Here's an overview of the best ways to send money internationally, the best for peer-to-peer transfers and for sending large amounts. Best for fast international cash transfers. Most banks offer international bank transfers, which are fast, secure and expensive. Some banks offer slower and cheaper transfers to an international recipient's bank account at the same bank or a partner bank.
Using your debit or credit card is often the fastest way to pay for an international money transfer, and bank transfers come second in close proximity. As a general rule, using cash to pay for the transfer is the slowest method of the three. Bank transfers are often the cheapest option when it comes to funding your international money transfers with Wise. Bank transfers may be slower than debit or credit cards, but they generally offer the best value for money.
Learn more about how to use bank transfers as a payment option here. The recipient must have a bank account to receive the money, regardless of how you finance the transfer. Just keep in mind that these “fee-free” transfer services hide their fees in the currency's exchange rate, where they're less obvious and probably higher than those of their competitors who charge fees. In general, banks tend to be the slowest way to transfer money internationally, while specialized money transfer services tend to be the fastest.
They offer tracking of your transfers, and keeping track of your transfer history is incredibly easy with your private account on their website. Whether you use a third-party transfer service, move money with a digital wallet, or go directly to your bank, the service will almost certainly take away a margin for currency exchange. They also offer same-day or next-day delivery of transfers to most recipients, depending on the country the money is being sent to. Co-founder of Monito and an expert in money transfers, François has helped Monito users navigate the jungle of money transfer fees, negative exchange rates and tricks for the past six years.
Yes, using your bank is definitely an option, and if you don't mind completing a lot of paperwork and physically visiting your local bank branch (a requirement for most banks), you can arrange a bank transfer through your bank. The content of Money Crashers is for informational and educational purposes only and should not be interpreted as professional financial advice. As one of the world's largest transfer providers, Western Union's main advantage is its network, especially for sending cash in person and offering delivery options with cash pickup. Whichever option you choose to transfer money internationally, be sure to verify the recipient and their details.
Deciding exactly which money transfer service to use can be a complicated process due to the large number of services available today.