Here are the top nine options for cost-effective and easy-to-use international money transfers. You can instantly calculate shipping costs and the final amount after conversion before confirming the transfer. These services support over 40 currencies in over 70 countries, including transactions with China!

To directly access the complete list, click here.

While this topic may not seem directly related to travel, it can be extremely useful for those who are traveling or have relatives living abroad and need to send money. Later, I will explain how this article can be beneficial for travelers and immigrants.

(By the way, if you or someone you know is planning or wanting to live abroad, check out our page with 10 alternatives for living in 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 are planning an international trip and would like to save money when exchanging cash (more information will be provided later).
• You are studying in China or doing an exchange program and need to receive money from your family in your home country.
• Your family members are studying or studying abroad and need your financial support, so you need to send money to China.
• You work in China and need to send money to your family in your home country. You need to send money to yourself because you are living in China but your money is in your home country.
• Your spouse is working abroad and needs to send money back to you. 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 fraud!). You’re traveling and you’ve run out of money, and your family needs to send you money to help you continue your journey.
• You’ve been the victim of theft while traveling and you need your family to send money to help you out. You are earning a salary in China and want to send money back for investments in your home country.
• You have international accounts and need to transfer money to your country.
• You want to make money transfers abroad completely online, without having to physically go to a bank branch.

Remember that the site options presented below are valid for people from any country in the world, such as Portugal, United States, Ireland, Argentina, Spain, among others. So let’s start!

So let’s get started!

 

 

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

Throughout this article, the “official/commercial exchange rate” and the “tourism exchange rate” will be mentioned.

Simply put, it is more advantageous to exchange money using the commercial exchange rate or the closest to it, as you will lose less money when converting to different currencies. This is the rate used in the financial market where large amounts of money are traded (think of it as “wholesale” exchange rates).

Most of the companies that will be recommended below use the official/commercial exchange rate or something very close to it (it will be mentioned when they don’t).

On the other hand, the tourist exchange rate is the one you will find when exchanging money at airports, banks, exchange offices, etc. They use the tourism exchange rate because they have more costs and also because they want to earn more from you in the operation. This is the worst exchange rate there is.

In other words, always try to exchange currencies using the official/commercial exchange rate and NOT the retail/tourist exchange rate. It will be mentioned which rate each company uses below.

 

How to send money abroad to save while traveling?

As you probably already know (if you’ve read my article on how to handle money and exchange while traveling), if you use your debit, credit or prepaid card abroad while traveling, you’ll pay the 6.38% IOF on the value of each transaction. This is much money!

The cheapest option would be to exchange money in your home country before traveling (buying dollars, euros or other currencies at commercial rates) at banks or exchange offices and using them abroad. However, in addition to not being very advisable to travel with a lot of money in cash, the quotations used by exchange brokers are the tourism quotation and are not always very attractive, so you could end up losing money in this transaction.

A more economical alternative for those traveling is to use one of the options below to send money to family and friends in countries you will be visiting on your trip. So, when you arrive in that country, you get the money back in the local currency from the acquaintances who received your money from your country.

For example, let’s say I’m in Brazil and I’m planning to travel to China, where my brother is studying. I use one of the 9 companies below to send money to my brother’s checking account. He will take this money in Australian dollars and then give it back to me once I get there in China. That way, I don’t need to exchange money before leaving Brazil or right after arriving in China.

Now let’s talk about the 9 best and cheapest companies and websites to send, receive and transfer money abroad, but first…

 

What’re the 3 ways you should NEVER send and receive money abroad?

 

#1) BANKS

Many people worldwide believe that using a bank is a simple and cost-effective way to transfer or receive funds internationally. However, this assumption is far from accurate!

Performing global transfers through banks is EXPENSIVE! Banks use SWIFT code (or BIC) and IBAN for incoming and outgoing global wire transfers…and they will take advantage of you!

Typically, they charge a percentage of the total transfer amount plus a fee that can sometimes be almost equal to the transfer itself…and to make matters worse, the exchange rate they offer is terrible! So, if you transfer money to another country using a bank, you will likely lose a significant amount of unnecessary money.

For example, if you use an American bank to transfer money to a European bank, fees can quickly add up to a minimum of $45 for a single wire transfer (plus a terrible exchange rate).

Xe (one of the companies I recommend below) offers a comprehensive comparison of their rates and the rates of major banks for global 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

 

 

 

 

But if so many other individuals use Western Union and MoneyGram, why should you avoid them?

Because they…

• Are extremely expensive and take a substantial percentage of the funds you are sending (For instance, MoneyGram will charge you almost 25% of the amount you are transferring – which is $22 for a $100 transfer…a complete ripoff!)
• Don’t offer online options for sending or receiving money (you must personally visit their branch and the recipient must do the same) 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 China:

#1) Banks

#2) Western Union

#3) MoneyGram

 

 

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

 

    1. Wise (formerly Transferwise)

Wise, formerly known as TransferWise, was created by the same team that brought us Skype, and is arguably one of the most affordable and uncomplicated ways to transfer money internationally. It’s my personal favorite and the one I frequently use.

To utilize Wise, you just require a bank account in the currency of the country where you’re sending the money (Note that the account doesn’t need to be in your name, which makes it a suitable option for sending money to family and friends).

Just specify the currency and the sum you want to send (e.g., R$ to euros), then input the amount you want to transfer (e.g., 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 critical to remember that Wise employs the official exchange rate provided by Google for the Real to Euro conversion. This indicates that regardless of the transfer direction or currencies employed, it is the best possible rate.

After that, fill out the required information to register, and enter the recipient’s bank details (even if it’s your own foreign account). Wise will also provide you with a bank slip to pay the transfer amount, with no additional charges for issuing the slip. You can pay the slip at a bank, even if you don’t have an account there, or online through internet banking from home.

