Discover the top 9 online platforms that offer the most cost-effective options for international money transfers. These user-friendly platforms provide instant calculation of transfer fees and converted amounts before confirmation. With coverage for more than 40 currencies across 70+ countries, including Mexico, these platforms are ideal for travelers and people with family members living abroad who need to make financial transfers.
Check out the complete list of the top nine options here.
While it may not seem directly relevant to travel, it can be incredibly advantageous for those planning to travel or immigrate overseas. (I will explain how shortly).
(Be sure to also visit our page highlighting 10 alternative countries to consider relocating to if you or someone you know is contemplating a move abroad).
Here are a few situations where you might consider utilizing the services of the companies mentioned below useful for sending money to other countries:
- Planning a trip abroad and looking to save money on currency exchange
- Studying abroad in Mexico or participating in a study abroad program and needing financial support from family in your home country
- Family members studying or working abroad and needing your financial assistance
- Employed in Mexico and needing to send money to your family in your home country
- Transferring funds to yourself as you live in Mexico but your money is in your home country
- Spouse working overseas and needing to send you money
- Needing to send or receive money from international suppliers or customers
- Making an international payment (be sure to read the end of the article to avoid scams!)
- Traveling and running out of money, with family needing to send money to help you continue your journey
- Being robbed while traveling and needing family to send money to help
- Earning a salary in Mexico and wanting to send money back home for investments
- Having international accounts and needing to transfer money to your home country
- Wanting to make online international money transfers without the need to visit a physical bank branch.
These online platforms, which have user-friendly interfaces and provide instant calculation of transfer fees and final amounts post-conversion, are accessible to residents or citizens of any country worldwide, such as Portugal, the United States, Ireland, Argentina, Spain, and more. They also support over 40 currencies in more than 70 countries, including France, making them an excellent option for making secure and cost-effective international money transfers.
Let’s dive in!
Important note: Official/spot exchange rate vs. retail/tourist exchange rate
In this article, we will be discussing the difference between the “wholesale exchange rate” and the “tourist exchange rate.”
Choosing the wholesale exchange rate or something close to it is always the better option as it results in fewer losses during currency conversion. The wholesale exchange rate is the rate used in the financial market for trading large sums of money, much like “wholesale” exchange rates.
Most of the companies listed below use the wholesale exchange rate or something similar, except for a few that don’t, which we will mention.
On the other hand, the tourist exchange rate is the rate offered by airports, banks, and exchange offices when you exchange money. They use this rate because they have additional costs and want to make more money from you during the transaction. This is the least favorable exchange rate.
Therefore, it is advisable to exchange currencies using the wholesale exchange rate and NOT the tourist exchange rate. We have indicated which rate each company uses in the list below.
How to Save Money While Traveling and Sending Money Abroad?
As you may be aware from our previous article on managing money and exchanging currency while traveling, using your debit, credit, or prepaid card overseas incurs a 6.38% IOF charge on each transaction, resulting in a significant amount of money!
The most cost-effective option would be to exchange money in your home country before traveling, purchasing dollars, euros, or other currencies at wholesale rates from banks or exchange offices and using them while overseas. However, carrying a large amount of cash while traveling is not recommended, and the quotes used by exchange brokers are tourist quotations and may not be very attractive, resulting in a loss of money.
A more economical alternative for travelers is to use one of the options below to send money to family and friends in the countries you plan to visit during your trip. Upon arrival, you can retrieve the money in the local currency from the acquaintances who received your money from your home country.
For example, if you are in Brazil and plan to travel to Australia, where your brother is studying, you can use one of the nine companies listed below to transfer money to your brother’s checking account. He can withdraw the money in dollars and return it to you upon your arrival in Australia. This way, you don’t have to exchange money before leaving Brazil or upon arriving in Australia.
Now, let’s explore the nine best and most cost-effective companies and websites for sending, receiving, and transferring money abroad. But first…
What’re the 3 ways you should NEVER send and receive money abroad?
