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How to Wire Money Internationally


Written by Kim Porter | Edited by Ali Cybulski | Published on 5/24/2024

 

An international wire may go by a few different names — remittance, international money transfer, remittance transfer — and it’s a big business. It’s a $540 billion market that includes not only banks and credit unions but also money transmitters such as Western Union, MoneyGram and PayPal.

If you need to send funds to a family member or friend in another country, an international wire could be the best option. You’ll find plenty of transfer methods, including banks and money transfer services, but banks can be among the costliest, according to the World Bank’s Remittance Prices Worldwide Database.

You may be able to save on fees — and send money faster — with a transfer service. Here’s more about how to wire money internationally.

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5 ways to send money internationally

Money transfer providers can make it easy to send a wire transfer abroad. But before you proceed, compare services to see which one offers the best value. You’ll want to consider not only cost but also delivery speed and any transfer limit.

Here are five services to kick off your search:

MoneyGram

MoneyGram’s network includes about 350,000 agent locations in 200 countries and territories. You may use cash to send money only at an agent location, so bring enough to cover the entire transaction, including any fees. If you are sending money online, you can use a bank account, credit card or debit card.

The recipient may be able to accept money as a bank deposit, in a mobile wallet, at a retailer location or as a home delivery. The recipient can usually pick up the cash you send within minutes, while a bank transfer could take a few hours up to the next business day, depending on the destination.

Fees and limits vary, based on factors such as the originating country, amount, payment method, transfer destination and method of receipt. Limits are typically $10,000 per online transfer, per month (every 30 calendar days).

Fees are usually lower if you pay with a bank account instead of a credit or debit card. MoneyGram allows you to estimate rates and fees online before sending money internationally.

OFX

OFX operates in more than 190 countries and doesn’t charge transfer fees, regardless of the amount you’re sending. However, the service has an exchange rate markup based on the currency exchanged and the transaction amount.

The minimum transfer is $1,000, and there’s no stated maximum. You can only pay by direct debit from your bank account or a wire transfer. Transfers are generally quick and take one to two business days.

Western Union

Western Union is available at more than 500,000 locations worldwide in more than 200 countries and territories. You can use a debit card, bank account, credit card or cash to send money, and the recipient can accept the money in a bank account, mobile wallet or as a cash pickup.

Delivery speeds depend on the method you use — cash and mobile money transfers can be available in minutes, while bank deposits could take up to five days. Fees and limits vary widely based on destination and delivery speed.

Wise

Wise facilitates money transfers between 50 countries. You can send money to your recipient’s bank account with a direct debit, bank transfer, debit card or credit card.

Transfer costs depend on the amount, the payment method and the exchange rate. The more you send, the more the transfer costs: The fee is a percentage of the amount you send.

Sending the same currency from one Wise account to another is free, but you’ll pay a conversion fee when sending to a different currency.

Xoom

Xoom is a money transfer service run by fintech company PayPal. Using either your Xoom or PayPal account, you can send money to more than 160 countries and markets using your debit card, bank account, credit card or PayPal.

The funds can arrive as a bank deposit, in a mobile wallet or as cash pickup. You can even install the Xoom app on your phone to send money and track transfers on the go.

Limits vary, but daily transfers for U.S. residents are capped at $50,000. Your costs depend on transaction type and amount, payment method, transfer destination and currency.

Transfer time depends on the destination. Xoom offers estimates under the Send Money drop-down menu for your recipient’s country. (See “How fast will my money get to … ?”)

Steps to move money abroad

The process of sending money can vary with each provider, but here are the general steps you’ll take:

  1. Choose a transfer service. You may select one of the services listed above or pick another option. Each service has different transfer limits, fees, countries served, payment options and delivery methods. Compare these features among a few services, and determine the one that works best for you.
  2. Create an account. Depending on the transfer service you choose, you may need to create an account or register for a free profile. The service may offer promotions or a rewards program when you have an account.
  3. Provide details about the recipient. You will need to provide the recipient’s name, address and bank account number. Other requirements are the SWIFT code — also called a SWIFT number or BIC — and the international bank account number (IBAN) for certain countries.
  4. Select the amount to send and the currency. Once you fill in these details, the provider will calculate fees, such as currency exchange fees and transfer fees. Costs vary by provider and by factors such as the amount, the currency and the payment method.
  5. Finish the transaction and track it. Once you complete the transfer, you’ll typically get a number you can use to track your order.

The transfer could take from a few minutes to a few days to reach the recipient. If you’re transferring cash for pickup, make sure the recipient knows when and where to get it — and tell them to bring a photo ID.

International money transfer tips

Before setting up a money transfer, consider these tips:

  • Compare transfer costs across providers. Transfer services make money by exchange rate markups and transfer fees. Some services charge upfront fees.
  • Check the delivery time frame. Delivery speeds vary by provider and when you make your transfer request. Cash pickup and mobile money transfers are usually available within minutes, while bank transfers may take a day or more.
  • Look for limits on amounts. You won’t find a single universal transfer limit. Banks and money transfer providers typically set their own limits, which vary based on the nature of the transfer and the method of receipt. Some may set daily limits.
  • Check the provider’s network. Each provider operates in a different set of countries and territories. When comparing providers, find one that services the country where you need to send money.
  • Report a problem quickly. If you have problems sending money abroad, contact the transfer service. You can usually cancel this type of transaction without a fee within 30 minutes after it’s sent.
  • Know your rights. You can report an issue with a transfer up to 180 days from the date the funds are available, and the company must look into it within 90 days of when you notify it and provide you with the results. Unresolved issues can be reported to the Consumer Financial Protection Bureau.

Frequently asked questions

How long does an international money transfer take?

The time it will take for your international money transfer to arrive depends on your bank and its policies. An international wire should typically arrive within one to five business days if you request it before your bank’s cut-off time.

What is the least expensive way to transfer money internationally?

A money transfer service provider can be a low-cost way to transfer money internationally. A mobile money transfer is the cheapest method of sending or receiving money abroad, according to a 2023 World Bank report. Using a bank to facilitate the transfer is the most expensive option, costing about 11.5% of the amount you’re sending.

How can I send money internationally for free?

You may not be able to avoid all wire fees, but your bank may waive or reduce fees based on your payment method. Peer-to-peer payment platforms may not charge you, depending on how you pay for the transfer, but many do not offer international transfers.



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