Cheapest ways to send money internationally
The cheapest way to send money is almost always going to be a money transfer provider, but the cost will vary depending on the exchange rate and fees. These will be calculated by how much money you're sending, and where you're sending it.
All of the providers below generally offer the lowest fees and rates for transfers, but we'd also recommend using our comparison tool to ensure you get the cheapest deal for your needs.
Here’s a quick summary of the cheapest international money transfer providers:
Wise - Best cheap provider overall
Currencies Direct - Constantly offers low fees
TorFX - Best for customer service
OFX - Cheapest for sending large amounts
Instarem - Cheapest for business payments
Global66 - Fastest provider for cheap money transfers
XE - Most countries available
When all is considered, Wise is the best provider for cheap money transfers. They offer the mid market rate on currency exchanges, so your recipient gets exactly what your money is worth when you exchange.
You can calculate your fees quickly and easily with Wise before you send any money. Their online and in-app calculator allows you to see exactly how much your transfer will cost and how much will be sent to your recipient’s bank account. This transparency helps give you the peace of mind that you always know exactly how much you’re spending.
With Wise, you can open a multi-currency bank account that can hold up to nine different currencies at once. This allows you to send money from one bank account to another and help you manage your finances with ease, no matter what currency you’re using.
It’s not surprising that Wise frequently receives positive reviews on Trustpilot, Google Play, and the App Store. These usually highlight the transparent fee structure, their efficiency, and how easy their service is to use.
While some providers like Currencies Direct and Revolut are slightly cheaper, Wise offers better value with higher transfer speeds and a wider product offering. They fall down slightly on the range of their services. Wise can only send money to around 70 countries, and payments can only be sent directly to the recipient’s bank.
Offer the mid market exchange rate, giving you more value for money
Low, transparent fees
User-friendly app and website
Faster small transfers than most competitors
Delivery to 70 countries is more limited than some competitors
Limited payment methods available
Customer support options are quite limited, with emphasis on online-only contact
![Currencies Direct](https://cdn.moneytransfers.com/tr:f-auto,w-90,h-90,fo-auto/uploads/2022/11/1668524340-laicb8koFNR4MO1MGAG.png)
Currencies Direct is the cheapest international money transfer service. They charge no fees and low exchange rates of between 0.7% and 1.7%. You can send money online to over 120 countries using Currencies Direct, and they rate typically highly in customer reviews.
The low price does come at a sacrifice. There’s no cancellation policy, so you can’t get a refund if you make a mistake, and payments are slower than average. You can also only make payments by bank transfer, debit card or prepaid debit card, and their limits are relatively low at $50,000 per transfer via their 24/7 transfer service.
No fees
Low foreign exchange fees
Over 120 countries serviced
No cancellation policy
Only bank account transfers and debit payments are available
Slower than average transfers
TorFX also charges no fees, but their customer service is what really makes them stand out. When you register for an account, you’re assigned a dedicated account manager to help you manage your transfers. Your account manager can help you with any of your transfer needs, from finding the cheapest rates for your transfers to navigating the TorFX app.
With TorFX, you can monitor exchange rates live, and even set alerts for when they improve so you never miss out on a good deal. With the TorFX app, you can also make cheap transfers 24/7.
The exchange rate on small amounts is quite high, but you’ll get a better rate on larger amounts. They have a maximum transfer limit of $25,000 online, with no limit if you arrange a transfer over the phone. TorFX only accepts payments by bank account and debit card.
No fees
Excellent customer service with a dedicated account manager
24/7 transfers
Higher exchange rate markups for small amounts
Limited payment methods available
Relatively low transfer limit for online payments
OFX is one of the cheapest international money transfer services to send large amounts of money. They don't charge fees for their services and add a small markup to currency exchange rates. There’s no maximum limit on OFX transfers, with over 170 countries serviced and more than 50 currencies available.
You can monitor the exchange rates available with the OFX app and set an alert to notify you if rates improve before making your transfer. This could save you more money in the long run by allowing you to exchange when the rates are at their best.