#1) BANKS
Many people around the world believe that using a bank is a simple and affordable way to send or receive international funds. However, that is not the case!
International transfers through banks can be EXPENSIVE! Banks employ SWIFT code (or BIC) and IBAN for incoming and outgoing global wire transfers…and they will take advantage of you!
They typically charge a percentage of the total transfer amount, as well as a fee that can be nearly equal to the transfer itself…and, to make matters worse, the exchange rate they offer is often unfavorable! Consequently, if you transfer money to another country through a bank, you are likely to lose a significant amount of money needlessly.
For example, if you use an American bank to transfer money to a European bank, fees could quickly add up to at least $45 for a single wire transfer (along with a poor exchange rate).
Xe (one of the companies I recommend below) provides a comprehensive comparison of their rates and those of major banks for global wire transfers (formerly known as HiFX, which they acquired).
And this table gives you an idea of the fees charged by banks for incoming and outgoing international wire transfers…ouch!
#2) and #3) Western Union or MoneyGram
These are two of the largest money transfer companies worldwide. Unfortunately, this also implies that many people use them and unwittingly waste their money, simply because they are unaware of better alternatives.
But if so many others use Western Union and MoneyGram, why should you steer clear of them?
Because they…
- Are exorbitantly costly and charge a significant percentage of the funds you are sending (For example, MoneyGram will charge you nearly 25% of the amount you are transferring – which is $22 for a $100 transfer…an absolute ripoff!)
- Do not provide online options for sending or receiving money (you must personally visit their branch and so must the recipient) Typically use the retail/tourist exchange rate (also known as the unfavorable rate)
One last time, here are the 3 ways you should NOT do international transfers to Mexico:
#1) Banks
#2) Western Union
#3) MoneyGram
Then what are the cheapest and most practical ways to do international money transfers?
I will now present my suggested choices based on their cost-effectiveness and user-friendliness, whether through mobile applications or online platforms. However, I recommend examining all available options to determine which one best fits your needs and financial situation.
1. Wise (formerly Transferwise)![Wise](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20300%20160'%3E%3C/svg%3E)
In my opinion, Wise is a fantastic and budget-friendly alternative for transferring money globally, and I highly recommend it.
To use Wise, you must have a bank account in the recipient’s currency, which can be under someone else’s name, making it ideal for sending money to friends and family. You can choose the currency and amount you want to transfer, such as BRL to EUR, as well as the amount you want to send, such as BRL 1,000. Wise will compute the final amount that the recipient will receive in euros, including all fees, taxes, and other charges.
It’s essential to note that Wise employs the official Google exchange rate for BRL to EUR conversions, ensuring that you receive the most favorable rate possible, regardless of the transfer direction or currencies used.
To proceed, enter your information, including the recipient’s banking details, even if it’s a foreign account. Wise will provide you with a payment slip to pay the transfer amount, and there are no extra fees for issuing the slip. You can pay the slip at a bank, even if you don’t have an account there, or pay online using internet banking from your home.
In some instances, depending on the country of origin, you can transfer funds to Wise using a domestic transfer, debit card, or credit card (with an additional fee for credit card payments).
Funds typically arrive in the recipient’s account within 1-3 business days, although this may vary depending on the location.
And notice that the currency exchange rate from Wise is pretty much the same as the official one given by Google!
Pros of using Wise for international money transfers:
- It’s the cheapest way to transfer money I’ve found– their fee is only around 0.35% of the total transfer value
- They use the official exchange rate (which is much better than the “tourist” exchange rate)
- It’s super practical – you can do everything online
- It’s cheaper and easier than sending money internationally using banks
- There isn’t a minimum transaction amount
- You can use Wise to transfer money overseas for your Business and pay suppliers or employees
- You can send money to more than 40 countries plus all the countries that use the Euro (19 in total) *
- You can receive payments worldwide
By the way, if you want to send money to Spain, Portugal, Ireland, or other countries that use the Euro, the process is the same. All you need is to select Euro when you begin your transfer and then put the info of the bank account in the country receiving the money.
