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Here Are the Cheapest Ways To Send Money Internationally (Updated for October 2023)

Oct 9, 2023
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It's the sad reality that, when sending money abroad in 2023, you're likely to lose a significant amount to banks and other hungry corporations charging exorbitant and obscure fees. At Monito, we know this feeling all too well. That's why we've spent years independently comparing and reviewing transfer services globally. Using Monito's real-time comparison engine, you can dodge hidden fees and take back control by finding the cheapest way to transfer money internationally.

In this guide, we explore the seven services that offer the cheapest way to send money internationally for different types of transfers according to millions of search results on Monito. Then, we discuss some crucial tips to find the best way to transfer money internationally. If you want to skip ahead to find the best deal, then compare the cheapest providers with Monito's live comparison tool below 👇

Compare now to find the cheapest way to transfer money internationally:

Key Facts About the Cheapest International Money Transfers

🌐 No. of providers we review

200+

🔎 No. of Monito comparisons

7+ million /year

💸 Avg. fee via Monito

0.59%

🏦 Avg. fee via your bank

4.6%

🌎 Avg. best to the Americas
🌍 Avg. best to Europe
🌏 Avg. best to Asia-Pacific
🌍 Avg. best to Africa

What’s the Cheapest Way to Send Money Abroad?

The cheapest money transfer service will vary by the country you're sending money from and to, amount, payment method and pick-up option. This is why our comparison engine takes all these variables into account. Monito removes any guesswork to help you maximize the value out of your international money transfers.

We know that the world of global payments, currency providers, banks, and other services can be confusing. We are here to give you a clear and honest overview of your options. Let's go through our data-backed list of the seven cheapest money transfer services in 2023:

Wise: Best for Bank Transfers

London-based fintech Wise is a world-class option for sending money internationally and frequently ranks as the cheapest way to transfer money internationally on Monito. According to the Monito Score, Wise is also ranked as the best money transfer service of all, and its mobile app is ranked the best money transfer app. In short, you can't go wrong by picking Wise the next time you send money internationally!

  • Cost: 0.25% - 1.75% /transfer. Cheapest on 22% of global Monito comparisons where it was available in 2023 so far.
  • Coverage: Supports transfers from 26 currencies to 57 others.
  • Speed: 1 business day
  • Transfer limits: $1 - $1,000,000
  • Impression from our test: App has a clean and minimalistic feel, albeit a bit 'gamey'. Transfers are quick and painless.
  • Best for: Small- to mid-sized bank-to-bank transfers (up to $10,000).
  • More info: See our full Wise review or visit the website.

Remitly: Best for Cash Pick-Up

Remitly is a US-based digital remittance service that's frequently the fastest and cheapest way to send money internationally on Monito. The platform offers various pay-in and pay-out options (including card payments, bank transfers, and cash services) and supports currency transfers to over 85 countries worldwide.

  • Cost: 0.5% - 2% /transfer. Cheapest service on 9% of comparisons on Monito where it was available in 2023 so far.
  • Coverage: Available in Europe, North America, Singapore, and Australia and supports transfers to 47 currencies.
  • Speed: 'Economy' bank transfers take 3 to 5 business days, and 'Express' card transfers arrive in minutes.
  • Transfer limits: $1 - $20,000
  • Impression from our test: App is smooth and uncluttered (though changing the default send and receive currencies could be easier).
  • Best for: Sending money for cash pick-up or cash home delivery.
  • More info: See our full Remitly review or visit the website.

WorldRemit: Best for Mobile Money

WorldRemit is a UK-based online remittance provider that offers the best way to transfer money internationally to diverse regions globally, including Africa, the Middle East, and Latin America — often offering the cheapest way to send money internationally to these countries.

  • Cost: 1% - 2.5% /transfer. Cheapest on 7% of available global comparisons on Monito in 2023 so far.
  • Coverage: From 56 countries to around 150 currencies.
  • Speed: Depending on the pay-in methods, pay-out methods, and countries involved, transfers take between a few seconds and a few business days to arrive.
  • Transfer limits: Transfer limits at WorldRemit vary from country to country and are reset daily, ranging between $1 and $9,000 per day in the US and £1 and £50,000 per day in the UK.
  • Impression from our test: Professional and elegant; one of the best apps we've seen. Transfers can be done in just a few taps.
  • Best for: Transfers to mobile wallets (including M-PESA, MTN Mobile Money, Airtel, Globe Cash, Tigo, and many others).
  • More info: See our full WorldRemit review or visit the website.