As a high-value transfer specialist, OFX has an equally high minimum transfer limit of $1,000. This makes it unsuitable for sending small, regular transfers. The fee structure is also more opaque than some other transfer services, with no calculators available for their exchange rates. Customer reviews of OFX also remain mixed.
Fee-free transfers
Optional exchange rate alerts
Over 170 countries serviced
No maximum transfer limits
Opaque fee structure
High minimum transfer amount of $1,000
Customer reviews remain mixed
Instarem is the cheapest way to transfer money internationally for a business. They offer a streamlined B2B payment system via their app for cheap online business payments. Plus, they allow multi-user access so your team can manage business finances on your behalf. Mass payment capabilities also allow you to pay staff quickly and easily.
Instarem for business has a high annual transfer limit of $2.5 million, with a smaller limit on personal accounts. Both the individual transfer limit and the monthly transfer limit are $250,000, depending on your payment method.
The Instarem fee structure is not very clear, which marks it down on transparency. Payment methods are also a little limited with Instarem. Currently, credit card and debit card payments are not accepted in the US. Transfers tend to be slower than average, with each taking at least 24 hours to process.
Multi-user access for easy business payments
Mass payment capabilities for business owners
High transfer limits for businesses
Fee structure is more opaque than some competitors
- Exchange rate markup is added
Slower than average transfers
The Global66 payment app is one of the fastest and cheapest ways to send money internationally. They charge no fees for transferring funds most of the time, but add a small markup to the mid market rate on currency exchanges.
Using the Global66 app, you can make P2P payments to other app users instantly. Domestic P2P payments are free, while international payments come with a small markup on exchanges. You can also make payments directly to your recipient’s bank account, they don’t need to have the app to receive money.
Global66 specializes in the South American market, limited to users in Chile, Peru, Argentina, Brazil, Ecuador, and Mexico. Registering for Global66 can also be a little more complicated than with other providers, so you may want to register a few days before you need to send any money to avoid unnecessary delays.
No fees
Fast P2P transfers offered
Easy-to use app allows transfers on the go
Limited country coverage
Sign-up can be complex
Limited payment methods available
XE has a transfer corridor to over 200 countries worldwide. Specializing in higher value transfers, XE charges no fees for sending amounts over $500. This makes them one of the cheapest ways to send large amounts of money overseas.
XE processes most payments in less than 24 hours, making them one of the faster ways to send large amounts cheaply. The high-value focus is also reflected by their high transfer limits of up to $535,000 per transfer*.
Despite wide country coverage overall, XE offers transfers to fewer Asian and African countries than some other providers. It’s a good idea to check your recipient’s country is serviced before starting a transfer. Sending small amounts with XE is also more expensive than providers like Wise and Currencies Direct.
*Depending on the payment method you choose.
No fees on transfers above $500
Over 200 countries serviced
High transfer limits
Sending small amounts is more expensive than most competitors
Limited support for Asian and African countries
Exchange rates can be higher than average
How to make a cheap transfer internationally
Making a cheap money transfer internationally is simple, you just need to find the best deal for your needs.
Find the best provider
Find the best provider for sending money internationally to your recipient. This should be based on more than just cost. You should consider how much you’d like to send, where you’d like to send it, and how you’d like to pay for it. As well as how long you’re prepared to wait for the transfer to be processed.
Remember: It's more than just the fees
The cheapest money transfers provider for you will not always be the provider with the lowest transfer fees. The lowest fee provider may not service your destination country, or they may charge hidden fees through a high markup on the exchange rate. Make sure you consider all eventualities before making your decision.
Use a cheap money transfer payment method
Consider making your payment by ACH bank account transfer or debit card to minimize transfer fees. Credit card payments and wire transfers tend to be more expensive.
Top tips: How to make sure your transfers are as cheap as possible
If price is on your mind, look no further. Follow our top tips and save money on your international transfers.
