Top 10 Cheapest Ways To Send Money Internationally In 2023
Living in the updated generation of technology and developments, you may have thought that sending money internationally wouldn’t be a sweat-breaking task at all. But this task is not as easy as it seems. This is because, according to the World Bank, the international money transferring rate is increasing day by day, but the exchange fees are pretty much higher which is nearly 7%-8% on average.
Suppose, you are sending 1000 dollars to your family members and the fees are consuming nearly 70 to 80 dollars, which your family may have used for better living. The transaction costs are going further, which are coming in the form of both express fees and awkward exchange standards. For all these reasons, individuals living abroad have to suffer a lot nowadays. That’s why they are in need of the cheapest ways to send money internationally, and it is on the rise now.
We have analyzed and sorted out some of the best-established companies, platforms, or services for making international money transferring from individual to individual easier and cheaper. We have observed their sending cost, payment methods, and processing time. Each service may not be suitable for all, they may vary from person to person. This is because not everyone is from the same country, nor they are sending it to the same location.
Since each funds transfer, keep in the intention that some of the companies are more reluctant than others. So the inexpensive one may not be the best continuously, it depends on the necessity of your transmittal.
Below are the cheapest ways to send money internationally for fast, easy, and economical money transfers overseas.
Top 10 Cheapest Ways To Send Money Internationally 2023
A global money transfer isn’t only obtainable at banks. In case, you’ll probably pay more inexpensive costs and receive your money quicker by utilizing one of these authorized money transfer corporations. Here are the top 10 providers you can consider for using.
1. TransferWise is the Cheapest Way to Send money Internationally
Transferwise is the best and cheapest way to transfer money internationally as well as they will serve you more with an easy and convenient web experience. Furthermore, it is the best platform for people who are mainly world travelers.
If you are one who travels from one country to another on the same day, in other words, a frequent traveler, then TransferWise is the option you can consider choosing as the cheapest way to send money internationally easily. Perhaps, sending money to foreign countries or in international currencies may charge you a pretty much higher cost.
TransferWise is a company that is mainly focused on borderless banking that allows you to transfer money and manage multiple currencies easily within a breeze. Nevertheless, you can transfer money from country to country without any hassles with the borderless banking featured account from TransferWise. This is made by the founders of Skype, which is also one of the best video conferencing platforms. So, it is also one of the cheapest ways to send money internationally.
How It Works
If you are willing to set up a borderless money transfer account with TransferWise, the overall process is free of cost, but you have to make a deposit of up to 25 dollars. The bank account has different sections, and you can designate each section for a specific currency that you think you may need for further operation.
For example, if you use Euro as the currency the corresponding account will have a SWIFT number. On the other hand, if you use GBP then it will come as a sort code.
The good news is one single bank account can hold up to 40 different currencies. The added debit card with your TransferWise account will be a Mastercard, and you also have free will to choose which way you are going to add balances.
With a small fee, you can convert the currencies to balances and can withdraw cash with a foreign ATM. You can pay by Direct debit, wire transfer, debit card, 24-month interest-free credit card, or Apple Pay, and all the Fees for payment choices will be based upon the currency being spent or transformed to.
Fees and Transaction Limits
A Transferwise account will charge 0 dollars monthly as the account fee. If you are going to convert the currencies then it may charge up to 0.45% or 3% of the money. Moreover, the monthly ATM withdrawal of up to 250 dollars is cost-free, and if you go further than that it will cost 2 percent per withdrawal.
There is no limit to how much you receive and keep in every currency other than US Dollar. There is a 250,000 dollar limit per transaction per day and a 1,000,000 dollar limit for a year.
2. OFX international money transfer services
OFX is an international money transfer services provider, and its headquarter is located in Sydney, Australia. Named by OzForex, the company began its journey in 1998, and it used different variations of this name for use at its international branches, for example, USForez for its US branch.
Until 2015 their names and the branches were developed greatly, and they changed the name to OFX. They have offices and depots in different countries of the world.
If you are the one who is in need of the cheapest ways to send money internationally, you can easily do it from OFX. they support international money transferring facilities for up to 91 countries and provide services with a website, mobile App, Phone line, etc. If you compare OFX with its competitors of it, you will find that they are providing services at cheaper rates. And the only requirement is you have to send at least 1000 dollars to avail of free transfer.
How It Works
Registering with OFX and opening an account is pretty much easy and simple as well as there are customer services option is available for better convenience. If you register from the online platform, after filling out the forms you have to verify your identity through your email. And they will take a couple of pieces of information from you such as a copy of your ID card. After registering and setting up your transactions it’s time to set up the deal. And you can make your transactions in a fee-free way.
