Discover the top 9 online platforms that offer exceptional value for international money transfers. They’re user-friendly and provide an instant calculation of fees and the final converted amount before confirmation. These platforms support over 40 currencies across 70+ countries, including Greece!

For the complete list of the top nine options, click here.

Although it may not seem directly related to travel, this article can be immensely helpful for those who are traveling or have loved ones residing abroad and need to make financial transfers. (Later, I’ll explain how this piece can benefit immigrants and travelers).

(Also, if you or someone you know is planning to relocate to a new country, check out our page on 10 alternative countries to live in).

 

 

 

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

• You might want to save money on foreign currency exchange for your upcoming overseas trip (more on this later).
• You’re participating in a study abroad program or studying in Greece and need financial assistance from your family in your home country.
• Your family members are living or working abroad and require your financial support, so you need to send money to another country. You’re employed in Greece and need to send money to your family in your home country.
• You need to transfer funds to yourself as you reside in Greece, but your money is located in your home country.
• Your spouse is employed overseas and needs to send you money. You need to send or receive funds from international suppliers or customers.
• You need to make an international payment (make sure to read the end of the article to learn how to avoid scams!).
• You’re traveling and have run out of funds, 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 assist you.
• You earn a salary in Greece 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 conduct online international money transfers without having to visit a physical bank branch.

It’s worth noting that the website options presented below are available to individuals residing or holding citizenship in any country worldwide, including 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

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

 

#1) BANKS

Many people around the world assume that utilizing a bank is a simple and inexpensive way to send or receive money internationally. However, this is not the case!

International transfers via banks are COSTLY! Banks utilize SWIFT code (or BIC) and IBAN for incoming and outgoing global wire transfers…and they will capitalize on you!

Typically, they levy a percentage of the total amount transferred, as well as a fee that can sometimes be nearly equivalent to the transfer itself…and to make matters worse, the exchange rate they offer is terrible! Therefore, if you send money to another country through a bank, you’ll probably lose a considerable amount of unnecessary money.

For example, if you use a US bank to transfer money to a European bank, fees could quickly pile up to at least $45 for a single wire transfer (plus a poor exchange rate).

Xe (one of the companies I suggest below) offers a comprehensive comparison of their rates and the rates of major banks for global wire transfers (previously known as HiFX, which was acquired).

 

 

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

 

 

#2) and #3) Western Union or MoneyGram

 

 

 

 

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

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

Because they…

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

 

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

#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 affordable and user-friendly option for sending money globally. It’s one of my top recommendations.

To use Wise, you’ll need a bank account in the recipient’s currency. It doesn’t have to be in your name, which makes it ideal for sending money to family and friends. Simply input the currency and amount you want to transfer, such as BRL to EUR and BRL 1,000, and Wise will provide you with the final amount the recipient will receive in euros, including all fees, taxes, and other charges.

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

Next, enter your details, including the recipient’s bank information, even if it’s your foreign account. Wise will provide you with a payment slip to pay the transfer amount, with no extra charges for issuing the slip. You can pay the slip at a bank, even if you don’t have an account there, or pay online using internet banking from your home.

In certain countries, you can transfer money to Wise using a domestic transfer, debit card, or credit card (with an additional fee for credit card payments).

The recipient’s account will typically receive the funds within 1-3 business days, although this timeframe may vary depending on the location.

 

 

And notice that the currency exchange rate from Wise is pretty much the same as the official one given by Google!

 

 

Pros of using Wise for international money transfers:

• It’s the cheapest way to transfer money I’ve found– their fee is only around 0.35% of the total transfer value
• They use the official exchange rate (which is much better than the “tourist” exchange rate)
• It’s super practical – you can do everything online
• It’s cheaper and easier than sending money internationally using banks
• There isn’t a minimum transaction amount
• You can use Wise to transfer money overseas for your Business and pay suppliers or employees
• You can send money to more than 40 countries plus all the countries that use the Euro (19 in total) *
• You can receive payments worldwide

 

By the way, if you want to send money to Spain, Portugal, Ireland, or other countries that use the Euro, the process is the same. All you need is to select Euro when you begin your transfer and then put the info of the bank account in the country receiving the money.

 

*Countries that use the Euro:

Germany, Austria, Belgium, Cyprus, Slovakia, Slovenia, Spain, Estonia, Finland, France, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Portugal, Andorra, Monaco, San Marino, the Vatican, Kosovo, Montenegro.

 

Cons of using Wise for international money transfers:

• Until recently, it was not possible to send money if the person did not have a current account in the destination country of the transaction. But now, with Wise’s digital and physical cards, you can make payments directly from your account on the platform, but check availability in your region!

However, if in the country you are in this service is not yet available, an easy way to circumvent this problem is by using the checking account of someone you trust. Here in Sweden, for example, I helped a fellow Brazilian receive money here from his family in Brazil. They transferred the money to my Swedish bank account, I withdrew the money from the ATM and gave it to him.

 

Personal experience with Wise:

I’ve used Wise to send money from the United States to Brazil (which can be done with a credit card!), from the United States to Sweden, from Australia to Sweden, from Australia to Sweden, and from Sweden to the United States. It’s always worked smoothly for me! So, I’d definitely recommend it.

