How To Send Money Internationally (Top 10 Services of 2024)

Common places to make international wire transfers include traditional banks, credit unions, and even online payment systems like PayPal. However, these legacy methods are almost always the most costly.

In this guide, we cover how to send money internationally, factors you need to consider, and the overall 10 best online money transfer services of the year. Before you make your choice, run a search on our real-time comparison engine to find the cheapest and fastest way to send your money today:

1. Remitly
2. Wise
3. Global66
4. Skrill
5. WorldRemit
6. Paysend
7. TransferGo
8. Western Union
9. Instarem
10. Atlantic Money

7 Things to Need to Know Before Sending Money Internationally

When you send money abroad with a traditional wire transfer, your bank will use something called the SWIFT network (one of the worst ways to send money internationally). The fixed fee will often range from $20 to $100, plus many banks in this chain take a cut. Your bank will usually give you a bad exchange rate too.

Instead of this slow and expensive route, we suggest using an online international money transfer service. These companies specialize in moving money across borders cheaply and quickly.

When you're looking for one to use, keep these seven important things in mind:

1. Exchange Rate Margins: The mid-market rate refers to the 'real' exchange rate without any markup. Most providers add a markup to this rate, pocketing the difference as profit.
2. Commission Fees: These are charges you may incur when sending money internationally and can come as a fixed amount or a percentage of the transfer. 'Commission-free' services usually make a profit through hidden exchange rate margins.
3. Sending Limits: Both banks and money transfer companies may restrict the amount you can send per single transfer, depending on their policies.
4. Speed: Traditional banks often take 5-7 working days for international transfers via SWIFT, whereas online companies can complete the transfer instantly (sometimes with an extra fee) or cheaply within 3 working days.
5. Pay-In Methods: Ways you can fund your transfer include by bank transfer, debit card, credit card, cash, or mobile wallet. The availability of these methods varies by provider.
6. Pay-Out Methods: The way the recipient can receive the funds may be by bank transfer, card, cash pick-up or delivery, or mobile wallet. Like pay-in methods, these can vary among providers.
7. Countries: Companies usually specialize in particular country corridors. As a result, rates can fluctuate depending on both the country of origin and destination. To find the best prices in real time, it's best to search on comparison engines like Monito.

What Are the Best Ways to Send Money Internationally in 2024?

While your bank or PayPal may seem like the most convenient options, they are both among the most expensive and slowest ways to send money abroad. Instead, run a search on Monito to compare rates and fees from hundreds of money transfer providers to find the best deal for your needs.

By using a transfer service listed on Monito, our readers pay only 0.59% in fees and exchange rates on average, saving over $75 million to date. This is a huge difference compared to the 4.6%+ charged by banks or traditional cash transfer services.

1 — Remitly

Remitly was the overall best priced international money transfer service in the world, offering the cheapest rates on 28.2% of searches according to Monito's search engine data throughout the twelve months of 2024. It also offers express transfers, and a vast network of cash payout centers for sending some of the best-priced cash pickups in the world.

Remitly offers very competitive money transfers from the United States, Germany, Canada, France, Spain, and many more. It's especially beneficial for recipients in Turkey, the Philippines, India, Mexico, Colombia, Canada, and the United States.

Popular Country Corridors With Remitly

• Germany to Turkey;
• the United States to the Philippines;
• Germany to India;
• the United States to Mexico;
• the United States to Turkey;
• the United States to Colombia;
• the United States to Canada.

Learn more: read our Remitly review.

2 — Wise

Wise takes the second spot as a leading international money transfer service. In Monito's search engine data throughout 2024, Wise was found to be the cheapest option 17.8% of the time. This platform excels particularly in bank transfers, and utilizes the real mid-market exchange rate, meaning no hidden markups are added.

Wise offers cost-effective money transfers from India to several countries like the United Kingdom, the United States, Canada, and the Philippines, among others. Notable origin countries also include Germany, Ukraine, and Turkey, the United States, and Canada.

