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Want to find the best time to transfer?Never miss a great rate again! Choose to track the rate daily or set an alert for the rate you want and we'll let you know when to transfer. It's easy to send money overseas with your bank, but it's also more expensive. US banks, like Bank of America or Wells Fargo, can charge between US$25-65 for a single international wire transfer. And for smaller transfers between major currencies, banks can charge over 5% per transfer. Luckily there are many money transfer services that send money overseas, without the high price tag. In this guide we list 5 of the best and most trustworthy services to transfer funds internationally. How To Choose the best provider to send money internationally?There are plenty of ways to send money overseas from the US, from banks, to specialist international money transfer services and apps. Before you choose the best provider to send money internationally for your needs, consider:
1. Wise (formerly TransferWise)- cheapest for transfer under US$7,000It doesn't matter which bank or company you use - it's almost always cheaper to send money overseas online when compared to doing it over the phone or in person. We suggest Wise for online users who want to transfer amounts under US7,000 overseas. They are extremely competitive on exchange rates for international money transfers US$7,000. With a simple website and seamless process, you can have the convenience of a bank transfer, without going to a branch. They also offer an easy to use mobile app and lots of ways to access customer service.
What are the fees?Transfer fee: Small, percentage-based service fee Exchange rate: Base, interbank rate (Google rate). No margin Additional fees: Bank debit (ACH) is cheapest; then wire transfer; lastly debit and credit card or Apple/Google Pay How to transfer money with Wise?
How long will it usually take?Instant - 2 business days 2. OFX - excellent for money transfers over US$7000OFX are a good option for online users who still want strong customer service over the phone. I don't know about you, but I'd feel much safer transferring larger sums of money overseas if I can talk to someone. They also recently stopped charging a flat fee for US customers doing international transfers. Combined with a very competitive exchange rate for money transfers over US$7,000 it make OFX a great option for sending large sums of money overseas.
What are the fees?Transfer fee: No flat fee or percentage-based money transfer fees Exchange rate: OFX adds margin to market rate. The more you send, the better the rate Minimum Transfer Amount: US$1,000 in the United States, £100 in the United Kingdom and AU$250 in Australia How to transfer money with OFX?
How long will it usually take?1-5 business days 3. WorldRemit - low fee service for cash transfersAccording to the World Bank, international remittances totalled 689 billion dollars in 2018. Now, thanks to increased competition from money remitters who specialise in smaller payments, the cost of cash transfers is being brought down. The more popular remitters are still Western Union, MoneyGram and Xoom. However, traditional remitters tend to be more expensive. That's why we suggest WorldRemit. They offer lower fees and better exchange rates for cash transfers under US$2,000.
What are the fees?Transfer fee: Differs depending on amount or where you send the funds. They tell you how much it costs before your transfer Exchange rate: WorldRemit add a margin to the exchange rate. Get an indicative exchange rate to send money from the USA Maximum transfer amount: US$10,000 How to transfer money with WorldRemit?
How long will it usually take?Instant for cash with valid photo ID and transaction reference number, but depends on country 4. Wise - easiest for debit/credit card paymentsSo, can you pay for your money transfer using your debit or credit card? What about your mobile wallet (Apple/Google Pay)? The answer is 'yes'. However, companies will usually charge you extra, which can make it more expensive especially for larger amounts. What we like about Wise, is the extra fees are less than what banks, Xoom/PayPal or even Western Union will charge you. It's also easy to make payments on the Wise website or mobile app.
What are the fees?Transfer fee: Percentage-based additional fees for debit and credit card payments. On average, it can cost you up to 3x more to send money to someone overseas if you use your credit card to pay for the transaction. How to pay with my debit or credit card?Usually a money transfer company will get you to enter your credit card details either online, over the phone, or in a branch. This includes:
Can I trust Wise?Yes you can. Wise has the correct licenses to operate in the countries they do. How long will it usually take?A bit longer, 3-5 business days 5. Citibank - cheapest wire transfersBanks are almost always more expensive than companies that specialise in overseas transfers. They charge high fixed fees and worse exchange rates than you can get from our earlier suggestions. We think it’s vital for you to make a fair comparison though, so we recommend Citibank for a wire transfer. This is because they charge the lowest transaction fees and offer the best foreign exchange rates. As long as you’re transferring a decent amount, your money will go further than other high street banks. What are Citibank's fees?Transfer fee: Fixed fee of US$25 Exchange rate: Citibank offer much better exchange rates than other banks, but still take a margin How to transfer money with a bank?
