Last Updated on July 12, 2024 by Lohanna Reis

Here are the top ten affordable and user-friendly choices for international money transfers. You can easily calculate shipping costs and the final converted amount before confirming the transfer. These services support over 40 currencies across more than 70 countries, including transactions with the South Korea!

To view the full list directly, click here.

While this subject may not seem directly related to travel, it can be incredibly valuable for individuals who are traveling or have loved ones residing overseas and need to transfer money. Later on, I will explain how this article can be beneficial for travelers and immigrants.

(By the way, if you or someone you know is considering or interested in living abroad, do check out our page featuring 10 alternatives for living abroad.)

 

 

 

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:

• Looking to save money on currency exchange when traveling overseas Enrolled in a program in South Korea and in need of financial support from family back home
• Having family members working or studying abroad who require a money transfer to South Korea Working in South Korea and needing to transfer money to family in your home country or to yourself if your funds are located in your home country
• Partner working overseas who needs to send funds back to you
• Receiving payments from international clients or suppliers, or needing to make an international payment while avoiding scams
• Running out of funds while traveling and requiring your family to send you money to continue your journey
• Experiencing theft while traveling and needing assistance from family to send money
• Receiving a salary in South Korea and wishing to transfer money back to invest in your home country
   
• Having international accounts and needing to transfer funds back to your home country
• Online money transfers are a convenient option that eliminates the need to visit a bank branch.

Note that the options listed below are available to individuals from any country worldwide, such as Portugal, the United States, Ireland, Argentina, Spain, and more. So let’s get started!

 

 

 

Important note: Official/spot exchange rate vs. retail/tourist exchange rate

In this article, we will discuss the “wholesale/corporate exchange rate” and the “travel exchange rate”.

To simplify, exchanging money using the wholesale/corporate exchange rate or the closest rate to it is the better option, as it will result in less money lost during currency conversion. The wholesale/corporate exchange rate is used in the financial market where large amounts of money are traded, much like “wholesale” exchange rates.

Most of the companies recommended below use the wholesale/corporate exchange rate or a rate very close to it. We will indicate when they do not.

 

 

In contrast, the travel exchange rate is used when exchanging money at airports, banks, exchange offices, and the like. They use the travel exchange rate because they have more costs and want to earn more from the transaction. This is the worst exchange rate available.

In summary, always try to exchange currencies using the wholesale/corporate exchange rate and not the retail/travel exchange rate. We will indicate which rate each company uses below.

 

How to save money when sending money abroad while traveling?

As you may already know from reading our article on managing money and currency exchange while traveling, using your debit, credit, or prepaid card abroad will result in a 6.38% IOF fee on the value of each transaction. This can add up to 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 traveling. However, carrying large amounts of cash is not advisable, and the rates used by exchange brokers are usually the travel rate and may not be very attractive, resulting in you losing money during the transaction.

A more economical alternative for travelers is to use one of the options below to send money to family and friends in countries they will be visiting on their trip. This way, when they arrive in that country, they can retrieve the money back in the local currency from acquaintances who received the money from their home country.

For example, let’s say someone is in Brazil and plans to travel to South Korea, where their brother is studying. They can use one of the nine companies below to send money to their brother’s checking account. Their brother can retrieve the money in Dominican pesos and give it back once they arrive in South Korea. This way, they don’t need to exchange money before leaving Brazil or immediately after arriving in South Korea.

Now, let’s explore the nine best and most affordable 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

 

 

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

 

 

 

 

 

 

Then what are the cheapest and most practical ways to do international money transfers?

 

    1. Wise (formerly Transferwise)

 

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 prominent platform that facilitates international money transfers. Alongside other options like Wise and CurrencyFair, Xe is a trustworthy alternative for sending and receiving funds across borders.

Moreover, Xe is one of the world’s largest websites for tracking exchange rates between any two currencies, including their historical trends. This feature is particularly useful in determining whether a particular currency is appreciating or depreciating relative to another.

To determine the fees for a transfer, you must first register for a free account with Xe.

It’s worth noting that Xe doesn’t support money transfers to certain countries. Nonetheless, it’s an excellent option for individuals of various nationalities looking to send or receive funds from countries worldwide.

