Everything You Need To Know About Sending Money Internationally
Whether you're looking to make an international money transfer, exchange currency, or understand exchange rates, it’s important to be guided through what all of the details mean. Fortunately, Monito has 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.
The world of international transfers can be complex. Naturally enough, many people who send 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 below, you'll be able to equip yourself with all of the know-how needed to make savvy decisions when sending money internationally.
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:
Still using PayPal?
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:
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 tough. Take a look at the reviews of our favourite solutions below:
Do you know all the hidden fees of your account?
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:
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.
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.
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.