Explore the best 9 online platforms that offer the most affordable options for international money transfers. These easy-to-use platforms instantly calculate transfer fees and the converted final amount before confirmation. With support for more than 40 currencies across over 70 countries, including Japan, these platforms are ideal for travelers and people with relatives living overseas who require financial transfers.

Click here for the complete list of the top nine choices.

Although it may not seem directly related to travel, it can be incredibly beneficial for those planning to travel or immigrate abroad. (I will explain how in a moment).

(Also, make sure to visit our page featuring 10 alternative countries to relocate to if you or someone you know is considering moving abroad).

 

 

 

Here are some scenarios in which you might find the services of the companies mentioned below useful for sending money to other countries:

• You’re planning a trip abroad and want to save money on currency exchange (more on this later).
• You’re participating in a study abroad program or studying in Japan and need money from your family in your home country.
• Your family members are studying or working abroad and need your financial assistance, so you need to send money to another country.
• You’re employed in Japan and need to send money to your family in your home country.
• You need to transfer funds to yourself as you live in Japan, but your money is in your home country.
• Your spouse is working overseas and needs to send you money.
• You need to send or receive money from international suppliers or 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’ve been robbed while traveling and need your family to send money to help you.
• You earn a salary in Japan and want to send money back home for investments.
• 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.
• You may find yourself in various situations where you need to send or receive money from abroad. This can include scenarios like planning a trip overseas and wanting to save money on currency exchange, participating in a study abroad program or working in Japan and needing financial support, transferring funds between your international accounts, or making an online international payment.

The online platforms listed below are available to residents or citizens of any country worldwide, including Portugal, the United States, Ireland, Argentina, Spain, and more. With user-friendly interfaces, instant calculation of transfer fees and final amounts post-conversion, and support for over 40 currencies in more than 70 countries (including France!), these platforms can help you make cost-effective and secure international money transfers.

Let’s dive in!

 

 

 

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

In this article, we’ll discuss the disparity between the “official/commercial exchange rate” and the “tourism exchange rate.”

Essentially, opting for the commercial exchange rate or something very close to it is always more advantageous since it results in fewer losses during currency conversion. The commercial exchange rate is the rate used in the financial market for trading large sums of money, much like “wholesale” exchange rates.

Most of the companies we recommend below use the official/commercial exchange rate or something very close to it, except for a few that don’t, which we will mention.

On the other hand, the tourism exchange rate is the rate offered by airports, banks, and exchange offices when you exchange money. They use this rate because they have additional costs and want to make more money from you during the transaction. This is the least favorable exchange rate.

Therefore, always aim 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 Send Money Abroad and Save Money While Traveling?

As you might know from our prior article on managing money and exchanging currency while traveling, using your debit, credit, or prepaid card overseas results in a 6.38% IOF charge on each transaction’s value, which amounts to a significant sum 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 commercial rates from banks or exchange offices and using them while overseas. However, carrying a large amount of cash while traveling is not recommended, and the quotes used by exchange brokers are tourist quotations and may not be very attractive, resulting in a loss of money.

A more economical alternative for travelers is to use one of the options below to send money to family and friends in the countries you plan to visit during your trip. Upon arrival, you can retrieve the money in the local currency from the acquaintances who received your money from your home country.

For instance, if you’re in Brazil and intend to travel to Australia, where your brother is studying, you can utilize one of the nine companies listed below to transfer money to your brother’s checking account. He can withdraw the money in dollars and return it to you upon your arrival in Australia. This way, you don’t have to exchange money before leaving Brazil or upon arriving in Australia.

Now, let’s explore the nine best and most cost-effective companies and websites for sending, receiving, and transferring money abroad. But first…

 

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

 

#1) BANKS

Many individuals worldwide assume that using a bank is an easy and economical way to send or receive international funds. However, that couldn’t be further from the truth!

International transfers via banks can be COSTLY! Banks use SWIFT code (or BIC) and IBAN for incoming and outgoing global wire transfers…and they will take advantage of you!

They typically levy a percentage of the total transfer amount, as well as a fee that may almost equal the transfer itself…and, to make matters worse, the exchange rate they offer is terrible! As a result, if you send money to another country via a bank, you’re likely to lose a significant amount of money needlessly.

For example, if you use an American bank to transfer money to a European bank, fees could quickly add up to at least $45 for a single wire transfer (in addition to a poor exchange rate).

Xe (one of the companies I suggest below) provides a detailed comparison of their rates and those of major banks for global wire transfers (formerly known as HiFX, which they acquired).

 

 

And this table gives you an idea of the fees charged by banks for incoming and outgoing international wire transfers…ouch!

 

 

#2) and #3) Western Union or MoneyGram

 

 

 

 

These are two of the largest money transfer companies worldwide. Unfortunately, this also implies that many people use them and unwittingly waste their money, simply because they are unaware of better alternatives.

But if so many others use Western Union and MoneyGram, why should you steer clear of them?

