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These Are the Cheapest Ways To Send Money Internationally

Aug 12, 2022
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It’s the sad reality that, when sending money abroad, you’re likely losing a not-insignificant amount to banks and other hungry corporations charging exorbitant and obscure fees. At Monito, we know this feeling all too well. That’s why we’ve spent years independently comparing and reviewing transfer services globally. Using our savvy real-time comparison engine, you can take back control and escape hidden fees by finding the cheapest way to transfer money internationally.

In this guide, we explore the six services that offer the cheapest way to send money internationally for different types of transfers according to millions of search results on Monito. Then, we discuss some crucial tips to find the best way to transfer money internationally.

Compare now to find the cheapest way to transfer money internationally:

Wise — Best for Bank Transfers

London-based fintech Wise is a world-class option for sending money internationally and frequently ranks as the cheapest way to transfer money internationally on Monito. According to the Monito Score, Wise is also ranked as the best money transfer service of all, and its mobile app is ranked the best money transfer app.

Cost: Wise charges a mix of fixed fees and commissions for different corridors, which usually constitute between 0.25% and 1% of the total transfer value. Wise was the cheapest platform on 35% of global comparisons on Monito where it was available in 2022.

Coverage: Available in the EEA, UK, US, Singapore, Japan, Australia, and New Zealand, Wise supports transfers to around 57 foreign currencies across the globe.

Speed: In 2020, around 34% of Wise transfers arrived within 20 seconds, 53% within an hour, and 81% within a 24-hour period. Overall, Wise ranked as the fourth-fastest money transfer service on Monito's comparison engine between July 2020 and 2021.

Transfer limits: Precise limits vary depending on currency and country, but generally, the minimum transfer is just one US dollar, and the maximum transfer is USD million or currency equivalent.

Recommendation: We recommend Wise especially for small- to medium-sized bank transfers (up to USD 10,000) destined for international bank accounts, as the platform is particularly well-priced for these transfers.

More info: See our full Wise review or visit their website.

Remitly — Best for Cash Pick-Up

Remitly is a US-based digital remittance service that's frequently the fastest and cheapest way to send money internationally on Monito. The platform offers various pay-in and pay-out options (including card payments, bank transfers, and cash services) and supports currency transfers to over 85 countries worldwide.

Cost: Remitly's fees are built into the exchange rate and typically range between 0.5% and 2% of the international money transfer value, depending on the currencies in question. Remitly was the cheapest service on 15% of global comparisons on Monito on which it was available in 2022.

Coverage: Available in Europe, North America, Singapore, and Australia, Remitly supports transfers to around 47 currencies on every continent.

Speed: Remitly 'Economy' bank transfers take between three and five business days to arrive, while 'Express' card transfers arrive within minutes. Overall, Remitly ranked as the second-fastest money transfer service on Monito's comparison engine between July 2020 and 2021.

Transfer limits: Exact limits vary depending on currency and country, but generally, the minimum transfer is USD 1, and the maximum transfer is USD 20,000, or currency equivalent.

Recommendation: Because of its speed and pricing for cash-related transfers in particular, we recommend Remitly for sending money for cash pick-up and cash home delivery services.

More info: See our full Remitly review or visit their website.

WorldRemit — Best for Mobile Money

WorldRemit is a UK-based online remittance provider that offers best way to transfer money internationally to diverse regions globally, including Africa, the Middle East, and Latin America — often offering the cheapest way to send money internationally to these countries.

Cost: WorldRemit's fees vary significantly from transfer to transfer and generally constitute anywhere between 1% and 2.5% of the international money transfer value. WorldRemit was the cheapest service on 12% of available global comparisons on Monito in 2022.

Coverage: Available in 56 countries around the globe, WorldRemit supports money transfers to as many as 150 foreign currencies.

Speed: Depending on the pay-in methods, pay-out methods, and countries involved, WorldRemit transfers take anywhere between a few seconds and a few working days to arrive. Overall, WorldRemit ranked as the fifth-fastest money transfer service on Monito's comparison engine between July 2020 and 2021.

Transfer limits: Transfer limits at WorldRemit vary from country to country and reset on a daily basis. They range between USD 1 and USD 9,000 in the US and £1 and £50,000 in the UK.

Recommendation: We recommend WorldRemit for mobile money transfers due to its industry-leading coverage among mobile wallets. These include Vodafone M-PESA, MTN Mobile Money, Airtel, Globe Cash, Tigo, and many others.

More info: See our full WorldRemit review or visit their website.

Paysend — Best for Card Transfers

A true specialist in international card payments, Paysend is a flexible and fast-growing money transfer platform that supports credit and debit card payments to an impressive network of nearly 100 receiving countries through various pay-out options.

Cost: Paysend charges a fixed fee for most card-to-card and card-to-Paysend-wallet transfers and an exchange rate margin of between 0.5% and 2% of the international money transfer value. Paysend was the cheapest service on 24% of available Monito comparisons in 2022.

Coverage: Paysend is available to residents of 49 countries and supports transfers to 90 countries across the globe.

Speed: For Paysend transfers to cards or for cash pickup, funds normally arrive within a matter of seconds or minutes. Transfers to bank accounts take longer, usually between one and three business days.

Transfer limits: Default transfer limits at Paysend are USD 10 and USD 1,000, which can be raised to USD 10,000 after ID verification.

Recommendation: We recommend Paysend for international card payments to credit cards, debit cards, or bank accounts due to its excellent fees and exchange rates for these types of transfers.

More info: See our full Paysend review or visit their website.

