Best international money transfer app

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Money has become increasingly easy to send and receive recently. However, the process can still be confusing and expensive for those who need to send money internationally.

There are several ways to send money overseas, and different factors are at play when choosing the best option. You have to think about the exchange rate, fees, and speed of transfer. With so many options available, it can be hard to know which one is right for you.

In this article, we'll explore 10 different ways to send money internationally. We'll compare factors like the costs, supported countries, and the speed of each option, so you can make an informed decision about which one is best for you.

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Top Cheapest (and Fastest) International Transfer Options Compared

The table below highlights different services that offer the cheapest and fastest ways to transfer international money. We have considered the type of transfer that is best suited for each service, transfer fees, supported countries, and speed of delivery.

Type of Transfer Supported Countries Speed Cost

Revolute

Digital Money Transfer

30+ countries

3 to 5 business days

Free when sending euros to Single Euro Payments Area (SEPA)

0.3% for transfers in local currency (pegged between £0.30 and £5)

Between £3 and £5 of transfers not in local currency.

Wise

Wire transfer

80+ countries

1 to 5 business days

A variable fee of 0.41% plus a fixed fee of 0.24 GBP

Starling Bank

Digital money transfer (Travellers)

37 countries

1 to 3 working days.

0.4% transfer fee + local fees for each supported currency

An additional £5.50 for a SWIFT payment

Monzo Bank

Digital and Crypto Transfer

All countries that accept mastercard.

1 business day

0.26 GBP fixed fee, and 3.49 GBP (0.35%) variable fee

PayPal

Peer-to-peer transfer

More than 200 counries

1 to 3 business days

5% of the transferred amount. (ranging from $0.99-$4.99)

Square

eCommerce transfers

8 countries

Instant to 2 business days.

2.9% plus 10 cents per transaction

Remitly

Digital money transfer

Send from 28 countries to over 100 countries

Instant for Remitly Express,

3 to 5 business days for Remitly Economy

A flat fee of $3.99

PaySend

Card Transfer

More than 170 countries

Instant to 3 days

Between $1 and $2

WorldRemit

Mobile Money Transfer

130 countries

Instant to 2 working days depending on the transfer type.

Free for the first 3 transfers. Between $1.99 and $3.99 and can vary greatly depending on factors like the country you’re sending to.

Currencies Direct

Bank transfers

7 countries

24 to 48 hours

Free

1. Revolut - Best Digital Bank Solution for Money Transfers

Regulation and Safety

9.8

Costs

8.7

Speed

8.4

Easy account opening

7.8

If you're looking for a digital bank that offers free or cheap international money transfers, Revolut is a great option. It boasts 20 million global users who use its services to transfer money abroad.

The service supports over 30 countries, including those in the European Economic Area (EEA), Singapore, the U.S., and the U.K. One thing that makes Revolut one of the best ways to transfer money internationally is its cheap transfer rates.

Cost: Free for sending euros to a person in SEPA and 0.3% when making transfers in local currencies. Revolut pegs this fee between £0.30 and £5.

Speed: 3 to 5 business days

👍 Pros

Room for crypto trading as users

Allowing users to invest in shares of over 1500 global companies such as Zoom and Apple

Rounding up spare change to encourage saving

Smart budgeting analytics

👎 Cons

Transferring money to non-SEPA regions is expensive

The currency conversion rate is higher on weekends

Does not offer current although it's a licensed bank

2. Wise - Best Bank for International Wire Transfers

Open an account
Your capital is at risk.
Via Wise's secure website.

Regulation and Safety

9.4

Costs

9.9

Speed

9.3

Easy account opening

9.2

It’s a good idea to use Wise if you are looking for a service that will save you money on bank fees and offer a fast transfer time. The digital bank is appropriate for small and medium-sized bank transfers in international accounts. Wise supports over 80 countries distributed across Europe, Africa, and America.

Cost: A variable fee of 0.41% plus 0.24 GBP in fixed fees.

Speed: Between 1 and 5 business days.

👍 Pros

Wise debit card holders can use them abroad without sneaky transaction fees

Free ATM withdrawals for up to $100

You can save by sending more

2-factor authentication for safe transactions

No hidden fees

You can hold accounts in multiple currencies

👎 Cons

Transferring money takes time (can take 5 days)

Does not allow for recurring transfers

There is a cap on the maximum transfer amount

3. Starling Bank - Best Best Bank for International Transfers for Travellers

Regulation and Safety

9.5

Costs

9.5

Speed

9.8

Easy account opening

8.8

If you are a frequent traveler, the Starling Bank borderless account might be a good fit for you. With this account, you can hold, exchange, and spend your money in over 20 currencies at the real exchange rate and send money to 37 countries.

