered, with our complete Monito glossary and guide to the main terms you’ll come across when sending or receiving money internationally.
Get started with our useful guides
- Avoid inflated fees and find the cheapest way to send money, right here, right now.
- How can you make the most of your currency exchange when you transfer large sums of money across borders? By finding the right money transfer company for your needs. When making large money transfers there are two key details to consid…
- Billions in currency exchange fees are paid by migrants every year without noticing it. Learn here how to identify and avoid them.
- Comparing money transfer services only takes about five minutes, but if you're really hesitant about wasting time, here are 6 more REASONs that will convince you.
Popular content on Monito
- Each Venmo transfer needs the sender and beneficiary to be physically in the US, so you can’t use it to send money abroad to a friend or family. If you’re looking for the best & cheapest way to send money internationally, you can comp…
- Have you ever sent money and wondered why it moves at a snail pace? Discover everything you need to know to avoid slow money transfers and move your money in fastest way possible.
- Western Union and MoneyGram often offer 24-hour agent locations in many major cities (plus some smaller-sized locations.They also offer the most extensive network of agent locations: Western Union has 550,000 agent locations in over 20…
- When you're sending money abroad, there are a number of fees hiding in the transaction. We hate that. Fees are like pesky mosquitos--you try to swat them away but there are often more that keep coming and biting you. Here’s what to l…
- Managing your finances across multiple countries and currencies is tricky, especially if you don't have a fixed abode, are traveling regularly or you're living abroad. But a variety of international, multi-currency accounts make banki…
- Zelle is great, but it's only available in the US. If you’re looking for the best & cheapest way to send money internationally, you can compare all solutions on Monito.
- A Square Cash transaction is only available in the US, but if you’re looking for the best service for your money transfers, compare your solutions on Monito.
- How can you ensure more money reaches the beneficiary? What are the fees associated with an international bank transfer? How long does an international bank transfer take? Is this the best way to transfer my money? Here are the answers…
- Mid-market? Mid-rate? Middle rate? Standard rate? Breaking down the many ways to describe an exchange rate. When it comes to the money exchange market, a massive amount of words come into play to describe the same thing. In the fore…
Our Money Transfer Glossary
A
ACH — Automated Clearing House
Australian Securities and Investments Commission (ASIC)
B
C
CHAPS / Clearing House Automated Payments System
D
Direct Entry / Bulk Electronic Clearing System (BECS) (Australia)
E
Exchange Rate Alerts / Notifications
F
Financial Crimes Enforcement Network (FinCEN)
Financial Intelligence Unit (AUSTRAC)
Foreign exchange broker / forex broker
H
HMRC (Her Majesty's Revenue and Customs)
I
International Card Transaction Fee
L
M
Multifactor Authentication (MFA)
P
R
S
Sending Airtime Internationally
SEPA Payments — Single Euro Payments Area
SWIFT (Society for Worldwide Interbank Financial Telecommunication)
T
U
UK Financial Conduct Authority (FCA)
W
Compare money transfer providers side by side
- TransferWise vs PayPal. Which one is the best for you and your needs, and which is the most affordable option if you need to send or receive money internationally? Check out our analysis and the pros and cons of each money transfer co…
- TransferWise vs Western Union. Which one is the solution for you and your money transfer needs? Which option should you choose if you need to send or receive money internationally? Check out our comparison of the pros and cons of each…
- Western Union vs MoneyGram . Which one is the solution for you and your money transfer needs? Which option should you choose if you need to send or receive money internationally? Check out our comparison of the pros and cons of each m…
- TransferWise vs Xoom. Which one is the best for you and your needs? Which is the most affordable option if you need to send or receive money internationally? Check out our analysis of the pros and cons of each money transfer company. …
- Payoneer vs PayPal. Which is best for you to send or receive money internationally and make business payments? Here is our analysis and the pros and cons of each international money transfer service.
- TransferWise vs HSBC Which one is the best for you and your needs? Which is the most affordable option if you need to send or receive money internationally? Check out our analysis of the pros and cons of each for transferring money i…
All you need to know about using a credit/debit cards abroad
- Traveling abroad with a credit or debit card? A few simple tricks--like pressing the right button--can help you save money while paying with a card in a foreign country. From choosing to pay in the local currency when the card machine …
- We’ve all been there. You return from a holiday abroad, check your bank balance, see some surprisingly outrageous charges and go OUCH! You’re in pain because you’ve been slapped with inflated foreign transaction fees and obscene excha…
- Don’t you hate it when you come home from a lovely holiday, check your bank balance and see how much money you spend on ATM withdrawals? There are a number of ways to avoid this, including getting a special multi-currency card with per…
Beyond international transfers, learn what digital native banks can do for you:
Monese
Revolut
How to use Monito to make the most of your international money transfers
Monito is a comparison website for international money transfer services.
We compare more than 300 providers so that you can find the cheapest option for each of your transfers.
Latest news about the money transfer industry
- Money sent by relatives living abroad are a lifeline for many people in Nigeria (as much as 3 million Nigerians are believed to receive money from overseas each year). In 2015, the…
- Did you know that while Poland is (only) the 35th most populated country on earth, it has one of the largest diaspora in the world? With 20,000,000 people with polish origin curren…