Last Updated on by Lohanna Reis
Top 9 most cost-effective digital platforms for international money transfers. User-friendly with real-time calculation of transfer fees and final amount after currency conversion, prior to confirmation. Supporting over 40 currencies across 70+ countries, including transactions with Portugal!
Click here to directly access the complete list of the top nine options.
While it may not seem directly related to traveling, this information can be extremely beneficial for those who are traveling or have family members living abroad who require financial transfers. (Later, I will explain how this article can benefit travelers and immigrants).
(Additionally, if you or someone you know is considering living abroad, take a look at our page that provides 10 options for relocating to other countries).
Here are some scenarios where you can use the services of some of the companies that will be mentioned below to send money to other countries:
- You may be planning a trip overseas and would like to save money on exchanging cash (more on this later).
- You are participating in a study abroad program or studying in Portugal and need money from your family in your home country.
- Your family members are working or studying abroad and require your financial assistance, so you need to send money to Portugal. You are employed in Portugal and need to send money to your family in your home country.
- You need to transfer funds to yourself as you live in Portugal but your money is in your home country. Your spouse works overseas and needs to send you money. You need to send or receive money from international suppliers/customers.
- You need to make an international payment (read the end of the article to learn how to avoid scams!). You’re traveling and have run out of money, and your family needs to send you money to help you continue your journey.
- You have been robbed while traveling and require your family to send money to help you. You earn a salary in Portugal and want to send money back home for investments in your home country.
- You have international accounts and need to transfer money to your home country. You want to make online international money transfers without the need to visit a physical bank branch.
It’s important to note that the website options presented below apply to individuals residing or citizens of any country worldwide, including Portugal, the United States, Ireland, Argentina, Spain, among others. So, let’s get started!
Table of Contents
- 1 Important note: Official/spot exchange rate vs. retail/tourist exchange rate
- 2 How to save money when traveling abroad?
- 3 What’re the 3 ways you should NEVER send and receive money abroad?
- 4 Then what are the cheapest and most practical ways to do international money transfers?
- 5 How to do international transfers using digital currency
- 6 How to invest in Bitcoins or other digital currencies
- 7 Protect yourself against fraud and common scams with international money transfers!!
- 8 Planning your next trip?
Important note: Official/spot exchange rate vs. retail/tourist exchange rate
In this article, we will examine the disparities between the “official/commercial exchange rate” and the “tourism exchange rate.”
To put it simply, it is always more advantageous to exchange your money at the commercial exchange rate or the closest possible rate, as you will lose less money when converting currencies. The commercial exchange rate is the rate used in the financial market for trading large sums of money, like “wholesale” exchange rates.
Most of the companies we recommend below use the official/commercial exchange rate or something very close to it, except for when they don’t, and we’ll mention that.
On the other hand, the tourism exchange rate is the rate you’ll find when exchanging money at airports, banks, and exchange offices. They use the tourism exchange rate because they have additional costs and want to earn more from you during the transaction. This is the least favorable exchange rate.
Therefore, always strive to exchange currencies using the official/commercial exchange rate and NOT the retail/tourist exchange rate. We have specified which rate each company uses in the list below.
How to save money when traveling abroad?
As you may already know from our previous article on handling money and exchanging while traveling, using your debit, credit or prepaid card abroad while traveling will incur a 6.38% IOF charge on the value of each transaction. This amounts to a significant sum of money!
The cheapest option would be to exchange money in your home country before traveling, buying dollars, euros, or other currencies at commercial rates from banks or exchange offices, and using them while abroad. However, carrying a large amount of cash while traveling is not recommended, and the quotes used by exchange brokers are tourism quotations and may not be very appealing, resulting in a loss of money.
A more cost-effective 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 Portugal and plan to travel to Spain, 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 euros and return it to you upon your arrival in Spain. This way, you don’t have to exchange money before leaving Portugal or upon arriving in Spain.
Now, let’s discuss 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 assume that using a bank is a straightforward and cost-effective way to transfer or receive money internationally. However, this is far from the truth!