In certain instances, depending on the country of origin, you can also transfer funds to Wise via domestic transfer, debit card, or credit card (although paying with a credit card incurs an extra fee).

Within 1-3 days, the funds will be deposited into the recipient’s account.

 

 

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 well-known platform that offers international money transfer services. Similar to Wise and CurrencyFair, Xe is a reliable option for sending and receiving money across borders.

Additionally, Xe is one of the largest websites worldwide for checking exchange rates between any two currencies, including their historical values. This feature is incredibly useful for determining whether a particular currency is appreciating or depreciating against another.

To determine transfer fees, you must sign up for a free account with Xe in advance.

It’s important to note that Xe doesn’t offer money transfer services to some countries. Nevertheless, it’s an excellent alternative for individuals of other nationalities who want to send or receive money from different countries around the world.

 

 

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 regulated company by the National Bank of Belgium, with its headquarters located in Brussels. Their services are available in more than 150 countries, including the United States, the United Kingdom, India, Brazil, and numerous European countries.

They support over 90 currencies and provide mobile top-up services in over 110 destinations. The company imposes minimal exchange and service fees, and the initial international money transfer incurs no fees.

 

 

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 well-known name in the international money transfer industry. Although it initially offered services only within the United States, it has now expanded to serve many countries worldwide.

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

Along with the delivery service, 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

 

 

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 fintech company that specializes in global currency exchange and money transfer services. Founded in 2014 in Singapore, the company operates in over 25 countries worldwide and uses advanced technology to provide efficient, convenient, and cost-effective financial services to its clients.

Instarem’s rates are highly competitive and clearly displayed for customers to see. Additionally, the company has a loyalty program that allows you to earn points when you make fast and hassle-free money transfers from any location.

Regarding travel insurance, Instarem provides a comprehensive suite of products that covers medical emergencies, trip cancellations, lost baggage, and other unforeseen events. Its insurance solutions are tailored to meet the specific needs of each client and can be conveniently purchased through the mobile app or website. Moreover, Instarem collaborates with leading insurance providers to ensure that its clients receive the most optimal 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 global money transfer company that has been providing its services to people worldwide since its establishment in 1987. The company’s headquarters are located in the United States, and it has been expanding its presence globally.

Ria’s services include wire transfers, bank deposits, and bill payments, and it has an extensive network of more than 436,000 agent locations in over 160 countries worldwide.

The company’s primary objective is to provide safe, convenient, and cost-effective solutions to individuals and families who want to transfer money to their loved ones across 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 well-known company that specializes in overseas money transfer services for European residents and tourists who want to send money internationally.

They provide services in over 60 nations worldwide, but currently, sending money to Brazil is only accessible to clients with European bank accounts. Nonetheless, they provide various transfer alternatives and reasonable prices for their clients.

TransferGo offers the flexibility to transfer money directly from a bank account, debit card, or credit card. Customers may choose between quick transfers, which may take up to 30 minutes to process, or low-fee economic transfers, which may take up to three days to complete.

The transfer process is simple and user-friendly, making TransferGo a suitable and stress-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

Paypal is a widely used platform for online payments and transactions with other parties. If you have ever shopped on eBay, you have probably used Paypal to make a payment.

Paypal can also be used for international money transfers, although one limitation is that you cannot withdraw funds without a linked US bank account.

 

One alternative is to use the funds in your Paypal account to make purchases at online retailers that accept Paypal as a form of payment, such as eBay. Additionally, you can transfer your Paypal balance to another individual.

 

 

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 landscape. Despite their recent emergence, their popularity is on the rise.

One significant advantage of digital currencies is their cost-effectiveness for sending money across borders compared to traditional methods. Furthermore, transactions can be completed in a matter of minutes, regardless of the recipient’s location.

 

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

I recommend considering Coinbase as a viable platform for international money transfers using cryptocurrencies such as Bitcoin. As the world’s largest cryptocurrency exchange, Coinbase is widely regarded as a trustworthy platform.

To begin, you will need to create a free account on Coinbase and provide your personal information. You can then transfer funds from your bank account to your digital wallet and purchase your preferred cryptocurrency from the three options available on Coinbase: Bitcoin, Ethereum, or Litecoin.

After acquiring your desired cryptocurrency, you can transfer it to anyone worldwide who has a digital wallet by entering their wallet address and initiating the transfer through your own digital wallet.

Once 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.

Coinbase’s user-friendly interface and straightforward process make it an attractive option for international money transfers. Moreover, if you are interested in investing in cryptocurrencies, Coinbase is an excellent choice due to its reputation and size.

 

 

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….  

Just like with any significant financial decision, it is essential to conduct research and compare various options when sending or receiving money internationally. Comparing exchange rates, transfer fees, and other factors can significantly impact the amount of money you send or receive.

One way to simplify the process is to select a fixed amount, such as $500 USD, and try each of the above options to see which one provides the most value in terms of the amount received. While it may require extra effort, it can ultimately save you money and help you secure 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…

 

 

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. WorldNomads is ideal for adventurous travelers, backpackers, or anyone looking to be protected during their trip. They cover almost every single activity you can image! Plus, you can have a 5% discount with the coupon code comfort5.

Already reserved your hotel or hostel? If not, we recommend Booking.com. They have a huge selection of hotels and hostels all over the world. Plus, in most cases, you can cancel your reservation up to a few days before the check-in date without any costs! 

Still haven’t booked your plane ticket and want to save big? Take a look at Momondo. It’s a flight aggregator that combines several other ticket search websites to make it easier for you to compare prices and make sure you are getting the best deal. 

 

And finally, will you need to rent a car during your trip? Then check out Rentalcar.com to search and compare car rental companies from all over the world in a single website. Then, you can find the cheapest price for the best car!