 

If you want to see, here’s a video explaining how Wise works:

 

 

 

    2. Xe

Xe is an established online platform that facilitates global money transfers. Similar to CurrencyFair and Wise, Xe also offers this service.

Furthermore, Xe is one of the largest websites globally that allows you to compare exchange rates for any two currencies, including their historical values. This feature is especially beneficial for determining if a particular currency is appreciating or depreciating against another.

To determine transfer costs, you need to create a free account with them.

It’s important to note that Xe doesn’t offer money transfer services to certain countries. Nevertheless, it’s a great option for people from other nationalities who want to send or receive money from various 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 a company that is fully authorized by the National Bank of Belgium and has its headquarters in Brussels. It operates in more than 150 countries across the globe, including the United States, the United Kingdom, India, Brazil, and several European nations, and supports transactions in over 90 currencies.

In addition to its money transfer services, WorldRemit provides mobile top-up services in more than 110 locations. They charge low service and exchange 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 is a renowned player in the worldwide money transfer sector. Initially, it only provided services in the United States, but it has since extended its reach to several countries worldwide.

One of the significant advantages of using Remitly’s services is its remote remittance functionality. This allows users to transfer funds to another country and have them delivered to the recipient’s preferred location as cash, through their delivery service.

In addition to their delivery service, Remitly offers online transfers to both conventional 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 firm that specializes in currency exchange and global money transfer services. It was founded in Singapore in 2014 and currently operates in over 25 countries worldwide. The company utilizes advanced technology to offer its clients efficient, affordable, and convenient financial services.

One of Instarem’s notable features is its transparent and competitive exchange rates, which are clearly stated for customers. The company also offers a rewards program where clients can earn points for quick and easy money transfers from anywhere.

When it comes to travel insurance, Instarem offers coverage for medical emergencies, lost baggage, trip cancellations, and more. The company’s insurance products are customized to meet each client’s unique requirements and can be conveniently purchased via its mobile app or website. Moreover, Instarem collaborates with leading insurance providers to ensure its customers receive 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

 

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

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 top-tier financial institution with a global presence that specializes in international money transfers for both individuals and businesses. Originating from Australia in 1988, OFX has expanded its operations to several countries, including Canada, the United States, New Zealand, and the United Kingdom, providing personalized services tailored to each client’s unique needs.

OFX offers competitive exchange rates and low transfer fees, along with flexible transfer options, such as wire transfers, bill payments, and recurring transfers. The company prioritizes secure, fast, and cost-effective money transfers, complemented by 24/7 customer support.

OFX is a preferred choice for individuals and businesses with high-value international transfer needs, such as expatriates, international students, and companies engaged in global commerce. Its reputation for excellent customer service and satisfaction makes it a well-established and respected player in the international money transfer industry.

 

 

Pros of using OFX for international money transfers:

• Low transfer fees: OFX charges a low transfer fee or even no fees for transfers above a certain amount, depending on the country of origin and destination.
• Customized Services: OFX offers customized services to meet each customer’s individual needs, including scheduled transfers, wire transfer options and bill payments.
• Customer support available 24/7: OFX offers 24/7 customer support to ensure you get help whenever you need it.
• Extensive transfer options: OFX offers a wide range of transfer options, including wire transfers, bill payments and scheduled transfers, allowing you to choose the option that best suits your needs.

Cons of transferring money using OFX:

• OFX doesn’t support all currencies, so there may be some limitations on which countries or regions you can send money to.
• Also, while OFX offers competitive exchange rates, it is possible that other companies or services may offer even better rates at certain times.
• Finally, transfer processing time can take a few business days, which can be inconvenient if you need to send money urgently.

Personal experience with OFX:

Although I haven’t had the opportunity to personally use OFX’s services, user reports are often highly positive. Based on this positive review, OFX can be considered an excellent option for those who need to send someone money.

 

 

   Bonus 3. PayPal

 

 

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 like Bitcoin have emerged as a new player in the global financial market, and their popularity is growing rapidly.

One of the significant advantages of using digital currencies is their potential to offer low-cost international money transfers as compared to traditional methods. Moreover, transactions can be completed within minutes, regardless of the location of the sender or the recipient.

 

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

I recommend considering Coinbase as a reliable option for international money transfers using cryptocurrencies such as Bitcoin. Coinbase is widely regarded as the world’s largest cryptocurrency exchange and has established a trustworthy reputation.

To get started, simply 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 the cryptocurrency of your choice. Coinbase supports popular digital currencies such as Bitcoin, Ethereum, and Litecoin.

Once you have obtained the cryptocurrency, you can send it to anyone worldwide who has a digital wallet. To do so, you simply need to enter their wallet address and transfer the coins from your digital wallet.

When the recipient receives the cryptocurrency, they 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.

Using Coinbase for international money transfers is simple and straightforward. Additionally, if you are interested in investing in cryptocurrencies, Coinbase is a great choice due to its reputation and large user base.

 

 

 

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….  

As with any important financial decision, it is crucial to do extensive research and compare various options before sending or receiving money internationally. Comparing exchange rates, transfer fees, and other relevant factors can significantly affect the amount of money you send or receive.

To streamline this process, you can choose a specific amount, such as $500 USD, and test each of the options mentioned above to determine which one offers the best value in terms of the amount received. Although this may take some extra time, it can ultimately help you save money and secure 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. 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!