2023 Best Way to Send Money Internationally, Updated!!!

Best Way to Send Money Internationally

Individuals have various alternatives when transferring money to loved ones in another country, but the cost and time required to make the transfer are major considerations. This is why we have put together a list that exposes you to the best way to send money internationally with the time and cost factors in mind.


International money transfers are a common occurrence. According to the World Bank, international remittances (sending money abroad) to low- and middle-income nations will reach $630 billion in 2022. According to the most recent World Bank data, the average cost of sending money overseas from the United States is 5.52% of the sending amount.

Though a bank may appear to be the logical choice for making an overseas money transfer, they are the most expensive alternative, charging approximately 11% of the amount you’re sending on average. A typical international wire transfer from the United States costs $49.

Using one of the options listed below instead of your bank will likely result in lower charges and faster delivery of funds to your recipient. Here we discuss the top options you can pick from if you are trying to decide on the best way to send money internationally.

Considerations for International Money Transfers

While consumers can execute a wire transfer through a variety of banks and fintech companies, they should keep the following factors in mind:


Fees are the amounts a bank or firm, such as Western Union or PayPal, will charge you to send money outside the United States. The fee is usually a percentage of the total amount. Another thing to remember is that the organization will almost certainly charge you a markup on the currency exchange rate. Consumers should not expect the best exchange rate when sending money from the United States to another country, such as Mexico or China.

Amount restrictions

Limits on amounts are another aspect to consider. Depending on the bank or company you choose, there will most likely be a minimum amount and a maximum amount you can send overseas to comply with various international banking requirements. The restrictions could apply to each transaction or be a total amount over a certain period.


The time it takes for money to arrive in another nation is a big consideration. The funds may not be available in your family member’s bank account for several days or more. There are additional possibilities if the money transfer needs to be almost instant. If your recipient requires the money immediately, expect to pay an additional cost for the convenience.

Destinations for money

Some providers will deposit funds into a bank account, while others require the recipient to have an account with the service. Before transferring money, decide which option is the most convenient. Other providers, such as Western Union, allow customers to pick up cash in person at various locations.


Shop around and compare different services because many are limited to specific countries and unavailable everywhere. Receiving money from the United States may not be an option in some nations.

Best Way to Send Money Internationally: Money Transfer Options

You can make your international money transfer through the bank where you have a checking or savings account, or you can open an account with a company that specializes in sending money, such as Western Union, MoneyGram, PayPal, Xoom, Wise (previously TransferWise), or Paysend.

Fees for money transfers can quickly pile up. PNC Bank in Pittsburgh charges $40 or $45 for foreign wire transfers. The bare minimum is $100.

Here are some of the best international money transfer services.

Western Union

Western Union is the finest option if a family member or acquaintance requires cash. The company has over 200 nations and 500,000 locations worldwide. The fees charged by Western Union are equivalent to those of its competitors, and the exchange rate markup ranges from less than 1% to more than 6%, depending on the currency and destination. The amount limits differ from country to country. If you submit funds via cash, debit card, or credit card, you can receive them the same day.


MoneyGram is the second-largest money transfer company after Western Union. It operates in over 200 countries and has over 380,000 retail locations, which is useful if the recipient wants to receive cash. Transfers from bank accounts are inexpensive, but other ways and MoneyGram’s exchange rates, which can exceed 3%, are more expensive. Money transfers can be made on the same day.


If you’re transferring money to someone with a PayPal account, use PayPal. Consider Xoom, which PayPal acquired, if you need to send money to someone’s bank account. The price is 5% if you send money from your PayPal balance or bank account, with a minimum fee of 99 cents and a maximum fee of $4.99. When you use a debit or credit card, you will be charged 5% plus 2.9% plus a currency-based fixed fee.


Xoom is owned by PayPal, the same firm that controls Venmo, and it allows you to send money to over 160 countries. For all sums, the cost of transferring via bank accounts is $5.99. The markup on the exchange rate is 1% to 3% more than the mid-market rate.


The exchange rate appears to be among the greatest, and you can send money from US banks to more than 20 currencies and 70 countries. Transfers made with a debit or credit card can take minutes, but bank transfers can take one to three business days.


OFX does not charge any fees, and the conversion rate is less than 1%; nevertheless, all transfers must occur within bank accounts, and it usually takes two to four days for your receiver to get the funds. The company may send money to over 170 countries and in 50 different currencies. The minimum transfer amount is $1,000.


Customers in the United States can use its website or mobile app to send money to over 170 countries. Paysend charges a fixed cost of $2 for every transaction.

Best for Peer-to-Peer Transfers and Large Amount Sending


PayPal outperforms rival peer-to-peer (P2P) money transfer apps such as Venmo and Zelle due to its ease of use and various payment methods. Funds can be received promptly into a recipient’s PayPal account and transferred to a bank account the next day.

Another significant advantage of PayPal is that if a recipient does not wish to link to a bank account, they can spend money using their PayPal balance because the platform is widely accepted as a payment method.