 

 

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 headquartered in Brussels and is authorized and regulated by the National Bank of Belgium. The company operates in over 150 countries, including the United States, the United Kingdom, India, Brazil, and various European countries.

WorldRemit supports more than 90 currencies and offers mobile top-up services in over 110 destinations. The company charges minimal exchange and service fees, and the first international money transfer is free of charge.

 

 

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 become a major player in the international money transfer sector. Although it began serving only the United States, it has since expanded its services to many other countries around the world.

One of the standout features of Remitly is its ability to transfer money remotely. This means that users can send money to another country and have it delivered in cash to the recipient’s preferred location using Remitly’s delivery service.

In addition to the delivery service, Remitly also provides 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

 

 

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 global fintech company that specializes in currency exchange and money transfer services. Established in 2014 in Singapore, it currently operates in over 25 countries worldwide, utilizing advanced technology to provide its customers with efficient, convenient, and cost-effective financial services.

Instarem offers highly competitive rates that are clearly displayed for customers to view. Additionally, it has a rewards program that allows you to earn points whenever you transfer money quickly and with ease from anywhere.

When it comes to 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 tailored to meet the unique requirements of each customer and can be easily purchased through its website or mobile app. Furthermore, Instarem collaborates 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

Established in 1987, Ria is a renowned global money transfer provider with its headquarters situated in the United States. Over the years, Ria has expanded its reach globally, providing wire transfers, bank deposits, and bill payments to its customers.

With a network of more than 436,000 agent locations spread across over 160 countries, Ria aims to provide secure, hassle-free, and cost-effective solutions to households and individuals in need of sending 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 European-based company that specializes in providing international money transfer services to European residents and travelers who need to send money abroad. Their services are available in over 60 countries worldwide, although sending money to Brazil is currently only available for customers with European bank accounts. Despite this limitation, they offer various transfer options and competitive rates to their clients.

TransferGo offers flexibility by allowing customers to transfer money directly from their bank account, debit card, or credit card. Customers can choose between fast transfers, which can be processed in as little as 30 minutes, or low-fee economy transfers, which may take up to three days to complete.

The transfer process is simple and user-friendly, making TransferGo a convenient and hassle-free choice 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

 

 

   Bonus 3. PayPal

 

 

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

Digital currencies, like Bitcoin, have recently emerged as a new addition to the global financial landscape. However, their popularity is growing rapidly.

A major benefit of cryptocurrencies is their cost-effectiveness for international money transfers compared to conventional methods. Additionally, transactions can be processed in just a few minutes, regardless of where the recipient is located.

 

• Coinbase (for getting digital currencies like Bitcoin, Ethereum, and Litecoin)

Consider Coinbase as a feasible choice for international money transfers with cryptocurrencies like Bitcoin. Being the largest cryptocurrency exchange globally, Coinbase is a trustworthy platform to use.

To start, sign up for a free account on Coinbase and provide your personal information. Then, transfer funds from your bank account to your digital wallet and buy your desired cryptocurrency. Coinbase offers three options: Bitcoin, Ethereum, or Litecoin.

After acquiring your preferred cryptocurrency, you can send it to anyone globally with a digital wallet by entering their wallet address and initiating the transfer from your own digital wallet.

When the recipient receives the cryptocurrency, they can exchange it for their local currency, such as Reais, Euros, or Dollars, and transfer the funds to their bank account through the Coinbase platform.

With Coinbase’s user-friendly interface and straightforward process, it is a convenient choice for international money transfers. Additionally, if you want to invest in cryptocurrencies, Coinbase is a dependable option due to its size and reputation.

 

 

 

How to invest in Bitcoins or other digital currencies

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:

 

Summing up…

The 7 cheapest ways to receive, send, and transfer money abroad:

1. Wise
2. Xe
3. World Remit
4. Remitly
5. Currency Fair
6. Instarem
7. Ria
8. TransferGo
9. OFX
10. Paypal
11. Coinbase

 

In Brief….  

When it comes to sending or receiving money globally, it’s important to do your due diligence and compare various options. By comparing exchange rates, transfer fees, and other factors, you can ensure that you get the most out of your money.

A useful technique to streamline this process is to choose a specific amount, such as $500 USD, and test each option to see which one offers the best value in terms of the amount received. Although this may take some extra time and effort, it can ultimately save you money and help you find the most favorable 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…

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.