Avoid using credit cards
Avoid high street banks
Send larger, more infrequent amounts
Cheapest methods of sending money abroad
Money transfer providers are the cheapest way to send money internationally. They keep their overheads low and don’t need to physically send money overseas. There are other ways of making a money transfer abroad, but these are often more expensive.
Online money transfer services
Specialist money transfer providers like Wise and Currencies Direct are the cheapest way to send money abroad. They keep costs low by mainly transferring money locally through their own P2P money pools in their operating countries.
Email money transfers
Some money transfer providers, like Wise, let you send money overseas via email. They do this using their own P2P payment system. This allows you to cheaply send money internationally to people without a bank account. If you want to send email transfer, the recipient will need to have an account with the money transfer provider you’re using.
Bank transfers
While they’re a cheap way of making domestic transfers, banks are not the cheapest way to send money abroad. To get cheapest international bank transfer, avoid the high fees of banks by using a money transfer provider that can make bank account transfers. The cheapest ways to make bank transfers abroad is via Wise and Currencies Direct.
Peer to Peer (P2P) money transfers apps
P2P payment apps like PayPal can be used to make international money transfers to the recipient’s linked bank account, but they’re not very cheap. Fees average at around 5% per international transfer, with a markup of 3% - 4% on the exchange rate. The cheapest payment app that can be used for P2P transfers is Wise.
What about Cash App and Zelle?
Zelle and Cash App are great at transferring money domestically, but they’re not so useful for low cost international money transfer. Zelle is only available in the US between connected banks, and Cash App can only make transfers within and between the US and the UK. Cash App offers one of the cheapest ways to send money internationally from the UK and the US and vice versa, as all transfers are free.
Cash
Some providers can be used to send cash transfers. The cheapest way to send cash to someone is through providers like Instarem and WorldRemit.
Never send cash in the post
You should never send cash in the post as it may get lost or stolen. There are lots of ways to safely send cash abroad using a money transfer service.
Cheapest ways to send money internationally by region
🌍 Europe
Amount | Cheapest way to send money to Europe | Cost |
---|---|---|
$100.00 | €0.81 | |
$1,000.00 | €8.24 | |
$2,000.00 | €8.65 | |
$10,000.00 | €23.56 | |
$20,000.00 | €92.22 | |
$100,000.00 | €151.34 |
These are based on transfers from the USA to Spain - different countries may have slightly different rates.
Europe is home to 44 countries, but not all of them use the Euro. This makes sending money to the continent less straightforward than you may have originally anticipated. Those looking for a cheap international money transfer, must always consider the destination country, currency and costs involved. However, if you're looking for a Euro transfer, the cheapest way to send money to Europe will be with XE or Wise.
🌎 Americas
Amount | Cheapest way to send money to Americas | Cost |
---|---|---|
$100.00 | $11.71 | |
$1,000.00 | $110.32 | |
$2,000.00 | $198.90 | |
$10,000.00 | $580.73 | |
$20,000.00 | $771.25 | |
$100,000.00 | $2,597.22 |
These are based on transfers from the USA to Mexico - different countries may have slightly different rates.
The Americas are made up of multiple different regions and countries, including North America, South America, Central America and the Caribbean. Remittance to countries in Latin and Central America as well as the Caribbean have been rising steadily since the Covid-19 pandemic, thanks to the growth of online money transfers as well as the increase in wages in the US.
🌍 Africa
Amount | Cheapest way to send money to Africa | Cost |
---|---|---|
$100.00 | $0.70 | |
$1,000.00 | $6.86 | |
$2,000.00 | $13.53 | |
$10,000.00 | $46.63 | |
$20,000.00 | $93.25 | |
$100,000.00 | $376.41 |
These are based on transfers from the USA to South Africa - different countries may have slightly different rates.
While much of Africa is still developing, many nations on the continent receive a significant proportion of their GDP from remittance flows. Nigeria alone received almost $20 billion in remittance in 2021, over quadruple that of the next highest, Ghana.