PayPal’s international transactions include high fees; therefore it’s best for sending money within the United States. When you have a verified account, there is no overall restriction to how much you can send, but individual transactions are limited to $60,000 (and some are limited to $10,000).

How it works:

PayPal account holders can use the app or a web browser to send money to friends and family. Account holders can send money using various payment methods; recipients must also have a PayPal account but can join up for one for free.


Sending money overseas to family and friends using a PayPal balance, linked bank account, or credit or debit card incurs a 5% cost, with a minimum fee of 99 cents and a maximum fee of $4.99.


Funds can be received in the recipient’s PayPal balance almost instantaneously and transferred to their bank account as soon as the next day.

Transaction limits:

Verified accounts have no limit on the amount of money that can be tranferred but are limited to a single transaction of up to $60,000 (or sometimes $10,000).

Best Way to Send Money Internationally: Fastest for Bank Transfers


If you need to send money to someone but don’t want to pay straight from an app (such as PayPal), Zelle is an excellent peer-to-peer solution for bank account transfers. The Zelle Network already includes about 10,000 financial institutions, including approximately 1,700 in the United States, implying that a considerable number of consumers have access to rapid, fee-free bank transfers. 1.8 billion Zelle transactions were completed in 2021, accounting for $490 billion in transfers.

Customers must sign up for Zelle directly, which is typically possible through their bank’s app or website, and enrol on their profile. If your bank isn’t already a Zelle partner, you can still utilize the service via its Android and iOS apps (but the recipient must bank with a Zelle partner).

Payment options:

With Zelle, you can only send money straight from your bank account.


There are no fees to transfer or receive money. (Zelle suggests clarifying with your bank or credit union that there are no additional fees for using the service.)


Recipients who are already enrolled in Zelle will get payments in “a matter of minutes,” according to the business.

Transaction limits:

These are determined by the sender’s bank or credit union. Customers whose banks have not cooperated with Zelle and using the service through its smartphone apps are limited to sending $500 weekly.

Best Way to Send Money Internationally: Quick International Money Transfers


When selecting a provider to send money internationally, it’s critical to consider exchange rates and fees—not all services charge the same amount. Even some exchange rates differ between services. WorldRemit boasts some of the lowest cash transfer fees and allows customers to send money to people in over 130 countries.

Best Way to Send Money Internationally: International Travelers

Wise (formerly TransferWise)

Managing money across borders might be challenging if you frequently wake up in one nation and retire to sleep in another. Exchanging cash for foreign currencies regularly can result in significant expenses.

Wise, a startup specializing in “borderless banking,” makes managing money in several currencies simple. Using the platform for frequent money transfers is also possible without opening a borderless bank account.

How it works:

Opening a borderless bank account with Wise is free, and each area of the account can be allocated for a specific currency. If you add a euro balance, for example, the bank account will have a SWIFT number, just like it would in Europe; if you add a British pound sterling (GBP) balance, the balance would have a sort code. More than 50 currencies can be held and managed in the bank account.

Your Wise account’s debit card is a Mastercard, and funds can be contributed in various ways. According to the corporation, the account can convert currencies between balances (for a modest fee), and withdrawing cash from a foreign ATM is around one-sixth the cost of regular debit cards.

Direct debit, wire transfer, debit card, credit card, and Apple Pay are all acceptable payment methods. Fees for payment choices vary according to the currency paid or converted to.


There is no monthly account cost; converting currencies using your card incurs a fee of at least 0.41%; ATM withdrawals of up to $100 per month are free, but anything over that incurs a 2% fee.


The time it takes to receive funds on a debit card depends on how they are added; some are available in seconds.

Transaction limits:

In all currencies other than USD, there are no limits on how much you can receive and maintain. There is a daily restriction of $250,000 and a yearly limitation of $1 million.

Best Way to Send Money Internationally: Tips

The best way to send money overseas is determined by various criteria, including the location of your receiver and the amount of money you’re sending. However, regardless of which service you use to send money overseas, the following recommendations can be useful:

  • Look around. Compare the upfront costs and exchange rates of several companies. Choose the one with the lowest costs and the best exchange rate for your required services.
  • Review your service requirements. Compare prices and features on a regular basis to ensure you’re receiving the greatest value. Over time, the same service may not always be the best—and cheapest—option.
  • Think about how you’ll pay the fee. Only use a credit card as a last resort to pay for your transfer. It is usually the most expensive method of payment.
  • Examine the delivery schedule. Check that the delivery timeline of your chosen service works for your recipient. Some transfers are completed practically instantaneously, while others may take several days.
  • Keep track of your transfers. Ensure that the money is delivered to the intended recipient. Incorrect contact or bank information could result in your money being deposited into the wrong account.

In Conclusion

Sending money worldwide can quickly become prohibitively expensive, but other solutions are available, each with its own fees and benefits. There is no single service that is appropriate for every case. Compare your alternatives based on where you intend to send money and the required features. Then compare exchange rates and upfront costs to determine the most cost-effective method of sending money internationally. Avoid paying for your transfer with a credit card if feasible because it will be the most expensive alternative.


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