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
- Yeah, we know. High transfer fees hurt! And you worked hard for that money--why throw it out the window? Avoid inflated fees, bad exchange rates and find the cheapest way to send money, right here, right now. Monito is a comparison si…
- 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…
- 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…
Tips and tricks if you're travelling abroad or having a nomadic lifestyle 🌴
- Don’t let banks, bureaux de change and ATMs eat your lunch 🍕! Withdrawing cash at an ATM in the streets of Paris? Exchanging currencies at Gatwick airport? Paying for a pizza with your card during a holiday in Milano? Every time you e…
- Considering a move to the UK? Whether you are moving as a student to attend university, for a new job or to look for work, you may want a local bank account in order to get yourself set up. And in case you heard horror stories about se…
- Paying in a foreign currency We’ve all been there. You’re shopping online, find what you want but you need to pay in a currency that is not your own and the transaction occurs via PayPal. When you go to check out, the fine print contai…
- The best way to get paid depends on a bunch of factors, including what country you’re located in and where your clients are, as well as whether your clients are individuals or businesses. But as a freelancer, you generally can’t tell a…
- The age of the digital nomad is upon us. The rise in accessible technology, the ability to work from anywhere, and the low cost of travel mean that the dream of living and working anywhere in the world has never been more achievable. B…
- How does TransferWise multi-currency account and debit card work. What are the pros and cons? Read our expert TransferWise Borderless Account review
- Other country guides: How to open a bank account in the US for non-residents; How to open a bank account in the UK without proof of residency; How to open a bank account in Canada without proof of residency. Opening a bank account in A…
- Don’t let banks, bureaux de change and ATMs eat your lunch 🍕! Withdrawing cash at an ATM in the streets of Paris? Exchanging currencies at Gatwick airport? Paying for a pizza with your card during a holiday in Milano? Every time you e…
- Other country guides: How to open a bank account in the US, United Kingdom or Australia as a non-resident. Canada is a beautiful place to work, study or live. If you’re thinking about moving to Canada, you may want to open a bank accou…
- If you’re thinking about moving to the U.S., you may want to open a bank account before you get there. Whether you’re going to be a student studying at University, you’re working there or moving there on a semi-permanent basis, we’ll t…
- From digital nomads, location-independent freelancers to expats working for local or international companies to retirees, France is a top draw for foreigners wanting to live abroad. It's hugely popular country for Brits, because it's c…
- 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 one of the best travel money card with…
Compare money transfer providers side by side
- Skrill vs TransferWise. 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…
- MoneyGram vs Paypal. 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. …
- Ria vs MoneyGram. 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.
- Xendpay vs TransferWise. 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 compan…
- Ria vs Western Union. 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. …
- Ria 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.
- WorldRemit vs Western Union. 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 co…
- Remitly vs Ria. 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.
- Remitly vs Western Union. 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 compa…
- Monito reviews money transfer services, ranking them by Monito Score, which is based on 50+ objective criteria scrutinizing their services on seven categories: Fees & Exchange Rates Ease of use Credibility & Security Service & Covera…
- XE vs TransferWise. 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. …
- Western Union vs Paypal. 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 compan…
- Xoom vs Western Union. 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.…
- 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…
- Remitly vs TransferWise. 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 compan…
- 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…
Beyond international transfers, learn what digital native banks can do for you:
Monese
Revolut
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
Regulation Licensing and Jurisdiction
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
Finding the best travel money providers
- There are 180 official currencies (recognized by the United Nation) across the world. Each time you or your money cross a border, you're likely to pay high currency exchange fees in the form of a bad exchange rate. This means that you …
- The Complete Guide to Travel Money in the US, Your Questions, Answered If you live in the United States and you’re planning a trip abroad, you have several options for getting travel money. The fees and exchange rates you’ll pay for fo…
- The Complete Guide to Travel Money in the UK, Your Questions, Answered If you live in the United Kingdom, you have plenty of options for getting travel money for your trip abroad. We’ll answer all the questions you have on buying forei…
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
- UN Chief calls for a reduction in remittance transfer costs - What's really needed for it to happen?In order to support migrants and the 800 million families on the receiving end of their monthly transfers and amidst the turbulence caused by COVID-19, UN Chief António Guterres is…
- Last Update 09/07/19: Facebook announced the launch of Calibra, a wallet based on the Libra Network launched at the same time, with ambitions to connect the world financially. Read…