Western Union: Best For Pay-in & Pay-out Methods

Founded in 1851, Western Union is one of the largest and most well-known international money transfer companies in the world. Western Union offers access to cash pay-outs at their 550,000 agent locations in 200 countries and territories. It has also built up its digital money transfer network (usually cheaper than its brick-and-mortar services). As long as you send bank transfers or debit card payments with the online service, Western Union often offers low fees. Your recipient will usually benefit from more favorable exchange rates when receiving bank transfers, but we still suggest cash pick-ups because they offer reliability, convenience, and easy access.

  • Cost: Read our definitive guide on Western Union fees.
  • Coverage: Sends money to 200 countries in 130 currencies.
  • Speed: Transfers by card payment take minutes; transfers by bank transfer take 1 to 4 business days.
  • Transfer limits: Limits vary by currency and country (eg. can range from €15,000 in EU to $50,000 in US).
  • Impression from our test: Western Union Online, using the mobile or web app, is often cheaper than in-branch.
  • Best for: Online bank transfers, and extensive coverage of countries and currencies.
  • More info: See our full Western Union review or visit the website.

Revolut: Best for Banking Features

In addition to money transfers, as mentioned above, Revolut is an online bank and fintech that boasts 12 million users globally. It's mobile app offers a multi-currency account in over 29 currencies, features to help you save money, budget tracking software, and more. Paid plans include travel insurance, travel perks, and higher fee-free allowances for foreign exchange, money transfers, and international ATM withdrawals.

  • Cost: 0.2% - 2%.
  • Coverage: Sends money from 15 currencies to around 35 others.
  • Speed: In 1 business day.
  • Transfer limits: Up to $1,000,000,000 or currency equivalent.
  • Impression from our test: Busy app packed with many features, perks, and shiny buttons. May seem cluttered, but we still found it very easy to send money among other financial services.
  • Best for: Existing users of Revolut who want to send money abroad or for new users who'd also like to take advantage of Revolut's wider banking coverage in addition to money transfers.
  • More info: See our Revolut Money Transfer review or visit the website.

XE: Best for Coverage

The world's oldest online money transfer company, XE Money Transfer is widely-known in the world of currency exchange and often offers the best way to transfer money internationally in terms of the number of foreign currencies and countries it covers.

  • Cost: At least 0.9% /transfer. Cheapest service on roughly 7% of available comparisons on Monito in 2023 so far.
  • Coverage: From most countries to 98 foreign currencies.
  • Speed: 1 - 3 business days.
  • Transfer limits: $1 - $500,000
  • Impression from our test: World-class app, similar to WorldRemit's, though a little busier (with more charts, options, etc.)
  • Best for: Transfers to far-flung countries or for making transfers to a wide variety of currencies.
  • More info: See our full XE review or visit the website.

OFX: Best for Large Transfers

A specialist in large money transfers, OFX is a foreign exchange broker rather than a money transfer platform, meaning that its services are more personalized toward the needs of individual customers.

  • Cost: 0.4% - 1% /transfer. Cheapest on 15% of available Monito comparisons above $50,000 in 2023 so far.
  • Coverage: Available in Australia, New Zealand, Canada, the UK, the US, the EU, Singapore, and Hong Kong. It supports transfers to an impressive 190 countries in over 50 foreign currencies.
  • Speed: 1 - 2 business days
  • Transfer limits: $2,000 - $2,000,000,000
  • Impression from our test: Professional and slick design. Easy to use, but provides a lot of detail (reporting, charts, currency breakdowns, etc.).
  • Best for: Big transfers above $50,000
  • More info: See our full OFX review or visit the website.

How To Find the Cheapest Way To Send Money Internationally

Here at Monito, we’re dedicated to helping you search for the fastest, cheapest and best way to send money or transfer currency internationally. It's worth stressing that there's no single international money transfer provider that's the best for every person in every instance. Overall, depending on individual needs and preferences, many platforms could provide you with what you're looking for cheaply, quickly, and safely.