Global transfers through banks can be EXTREMELY EXPENSIVE! Banks utilize SWIFT code (or BIC) and IBAN for incoming and outgoing international wire transfers, and they will take advantage of you!
Typically, they charge a percentage of the total amount transferred, as well as a fee that can sometimes be nearly equal to the transfer itself…and to make matters worse, the exchange rate they offer is usually unfavorable! Therefore, if you use a bank to transfer money to another country, you’ll likely lose a significant amount of money unnecessarily.
For instance, if you use a U.S. bank to transfer money to a European bank, fees could quickly add up to at least $45 for a single wire transfer (in addition to a poor exchange rate).
Xe (which I recommend below) offers a comprehensive comparison of their rates and the rates of major banks for international wire transfers (formerly known as HiFX, which was 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 $100 transfer…an absolute ripoff!)
- Do not provide online options for sending or receiving money (you must personally visit their branch and so must the recipient) Typically use the retail/tourist exchange rate (also known as the unfavorable rate)
One last time, here are the 3 ways you should NOT do international transfers to Portugal:
#1) Banks
#2) Western Union
#3) MoneyGram
Then what are the cheapest and most practical ways to do international money transfers?
I will now present my top picks based on cost-effectiveness and user-friendliness, whether it’s through mobile applications or web platforms. Nevertheless, I highly recommend testing out all of the available choices to determine which one meets your needs and budget the most.
1. Wise (formerly Transferwise)
Wise (previously known as TransferWise) is an excellent choice for affordable and user-friendly money transfers abroad. It’s my preferred option and the one I use frequently.
To use Wise, you need a bank account in the destination country’s currency, which can belong to someone else, making it perfect for sending money to friends and family. Simply input the currency and amount you want to transfer, such as R$ to euros, and the amount you wish to send, such as R$1,000. Wise will provide you with the final amount the recipient will receive in euros, including all fees, taxes, and other costs.
It’s worth noting that Wise uses Google’s official exchange rate for Real to Euro conversions, ensuring you receive the best rate available, regardless of the transfer direction or currencies involved.
To proceed, enter your information, including the recipient’s bank details, even if it’s your overseas account. Wise will generate a bank slip for you to pay the transfer amount, with 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 online using internet banking from your home.
In certain 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).
The recipient’s account will receive the funds within 1-3 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
Xe is a reputable platform that facilitates international money transfers for individuals. Like CurrencyFair and Wise, this service is also available on Xe.
In addition, Xe is one of the world’s largest websites for checking exchange rates between any two currencies, along with their historical values. This feature is particularly valuable for assessing whether a specific currency is appreciating or depreciating relative to another.
To determine transfer fees, you must create a free account with Xe in advance.
It’s crucial to note that Xe does not offer money transfer services to certain countries. However, it is a fantastic option for individuals of other nationalities who want to send or receive money from multiple countries across the globe.
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 an authorized and licensed company, operating in over 150 countries, including the United States, the United Kingdom, India, Brazil, and several European countries. They allow transactions in more than 90 currencies and provide mobile top-ups in over 110 destinations.
Apart from facilitating money transfers, WorldRemit offers mobile top-ups in more than 110 destinations and provides low service and exchange fees. They also offer a fee-free first international money transfer.
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 is a major player in the global money transfer sector, having extended its services to various countries across the globe after initially offering them only within the United States.
A significant advantage of using Remitly is its remote remittance service, which enables users to send money to a different country and have it delivered to the recipient’s preferred location in cash via their delivery service.
In addition to their delivery service, Remitly also facilitates 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
CurrencyFair operates similarly to Wise, and the money transfer process is almost the same.
However, CurrencyFair has a limitation in that it offers services for fewer currencies and does not support some 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 company specializing in global currency exchange and money transfer services. Founded in 2014 and based in Singapore, the company operates in more than 25 countries worldwide and utilizes advanced technology to offer efficient, convenient, and cost-effective financial services to its clients.
Instarem displays its rates transparently for customers and offers a rewards program where you can earn points for making fast and hassle-free money transfers from anywhere.
