Discover the top 9 online platforms that offer highly cost-effective solutions for international money transfers. These user-friendly platforms provide instant calculation of transfer fees and the converted amount, ensuring transparency before finalizing the transaction. Supporting over 40 currencies and operating in more than 70 countries, including Panama, these platforms cater to the needs of travelers and individuals seeking to send money to relatives residing overseas.

To access the complete list of the best nine options, click here.

While it may not appear directly relevant to travel, this information can be incredibly valuable for those planning to relocate or travel abroad. (I will elaborate on this shortly).

(Also, don’t forget to visit our page featuring 10 alternative countries for relocation, in case 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:

• This could involve scenarios like planning a trip overseas and aiming to save on currency exchange;
• participating in a study abroad program or studying in Panama and requiring financial assistance from your family in your home country;
• supporting family members studying or working abroad and needing to send money to another country;
• being employed in Panama and needing to send money to your family back home, transferring funds to yourself as you reside in Panama but your funds are in your home country;
• your spouse working overseas and needing to send you money, conducting transactions with international suppliers or customers;
• making international payments while being cautious of scams, running out of money while traveling and needing support from your family to continue your journey;
• encountering unfortunate circumstances like theft while traveling and requiring financial help from your family;
• earning a salary in Panama and wishing to send money back home for investments, managing international accounts and necessitating money transfers to your home country;
• or desiring to perform online international money transfers without the need to visit a physical bank branch.

The online platforms mentioned below are accessible to residents or citizens from any country worldwide, encompassing Portugal, the United States, Ireland, Argentina, Spain, and more. With their user-friendly interfaces, instant calculation of transfer fees and final amounts after conversion, and support for over 40 currencies across more than 70 countries (including France!), these platforms facilitate secure and cost-effective international money transfers.

Let’s dive in!

 

 

 

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

In this article, we will delve into the difference between the “official/commercial exchange rate” and the “tourism exchange rate.”

Essentially, opting for the commercial exchange rate or a rate very close to it is always more advantageous as it minimizes losses during currency conversion. The commercial exchange rate is the rate used in the financial market for trading large sums of money, similar to wholesale exchange rates.

Most of the companies we recommend below utilize the official/commercial exchange rate or a rate very close to it, with a few exceptions that 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 aim to profit more from the transaction. This is the least favorable exchange rate.

Therefore, it is always advisable to exchange currencies using the official/commercial exchange rate rather than 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 may recall from our previous article on managing money and currency exchange while traveling, using your debit, credit, or prepaid card overseas incurs a 6.38% IOF charge on each transaction, resulting in a significant amount of money being lost.

The most cost-effective option is to exchange money in your home country before traveling, obtaining dollars, euros, or other currencies at commercial rates from banks or exchange offices, and using them while abroad. However, carrying a large amount of cash while traveling is not recommended, and the rates provided by exchange brokers are tourist rates, which may not be very favorable, 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 individuals who received your money from your home country.

For example, if you are in Brazil and planning 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 avoid the need 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

 

 

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 Panama:

#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

 

 

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 emerged as a significant contender in the global money transfer industry. While it initially focused on serving the United States, it has now expanded its services to numerous other countries worldwide.

A notable advantage of Remitly is its remote remittance service. This feature allows users to send money to another country and have it conveniently delivered to the recipient’s preferred location in cash, courtesy of Remitly’s delivery service.

Moreover, Remitly facilitates online transfers to both traditional and digital bank accounts, providing users with a range of options for transferring funds securely and efficiently.

 

 

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 well-established financial services company that offers international money transfer solutions to individuals worldwide. Founded in 1987 and based in the United States, Ria has built a strong global presence.

Ria’s comprehensive range of services includes wire transfers, bank deposits, and bill payments. With a network of over 436,000 agent locations spanning across 160 countries, the company has a vast and extensive reach.

Their primary objective is to provide secure, convenient, and cost-effective options for sending money to family and friends around 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

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

Digital currencies, like Bitcoin, have emerged as a relatively recent asset class in the global financial market and have attracted considerable attention.

One notable benefit of cryptocurrencies is their capacity to enable low-cost international money transfers, significantly faster than traditional methods. Moreover, these transactions can be completed within minutes, without being limited by geographic boundaries.

 

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

I recommend considering Coinbase as a reliable platform for international money transfers using cryptocurrencies like Bitcoin. It currently stands as the largest cryptocurrency exchange globally and enjoys the trust of numerous users.

To get started, sign up for a free Coinbase account and provide your personal information. Then, transfer funds from your bank account to your digital wallet and purchase the cryptocurrency of your preference. Coinbase supports popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

Once you have acquired the cryptocurrency, you can send it to anyone worldwide who possesses a digital wallet. Simply enter their wallet address and initiate the transfer through your digital wallet.

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

The platform is user-friendly, and the process is straightforward. Additionally, if you’re interested in cryptocurrency investments, Coinbase serves as an excellent choice due to its size and reputation.

 

 

 

How to invest in Bitcoins or other digital currencies

So be careful with investing in digital currencies! Don’t use money that you’ll need in short or midterm!

 

Pros of using cryptocurrency for international transfers through Coinbase:

• It’s a cheap way to send money between almost any two countries in the world
• It’s getting more and more popular
• You can use your bank account, debit card, or credit card to do the deposit into your digital wallet in Coinbase
• You can use it to receive payments from overseas from any person that has their own digital wallet (your digital wallet can be through Coinbase or any other platform that works with cryptocurrency)
• It’s very easy – you can do everything online
• There’s no minimum transaction

 

Cons of using cryptocurrency for international transfers through Coinbase:

• The value of the digital currencies still varies a lot (AKA: it’s highly volatile), so it’s possible that the amount you send may already be worth more or less by the time it arrives at the destination
• You have a pay a fee of a small percentage of the total value you deposit in Coinbase. If you use a credit card, this fee can be up to 3%
• It can take a few days for the purchase of Bitcoin to be finalized. With Ethereum and Litecoin, the buy and sell confirmation is faster
• It’s a new market and many people still don’t know how it works

 

Personal experience with Coinbase:

 

Summing up…

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

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

 

In Brief….  

When it comes to international money transfers, it’s crucial to conduct thorough research and compare your options. Various factors, including exchange rates and transfer fees, can significantly affect the amount of money you send or receive.

To simplify the process, you can select a specific amount, such as $500 USD, and test each of the aforementioned options to assess which one provides the highest value in terms of the amount received. While this may require some additional effort, it can ultimately save you money and guarantee that 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!