Popular Country Corridors With Wise:

• India to the United Kingdom;
• India to the Philippines;
• India to the United States;
• India to Canada;
• Turkey to Germany;
• India to the United Arab Emirates;
• India to Germany.

Learn more: read our Wise review.

3 — Global66

Emerging as the fifth top-rated international money transfer service, and best throughout Latin America, is Global66. The company offered the best rates on approximately 8.7% of searches, according to Monito's search engine data throughout 2024.

Global66 operates an excellent app that provides cheap money transfer services for senders from Argentina, Colombia, Mexico, Ecuador, and recipients in the USA, Brazil, Spain, Chile, among others.

Popular Country Corridors With Global66

• Mexico to the United States;
• Argentina to Brazil;
• Colombia to Spain;
• Colombia to the United States;
• Argentina to Spain;
• Argentina to Chile.

Learn more: read our Global66 review.

4 — Skrill

Securing the third place in providing affordable international money transfers is Skrill, being the most cost-effective choice in 7.5% of searches, as per Monito's search engine data from the year 2024. They provide a robust network for cash pick-ups and also offer mobile wallet transfers, particularly for those who have the Skrill mobile wallet.

Skrill provides highly competitive money transfers from corridors such as Poland to Ukraine, Germany to Ukraine, and Morocco to France. Overall, it is a top choice to send money to Ukraine, to the Philippines, and from the United Arab Emirates.

Popular Country Corridors With Skrill

• Poland to Ukraine;
• Germany to Ukraine;
• Morocco to France;
• Czech Republic to Ukraine;
• Netherlands to Ukraine;
• Canada to Ukraine.

Learn more: read our Skrill review.

5 — WorldRemit

WorldRemit is another leading global money transfer service, offering the best prices on around 6.9% of searches on Monito's search engine data for 2024. It's a great choice for its extensive cash payout network and for transfers directly to popular mobile wallets like GCash in the Philippines, M-PESA in Kenya, and many others.

WorldRemit provides competitive money transfers for recipients in Mexico, the Philippines, Nigeria, Pakistan, India, Kenya, and several others.

Popular Country Corridors With WorldRemit:

• The United States to Mexico;
• The United States to the Philippines;
• The United States to Nigeria;
• The United Kingdom to Pakistan;
• The United Kingdom to India;
• Japan to the Philippines;
• The United States to Kenya.

Learn more: read our WorldRemit review.

6 — Paysend

Paysend operates an impressive network of around 110 receiving countries. With consistently low and competitive fees and exchange rates, Paysend is highly specialised in sending instant debit card or prepaid card transfers.

Paysend generally offers low fees for transfers from Mexico or Colombia, as well as transfers from the United States to Canada.

Popular Country Corridors With Paysend:

• Mexico to Colombia;
• Mexico to the United States;
• Mexico to Arizona;
• Colombia to Spain;
• Brazil to Mozambique;
• Colombia to the United States;
• Colombia to Mexico.

Learn more: read our Paysend review.

7 — TransferGo

Available in the UK and Europe, TransferGo consistently supports some of the cheapest rates on international money transfers across the globe, but especially to countries in Europe.

With excellent customer service reviews on Trustpilot, Google Play, and the App Store and very competitive fees and exchange rates, TransferGo stands out as a much-loved and well-priced alternative to banks and many other online money transfer operators.

Popular Country Corridors With TransferGo:

• Turkey to Germany;
• Germany to Ukraine;
• Germany to Poland;
• Poland to Germany;
• The UK to Nigeria;
• Turkey to the United States;
• Germany to Kazakhstan;
• Turkey to Ukraine;
• Turkey to the Philippines.

Learn more: read our TransferGo review.

8 — Western Union

Western Union is the largest and oldest international remittance service in the world, making it a convenient choice to make in-person transactions and to receive cash pickups. Their online service typically does not offer the best exchange rates on the market, but it can be a reliable option depending on the country corridor. In some countries, Western Union waives the fixed fee and only charges an exchange rate margin.