However, besides finding the cheapest transfer provider, there are a few rules of thumb to keep in mind to ensure that you save every extra dollar when sending money internationally for everyday use. These include:

  • Open bank accounts that don’t charge additional fees for international money transfers. Take a look at our list of the best banks for international travel to find out more.
  • Avoid using a credit or debit card to fund your money transfer. If you do, then Revolut is the best option.
  • Make sure you choose a safe and fully-licensed money transfer service. All services on Monito adhere to the highest security standards and are among the safest ways to send money internationally.
  • Avoid using big banks and PayPal, which are practically never the cheapest way to send (or receive) money internationally.
  • Where possible, send money to a bank account or a mobile wallet rather than to a cash pick-up location.
  • If you're looking for the cheapest way to exchange money with cash, avoid doing so at bureaux de change or airports.
  • Where possible, send one large transfer instead of multiple smaller ones. Larger transfers almost always incur lower percentage fees than smaller transfers. Learn more about making large international money transfers here and about how much you can send internationally here.
  • Choose a longer transfer speed if it reduces your fees.
  • Are you sending abroad from India? Then there are a few extra things to think about. See this guide to learn how to avoid hidden fees while sending from India to a foreign bank account.

It's important to remember that it's impossible to send money internationally for free and that every currency exchange comes with a cost. However, not all money transfer services are created equal, and some charge you considerably lower fees than others. Monito has reviewed and compared hundreds of money transfer services to simplify your research. Compare them in real-time using our award-winning comparison engine below:

Find the cheapest way to transfer money internationally now:

Looking for the Cheapest Way To Get Cash Abroad?

Check out our guide to find the cheapest way to get cash abroad while you travel. In short, here are our top recommendations.

  1. Buying foreign banknotes in your home country, airport, or destination is generally very expensive as you'll be charged an exchange rate mark-up between 2.15% and a whopping 16.6%.
  2. Don't withdraw money abroad with your traditional bank card to avoid sneaky hidden exchange rate mark-ups.
  3. Be aware of a dynamic currency conversion by always paying in the local currency overseas and never in your home currency.
  4. Compare the best travel money cards to find a prepaid debit card that'll help you avoid high fees and travel with peace of mind.

Cheapest Money Transfers by Specific Countries

Certain countries have transfer requirements or special cases affecting incoming international payments. In other cases, there's otherwise just one provider that's pretty much always cheaper than the rest! We provide a rundown of these special cases below:

Profee: Best to Russia

If you live in the UK, the EU or the EEA, we recommend Profee for sending money to Russia.

One of the few international payment apps supporting payments to ruble bank accounts in the Russian Federation, Profee is a fast and seamless transfer app that sends money speedily at low fees. Learn more in our Profee review.

Global66: Best From LATAM

Global66 is available to residents of Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, and Peru and supports transfers from the local currency (and the US dollar in Ecuador and Peru) to 28 foreign currencies on every continent.

We think Global66 is particularly well-suited for transfers from the above countries to the US and the Eurozone, where exchange rates are the most favourable. See our full Global66 review to learn more.

Panda Remit: Best to China and India

For transfers to China from the EU, the UK, Australia, Canada, New Zealand, Hong Kong, and Singapore, we recommend Panda Remit.

A reliable and well-priced remittance platform, Panda Remit is an excellent option for transferring money to China (or India), where many other remittance services don't operate or charge high fees. Panda Remit is especially fast, with most transfers arriving in just minutes! However, Panda Remit unfortunately doesn't support transfers from the USA yet. See more in our Panda Remit review.

Remessa Online: Best From Brazil

If you're a Brazilian resident, Remessa Online will be your best bet for sending reals to a foreign country in most cases.

Remessa Online is a Brazilian money transfer company, available only in Portuguese, that lets Brazilian residents send BRL money transfers to around three dozen countries worldwide, including to the United States (in USD), the Eurozone (in Euros), the United Kingdom (in Pounds sterling), Canada (in CAD), Switzerland (in francs), Japan (in yen), and Chile (in pesos). On Monito, it's normally the cheapest provider for transfers from Brazil (although occasionally Wise is cheaper).