The account comes with a Mastercard that you can use to withdraw cash from ATMs worldwide for free. You will also receive notifications of upcoming bills and payments in the local currency.

Cost: 0.4% transfer fee + local fees for each supported currency. An additional £5.50 for a SWIFT payment

Speed: 1-3 business days

👍 Pros

100% digital sign-up

Instant payment notifications

Mobile and online banking

Fast money transfer without leaving the banking app

Competitive fees and exchange rate

Speedy delivery

Transparent and fair pricing

👎 Cons

A limited number of supported countries

The recipient must have a Sterling account to receive the funds

It can take up to three business days for the recipient to receive

Best International Banks For Active Travelers

4. Monzo Bank - Best for Crypto Transfers

Regulation and Safety

9.0

Costs

9.3

Speed

9.0

Easy account opening

8.6

If you have a current account with Monzo digital bank, you can make international transfers easily. Monzo partners with Wise to offer excellent international fund transfer services.

Although your payment has to be in GDP, you can send money to over 35 currencies in all countries that accept MasterCard. The best thing about this service is that it allows you to send cryptocurrencies.

Cost: 0.26 GBP fixed fee, and 3.49 GBP (0.35%) variable fee

Speed: 1 business day

👍 Pros

Instant access

Real-time notifications

Travel perks

The service is available in all countries that accept MasterCard

👎 Cons

Difficulties receiving international payments

Only available in the UK and the U.S.

Free withdrawals while abroad are limited to £200 every 30 days

Best Crypto-Friendly Banks You Should Know

5. PayPal - Best for Peer-to-Peer Transfers

Regulation and Safety

9.0

Costs

1.0

Speed

9.3

Easy account opening

9.0

PayPal is a widely used platform for peer-to-peer (P2P) payments. The U.S.-based company supports over 200 countries and helps users send, receive, and request money conveniently in-country and abroad.

You can also use PayPal to shop online and make in-app purchases. If you have a personal PayPal account, you can access the PayPal digital gift feature that allows you to send e-gift cards to friends and family.

Cost: 5% of the transferred amount (ranging from $0.99-$4.99)

Speed: 1 to 3 business days

👍 Pros

User-friendly interface

A large network of retailers, online stores, and service providers accept PayPal

Accessibility

You can transfer money internationally to a bank account or credit and debit cards or use cash pick-ups

👎 Cons

Hefty transfer fee

The international recipient must have a PayPal account

It takes time to withdraw money from the bank

6. Square - Best for Small Businesses and Merchants

Regulation and Safety

9.6

Costs

9.2

Speed

9.8

Easy account opening

9.5

If you have a small business, you can use Square to send invoices and receive payments from customers. The U.S.-based company entered the international money transfer market in 2015 with the launch of the Square Cash App. The app is available in the U.K., Australia, Canada, Japan, the U.S., France, Spain, and Ireland.

With Square, merchants can choose when they want to receive their funds. You will have the option of a standard or custom transfer schedule, with the latter tailored to your business hours.

Cost: 2.9% plus 10 cents per transaction for all the payments made through online stores and the eCommerce application programming interface.

Speed: Instant to 2 business days.

👍 Pros

The app is easy to use and understand

Customizable transfer schedule

You can spend your Cash App balance with a free Visa debit card that comes with the app

👎 Cons

Relatively new to the international money transfer market

The app is only available in a few countries

It can be expensive to send money internationally

7. Remitly - Best for International Money Transfers to Developing Countries

Open an account
Your capital is at risk.
Via Remitly's secure website.

Regulation and Safety

9.5

Costs

8.6

Speed

9.5

Easy account opening

9.8

Remitly is one of the cheapest and fastest ways to send money internationally. You can use it to send money from 28 countries to over 100 receiving countries worldwide.

Remitly gives you a promised delivery time, and if they don’t meet it, they will send you back your money. With this service, you will have four delivery options, including bank transfer, cash pickup, home delivery, and mobile wallet. The lowest transaction limit tier is $2,999, and the highest is $10,000.

Cost: A flat fee of $3.99

Speed: Instant or 5 working days

👍 Pros

You can send money from your mobile device

The cheapest and fastest way to send money to developing countries

A very user-friendly interface

Worldwide reach with over 100 destinations

👎 Cons

Low sending limits

Delivery takes long for the Economy option

Credit card fees

8. PaySend - Best for Card Transfers

Open an account
Your capital is at risk.
Via Paysend's secure website.