*Countries that use the Euro:
Germany, Austria, Belgium, Cyprus, Slovakia, Slovenia, Spain, Estonia, Finland, France, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Portugal, Andorra, Monaco, San Marino, the Vatican, Kosovo, Montenegro.
Cons of using Wise for international money transfers:
- Until recently, it was not possible to send money if the person did not have a current account in the destination country of the transaction. But now, with Wise’s digital and physical cards, you can make payments directly from your account on the platform, but check availability in your region!
However, if in the country you are in this service is not yet available, an easy way to circumvent this problem is by using the checking account of someone you trust. Here in Sweden, for example, I helped a fellow Brazilian receive money here from his family in Brazil. They transferred the money to my Swedish bank account, I withdrew the money from the ATM and gave it to him.
Personal experience with Wise:
I’ve used Wise to send money from the United States to Brazil (which can be done with a credit card!), from the United States to Sweden, from Australia to Sweden, from Australia to Sweden, and from Sweden to the United States. It’s always worked smoothly for me! So, I’d definitely recommend it.
If you want to see, here’s a video explaining how Wise works:
2. Xe![](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20256%20226'%3E%3C/svg%3E)
Xe is a well-known platform that offers international money transfer services to individuals. Like CurrencyFair and Wise, Xe also enables global money transfers.
In addition, Xe is one of the world’s largest websites that lets you compare exchange rates for any two currencies, including their historical values. This feature is exceptionally useful in determining whether a particular currency is appreciating or depreciating relative to another.
To view transfer fees, you must first create a free account with them.
It’s worth noting that Xe doesn’t provide money transfer services to certain countries. Nevertheless, it’s an excellent option for individuals from other countries who wish to send and receive money internationally.
PROS of using Xe for international money transfers:
- Xe does not have a minimum or maximum limit for the transfer value.
- They charge a relatively low fee to send and receive money from abroad (for example: for transfers up to 500 USD a fee of 3 USD is charged)
- They don’t charge any fees to send or exchange abroad
- They use a rate close to the official rate
- It’s super practical – you can do everything online
- You can send money to more than 26 countries plus all the countries that use the Euro
You can see which currencies they work with on their homepage here.
And you can easily sign up on Xe for free to check how much you’d save on a transfer.
Cons of using Xe to transfer money:
- They don’t with all currencies
- You must open an account before getting a quote for the cost of your transfer…..but it’s free to open an account and super fast
- Sometimes it costs more to transfer with Xe than with Wise or CurrencyFair because their rates aren’t always as good (you’ll have to compare for your individual transaction to see what is best)
My personal experience with Xe:
Honestly, I’ve never used Xe. But I have a friend who tried using it to send money from the United States to Sweden and she said everything worked just fine and the cost was pretty good. Plus, I use them all the time to check currency exchange rates when I’m traveling overseas.
3. WorldRemit
WorldRemit is a global company with authorization from the National Bank of Belgium. They provide services in over 150 countries, including the United States, the United Kingdom, India, Brazil, and various European nations, and support transactions in over 90 currencies.
In addition to facilitating money transfers, WorldRemit offers mobile top-ups in more than 110 locations. They charge low service and exchange fees, and the initial international money transfer is free, making it an attractive choice for individuals seeking to send money abroad.
Pros of using WorldRemit for international money transfers:
- Low fees and first free transfer
- Services available in several countries
- Cell phone recharge option
Cons of using WorldRemit for international transfers:
- No website in Portuguese
Personal experience with WorldRemit: WorldRemit really does work at low rates, so it’s worth making a quote through this site and comparing it to others on the list. Also, your first download is completely free!
4. Remitly
Remitly has emerged as a significant contender in the global money transfer industry, starting with its operations in the United States and eventually expanding to several other nations worldwide.
One of Remitly’s most significant benefits is its ability to provide remote remittance services, allowing users to send money to another country and have it delivered to the recipient’s preferred location in cash using Remitly’s delivery service.