Popular Country Corridors With Western Union:

• Germany to Turkey;
• The UK to India;
• Germany to India;
• France to Morocco;
• The United States to Mexico;
• Germany to Thailand;
• France to Tunisia;
• The United States to India;
• The UK to Pakistan;
• The UK to Turkey.

Learn more: read our Western Union review.

9 — Instarem

Instarem has a user-friendly platform; you can easily navigate and use their service once your account is set up. Another advantage of using Instarem is that they offer quick transfers, which means your money can reach your recipient within a day.

It's excellent for transfers from India to the United States, Canada, or the United Kingdom. It's also been effective for US-to-Nigeria transfers, Canada-to-United States transfers, and Australia and Singapore to India.

Popular Country Corridors With Instarem:

• The United States to India;
• Malaysia to Indonesia;
• The United States to Canada;
• The United States to the UK;
• Malaysia to India;
• The United States to Germany;
• India to the United States;
• India to the UK;
• The United States to Spain;
• The United States to Colombia;
• The United States to Mexico.

Learn more: read our Instarem review.

10 — Atlantic Money

Atlantic Money offers a seamless and intuitive interface for customers and uses the real mid-market exchange rate. In addition to no hidden markups, it charges transparent flat fees per transfer.

Atlantic Money is particularly competitive for UK to Poland or EU to USA transfers. Overall, Atlantic Money is a reliable and up-and-coming solution for international money transfers.

Popular Country Corridors With Atlantic Money:

• The UK to Poland;
• Germany to Poland;
• Germany to the United States;
• The UK to the United States;
• Spain to the United States;
• France to Canada;
• France to the United States;
• Germany to Canada;
• Italy to the United States;
• The UK to Canada.

Learn more: read our Atlantic Money review.

Here's How to Send Money Internationally

Here's our step-by-step guide to easily, cheaply, and securely sending money internationally.

1. Search for the best deal: Use Monito to compare money transfer services based on exchange rates, fees, methods, and speed.
2. Register or sign in: Create a new account or log in to your existing one, possibly getting preferential rates as a new customer.
3. Set the amount: Input the amount you want to send in your home currency. You can compare the service's currency converter to the mid-market rate (found on Google or XE.com) to double-check their markup — if any.
4. Enter recipient details: Provide your recipient's name, address, and bank account (or mobile wallet information).
5. Choose payment method: Select your preferred payment method, such as local bank transfer, cash, mobile wallet, or debit card (avoid credit cards due to high APR).
6. Confirm and track: Verify the details, authorize the transfer, and track its progress through the confirmation email and tracking details provided by the service.

Monito's Essential Tips For International Money Transfers

To find the best way to send your money internationally, you'll need to take into account a few factors such as your recipient's country, your transfer size, and the exchange rate applied by your provider:

1 — Compare Prices With Our Comparison Engine

Monito's comparison engine stands as the world's most extensive comparison resource for international money transfers. We provide detailed information for various sending methods, including bank transfers, physical cash pick-up, mobile wallet transfers, and foreign exchange brokers.

Our coverage, boasting 99 money transfer providers, surpasses any comparable platform. With Monito, you'll find to quickest, cheapest options for your transfer.

2 — Know How the Hidden Exchange Rate Margin Works

The prevailing mid-market exchange rate, also called the interbank rate, is the fair market value between any two currencies. However, banks, PayPal, and money transfer providers will often apply a weaker rate, causing you to receive less in exchange. The provider will keep the difference, or exchange rate margin, as profit for the service.

3 — Don’t Pay With a Credit Card

When you pay with a credit card, international money transfers are treated like cash advances. It's akin to withdrawing cash from an ATM using a credit card. The financial institutions handling these transactions typically apply relatively high APR (often 7 to 10 percentage points above standard rates) due to the increased risks associated with advancing cash.

We usually recommend bank transfers as a more cost-efficient alternative.

4 — Re-Compare Since Prices Change Often

The provider offering the most competitive rates today might not offer the same value tomorrow. Indeed, the rates and fees can vary greatly country by country. By using Monito to re-compare for each transaction, you can rest assured that you are securing the best deal for your transfer.