After registering you have to log in to your account and select the currencies you are looking for and the cheapest way to transfer money internationally. There are many ways of transferring, such as Electronic Bank Transfer, Wire Transfer, ACH Direct Debit, BPay, and Debit Card for different countries. Select your amount and confirm the transaction, it’s easy as you like. After confirming, you can track your transaction on its website or from its mobile app. You can also set up alerts about the transfer to track it easily.
Fees and Transaction Limits
OFX usually charges no fees for transferring notwithstanding how much you are sending. For the exchange, the rates can be charged up to 1 percent, and it depends on the currency and the area of the transaction. For the transaction, you can transfer 1000 dollars and there is no set maximum, but you cannot transfer less than a thousand dollars. The transfers you made are from or by the bank accounts, and there are no limitations for the delivery and pickup locations.
3. Xoom For Transferring Money Internationally
Xoom is another money transferring site, or you can say a provider that usually started its journey in 2001 with the motto of easing money transferring with its fast and cheap facilities.
Xoom is also available in more than 120 countries, which is also a great plus point in money transactions from one country to another easily. Furthermore, they also have the cheapest ways to send money internationally, which will ensure convenience for low-income families and countries.
As being a PayPal service, Xoom usually has a faster money transaction service. It is mainly best for faster money transactions over the world. As Xoom is fast and reliable, in any case of emergency, if you are looking for a swift and hassle-free money transfer, then Xoom is the best-preferred option in our opinion. You may have to pay some sort of premium fee, but it will make you satisfied with the fastest money transaction ever.
How It Works
Now it comes to the main point, how it works? You can send your money from their websites or from their mobile application in some easy steps. For many online providers, the standard is to send money with a bank or a credit, or debit card, etc.
Furthermore, it provides a variety of payment options. Such as a Bank deposit at the recipient’s bank is a standard way as well. Xoom attaches cash pickup options at a place such as a bank or any local retail store in various countries as well as the delivery goes exactly to a receiver’s home in some nations.
Cash pickup services are also available in supermarkets or other locations and delivery options in some other countries. By the way, the sending limits of the transferring money may vary from some perspectives within individuals according to their account.
But in most cases, individuals can transfer money up to 50000 dollars. You can also fund the transfers with a bank account, debit or credit card, or PayPal account because Xoom is controlled via PayPal.
Fees And Transaction Limits
Xoom usually has a low and cheapest way to send money internationally as it has a low upfront cost, and it stays nearly 5 dollars in most cases. Nonetheless, when you use any bank account rather than any credit or debit card then you can be charged up to 3% of your overall rate markups.
Positively, some of the providers usually lessen their charges rate markup as low as 1% of the sum amount. But Xoom wants to be cheaper than the banks in terms of international wire transfers.
For starting the transfer with Xoom you have to begin it with a low 10-dollar money transaction, which is a great thing. Furthermore, you have to verify your personal information before sending a greater amount of money through the Xoom accounts. The daily transfer limit for a basic account is up to 2999 dollars. But if you verify your information and make it a verified account then you can send it up to 25000 dollars per day.
4. MoneyGram cheapest way to wire money internationally
MoneyGram is another cheapest way to send money internationally. It is not the cheapest option to prefer cause sometimes it charges way too much. Nonetheless, it is the second-largest money transfer giant company in the world.
With more than 200 countries coverage and more than 35000 locations for money receiving, it stands in the front line regarding reliable money transfer companies. It is also a fast and secure money transfer platform that provides 24/7 convenient service. In less than minutes, you will be able to send money to your loved ones, and they have no hassles at all.
As we have mentioned all of the features and facilities, but come at a cost. And in accordance with most of the customers, it is one of the cost-cutting cheapest ways to send money abroad available. Money gram has some positive sides; one of them is that they are a widespread network of money transferring around the world. Furthermore, faster delivery, same-day checks to bank accounts in some nations, versatile funding and pick-up choices, and many more are available. If the cost is not an issue for you, and you are looking for a large and reliable money transaction network, then MoneyGram won’t be a bad option.
How It Works
Mainly there are two ways of sending money through MoneyGram, they are from their Online Platform or to an agent based on your location. When you will go for an online transaction you have to pay the amounts with your debit card, credit card, or straight from your bank account. To open a MoneyGram account, you have to go to their website or download their App.