Atlantic Money: Recommended From the UK

Atlantic Money is a secure and well-priced service for money transfers from the United Kingdom. It is often the number one cheapest provider if you are sending money from the UK to Poland or to the United States (which are among the largest destinations for UK transfers).

Atlantic Money is an up-and-coming international money transfer service that is headquartered in London. It's got among the most transparent and lowest-priced fee schedules we have seen. This is largely thanks to the fact that Atlantic Money charges zero exchange rate markups, and instead charges clearly defined fixed service fees. While it is not the cheapest for some popular destination countries like India or Pakistan, Atlantic Money shines for UK transfers headed to Poland, the United States, Germany, and Australia.

Not Sure Which Is Best to Make International Payments? No Problem!

If you're sending money to a country that you're unsure is covered by one of the bigger providers we discussed in this article, no problem! Just run a search on Monito's real-time comparison engine below and check the live results for yourself:

Find the best deal in real time:

3 Key Definitions: International Money Transfer Rates

Fixed service fees for international money transfers can be as low as $3 (with online services) and up to as high as $100 per transfer (with traditional banks). In addition to these standard fees, service providers often profit off of exchange rate markups. Keep these three definitions at front of mind when shopping for the cheapest money tranfers:

  1. Mid-Market Exchange Rate: This is the real-time market rate that is used by major banking institutions to value two foreign currencies at a given time. It is also known as the live exchange rate or the interbank exchange rate, and it fluctuates constantly.
  2. Service Exchange Rate: This is the exchange rate that you will often see displayed on service provider websites. This is the exchange rate that a money transfer service will apply to your money. Take note that this rate will often be weaker than the real mid-market exchange rate.
  3. Exchange Rate Margin: Also commonly known as an exchange rate markup, this is the difference between the mid-market rate and the service provider's rate. All foreign exchange bureaus and banks, and some online money transfer companies, use weaker exchange rates to pocket the margin, leaving your recipient with a smaller amount of their currency.

3 Tips When Making International Payments and Money Transfers

Keep these three tips in mind before you choose an international money transfer service to send your money abroad:

  1. Understand how exchange rates work: Compare your provider's rate to the mid-market rate, which you can easily find on sites like Google or XE.com. If you can recognize markups of around 5% to 15%, you can avoid losing money to big exchange rate margins. For example, let's say that the mid-market rate is 1 USD = 1.1 EUR. If you use a service at 1 USD = 0.9 EUR to send money from the US to Europe, your recipient will get less Euros in their bank account.
  2. Avoid credit cards: Although you may have the option to charge a credit card, don't use them for international transfers. They're costly to process. Plus, your credit issuer will treat your money transfer as a cash advance, and will often apply extra fees and higher interest rates on your debt.
  3. Compare money transfer services: Research and compare international money transfer services using Monito's real-time comparison engine to find the best fees and rates for your specific country and amount.

Data-Driven Reviews You Can Trust

compare international money transfers with monito

For nearly a decade, our team has worked tirelessly to test over 200 services, programs, and apps offered by international money transfer companies around the world. With 99 providers in our real-time comparison engine (that's over 75 more than other leading sites), we've made sure to leave no stone unturned in our pursuit to find the best and cheapest service for your specific needs.

Our experts are hands-on, testing the user experience from the initial signup process to the money sending process. We calculate their fees and exchange rates by digging deep into their schedules and terms and conditions. Additionally, we conduct extensive company research, taking into account their revenues, legal track record, customer size, and customer feedback.

Using our proprietary technology, we continuously track the fees offered by these providers and monitor their exchange rate fluctuations over time. This allows us to find you the best provider for a specific country, time, and particular amount of money. The recommendations you read from Monito are data driven, but they are also validated through rigorous peer-review by our experts. Each quote, piece of data, and our overall assessment is thoroughly checked for accuracy to give you the most accurate and up-to-date money transfer comparisons possible.

FAQ About the Cheapest Way To Send Money Internationally

Why You Can Trust Monito

Our recommendations are built on rock-solid experience.

  • We've reviewed 50+ money transfer providers
  • We've made 100+ test transfers
  • Our writers have been testing providers since 2013
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Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.