Apart from delivery services, Remitly also offers online transfers to both traditional and digital bank accounts.
Pros of using Remitly for international money transfers:
- Remittance option delivered in cash to the desired address;
- Simple and super practical interface;
- Transfer option for digital accounts.
Cons of using Remitly for international transfers:
- The site is not available in Portuguese;
- Compared to other companies on the list, it does not work with a large number of countries.
Personal experience with Remitly:
I’ve never used Remitly, but user feedback is pretty positive. This is really a great option if you need to send money to someone who is not comfortable with technology or if you need cash on hand for a trip, for example.
5. CurrencyFair![international transfers 0](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20200%2064'%3E%3C/svg%3E)
CurrencyFair operates in a similar manner to Wise and has the same process for transferring funds. However, unlike Wise, CurrencyFair has limitations in that it only supports a few currencies and does not offer services for certain currencies, such as the Brazilian real.
Pros of using CurrencyFair for international money transfers:
- It’s a super cheap way to send and receive money from other countries – they only charge around 0.35% of the total value, like Wise does
- They use the official exchange rate (which is much better than the “tourist” rates banks use)
- It’s super practical – you can do everything online
- You can send funds to more than 18 countries, including those that use the Euro
- As with Wise, you can use CurrencyFair for your Business to pay suppliers or employees
- It’s cheaper and faster than doing international transfers with a bank
- There isn’t a minimum transaction amount
- Now they are also working with Indian Rupee (INR)
Cons of transferring money with CurrencyFair:
- It only works with about half the number of currencies Wise does
Personal experience with CurrencyFair:
I’ve also used CurrencyFair to send money from the United States to Sweden, and it worked just as well as Wise did.
Here’s a quick video on how to sign up for free:
And how to do a transfer with CurrencyFair:
6. Instarem
Instarem is a financial technology firm that specializes in global currency exchange and money transfer services. Established in 2014 in Singapore, the company operates in over 25 countries and utilizes advanced technology to offer efficient, convenient, and cost-effective financial services to its clients.
Instarem offers competitive and transparent rates to its customers. Additionally, it provides a rewards program that allows you to earn points by transferring money quickly and easily from anywhere.
When it comes to travel insurance, Instarem offers extensive coverage for medical emergencies, trip cancellations, lost baggage, and other unforeseen events. The company tailors its insurance products to meet the unique needs of each customer and makes it easy to purchase them through its mobile app or website. Instarem also partners with top insurance providers to ensure that its customers receive the best possible coverage.
Pros of using Instarem for international money transfers:
- The company is present in more than 25 countries, which allows it to serve a wide variety of customers around the world. In addition, the company’s geographic expansion has been constant and promising.
- Great Value: Low fees. Great exchange rates. nothing hidden
- Secure and reliable: Industry-leading technology moving $4 billion annually
- Rewards: Send money and earn points to enjoy even greater value
- Save time: skip the lines and send money quickly
- Anytime, Anywhere: Send money anywhere with our app
Cons of transferring money with Instarem:
- Transfer Fees and Limitations: Like any financial services company, Instarem charges money transfer fees and sets limits on transactions. This can make the company’s services less accessible to customers with lower purchasing power or who need to send large amounts of money.
Personal experience with Instarem:
Although I have never used Instarem, user feedback is generally very positive. This can be an excellent choice if you need to send someone money!
7. Ria
Ria is a well-known financial services company that offers global money transfer services to individuals worldwide. The company was established in 1987 and is based in the United States, with a strong global presence.
Ria’s services include wire transfers, bank deposits, and bill payments. With over 436,000 agent locations spread across more than 160 countries worldwide, the company has an extensive global network.
Their objective is to provide safe, convenient, and cost-effective options for sending money to loved ones anywhere in the world.
Pros of using Ria for international money transfers:
- Ria has a global presence with over 436,000 agent locations worldwide, which makes sending and receiving money more convenient for its customers;
- Ria offers a wide range of payment options, including wire transfers, bank deposits and bill payments.