Regulation and Safety

10

Costs

7.1

Speed

8.0

Easy account opening

7.0

PaySend allows you to send money from your debit or credit card to another person’s card in a network of over 170 countries across the world. The best thing about PaySend is the low transaction fees. You only need to pay 1% of the amount you are sending, with a minimum fee of $1 or $2, depending on the amount. The recipient doesn’t need a PaySend account to receive the funds.

If you have a business, you can open a business account with PaySend. It will be easier to receive and send payments to wallets, accounts, and cards almost anywhere in the world.

Cost: Between $1 and $2

Speed: Instant or up to 3 days

👍 Pros

Worldwide coverage

Fixed fee

Simple transfer methods including bank accounts and cards

Bank-level security

Fast processing (almost real-time)

👎 Cons

You might encounter hidden fees

The user review process is lengthy

Not the best for transferring medium to large amounts as the limit is $999

9. WorldRemit - Best for Mobile Money and Cash Transfer

Regulation and Safety

8.3

Costs

6.4

Speed

7.3

Easy account opening

9.0

If you are looking for a service you can rely on to send cash internationally, you should consider WorldRemit. It’s among the services with the lowest cash transfer fees, and you can use it to send money across 130 countries.

The payment options are diverse, including bank transfers, cash pickup, mobile money, and airtime top-up. Mobile money transfer is vital because the transfer to the receiver’s mobile wallet is instant.

Cost: Instant to 2 working days

Speed: Free for the first 3 transfers. You can pay between $1.99 and $3.99, which can vary greatly depending on the country you’re sending to.

👍 Pros

No minimum transfer limit

You can send money directly to mobile wallets

Availability of cash pick up

An easy-to-use website so you can set up an account quickly

👎 Cons

There is a maximum transfer limit of $9,000

Doesn’t support businesses

Lack of a fixed transfer fee

You cannot use all the transfer methods in some countries

10. Currencies Direct - Best for Large International Money Transfers

Regulation and Safety

9.5

Costs

9.8

Speed

9.8

Easy account opening

10.0

Currencies Direct is best if you want to transfer huge amounts of money, as its maximum limit is £25,000. You can send money internationally in more than 120 currencies. One aspect that makes Currency Direct the best way to transfer money internationally is that it does not charge any transfer fees.

Currency Direct also offers other services that help lock in live rates so you can make transfers later. The highlight is the risk management services for protecting your money against volatility.

Cost: Free

Speed: 24 to 48 hours

👍 Pros

You can mitigate currency risk

Low or no charges

Protecting your profit margins

Optimization of your cash flow

You can manage multiple currencies

👎 Cons

The payout options are limited

It does not have a cancellation policy

Cash pick-up is not available

How to Send Money Internationally with Digital Bank

Digital banks offer the best and cheapest way to send money internationally. If you are looking for a reliable digital bank that you can use to send money to a foreign bank account or buy property overseas, you can consider Revolut.

To make an international money transfer with Revolut, follow these steps:

Step 1: Go to Revolut’s homepage and click on “Get Started.” On the pop-up screen that asks you to download the app, select your country and enter your phone number, and Revolut will send you a link to download the app.

Opening an Account on Revolut

Opening an Account on Revolut

Step 2: Click on the "payments" tab to send money internationally.

Payments

Payments

Step 3: Click on bank transfers and choose transfer to another person.

Transfers to Another Person

Transfers to Another Person

Step 4: Select the currency and the country you want to send money to.

Choosing a Country and Currency

Choosing a Country and Currency

Step 5: Revolut might prompt you to access your contacts so you can easily choose the details of the person you want to send money to. Alternatively, you can fill in the recipient’s details. After filling in the details, Revolut will notify you that you’ve successfully created a beneficiary’s profile.

Step 6: Confirm whether you want to send or schedule a transfer.

Step 7: Enter the amount you intend to send, and Revolut will take care of the rest.

The transaction will be processed immediately, and the funds should arrive in the recipient’s account within 1-2 working days.

How to Send Money to Another Country with PayPal

PayPal is a reliable and convenient way to send money to another country. Here are the steps to follow when using PayPal to send money internationally:

Step 1: Open the PayPal app and log in to your account.

Step 2: At the top of the screen, tap "Send & Request" and then select more.

Step 3: Various icons will pop up, including "send money abroad." Click on it.

How to Send Money Abroad with PayPal

How to Send Money Abroad with PayPal

Step 4: Select the contact of the person you want to send the money to. If you send money to the contact frequently, they will appear as a favorite.

Step 5: Enter the amount to be sent and press "Next."