Then fill up all the forms with the needed pieces of information and verify your identity to start your transaction instantly. But if you want to send money to an agent, you have to search and find an agent nearby your location. All the Transactions can typically be transmitted to a bank account, to a mobile purse, or to an agent spot.
Fees And Transaction Limits
The overall upfront fees that the banks fund are served to be pretty much low. But if you choose any other ways of sending money then this may tend to require you a higher charge. When you select to make the transaction through debit cards or credit cards, the MoneyGram’s rate markup foes higher, and it is 3% of the total sum amount of money.
Per month, you will be able to transfer an amount of up to 10000 dollars with MoneyGram online platform. Moreover, transferred money can be easily availed in cash, in your bank account, and on your mobile billfold for users’ flexibility. Amongst the downsides, the higher transaction cost is one. Furthermore, if you are outside the US or Canada you can’t send money online, you can send money through a debit or credit card, or in resources at an agent spot.
5. Western Union Cheapest Money Transfer International
After MoneyGram, another largest and reliable money transaction platform is Western Union. And it is far greater than MoneyGram compared to the country coverages and service locations.
With more than 200 countries coverage from the US and a total services locations of over 550,000, it stands in the leading position among the money transaction platforms and its competitors. They serve both online and offline forms of transactions with a wide range of agent networks that are spread beyond numerous countries.
Amongst the cheapest ways to send money internationally, Western Union stays in the further position that you can trust with keeping your eyes blindfolded. If you search their branches around the globe, you will notice that they are in almost every country. So, they are offering money transfers to such countries that other competitors are not able to do so. That’s why they have become so famous around the world. Western Union is best for in-person transactions, and their fees may range from high to low according to the destination country.
How It Works
From Western Union, you will be able to send or transfer money in various ways, such as you can perform the transaction from the online platform or through in-person agents. You can send your money through different locations as they have plenty of locations in each country in the world. The transaction fees and external charges will vary from place to place, and the type of transaction you are doing.
If you are looking for a faster transfer for any emergency cases you may have to pay a bit higher fees. On the other hand, when you will go for a bank-based week-long delivery, it will be the cheapest of all in terms of fees. You will also be able to track your transactions from their websites or their mobile app to know how much the transaction is progressed.
Fees And Transaction Limits
As we have mentioned earlier, their costs may vary from destination or to transfer type. The fees for transfers of up to 1,000 dollars can be below 5 dollars. But the main difference comes in terms of Western Union’s rate markup, which may fluctuate from less than 1 percent to over 6 percent, depending on the target location. Now, there it shifts to the transaction limits for further exchange. Again the transaction limit is also hanging; it is not fixed.
The overall transaction limit varies from country to country or from pick-up locations. For instance, Mexico’s transaction limit is as low as 5000 dollars. On the other hand, the transaction limit is raised up to 50000 dollars for India. Since it is the largest transaction company in the world and its network is also very widespread, its main advantage is the secured transaction that is ensured by huge users around the globe.
6. World Remit Cheapest International Money Transfer Service
World Remit is a famous money-transferring platform, which is also one of the cheapest ways to send money internationally that won’t make you break a sweat. It is a company that is functional by the National Bank Of Belgium, and World Remit’s headquarters is located in Brussels, Belgium.
Their services are available and widely spread in more than 150 countries. As well as, their money transaction is accessible in more than 90 currencies, which also opens the door to greater possibilities.
When you are going to access any services, you should keep in mind that their service fees will vary depending upon many factors. Furthermore, the exchange rates are also changeable; depending on the exchange rates, the overall transaction fees will also fluctuate. On the other hand, some of the exchange rates and charges will depend upon which type of service you have chosen. In our view, World remit offers money transfer services at lower fees rather than its competitor Xoom.
How It Works
To use its money transaction service, you have to open an account on its website. To open an account, first of all, you have to enter its website or download its mobile app from the play or Apple Store. After that, fill up the sign-in form with the needed details that are required for registration. After confirming, they will send verification codes via your email to verify it’s you. By clearing all the tasks, you can easily send and transfer your money to your desired location within minutes.
After that, it comes the payment option, which is a headache for most individuals. They have flexible payment options that wrap up with a Bank account, credit card, debit card or prepaid card, Google Pay, Apple Pay, Trustly, etc. Most of their transfers will occur within minutes or instantly. But depending upon your location, the home delivery will vary; it may take up to 24 hours, 7 days, etc. This platform may not be the best option when you are looking to transfer a large amount of money.