Cons of using Ria for international transfers:
- Ria imposes daily and monthly limits on the amount a customer can transfer, which can be an inconvenience for those who need to send large amounts of money;
- Ria may charge additional fees, depending on the destination country and the payment method selected by the customer;
- Ria may require customers to go through an identity verification process, which can be time consuming and inconvenient.
Personal experience with Ria:
Although I don’t have personal experience with Ria, user feedback is often highly positive. This can be an excellent option if you need to send someone money.
Bonus: Online International Money Transfer Companies
Bonus 1. TransferGo
TransferGo is a prominent financial institution headquartered in Europe that specializes in providing international money transfer services to European residents and travelers who wish to send money overseas.
TransferGo’s services are available in over 60 countries globally, except for Brazil, where services are only available to customers with European bank accounts. Nonetheless, TransferGo offers a range of transfer options with competitive fees to its customers.
Customers can initiate transfers using their bank account, debit card, or credit card. They offer both fast transfers that can be completed within 30 minutes and low-cost economic transfers that may take up to three days to complete.
The transfer process is user-friendly and straightforward, making TransferGo a convenient option for international money transfers.
When making transfers with TransferGo, you can use this code or coupon: HMSESq
Pros of using TransferGo for international money transfers:
- There are no daily limits for transfers on TransferGo
- They work with fast transfer options (for a fee of £2.99)
- They allow transfers directly from your bank account, debit card or credit card to foreign accounts
- They have a simple and practical interface to receive money from abroad
Cons of using TransferGo for international transfers:
- Each transfer may not exceed the $30,000.00 limit
- It is not possible to transfer money from the USA, Canada, among other countries to Brazil
Personal experience with TransferGo:
If you are looking for a company to transfer money from Europe to the rest of the world, this is a great option. In my experience, the whole process is done very simply and cheaply.
Bonus 2. OFX
OFX is a reputable financial institution that specializes in international money transfer solutions for individuals and businesses. Founded in 1988 in Australia, the company has expanded its operations to multiple countries worldwide, including the United Kingdom, Canada, the United States, and New Zealand. OFX provides its clients with highly competitive exchange rates, minimal transfer fees, and personalized services tailored to meet their unique needs.
The company’s main objective is to offer secure, prompt, and cost-effective money transfer services, supported by 24/7 customer support. OFX offers various transfer options, such as recurring transfers, wire transfers, and bill payments.
OFX is an excellent option for individuals and businesses that need to transfer substantial sums of money overseas, such as international students, expatriates, and companies involved in international trade. With a track record of exceptional customer satisfaction and service, OFX is a trusted and well-known name in the global money transfer industry.
Pros of using OFX for international money transfers:
- Low transfer fees: OFX charges a low transfer fee or even no fees for transfers above a certain amount, depending on the country of origin and destination.
- Customized Services: OFX offers customized services to meet each customer’s individual needs, including scheduled transfers, wire transfer options and bill payments.
- Customer support available 24/7: OFX offers 24/7 customer support to ensure you get help whenever you need it.
- Extensive transfer options: OFX offers a wide range of transfer options, including wire transfers, bill payments and scheduled transfers, allowing you to choose the option that best suits your needs.
Cons of transferring money using OFX:
- OFX doesn’t support all currencies, so there may be some limitations on which countries or regions you can send money to.
- Also, while OFX offers competitive exchange rates, it is possible that other companies or services may offer even better rates at certain times.
- Finally, transfer processing time can take a few business days, which can be inconvenient if you need to send money urgently.
Personal experience with OFX:
Although I haven’t had the opportunity to personally use OFX’s services, user reports are often highly positive. Based on this positive review, OFX can be considered an excellent option for those who need to send someone money.
Bonus 3. PayPal
Paypal is a well-known digital payment service that permits its users to carry out transactions with multiple parties. If you have ever made purchases on eBay, then you might have used Paypal to complete the payment process.