Revolut — Best for Banking Features

A major name in digital banking, Revolut is an online bank and fintech that boasts 12 million users globally. In addition to its mobile banking app and savvy features (which you'll need to sign up with for in order to make transfers), Revolut also offers some of the best-priced international money transfers to global bank accounts that you'll find anywhere on the market.

Cost: You'll be charged a small fixed or commission fee when sending money abroad and no exchange rate margin. Revolut was cheapest on 24% of available Monito searches in 2022.

Coverage: Revolut sends money from most major currencies to around 28 others worldwide.

Speed: Revolut transfers generally arrive within 1 business day.

Transfer limits: You can transfer up to USD 1 billion or currency equivalent with Revolut.

Recommendation: Revolut Money Transfer is best for existing users of Revolut who want to send money abroad, and for new users who'd also like to take advantage of Revolut's wider banking coverage in addition to money transfers.

More info: See our Revolut Money Transfer review or visit the website.

XE Money Transfer — Best for Coverage

The world's oldest online money transfer company, XE Money Transfer is widely-known in the world of currency exchange and often offers the best way to transfer money internationally in terms of the number of foreign currencies and countries it covers.

Cost: XE charges a mix of fixed fees and exchange rate margins on international money transfers, typically costing around 0.9% of the international money transfer value but sometimes going higher still. XE was the cheapest service on roughly 15% of available comparisons on Monito in 2022.

Coverage: XE is available to customers in most countries and supports transfers to 98 foreign currencies worldwide.

Speed: Transfer speeds at XE vary depending on many factors. In general, money takes one to three business days to arrive.

Transfer limits: Transfer limits vary depending on several regulatory factors. In general, the minimum transfer at XE is USD 1 and the maximum is USD 500,000 or currency equivalent.

Recommendation: XE a reasonably well-priced option that sometimes offers the best way to transfer money internationally to far-flung countries. As a result, we recommend XE to users who're looking to make transfers to a wide variety of currencies.

More info: See our full XE review or visit their website.

OFX — Best for Large Transfers

A specialist in large money transfers, OFX is a foreign exchange broker rather than a money transfer platform, meaning that its services are more personalized toward the needs of individual customers.

Cost: OFX charges a mix of transfer fees and exchange rate margins for sending money internationally which tend to fall between 0.4% to 1% of the international money transfer value. OFX was the cheapest platform on 27% of available Monito comparisons above USD 50,000 in 2022.

Coverage: OFX is available in Australia, New Zealand, Canada, the UK, the US, the EU, Singapore, and Hong Kong. It supports transfers to an impressive 190 countries in over 50 foreign currencies.

Speed: OFX transfers typically arrive within one to two working days, although transfer times can take as long as five working days for less commonly-traded foreign currencies.

Transfer limits: OFX has broad limits ranging from a minimum transfer of USD 2,000 to a maximum of USD 2 billion.

Recommendation: We recommend OFX for transfers of above USD 50,000, as the service quickly becomes the cheapest way to transfer money internationally at these amounts.

More info: See our full OFX review or visit their website.

How To Find the Cheapest Way To Send Money Internationally

It's worth stressing that there's no single international money transfer provider that's the best for every person in every instance. Overall, depending on individual needs and preferences, many platforms could provide you with what you're looking for cheaply, quickly, and safely.

However, besides finding the cheapest transfer provider, there are a few rules of thumb to keep in mind to ensure that you save every extra dollar when sending money internationally for everyday use. These include:

  • Open bank accounts that don’t charge additional fees for international money transfers. Take a look at our list of the best banks for international travel to find out more.
  • Avoid using a credit or debit card to fund your money transfer. If you do, then Paysend is by far the best option.
  • Make sure you choose a safe and fully-licensed money transfer service. All services on Monito adhere to the highest security standards and are among the safest ways to send money internationally.
  • Avoid using big banks and PayPal, which are practically never the cheapest way to send (or receive) money internationally.
  • Where possible, send money to a bank account or a mobile wallet rather than to a cash pick-up location.
  • If you're looking for the cheapest way to exchange money with cash, avoid doing so at bureaux de change or airports.
  • Where possible, send one large transfer instead of multiple smaller ones. Larger transfers almost always incur lower percentage fees than smaller transfers. Learn more about making large international money transfers here and about how much you can send internationally here.
  • Choose a longer transfer speed if it reduces your fees.
  • Are you sending abroad from India? Then there are a few extra things to think about. See this guide to learn how to avoid hidden fees while sending from India to a foreign bank account.

It's important to remember that it's impossible to send money internationally for free and that every currency exchange comes with a cost. However, not all money transfer services are created equal, and some charge you fees that are considerably lower than others. Monito has reviewed and compared hundreds of money transfer services to simplify your research. Compare them in real-time using our award-winning comparison engine below:

Find the cheapest way to transfer money internationally now:

Looking for the Cheapest Way To Get Cash Abroad?

Check out our guide to find the cheapest way to get cash abroad while you travel. In short, here are our top recommendations.

  1. Buying foreign banknotes in your home country, at the airport, or your destination is generally very expensive as you'll be charged an exchange rate markup between 2.15% and a whopping 16.6%.
  2. Don't withdraw money abroad with your traditional bank card to avoid sneaky hidden exchange rate mark-ups.
  3. Be aware of dynamic currency conversion by always paying in the local currency when overseas and never in your home currency.
  4. Compare the best travel money cards to find a prepaid debit card that'll help you avoid high fees and travel with peace of mind.

FAQ About the Cheapest Way To Send Money Internationally

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
  • Monito is trusted by 15+ million users across the globe.

  • Monito's experts spend hours researching and testing services so that you don't have to.

  • Our recommendations are always unbiased and independent.

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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.