Fees And Transaction Limits
The transfer fees may vary depending on the services you choose or the location where you will make the transaction. For instance, they will charge up to 5% of the total amount when you are going to pay for your purchase from Walmart in Mexico. But the prices may vary on the location, and it may be as low as 1% for some, and it can be as high as 5 to 6% for some perspective. So, you should choose this option wisely, considering your situation.
And in the transaction limits, this will also have a variable tag that is fixed and decided regarding the location. Suppose if you are sending money from the US with a debit or credit card, you will be able to transfer a maximum of 9000 dollars per day. Moreover, the delivery location or the pick-up services will also determine your overall charges for the transaction. But the transfer rate fee will go as low as 3.99 dollars, and can rise to 24.99 dollars depending on the above factors.
7. Remitly For Cheap International Money Transferring
Remitly is an international money-transferring platform that is based in more than 90 countries of the world. It is also a reliable and loyal money transferring site and one of the cheapest ways to send money internationally, mostly within developed countries. By far it has spread its network to more than 47 currencies also ensures you can send money to your desired location within a shorter period.
If you are willing to send money to a bank account in a foreign country, and you are also wanting to send it straight in the address country’s currency, then Remitly is going to be a cost-efficient option for you. Its provided service also offers a secured delivery period and if it fails to deliver your money within the set time, you will get your money back, isn’t that great!
One of the greatest advantages of Remitly is its high-speed and efficient delivery service, which comes at a lower fee as well as it can transfer funds within minutes. Remitly also allows a home transfer delivery service to your selected receiver, and takes just 1 or 2 business dates.
How It Works
First of all, you have to open or sign in to an account to make transactions with Remitly. You can both sign up from their website otherwise from their mobile app which can be found on Google Or Apple Store. After filling up their forms and signing to their services, you can enjoy their all express and premium money transaction services easily within a single touch. Remitly provides its services in English, Spanish, French, German, Polish, Italian, Turkish, Romanian, and Vietnamese.
After you got signed in to their accounts, then you will have the free will of whether you want to send money in US dollars, euros, Pounds, or in any other currencies that suit your destination country. They have Bank accounts, debit cards, or credit cards as payment options. Remitly has a mobile-optimized option, and you can transfer your money overseas easily using their online money transfer service or the Remitly app from your smartphone or tablet device.
Fees And Transaction Limits
The money transaction expenses of Remitly are not fixed, it varies from country and currency as well as which type of money transaction you will make. It also depends on how much money is sent, the source destination of the money, and where it will be sent. Money-delivering payments in the US Dollar will also charge a fee, and that fee is based on the quantity of the money sent. Remitly also charges a 3% fee when paying via credit card or business debit card.
Now, regarding Transaction limits, Remitly also stays in the middle. It has three tiers of money transferring limits, and each of their tiers requires additional verification of pieces of information and identification. The initial tier is 2999 dollars which is offered for the individuals that opened the account within 24 hours. And if you want more, this offer can be increased up to 10000 dollars if you confirm your identity details and the source of your income and funds. Their monthly transferable amount limit is 30000 dollars which is a pretty much decent amount to consider for the majority.
8. Skrill cheapest method to transfer money internationally
Skrill is a cryptocurrency-based money transfer platform that was established in 2001. Now, it is owned by Paysafe, a large payment organization that offers payment assistance online, in person, and via other channels.
Skrill is a kind of digital wallet that will assist you to make necessary payments, transferring money instantly with lower fees as well as using a money vault. Skrill is also one of the cheapest ways to transfer money internationally, which sometimes requires ZERO transaction fees.
Initially, after it launch till now, it spread its services to 120 countries as well as territories. And it supports its services in more than 40 different currencies. Moreover, after being a user, you can transfer and store your money in the Skrill wallet for further usage. In its payment options, it has bank payment, card-based payment (debit, credit), and some other alternative options. Skrill also offers borderless payment options, such as remittance services as well.
How It Works
For getting access to its services of money transactions and wallets, you have to sign in or open an account with Skrill. Signing up with Skrill is easy, just go to its website or its mobile app and fill up the sign-in form for further services. After opening an account, you can get all the services like e-wallet and money transfer services.
You can transfer your money internationally by Skrill Money Transfer and back the payment via credit card, debit card, SOFORT, or bank transfer, it also depends on where you are positioned and the currency you are accepting.
Fees And Transaction Limits
Skrill does not impose any transference charges recently for a Money Transfer to a bank account or mobile account abroad. Instead of transferring from your bank account, even if you wish to repay your money transfer by a debit or credit card, Skrill won’t require any external fees. Not to mention, if you are from another country outside the USA, your card issuer may charge some fees for the transaction fees.