Although Paypal does offer international money transfer services, it requires the user to have a US bank account to withdraw funds, which is one of its limitations.
However, you can use the funds in your Paypal account to buy products from online merchants that accept Paypal payments, including eBay. Additionally, you can transfer your Paypal balance to another person’s Paypal account.
Pros of using Paypal for international transfers:
- It’s a very easy and practical way to send/receive money between almost any two people in the world
- It’s very popular
- You can use it to send/receive payments from overseas from any person that also has Paypal (since you only need an email to open an account)
- It’s super practical – you can do everything online.
- Works for people from all over the world (although you can only withdraw the money if you have a U.S. bank account)
- There’s no minimum transaction
Cons of using Paypal for international transfers:
- You can’t take money out of your Paypal wallet (if someone sends it to you) unless you have a bank account in the United States (otherwise, you’ll have to leave it in your Paypal account and can only use the money to buy things on websites that accept Paypal, like eBay)
- They charge a 3% fee on some transfers
- They don’t use the official exchange rate (they use the retail/tourist rate instead), so you’ll lose some money when you exchange from one currency to the other
Personal experience with Paypal:
I use Paypal directly to buy things on eBay and to receive payments from a few companies that only pay with Paypal. But I don’t use it for international transfers because I think the exchange rate is bad and the options above are better, so it’s up to you.
BONUS CRIPTO:
How to do international transfers using digital currency
Cryptocurrencies, like Bitcoin, have emerged as a novel asset class in the worldwide financial market, garnering widespread attention.
One of the primary benefits of digital currencies is their potential to enable low-cost international money transfers much faster than traditional methods. Furthermore, these transactions can be executed in minutes, without any geographical constraints.
- Coinbase (for getting digital currencies like Bitcoin, Ethereum, and Litecoin)
I recommend using Coinbase as a dependable platform to conduct international money transfers using cryptocurrencies like Bitcoin. It is presently the world’s largest cryptocurrency exchange and is widely trusted by users.
To begin, register for a free Coinbase account and provide your personal details. Then, transfer funds from your bank account to your digital wallet and purchase the cryptocurrency of your choice. Coinbase provides popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
After obtaining the cryptocurrency, you can send it to anyone worldwide who has a digital wallet by inputting their wallet address and sending the coins through your digital wallet.
Once the recipient receives the cryptocurrency, they can convert it into their local currency (such as Brazilian reais, Euros, or Dollars) and transfer it to their bank account using the Coinbase platform.
The platform is user-friendly, and the procedure is simple. Moreover, if you’re interested in investing in cryptocurrencies, Coinbase is an excellent option because of its size and reputation.
How to invest in Bitcoins or other digital currencies
Opting to retain digital currencies after purchasing them gives you the opportunity to wait for their value to rise, and potentially sell them in the future. Nonetheless, it is vital to bear in mind that there is no assurance that the currency will appreciate in value, and it is possible that it could even decline in value.
So be careful with investing in digital currencies! Don’t use money that you’ll need in short or midterm!
Pros of using cryptocurrency for international transfers through Coinbase:
- It’s a cheap way to send money between almost any two countries in the world
- It’s getting more and more popular
- You can use your bank account, debit card, or credit card to do the deposit into your digital wallet in Coinbase
- You can use it to receive payments from overseas from any person that has their own digital wallet (your digital wallet can be through Coinbase or any other platform that works with cryptocurrency)
- It’s very easy – you can do everything online
- There’s no minimum transaction
Cons of using cryptocurrency for international transfers through Coinbase:
- The value of the digital currencies still varies a lot (AKA: it’s highly volatile), so it’s possible that the amount you send may already be worth more or less by the time it arrives at the destination
- You have a pay a fee of a small percentage of the total value you deposit in Coinbase. If you use a credit card, this fee can be up to 3%
- It can take a few days for the purchase of Bitcoin to be finalized. With Ethereum and Litecoin, the buy and sell confirmation is faster
- It’s a new market and many people still don’t know how it works
Personal experience with Coinbase:
On a previous occasion, I opted to use digital currencies to pay for an online purchase, as it was more cost-effective compared to using credit cards. I chose to utilize Coinbase to purchase a small amount of Bitcoins and transferred them to the online store. The process was straightforward and the transaction went smoothly.
