Here Are the Cheapest Ways To Send Money Internationally (Updated for June 2023)

Aug 25, 2023
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It's the sad reality that, when sending money abroad in 2023, 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 Monito's real-time comparison engine, you can dodge hidden fees and take back control by finding the cheapest way to transfer money internationally.

In this guide, we explore the seven 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. If you want to skip ahead to find the best deal, then compare the cheapest providers with Monito's live comparison tool below 👇

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

Key Facts About Cheap International Transfers

🌐 No. of providers we review


🔎 No. of Monito comparisons

7+ million /year

💸 Avg. fee via Monito


🏦 Avg. fee via your bank


🌎 Avg. best to the Americas
🌍 Avg. best to Europe
🌏 Avg. best to Asia-Pacific
🌍 Avg. best to Africa

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. In short, you can't go wrong by picking Wise the next time you send money internationally!

  • Cost: 0.25% - 1.75% /transfer. Cheapest on 22% of global Monito comparisons where it was available in 2023 so far.
  • Coverage: Supports transfers from 26 currencies to 57 others.
  • Speed: 1 business day
  • Transfer limits: $1 - $1,000,000
  • Impression from our test: App has a clean and minimalistic feel, albeit a bit 'gamey'. Transfers are quick and painless.
  • Best for: Small- to mid-sized bank-to-bank transfers (up to $10,000).
  • More info: See our full Wise review or visit the 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: 0.5% - 2% /transfer. Cheapest service on 9% of comparisons on Monito where it was available in 2023 so far.
  • Coverage: Available in Europe, North America, Singapore, and Australia and supports transfers to 47 currencies.
  • Speed: 'Economy' bank transfers take 3 to 5 business days, and 'Express' card transfers arrive in minutes.
  • Transfer limits: $1 - $20,000
  • Impression from our test: App is smooth and uncluttered (though changing the default send and receive currencies could be easier).
  • Best for: Sending money for cash pick-up or cash home delivery.
  • More info: See our full Remitly review or visit the website.

WorldRemit: Best for Mobile Money

WorldRemit is a UK-based online remittance provider that offers the 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: 1% - 2.5% /transfer. Cheapest on 7% of available global comparisons on Monito in 2023 so far.
  • Coverage: From 56 countries to around 150 currencies.
  • Speed: Depending on the pay-in methods, pay-out methods, and countries involved, transfers take between a few seconds and a few business days to arrive.
  • Transfer limits: Transfer limits at WorldRemit vary from country to country and are reset daily, ranging between $1 and $9,000 per day in the US and £1 and £50,000 per day in the UK.
  • Impression from our test: Professional and elegant; one of the best apps we've seen. Transfers can be done in just a few taps.
  • Best for: Transfers to mobile wallets (including M-PESA, MTN Mobile Money, Airtel, Globe Cash, Tigo, and many others).
  • More info: See our full WorldRemit review or visit the website.

Revolut: Best for Card Transfers

One of the most widely used money apps in the world, Revolut Money Transfer is a user-friendly platform that supports credit and debit card payments. Once you open an account and download the mobile app, all you need to do is navigate to the money transfer page. Input the number of the debit or credit card that you want to send money to, confirm the recipient's name and email, and set the transfer amount. The interface is straightforward and easy to navigate, making it an ideal service for card transfers.

  • Cost: For card transfers, 0.7% or 2.3%
  • Coverage: Sends money from 15 currencies to around 35 others.
  • Speed: Transfers to cards or for cash pickup take seconds or minutes; transfers to bank accounts take 1 to 3 business days.
  • Transfer limits: Most currencies have no transfer limits.
  • Impression from our test: User-friendly app with many useful digital money features.
  • Best for: Card transfers to other cards or to bank accounts overseas.
  • More info: See our full Revolut review or visit the website.

Revolut: Best for Banking Features

In addition to money transfers, as mentioned above, Revolut is an online bank and fintech that boasts 12 million users globally. It's mobile app offers a multi-currency account in over 29 currencies, features to help you save money, budget tracking software, and more. Paid plans include travel insurance, travel perks, and higher fee-free allowances for foreign exchange, money transfers, and international ATM withdrawals.