Nevertheless, we don’t know about the longevity of these low-price transaction offers of Skrill. Skrill usually charges 1.45% of the transfer amount for sending money to another Skrill account, but this can differ by location. Primary deposits to bank accounts via Skrill are free, by the way. Skrill has a limit of 1000 dollars per transaction and daily as its limit, it is just 2500 dollars, and per week you will be able to transfer 3500 dollars.
9. Paypal For Cheap Money Transfer Abroad
You may have heard about PayPal if you haven’t heard about it, it is the proper time. PayPal is one of the best and cheapest ways to send money internationally within a few minutes. It is a trusted and loyal P2P platform, and it has also beaten its competitors, Venmo and Zelle, just because of the convenience and variety of repayment approaches provided by it. Moreover, PayPal also has some side platforms and those platforms enhance its liability of it.
Reserves are initiated immediately into a receiver’s account, and these funds can be shifted to their bank account as quickly as the following day appears. Additionally, one of the greatest advantages of PayPal is that if a receiver doesn’t want to connect their bank account, they have the free will to use their PayPal balance to pay money instead. The reason is PayPal is accepted as a payment option by more than 75% of online merchants and services.
How It Works
For getting started, you have to sign in to a PayPal account. To sign in, you can download the mobile app of PayPal, or just enter into its website. After entering the website, you have to provide all the necessary pieces of information and simply sign in to its account. You can sign in to the platform just by using your email ID for easy access. For payment options, it has a Bank account (charges no extra fee), credit and debit cards. (charges a little fee to send money from these methods)
It has two types of accounts for users, and these are personal accounts and business accounts. You can choose a Personal account if you are willing to use this for personal services like sending money to your family members or something other personal exchanges, etc. But if you have any business industries or any companies, you can open a business account to transfer and exchange credits with your clients.
Fees And Transaction Limits
If you are looking to send money to your family members within your country, or you can say domestically, then it will cost no fees at all. For domestic money payments, you can use the PayPal account balance or the bank account linked to your PayPal account. And if you are going to transfer money to your friends or family members by any credit or debit card, it will cost a small fee of 2.9 to 3% of the total sum of money.
In this method, an international fee of 0.30 dollars will be deducted from your PayPal account. Worldwide transfers are subject to purchase and funding charges and a fixed fee for transferring in another currency. Overall, its P2P transfer is pretty much simple and more accessible than the competitors. The Verified accounts have no limit for the total money that can be sent but are limited to up to 60,000 dollars, or sometimes, in a single transaction; it can be 10,000 dollars.
10. Google Pay cheapest way to send money overseas
Amongst all the cheapest easy-to-send money internationally, Google Pay is an option that you can consider looking at. It is one of the most newly launched cash apps that is rising in the market. But it is already proved it selves and set it as one of the most reliable platforms to send money overseas.
And as far as the name speaks, you may have guessed it is from Google, yeap! So, it means that you don’t have to worry about the head start cause you already own a Gmail, so let’s get started.
How It Works
Google Pay smoothly combines with your current account so that you can jump off by giving or accepting money mostly immediately. This app incorporates the combination of your Google contacts, so you don’t have to go into the lengthy and time-consuming process of attaching everyone to your contact list.
Regarding security issues, Google Pay attains its fully FDIC-protected protocols, which means your deposited stocks are safe and protected. It commonly offers the same protection that a conventional bank would provide, but it is in a sophisticated composition.
Fees And Transaction Limits
The transaction service is pretty much free of cost, and this can be a plus point for you. But per transaction, they have set up a limit up to 9999 dollars for each transaction. Nevertheless, it is also a pretty high amount to be considered. If you are in need of sending more money, then you still have a road open. Just break up the total amount and send it in a couple of times.
Final Words
In online and offline platforms offer numerous ways of transferring money abroad. Not all of them are the cheapest, fast, and most reliable for massive money transfers. Some of them are pretty much more costly than others to transfer money. But mostly, each one is open to the individual’s circumstances regarding the fees and delivery timing.
From our view and observation, TransferWise is one of the cheapest ways to send money internationally without any hassles and complex procedures. And globally, it hosts millions of transactions and exchanges every year, but you won’t find any signs of slowing down the quality of the services. After all, the bank is not the only factor in dealing with money transfers; you can simply reduce your costs and transaction hassles by broadening your thoughts.