🌏 Asia-Pacific
Amount | Cheapest way to send money to Asia-Pacific | Cost |
---|---|---|
$100.00 | ₹69.80 | |
$1,000.00 | ₹639.35 | |
$2,000.00 | ₹1213.10 | |
$10,000.00 | ₹3141.81 | |
$20,000.00 | ₹8473.44 | |
$100,000.00 | ₹29282.88 |
These are based on transfers from the USA to India - different countries may have slightly different rates.
The Asia-Pacific region encompasses multiple countries, but the exact ones will depend on your definition. Remittance flows are a significant source of income for many countries in Asia, owing to many from the continent migrating to more developed countries in search of high wages and a better standard of living.
Things that affect the cost of money transfers
Different providers offer different fees and exchange rates, but it’s more complicated than that. Lots of factors can impact the cost of your transfers, including:
The amount you’re sending
Where you’re sending it
How you pay for the transfer
How quickly you need the transfer to be sent
The amount you’re sending
Sending large amounts of money is more expensive with some providers than with others. For example, XE charges no fees for transfer amounts over $500, and OFX charges no fees, but has no transfer limits. Providers like Wise charge a percentage fee of the amount you’re sending, so costs can rack up when you send large amounts.
Where you’re sending the money
Some providers charge higher fees and markups for exchanging certain currencies. This makes sending money to certain countries more expensive than others. You’ll also find it cheaper to make a money transfer in your own currency, without exchanging. But this can cause a headache and extra fees for your recipient.
How you pay for the transfer
Some payment methods are cheaper than others. For example, sending money with a credit card is one of the most expensive ways you can make an international money transfer with most providers. Bank transfers tend to be cheaper, with P2P payments generally being cheapest, often free of charge.
How quickly you need the transfer to be sent
Generally speaking, the fastest transfers are generally the most expensive. Some instant payments, like P2P payments, are usually free. Other providers will charge a fee for ‘instant transfers’, making them overall more expensive. If you’re interested in sending money cheaply, you may need to be patient and wait for a slower transfer.
How to minimize the cost of an international money transfer
You can minimize the cost of your money transfer by:
Using a money transfer provider
Using the cheapest payment methods available
Beware of ‘fee free’ transfers
Plan ahead
Safety
Safety is crucial when sending money. International money transfer providers often use encryption to protect your finances, making them one of the cheapest and safest ways to send money. Transfer providers and money transfer apps are usually just as safe as making transfers with your bank, just make sure your provider is regulated by the correct financial institution before sending any money.
You should only ever use regulated providers to transfer money. If a provider is not regulated, it’s likely to be a scam.
Remember: We will only ever recommend regulated financial institutions.
How to find the cheapest way to send money internationally
To find the cheapest way to transfer money internationally, you need to consider more than just fees. Exchange rate markups can make a big difference to the cost of your transfer, and you could find fee free providers with a high exchange rate markup are pricier than those that charge a flat fee.
You should also keep your specific needs in mind. Some of the cheapest providers don’t offer many payment methods, and may have more restrictive transfer corridors. If the cheapest money transfer provider available doesn’t service your recipient’s country, you’ll need to opt for a slightly more expensive version.
We’ve compared the best money transfer providers on the market, looking at fees, exchange rates, and their different specialties. Through this data, we’ve created a list of the cheapest ways to transfer funds internationally.
Cheap ways to send money without a bank account
Lots of people don’t have bank accounts. If you don’t have a bank account, you can still transfer money internationally. You can open a digital account with Wise, and transfer money directly through them. Wise accepts payments to your account through apps like Google Pay and Apple Pay.
Alternatively, you can send money through a provider that accepts cash deposits, like Ria, MoneyGram, and Western Union. Be aware that these providers are more expensive than many of their competitors.
Cheapest international money transfer - it’s not just about fees
There are lots of things to consider when finding the cheapest money transfer service for transfers abroad. The providers offering fee free transfers aren’t always the cheapest, keep an eye out for high exchange rates. You should also consider how much you’ll be sending, how you’ll be sending it, and where it'll be going, as things like this can make the costs creep up.