Summing up…
The 7 cheapest ways to receive, send, and transfer money abroad:
- Wise
- Xe
- World Remit
- Remitly
- Currency Fair
- Instarem
- Ria
- TransferGo
- OFX
- Paypal
- Coinbase
In Brief….
Like any significant financial transaction, it’s crucial to research and compare options when making international money transfers. Variables such as exchange rates and transfer fees can significantly affect the amount of money sent or received.
To simplify the process, you can select a specific amount, such as $500 USD, and test each of the alternatives outlined above to determine which one provides the most value in terms of the amount received. Though it may require extra effort, it can ultimately save you money and guarantee that you receive the best possible deal.
Protect yourself against fraud and common scams with international money transfers!!
Use only the companies listed above to transfer money to trusted individuals or reputable companies with positive feedback. Do not transfer money to anyone you don’t know personally. Additionally, be cautious if a family member or friend sends you an urgent message requesting money but you are unable to contact them through phone, Skype, WhatsApp, or other reliable means.
By paying attention to strange signs like the ones below, you can tell if you’re being the victim of a scam or not….and then avoid it if you are. Think very carefully before making a transfer. If you’re not sure, don’t take the risk!
Don’t send/transfer money to people or companies:
- If you or your family/close friends don’t know them personally
- For a deposit to buy a property or a rent payment. Take note of this one because it is one of the most common scams for people that live abroad! ONLY send them if you are personally in the city where you are renting and you have personally visited the property & met with the agent/landlord of the place that’s to be rented or purchased. Seriously, this scam is a lot more common than you think….and a lot of people who move abroad get screwed by it!
- To buy something online. You shouldn’t have to use an international transfer for this, better to use a credit card or Paypal (which have payment protections)
- From a place claiming to protect you from a virus that doesn’t accept credit cards (since all trusted antivirus companies should)
- For an emergency situation that hasn’t been confirmed by a friend or family member
- To “redeem” lottery winnings or prizes….another super common scam!
- To make charitable donations. Ask for another way to contribute…be wary of any charity asking for international money transfers
- To start working as a mystery shopper. You should never have to pay for this, it’s free!
- To get a job….this is always a scam! Don’t pay a company to start working with them!
- For a credit card fee or loan. These fees are ALWAYS paid via your credit card and not through international money transfers
Use only the companies listed above to transfer money to trusted individuals or reputable companies with positive feedback. Do not transfer money to anyone you don’t know personally. Additionally, be cautious if a family member or friend sends you an urgent message requesting money but you are unable to contact them through phone, Skype, WhatsApp, or other reliable means.
Conclusion…
That brings us to the end of this guide on making international money transfers securely, affordably, and easily.
If you have any queries or apprehensions, feel free to post them in the comments section below, and I’ll get back to you at the earliest.
Planning your next trip?
Then don’t forget travel insurance! You don’t want to get stuck paying a ton of money and ruining your trip if you get sick or have an accident without travel insurance. Our page with The 3 Best and Cheapest Travel Insurance on the Market can help you choose the right plan and will give you some discount coupons for the biggest insurance companies!
Already reserved your hotel or hostel? If not, our article with The 6 Best and Cheapest Websites to Find & Reserve Accommodation can help you out. You’ll also find some promotions and discount codes.
Still haven’t booked your plane ticket and want to save big? Take a look at our page with 16 Tips to Save on Flights where you’ll also find the 4 best websites to buy your plane tickets.
And finally, will you need to rent a car during your trip? Then surely our page with The 5 Best and Cheapest Websites to Compare and Rent Cars Around the World will help you choose the best rental car and find a good deal.