Last Updated on July 10, 2023 by Rodrigo @ OutofYourComfortZone

Top 9 most cost-efficient online services for international money transfers. These platforms are user-friendly and provide instant calculation of transfer fees and the final amount after currency conversion, allowing you to verify before initiating the transfer. They support more than 40 different currencies across over 70 countries, including the Netherlands!

Access the complete list of the nine top options by clicking here.

While it may not appear directly related to travel, this subject can be highly beneficial for travelers and immigrants who require financial transfers to or from overseas. (I’ll explain later how this article can be advantageous for them).

(By the way, if you or someone you know is planning or interested in living abroad, be sure to visit our page featuring 10 alternatives for residing 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 preparing for an international trip and want to save money when exchanging currencies (we’ll explain more about this later). You are studying or participating in an exchange program in the Netherlands and need to receive money from your family in your home country.
• You need to send money to the Netherlands to assist your family members who are studying or participating in an exchange program abroad. You work in the Netherlands and need to send money to your family in your home country.
• You are residing in the Netherlands, but your funds are in your home country and you need to transfer money to yourself. 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 prevent fraud!).
• You are traveling and have run out of money, and your family needs to send you money to help you continue your journey.
• You have been the victim of theft while traveling and require financial assistance from your family. You are earning a salary in the Netherlands and want to invest your earnings in your home country.
• You have international accounts and need to transfer funds to your country. You want to make online international money transfers without visiting a physical bank branch.

It’s important to remember that the website options presented below are valid for individuals from any country in the world, such as Brazil, Portugal, the United States, Ireland, Canada, Mexico, Spain, Japan, among others. So let’s get started!

 

 

 

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

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

 

#1) BANKS

Many individuals worldwide mistakenly believe that using a bank is a simple and cost-effective method for sending or receiving international funds. However, this assumption couldn’t be further from the truth!

Sending global transfers through banks can be EXTREMELY EXPENSIVE!! Banks utilize SWIFT codes (or BIC) and IBAN for incoming and outgoing international wire transfers…and they will take advantage of you!

Typically, they impose a percentage fee on the total transfer amount, coupled with a separate fee that can sometimes be almost as much as the transfer itself…and as if that weren’t enough, the exchange rate they offer is abysmal! So, if you opt to transfer money to another country using a bank, you’re likely to lose a significant and unnecessary amount of money.

For instance, if you use an American bank to transfer money to a European bank, fees could easily accumulate to at least $45 for a single wire transfer (in addition to an unfavorable exchange rate).

Xe (one of the companies I recommend below) provides an extensive comparison between their rates and those of major banks for international wire transfers (formerly known as HiFX, prior to its acquisition).

 

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 Netherlands:

#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)

 

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

WorldRemit is a company authorized and licensed by the National Bank of Belgium, with its headquarters located in Brussels. They provide their services in over 150 countries, including the United States, the United Kingdom, India, Brazil, and several European countries. WorldRemit supports over 90 currencies.

While WorldRemit offers transfers to Brazil, it’s important to note that their website is not available in Portuguese. In addition to money transfers, the company also facilitates mobile top-ups in over 110 destinations. They charge minimal service and exchange fees, and the first international money transfer is free of charge, without any 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

 

 

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 in a similar manner to Wise, offering a comparable process for money transfers.

However, CurrencyFair has a drawback in that it has a narrower range of supported currencies and does not include certain currencies, such as the Brazilian real.

 

 

 

Pros of using CurrencyFair for international money transfers:

• It’s a super cheap way to send and receive money from other countries – they only charge around 0.35% of the total value, like Wise does
• They use the official exchange rate (which is much better than the “tourist” rates banks use)
• It’s super practical – you can do everything online
• You can send funds to more than 18 countries, including those that use the Euro
• As with Wise, you can use CurrencyFair for your Business to pay suppliers or employees
• It’s cheaper and faster than doing international transfers with a bank
• There isn’t a minimum transaction amount
• Now they are also working with Indian Rupee (INR)

 

Cons of transferring money with CurrencyFair:

• It only works with about half the number of currencies Wise does

 

Personal experience with CurrencyFair:

I’ve also used CurrencyFair to send money from the United States to Sweden, and it worked just as well as Wise did.

Here’s a quick video on how to sign up for free:

 

And how to do a transfer with CurrencyFair:

 

 

 

   6. Instarem

Instarem is a fintech company specializing in global currency exchange and money transfer services. Established in 2014 in Singapore, the company operates in over 25 countries worldwide, utilizing advanced technology to offer efficient, convenient, and cost-effective financial solutions to its clients.

Instarem prides itself on providing highly competitive rates that are transparently displayed to customers. Moreover, the company offers a loyalty program that rewards users with points for their quick and seamless money transfers from anywhere in the world.

In addition to its financial services, Instarem offers a comprehensive range of travel insurance products. These insurance solutions cover various contingencies such as medical emergencies, trip cancellations, and lost baggage, among others. Each insurance plan is tailored to meet the specific needs of individual clients and can be easily purchased through the mobile app or website. Instarem also 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

 

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 reputable provider of international money transfer services catering to European individuals and visitors looking to send money abroad.

While their services are available in over 60 countries worldwide, please note that transfers to Brazil are currently limited to customers with European bank accounts. Nonetheless, TransferGo offers a range of transfer options and competitive rates to meet their clients’ needs.

Customers can conveniently send money from their bank account, debit card, or credit card, allowing for flexibility. TransferGo provides two transfer speed options: fast transfers, which can be completed within 30 minutes, or low-fee economic transfers, which may take up to three days to finalize.

The transfer process with TransferGo is user-friendly and straightforward, making it 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

OFX is a renowned global financial institution specializing in offering money transfer services to individuals and businesses across the world. Established in Australia in 1988, it has expanded its reach to other countries, including the United States, Canada, the United Kingdom, and New Zealand. With competitive exchange rates and low transfer fees, OFX aims to provide personalized services tailored to meet the unique needs of its customers.

The company is committed to delivering secure, swift, and cost-effective international money transfer solutions, supported by round-the-clock customer assistance. Whether it’s wire transfers, bill payments, or recurring transfers, OFX offers a range of transfer options to accommodate the diverse requirements of its clientele.

OFX is particularly advantageous for individuals and businesses that require transferring significant amounts of money overseas, such as expatriates, international students, and global trade enterprises. With a proven track record of delivering exceptional customer service and satisfaction, OFX has established itself as a reliable and highly regarded participant in the international money transfer industry.

 

 

 

   Bonus 3. PayPal

PayPal is a widely recognized online payment platform utilized for conducting transactions with various parties. It is commonly employed for making payments on platforms like eBay and other e-commerce websites.

Although PayPal does provide international money transfer services, one constraint is that you can solely withdraw funds to a US bank account.

Nevertheless, you have the flexibility to utilize the funds in your PayPal account for purchases at online retailers that accept PayPal payments or transfer your balance to another PayPal user.

 

 

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 recent alternative in the global financial market. While still a relatively new concept, their popularity is steadily increasing.

One significant advantage of digital currencies is their cost-effectiveness for international money transfers compared to traditional channels. Moreover, transactions can be swiftly processed within minutes, regardless of the recipient’s geographical location.

 

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

 

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 is essential to conduct thorough research and compare alternatives when it comes to international money transfers. By investing time in comparing exchange rates, transfer fees, and other relevant factors, you can significantly minimize the costs associated with sending or receiving funds.

To streamline the process, you can select a specific amount, such as $500 USD, and evaluate each of the previously mentioned options to determine which one provides the highest value in terms of the amount received. Although this may require some additional effort, it can ultimately help you save money and secure the most advantageous 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!