In terms of travel insurance, Instarem provides a comprehensive range of products that cover medical emergencies, trip cancellations, lost baggage, and other unforeseen events. Its insurance solutions are customized to meet the specific needs of each customer and can be easily purchased through the mobile app or website. Moreover, Instarem collaborates with leading insurance providers to ensure that its clients 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 an international financial services firm that provides money transfer options to individuals across the globe. Since its inception in 1987, the company has grown significantly, with its headquarters based in the United States.
Ria’s offerings include wire transfers, bank deposits, and bill payments, and it has an extensive network of over 436,000 agent locations in more than 160 countries worldwide.
With a focus on providing secure, easy-to-use, and cost-effective money transfer options, Ria caters to people and families who want to send money to their loved ones worldwide.
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 renowned company based in Europe that specializes in international money transfer services. Its services cater to European residents and visitors who need to send money overseas.
They operate in over 60 countries worldwide, although money transfers to Brazil are currently restricted to European bank account holders. However, they offer multiple transfer options and competitive fees to their clients.
TransferGo allows clients to send money directly from their bank account, debit card, or credit card. They offer both fast transfers, which can be completed in as little as 30 minutes, and low-fee economic transfers, which may take up to three days to complete.
The transfer process is simple and user-friendly, making TransferGo an accessible and 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
Change few words: OFX is a global financial institution that specializes in providing international money transfer solutions to individuals and businesses. The company was established in Australia in 1988 and has since expanded its operations worldwide, including the United States, Canada, the United Kingdom, and New Zealand. OFX offers competitive exchange rates and low transfer fees, as well as customized services to meet each customer’s unique requirements.
The company’s primary objective is to provide secure, fast, and cost-effective money transfer services with 24/7 customer support. OFX offers a variety of transfer options, including wire transfers, bill payments, and recurring transfers.
OFX is an ideal option for individuals and businesses that need to send large sums of money abroad, such as expatriates, international students, and companies engaged in global trade. With a proven track record of exceptional customer service and satisfaction, OFX is a trustworthy and renowned name in the international 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 renowned online payment platform that allows users to conduct online transactions with ease. It is widely used on platforms like eBay for making payments.
PayPal can also be utilized for international money transfers. However, one of its drawbacks is that users cannot withdraw funds without having a US bank account linked to their account.
One workaround is to use the balance in your PayPal account for online purchases from retailers that accept PayPal. Moreover, you can transfer your PayPal balance to another individual’s 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 such as Bitcoin are a relatively new addition to the global financial market. While still in their infancy, they are gaining traction rapidly.
One significant advantage of digital currencies is their ability to facilitate low-cost international money transfers compared to traditional methods. Moreover, transactions can be completed within minutes, regardless of the recipient’s location.
- Coinbase (for getting digital currencies like Bitcoin, Ethereum, and Litecoin)
I recommend using Coinbase as a trustworthy platform for sending money globally through cryptocurrencies like Bitcoin. It is known as the world’s largest cryptocurrency exchange and is relied on by many.
To begin, create a free Coinbase account and provide your personal information. Next, transfer funds from your bank account to your digital wallet and buy the cryptocurrency you want. Coinbase offers popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Once you have obtained the cryptocurrency, you can send it to anyone worldwide who has a digital wallet. Just input their wallet address and transfer the coins through your digital wallet.
After the recipient has received the cryptocurrency, they can convert it to their local currency (such as Brazilian reais, Euros, or Dollars) and transfer it to their bank account via the Coinbase platform.
The platform is straightforward to use, and the process is easy. Furthermore, if you’re interested in investing in cryptocurrencies, Coinbase is an excellent choice due to 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….
Just as with any important financial decision, it’s important to do your research and compare options when it comes to sending and receiving money abroad. Taking the time to compare exchange rates, transfer fees, and other factors can make a big difference in the amount of money you end up sending or receiving.
To make the process easier, you can choose a specific amount, such as $500 USD, and test each of the options listed above to see which one gives you the best value in terms of the amount received. While this may take a bit of extra time, it can ultimately help you save money and get the best deal possible.
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 concludes my guide on how to carry out international money transfers with ease, affordability, and safety.
If you have any questions or concerns, feel free to leave a comment in the section below, and I will do my best to assist you promptly.
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.