How long will it usually take?1-5 business days to clear funds You might also be interested in our other international money transfer reviewsWe’ve listed some of the very best money transfer providers above, but we also compare other money transfer providers that offer the same service. You can find links to all of these reviews below: What is Needed for an International Wire Transfer?The exact steps you need to take to transfer money overseas may vary slightly depending on the payment method you choose. However, broadly, here’s what is needed for an international wire transfer:
What details do I need from my recipient?If you’re sending a payment for cash collection, you’ll probably only need your recipient’s name as shown on their government issued ID. However, if you’re transferring money to a bank account or sending an international wire, you’ll need a little more:
Sometimes other details are needed depending on the country, like a sort code for the UK or CLABE number for Mexico. How to send large amounts of money internationally?If you need to send large amounts of money internationally, you may need a few extra pieces of information or documentation, for security purposes. Banks and money transfer services are obliged to carry out verification to comply with US and global legislation designed to stop fraud and money laundering. That may mean you’re asked for proof of the source of the funds, details about the reason for the payment, or additional ID. Because of these additional steps, it may take a little longer to send large amounts of money internationally. Banks vs Online Money Transfer ServicesSpecialist online money transfer services and apps can often offer a better service compared with traditional banks. Specialist providers have been built specifically for online international payments, which means they’ve invested time and money in coming up with innovative approaches to move your money faster and for lower fees. Here are some things to consider when you’re deciding between banks vs online money transfer services:
How long does it take to send money internationally?How long it takes to send money internationally depends a lot on the provider you choose, and where your payment is going. If you wire money internationally with your bank, it’ll probably be processed through the SWIFT network, which may mean a transfer time of 3 - 5 working days. International money transfers services are usually quicker. Cash collection payments can be instant, and deposits to bank accounts may be instant or arrive in just a few hours. Compare a few providers to see which has the fastest delivery time for your specific payment. Factors which can make a difference include:
Specialist international money transfer services and apps usually offer a delivery estimate before you confirm - and let you track your payment in real time. What are the best international money transfer apps to use?An international money transfer app can be the easiest way to get your money moving fast. Apps tend to be intuitive to use, and digital money transfer services allow you to sign up, get verified and send a payment without ever needing to leave home. Here are some of the best international money transfer apps on the market at the moment, to help you find the right one for you:
Read more about the best international money transfer apps available for customers in the US in our full guide. FAQs
What is an international money transfer?This is the way you transfer money from your bank account in the United States to an account held by someone you know in another country. International money transfers are popular for both large one-off payments and small frequent remittance amounts. Learn more about how to make an international money transfer or how to track your transfer. Are there minimum and maximum limits?Yes. These limits will vary depending on how much you wish to transfer, the countries you send money to, and what method of transfer you are using (be it a bank deposit, mobile payment, or cash pick-up). For instance, OFX have a US$1000 minimum transfer amount. In comparison, Wise have no minimum transfer amount, but a maximum transfer amount of US$10,000. Meanwhile, WorldRemit have a send amount per transaction of just US$5,000 for international wire transfers. How do I safely transfer currency internationally?If you want to keep your funds secure when you transfer large sums of money overseas, you have a few options. All the specialist providers we compare adhere to the strongest security standards and are fully regulated. They also strictly follow local and international laws to best service their customers.
Why do international transfer fees vary?Different companies charge you different fees. When you send money abroad using your bank or international money transfer company, you could be charged fees in several ways:
Something else to bear in mind — if you’re sending money to someone else’s bank account, their bank may charge processing fees. A money transfer company has no influence on these fees, and you should speak to the receiving bank to understand how much they might charge. Find out how much it really costs to send money internationally, and get the best rates. What are the best international money transfer apps to use?Most services have smartphone apps so you can access and make money transfers on the go. You can install these apps on Apple and Android devices, then use them to create, pay for and track your international money transfer. Here are some of the best apps from our specialist providers.
Learn more about the best international money transfer apps. What other common countries or currencies can I send money to from the USThe most common countries or currencies money is sent to from the US includes: Mexico (MXN), China (CNY), India (INR), Germany (EUR), France (EUR), South Korea (KRW), United Kingdom (GBP), Japan, (JPY) and Italy (EUR) and Australia (AUD). What recipient information will I need to make a bank wire transfer?To wire money from the US, you will need the following information about the recipient's account:
How do I send money from my bank account in the US to another bank account overseas?Send money from your bank account to another bank account overseas using these steps:
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General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions. Can you transfer money from one bank to another internationally?In order to complete an international wire transfer online, you'll need the following information about the bank receiving the funds: Recipient bank name, address and country. Recipient bank's routing code and recipient's account number.
How do I transfer money from my bank account to an international bank account?If your bank offers online transfers, follow these steps to send your international bank transfer:. Go to your bank's money transfer section. ... . Verify your sending limits. ... . Enter your recipient's bank information. ... . Enter sending amount and desired currency. ... . Pay for the transfer and the fees. ... . Wait for your transfer to arrive.. |