Step 6: Choose a currency. Once you choose your currency, PayPal will show you the conversion rate of the exchange.

Step 7: Choose whether you want to send to friends and family or pay for goods and services.

How to Send Money Abroad with PayPal

Choose whether you want to send to friends and family or pay for goods and services.

Step 8: You can link the payment to a card number. Confirm that all the details are correct and click on "Send Money" to complete the transfer.

The recipient will receive an email notification from PayPal informing them they have received the money.

How to Choose the Best International Transfer Service

Follow these tips to ensure you choose a transfer service that will work best for you:

Choose a Provider With Low Fees for Currency Conversion

When you are sending money abroad, the last thing you want is to have a large portion of your money eaten up by fees. Choosing a low-cost provider ensures that more of your money goes to your intended recipient. Additionally, low-fee providers often offer better exchange rates, saving you money.

Choose a Provider With Multi-Currency Accounts

A multi-currency account allows you to hold and transact in multiple currencies. This is important because it means you can send money in the local currency, reducing transfer fees and exchange rate costs.

It also means that you can receive money in the local currency, which can be convenient for recipients. Furthermore, a multi-currency account can provide peace of mind by allowing you to hedge against currency fluctuations.

Consider the Number of Countries a Provider Supports

The best international money transfer will support many countries. The more countries a provider supports, the more likely you will be able to send money to your intended recipient.

Additionally, a provider supporting many countries will likely have a more robust network of banks and financial institutions, making sending and receiving money easier.

Consider Additional services

When choosing an international money transfer service, it is crucial to choose a provider that offers additional services. These services can include crypto transfer, online banking, budgeting tool, and spending analytics.

These additional services can help you to save money and time. For example, the budgeting tool can help you keep track of your spending and ensure you do not overspend.

Go for Fast Transfer Speed

When you are sending money to loved ones or paying for goods and services abroad, you need to be confident that the money will arrive quickly and safely. Fortunately, there are now many international money transfer services that offer fast transfers.

Some even guarantee that the funds will arrive within 24 hours. However, it is still important to compare transfer speeds before choosing a service.

Are International Transfers Safe?

When looking to send money internationally, it is vital to make sure that the service you are using is safe and secure. One way to do this is to check the regulator’s license on their website.

The license will confirm that the service is legitimate and has been approved by the government. The license should be from a reputable regulatory body, such as the UK’s Financial Conduct Authority (FCA).

You can also find out more about the safety of a particular service by reading customer reviews. Reviews will give you an idea of how other customers have found the service. They can be a good indicator of whether or not a company is reliable and trustworthy.

Summary and Conclusion

International money transfers have become the norm as our world has become more globalized. If you are wondering how to send money to other countries, our article has provided you with some of the best options you can consider. Whether you are looking for the best bank for international wire transfers or the cheapest way to send money internationally, we hope our article will help you to find the right solution for your needs.

FAQs

What type of fees will I incur when sending money internationally?

The fees can include the exchange rate fee, transfer fee, and receiving fee. The amount you pay in fees will depend on the provider you use and the country you are sending money to.

What is the exchange rate fee?

The exchange rate fee is the cost of converting your currency into the currency of the country you are sending money to.

How does cash pick-up work in international money transfers?

Cash pick-up services allow the recipient to collect the money from a local agent. This can be a convenient option if the recipient does not have a bank account.

How long does it take to send money overseas?

The time it takes to send money internationally can vary depending on the provider you use and the country you are sending money to. Some providers offer fast transfers, which can take as little as 24 hours.

Team that worked on the article

Oleg Tkachenko
Author and expert at Traders Union

Oleg Tkachenko is an economist-analyst and a risk manager with a practical experience of working in financial institutions for over seven years. Oleg specializes in the analysis of commodities, Forex, stock markets and non-standard investment markets (cryptocurrency, hypes, peer-to-peer lending). He holds a Master’s Degree from the Ukrainian Academy of Banking of the National Bank of Ukraine, Kharkiv Banking Institute. Oleg became an author for Traders Union in 2018; in 2020 he joined the TU’s team of financial experts.

At Traders Union, Oleg is involved in expanded reviews of brokerage companies, and in monitoring the relevancy of the information provided in them. He analyzes trading strategies and indicators, and prepares educational articles on the topic of finance. In addition, Oleg carries out expert research in the Forex and stock markets, and also binary options and cryptocurrency markets. In particular, he checks brokerage companies, studies their performance and growth, tests new services offered by brokers, software and the level of customer support.

Oleg’s motto: Information is a force that opens boundless opportunities, but requires relevancy!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!