According to World Bank data, people in the U.S. send a hefty $74.6 billion to individuals in low- and middle-income countries each year. Meanwhile, transaction costs for international money transfers average 6%, the World Bank says—meaning if you send $1,000 to a friend overseas or a relative back in your family’s home country, it could cost you $60.
Forbes Advisor analyzed numerous money transfer services to determine which ones provide the best value. We selected top picks based on fees, accessibility, range of payment methods, and delivery speed. Details are accurate as of Sept. 2, 2022.
4 Best Ways to Send Money
Here’s an overview of the best ways to send money internationally.
Best for Peer-to-Peer Transfers and Sending Large Amounts
PayPal
PayPal beat out other peer-to-peer (P2P) money transfer apps like Venmo and Zelle because of its accessibility and payment methods. Funds may be received instantly into a recipient’s PayPal account and can then be transferred to a bank account as soon as the next day.
Another significant advantage of PayPal is that if a recipient doesn’t want to link to a bank account, they can use their PayPal balance to spend money instead because the platform is widely accepted as a payment method.
PayPal’s international transfers come with hefty fees, so it’s better for sending money within the U.S. It also allows for the most significant transfer amount with no limit to how much you can send in total (but individual transactions are limited to $10,000).
How it works: PayPal account holders can send money to friends and family through the app or online via a web browser. Account holders can send money through various payment methods; recipients must also be PayPal account holders but can sign up for free.
Payment options: Bank account (no extra fee), credit and debit cards (small fee to send money from these options).
Fees: Sending money internationally to family and friends via a PayPal balance, linked bank account, or a credit or debit card is subject to a charge of 5% of the amount sent, with 99 cents as the minimum fee and $4.99 as the maximum.
Speed: Funds may be received instantly in the recipient’s PayPal balance and can be transferred to their bank account as soon as the next day.
Transaction limits: Verified accounts have no limit for the total money that can be sent but are limited to up to $60,000 (or sometimes $10,000) in a single transaction.
Best for Fast Bank Transfers
Zelle
If you need to send money to someone but don’t care about the bonus of being able to pay directly from an app (like PayPal), Zelle is a great peer-to-peer tool for bank account transfers. Nearly 10,000 financial institutions are now on the Zelle Network—meaning many people have access to fast, fee-free bank transfers. Some 1.8 billion transactions were completed on Zelle during 2021, accounting for $490 billion in transfers.
How it works: Customers must sign up with Zelle directly, which can often be done from their own bank’s app or website, and enroll their profile. If your bank isn’t currently partnering with Zelle, you can still use the service through its Android and iOS apps (but the recipient must bank with an institution partnering with Zelle).
Payment options: You can only send money directly from your bank account with Zelle.
Fees: $0 to send or receive money (Zelle recommends confirming with your bank or credit union that it doesn’t charge additional fees to use the service.)
Speed: Recipients already enrolled with Zelle will receive funds in “a matter of minutes,” according to the company.
Transaction limits: Depends on the sender’s bank or credit union. Customers whose banks have not partnered with Zelle and using the service via its smartphone apps can only send $500 per week.
Best for Fast International Cash Transfers
WorldRemit
When picking a service to send cash internationally, it’s essential to pay attention to exchange rates and fees—not every service charges the same amount. Even some exchange rates used differ from service to service. WorldRemit has some of the lowest cash transfer fees, and users can send money to people in over 130 countries.
How it works: You must have an account to use WorldRemit, but signing up is free.
Payment options: Bank account, credit, debit, or prepaid card, Poli, Interac, iDEAL, Soford, Google Pay, Apple Pay, Trustly.
Fees: Transfer fees vary and depend on where you’re sending the money. For example, the fee to deliver $50 to a Walmart in Mexico is $1.99.
Speed: Most transfers are instant or near instant; home delivery can take 24 to seven days, depending on the location.
Transaction limits: Depends on the country you are sending the money from. If you’re sending from the U.S. with a debit, credit, or prepaid card, you can send $5,000 per transaction with a maximum amount of $9,000 per 24 hours.
Best for World Travelers
Wise (formerly TransferWise)
If you often find yourself waking up in one country and going to sleep in another, managing money across borders can be difficult. Repeatedly exchanging cash into foreign currencies can cost a lot in fees.
Wise, a company, focusing on “borderless banking,” makes managing money in multiple currencies a breeze. It’s also possible to do regular money transfers through the platform without setting up its borderless bank account. (Disclaimer: The author of this post had a TransferWise borderless bank account.)
How it works: Setting up a borderless bank account with Wise is free, and each section of the bank account can be designated for a particular currency. For example, if you add a euro balance, the bank account comes with a SWIFT number, just as it would in Europe; if you add a GBP balance, that balance will have a sort code. The bank account can hold and manage more than 50 currencies.
The debit card tied to your Wise account is a Mastercard, and funds can be added in various ways. The account can convert currencies across balances (for a small fee), and withdrawing cash from a foreign ATM is about one-sixth the cost incurred with other debit cards, according to the company.
Payment options: Direct debit, wire transfer, debit card, credit card, Apple Pay. Fees for payment options depend upon the currency being paid or converted to.
Fees: $0 monthly account fee; converting currencies using your card is subject to a fee of at least 0.41%; ATM withdrawals of up to $100 per month are free, while anything over that is subject to a 2% fee.
Speed: The time it takes to receive funds on the debit card depends on how they’re added—some are available within seconds.
Transaction limits: There are no limits on how much you can receive and keep in all currencies other than USD. There is a $250,000 limit per transaction a day and a $1 million limit per year.
How To Send Money Internationally
Each transfer service provides clear instructions on how to send money internationally. But they generally follow the same process.
1. Register or Sign In
Select the best international money transfer app for your needs, and create an account. Verify your identity by providing your driver’s license, passport, or other government-issued ID.
2. Provide the Recipient’s Details
Enter the name and banking details of the person receiving the money. If your recipient needs to pick up the money, select the location. Ensure you provide the recipient’s name exactly as it appears on their government ID.
3. Choose How Much Money To Send
Select the amount of money you wish to send overseas and the currency your recipient will receive.
4. Pay for Your Transfer
You can pay for the transfer with your credit card, debit card, or a direct transfer from your bank. Paying for the transfer from your bank account will be the least expensive option, while payment by credit card will likely trigger fees.
5. Track Your Funds
Most apps will provide an anticipated delivery date and time when you complete the transaction. They often allow you to track the status of your international money transfer.
How To Choose The Best Way To Send Money Internationally?
Several factors must be considered when determining how to send money internationally with the fewest and lowest fees. Don’t assume your favorite app is the best option for all your transfers. Fees vary by delivery or payment method, speed, and location, so it’s wise to shop around for each new transfer destination.
Using the best exchange rate app ensures your recipient will receive nearly all the money you send them. Depending on how large your transfer is, some services may save you more money. Use the website Monito to compare costs across the different companies. You will likely find one works best for small transfers, while transfers over $2,500 may cost less with a different service.
Bottom Line
There’s no one-size-fits-all approach. The best way to send money internationally depends on where you’re sending it and how you choose to pay. Even after you find a favorite transfer service, compare prices periodically to ensure you’re still getting the best deal. And only use your credit card for payment as a last resort.