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Best Ways to Send Money Abroad

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Best Ways to Send Money Abroad
Best Ways to Send Money Abroad
Disclaimer: Some links and discount codes in this article generate affiliate income. So if you use these codes or click and make a purchase, I will get some commission at no extra cost to you. Recommended products are of high quality. Some of them I use personally.

Features to look for when You Send Money Abroad

  • How old is the service provider?
  • Is the service provider regulated in the country of incorporation?
  • Is the service provider reliable and trustworthy?
  • How quickly can the money be transferred to the recipient?
  • Is the service provider transparent about the fees being charged?
  • How easy and convenient it is to transfer money abroad?
  • What is the minimum amount that can be transferred?
  • Is the exchange rate guaranteed?
  • Overall experience.

Popular Ways of Send Money Abroad

Below options vary from country to country.

  • ACH (Automated Clearing House)
  • Debit Card
  • Credit Card
  • Wire Transfer
  • Bank Draft
  • Cashiers Cheque
  • Money Order

Recommended Service Providers to Send Money Abroad

  • Wise
  • Paypal
  • Western Union
  • Xoom
  • Remitly
  • MoneyGram
  • WorldRemit
  • Money2India

Local Banks

  • Money can be transferred from one bank account to another bank account only.
  • They charge service fees, exchange conversion fees plus any taxes.
  • They are generally considered to be costlier.
  • Banks are trustworthy.
  • Money transfer take days.

Xoom

  • Founded in 2001.
  • A Paypal service.
  • Allows you to send money, reload talk time, and pay bills.
  • Money can be deposited to receivers bank account, delivered to doorstep, or can be picked up from a location.
  • Most transfers are completed within minutes or 1 business day.
  • Funds can be sent through Paypal balance, bank account, credit card or debit card.
  • Charges transaction fee and or currency conversion fee.
  • If money is not received, full amount is refunded.
Try Xoom

Wise

  • Founded in 2011.
  • Earlier known as TransferWise.
  • Peer-to-peer platform for money transfer.
  • Guarantees exchange rates for few hours which varies from country to country.
  • Provides real mid-market exchange rates.
  • Send money from 24 currencies to 55 other currencies.
  • Money can be sent through ACH, wire transfer, credit and debit card.
  • Transfer money using Facebook Messenger also.
  • Money can be received only in bank account.
  • Most transfers are completed within 2 business days.
  • Charges low, upfront fees, transparent fees.
Try Wise

Western Union

  • Founded in 1851.
  • Oldest international remittance company in the world.
  • 5,50,000 agent locations worldwide.
  • Money can be sent online from bank account, credit or debit card as well as offline through Western Union agents.
  • Money can also be sent over phone.
  • Receiver can get funds directly in their bank account or can pick up cash from Western Union locations.
  • Most transfers are completed within 5 business days.
Try Western Union

Paypal

  • Founded in 1998.
  • Send money from more than 200 countries to 75 other countries in 25 currencies..
  • Money transfer happens instantly if you send to other Paypal users.
  • Money can be sent from bank account, credit or debit card.
  • Fees are less if you are sending money from United States to other countries.
  • Zero fees if you transfer money within US.
  • Great option to pay online, or domestic transfers in the same currency.
  • Exchange rates are usually below mid-market rates.
  • For international transfers, use their other service Xoom.
Try Paypal

Money2India

  • Owned by ICICI Bank.
  • Also has a mobile app.
  • You can send money only to India from USA, Canada, UK, Australia, Singapore and UAE.
  • Very useful for Non Resident Indians.
  • Send money directly to receivers bank account.
  • Most transfers are completed on the same day at zero service charge.
  • You can also setup recurring transfers.
  • No need to have account with ICICI Bank for money transfer.
  • Get rewarded with loyalty programme when you send money.
Try Money2India

Remitly

  • Founded in 2012.
  • You can send money to 58 countries.
  • Send $30,000 in a single transfer.
  • Fixed exchange rate for any amount.
  • Zero transfer fees when you send more than $1,000.
  • Money can be deposited in bank account or UPI.
  • Provides two options to send money, express and economy.
  • Express is faster compared to economy.
Try Remitly

MoneyGram

  • Founded in 1940.
  • Send money from 3,34,000 agent locations.
  • Also pay bills.
  • Money can be send from card, cash or bank account.
  • Receiver can get money in bank account, wallets or cash pickup.
  • Schedule and send recurring payments.
  • Enroll in loyalty program.
Try MoneyGram

WorldRemit

  • Founded in 2010.
  • Send from 50+ countries in 90 currencies to more than 150 countries.
  • Send money from bank account, debit/credit card, SOFORT, INTERAC, POLI and iDEAL (web).
  • Recipient can get money in bank account, airtime topup, WorldRemit Wallet, mobile money and cash pickup.
  • Mobile money arrives in recipient’s mobile wallet instantly.
Try WorldRemit

Best Ways to Send Money Abroad

  • There is no best way to send money abroad.
  • Ways and options vary from country to country.
  • So all that matters is from which sender country to which receiver country you are making the fund transfer.

Some Useful Tools