International Money Transfer: Best Ways to Send Money Internationally

People in the U.S. send a hefty $74.6 billion to individuals in low- and middle-income countries each year, according to the World Bank. And fees, which average 6% a pop, drive up the cost of those transactions — so sending $1,000 to a friend abroad could cost an extra $60.

Forbes Advisor analyzed numerous money transfer services to determine which ones provide the best value. We selected top picks in each category based on fees, accessibility, available payment methods and delivery speed. Details are accurate as of May 3, 2023.

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 beats other peer-to-peer (P2P) money transfer apps like Venmo and Zelle because of its accessibility and choice of 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 major 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 method of payment.

PayPal’s international transfers come with hefty fees, so it’s better for sending money within the U.S. There’s no overall limit to how much you can send when you have a verified account, though individual transactions are limited to $60,000 (and some 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 a variety of payment methods; recipients also must be PayPal account holders but can sign up for free.

Payment options: Bank account (no extra fee), credit and debit cards (small fee).

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 as soon as 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 added 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 in the Zelle Network, including about 1,700 in the U.S. — meaning a significant number of people have access to fast, fee-free bank transfers. Some 1.8 billion transactions were completed with 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 who are 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 important to pay attention to exchange rates and fees — not every service charges the same amount. Even some exchange rates differ from service to service. WorldRemit has some of the lowest cash transfer fees, and users can send money to people in more than 130 countries.

How it works: You must have an account to use WorldRemit, but signing up is free.

Payment options: Bank account, credit card, debit card, prepaid card, POLi, Interac, iDEAL, Sofort, 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 hours 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 for 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 certain 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 British pound sterling (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 a variety of ways. The account has the ability to 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 on 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 for 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.

Source: Forbes