  • Cost: 0.2% - 2%.
  • Coverage: Sends money from 15 currencies to around 35 others.
  • Speed: In 1 business day.
  • Transfer limits: Up to $1,000,000,000 or currency equivalent.
  • Impression from our test: Busy app packed with many features, perks, and shiny buttons. May seem cluttered, but we still found it very easy to send money among other financial services.
  • Best for: Existing users of Revolut who want to send money abroad or 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: 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: At least 0.9% /transfer. Cheapest service on roughly 7% of available comparisons on Monito in 2023 so far.
  • Coverage: From most countries to 98 foreign currencies.
  • Speed: 1 - 3 business days.
  • Transfer limits: $1 - $500,000
  • Impression from our test: World-class app, similar to WorldRemit's, though a little busier (with more charts, options, etc.)
  • Best for: Transfers to far-flung countries or for making transfers to a wide variety of currencies.
  • More info: See our full XE review or visit the 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: 0.4% - 1% /transfer. Cheapest on 15% of available Monito comparisons above $50,000 in 2023 so far.
  • Coverage: 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: 1 - 2 business days
  • Transfer limits: $2,000 - $2,000,000,000
  • Impression from our test: Professional and slick design. Easy to use, but provides a lot of detail (reporting, charts, currency breakdowns, etc.).
  • Best for: Big transfers above $50,000
  • More info: See our full OFX review or visit the 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 Revolut is 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 considerably lower fees 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, airport, or destination is generally very expensive as you'll be charged an exchange rate mark-up 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 a dynamic currency conversion by always paying in the local currency 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.

Cheapest Transfers to Specific Countries

Certain countries have transfer requirements or special cases affecting incoming international payments. In other cases, there's otherwise just one provider that's pretty much always cheaper than the rest! We provide a rundown of these special cases below:

Profee: Best to Russia

If you live in the UK, the EU or the EEA, we recommend Profee for sending money to Russia.

One of the few international payment apps supporting payments to ruble bank accounts in the Russian Federation, Profee is a fast and seamless transfer app that sends money speedily at low fees. Learn more in our Profee review.

Global66: Best From LATAM

Global66 is available to residents of Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, and Peru and supports transfers from the local currency (and the US dollar in Ecuador and Peru) to 28 foreign currencies on every continent.

We think Global66 is particularly well-suited for transfers from the above countries to the US and the Eurozone, where exchange rates are the most favourable. See our full Global66 review to learn more.

Panda Remit: Best to China and India

For transfers to China from the EU, the UK, Australia, Canada, New Zealand, Hong Kong, and Singapore, we recommend Panda Remit.

A reliable and well-priced remittance platform, Panda Remit is an excellent option for transferring money to China (or India), where many other remittance services don't operate or charge high fees. Panda Remit is especially fast, with most transfers arriving in just minutes! However, Panda Remit unfortunately doesn't support transfers from the USA yet. See more in our Panda Remit review.

Remessa Online: Best From Brazil

If you're a Brazilian resident, Remessa Online will be your best bet for sending reals to a foreign country in most cases.

Remessa Online is a Brazilian money transfer company, available only in Portuguese, that lets Brazilian residents send BRL money transfers to around three dozen countries worldwide, including to the United States (in USD), the Eurozone (in Euros), the United Kingdom (in Pounds sterling), Canada (in CAD), Switzerland (in francs), Japan (in yen), and Chile (in pesos). On Monito, it's normally the cheapest provider for transfers from Brazil (although occasionally Wise is cheaper).

Not Sure Which Is Best? No Problem!

If you're sending money to a country that you're unsure is covered by one of the bigger providers we discussed in this article, no problem! Just run a search on Monito's real-time comparison engine below and check the live results for yourself:

Find the best deal in real time:

FAQ About the Cheapest Way To Send Money Internationally

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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.