Because they…

• Are exorbitantly costly and charge a significant percentage of the funds you are sending (For example, MoneyGram will charge you nearly 25% of the amount you are transferring – which is $22 for a $100 transfer…an absolute ripoff!)
• Do not provide online options for sending or receiving money (you must personally visit their branch and so must the recipient) Typically use the retail/tourist exchange rate (also known as the unfavorable rate)

 

One last time, here are the 3 ways you should NOT do international transfers to Japan:

#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, is an excellent and affordable option for sending money globally, in my opinion. I recommend this service, which I use frequently.

To use Wise, you need a bank account in the recipient’s currency, which can be in someone else’s name, making it ideal for sending money to family and friends. You can specify the currency and amount you wish to transfer, such as BRL to EUR, as well as the amount you wish to send, such as BRL 1,000. Wise will calculate the final amount that the recipient will receive in euros, including all fees, taxes, and other charges.

It’s crucial to note that Wise employs Google’s official exchange rate for BRL to EUR conversions, ensuring that you receive the best possible rate, regardless of the transfer direction or currencies involved.

To proceed, enter your information, including the recipient’s banking information, even if it is a foreign account. Wise will provide you with a payment slip to pay the transfer amount, and there are no additional fees for issuing the slip. You can pay the slip at a bank, even if you do not have an account there, or pay online using internet banking from your home.

In some cases, depending on the origin country, you can transfer funds to Wise using a domestic transfer, debit card, or credit card (with an additional fee for credit card payments).

Funds usually arrive in the recipient’s account within 1-3 business days, though 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

 

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

 

 

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 global money transfer market. Although it was initially limited to the United States, it has since expanded its services to many other countries around the world.

One of the major advantages of Remitly is its capability to offer remote remittance services. This feature enables users to send money to another country and have it delivered to the recipient’s preferred location in cash, 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

 

 

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 prominent financial services firm that provides international money transfer options for individuals around the world. It was founded in 1987 and is headquartered in the United States, with a significant global presence.

Ria’s services include wire transfers, bank deposits, and bill payments. With more than 436,000 agent locations in over 160 countries worldwide, the company has a vast global network.

Their aim is to offer secure, accessible, and economical options for sending money to family and friends across the globe.

 

 

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 financial institution located in Europe that specializes in providing international money transfer services to European residents and travelers seeking to send money overseas.

TransferGo’s services are available in over 60 countries across the globe, with the exception of Brazil, where services are only available to customers with European bank accounts. Nevertheless, TransferGo provides its clients with a range of transfer options that come with competitive fees.

Customers can initiate transfers using their bank account, debit card, or credit card. They offer both fast transfers that can be completed within 30 minutes and low-cost economic transfers that may take up to three days to complete.

The transfer process is user-friendly and straightforward, making TransferGo a convenient option for international money transfers.

When making transfers with TransferGo, you can use this code or coupon: HMSESq

 

 

Pros of using TransferGo for international money transfers:

• There are no daily limits for transfers on TransferGo
• They work with fast transfer options (for a fee of £2.99)
• They allow transfers directly from your bank account, debit card or credit card to foreign accounts
• They have a simple and practical interface to receive money from abroad

 

Cons of using TransferGo for international transfers:

• Each transfer may not exceed the $30,000.00 limit
• It is not possible to transfer money from the USA, Canada, among other countries to Brazil

 

Personal experience with TransferGo:

If you are looking for a company to transfer money from Europe to the rest of the world, this is a great option. In my experience, the whole process is done very simply and cheaply.

 

 

   Bonus 2. OFX

 

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

 

 

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, have emerged as a relatively new asset class in the global financial market and have gained widespread attention.

One of the significant advantages of digital currencies is their ability to facilitate low-cost international money transfers in a much faster time frame compared to traditional methods. Furthermore, these transactions can be executed within minutes, without any geographic restrictions.

 

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

I suggest using Coinbase as a reliable platform for sending international money transfers with the use of cryptocurrencies such as Bitcoin. It is currently the world’s largest cryptocurrency exchange and is trusted by many users.

To start, sign up for a free Coinbase account and provide your personal information. Next, transfer funds from your bank account to your digital wallet and purchase the cryptocurrency of your choice. Coinbase offers popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

Once you have acquired the cryptocurrency, you can send it to anyone around the world who has a digital wallet by simply entering their wallet address and sending the coins through your digital wallet.

Upon receiving the cryptocurrency, the recipient can convert it into their local currency (such as Brazilian reais, Euros, or Dollars) and transfer it to their bank account using the Coinbase platform.

The platform is easy to navigate and the process is straightforward. Additionally, if you’re interested in investing in cryptocurrencies, Coinbase is an excellent 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….  

Just like any important financial decision, it’s important to do your due diligence and compare options when making international money transfers. Factors such as exchange rates and transfer fees can greatly impact the amount of money you send or receive.

To make the process easier, you can choose a specific amount, such as $500 USD, and test each of the options mentioned above to determine which one offers the most value in terms of the amount received. Though it may take some extra effort, it can ultimately save you money and ensure that you 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…

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!