I need to send money internationally. What is the cheapest way to transfer money abroad?

The cheapest way to transfer money internationally is to skip traditional banks entirely.

Traditional banks use the SWIFT network, which routes your money through multiple intermediary banks—each tacking on hidden fixed fees, high flat wire charges, and a heavily marked-up exchange rate.

Instead, specialized online fintech transfer services and multi-currency platforms use a peer-to-peer or local-clearing network model (where they deposit local funds from their in-country account rather than physically moving money across borders).

Top Low-Cost Options

• Wise – Generally the best value and most transparent option. Wise uses the real mid-market exchange rate (the one you see on Google) with zero markup, charging only a small, upfront percentage fee. It is ideal for mid-to-large transfers.
• OFX – Excellent for larger transfers . OFX often waives flat transfer fees for bigger amounts and provides dedicated broker support, though they make a small margin on the exchange rate.
• Remitly or WorldRemit – Great if you are sending money to developing countries or need alternative delivery methods like cash pickup, mobile wallets, or home delivery . They can be cheaper than traditional cash-transfer shops, though you should always compare their promotional exchange rates.
• Revolut – Best if you want a multi-currency account/card alongside your transfers. It lets you exchange and send money at interbank rates, though watch out for weekend markup fees.

Key Rules to Avoid Hidden Costs

If you let me know which countries you are transferring between and how much you plan to send, I can tell you which exact provider currently offers the lowest total cost for that specific route.

If you're sending money from the U.S., the cheapest option is usually a specialist transfer service rather than a traditional bank wire.

• Wise is often a strong choice for bank-to-bank transfers because it uses the mid-market exchange rate and shows its fee separately. Its U.S. pricing currently starts from about 0.23%, though the actual cost depends on the currencies and payment method.
• OFX can be competitive for larger transfers, particularly when avoiding a separate transfer fee is important.
• Remitly can beat Wise for certain countries, especially with introductory promotions or when the recipient needs cash pickup/mobile-wallet delivery.
• Xoom can be convenient and fast, but its exchange-rate markup can make it more expensive despite a low advertised fee.
• Traditional bank wires are rarely the cheapest because you can pay both a wire fee and an unfavorable exchange-rate spread.

The key is to compare the amount the recipient actually receives, not just the advertised transfer fee. A provider charging $0 can still be more expensive if it gives you a worse exchange rate.

If you tell me (1) how much you're sending, (2) which country you're sending to, and (3) whether the recipient wants a bank deposit, cash, or mobile wallet, I can compare the cheapest current options for that specific transfer.

Generally speaking, the cheapest way to send money internationally is by using specialized digital money transfer services rather than traditional high-street banks.

Traditional banks typically charge high flat transfer fees and hide a costly markup (often 3% to 5%) inside the exchange rate. Specialized providers use the real mid-market exchange rate and charge transparent, much lower fees.

Top Low-Cost Options

• Wise (formerly TransferWise): Widely considered the best value for bank-to-bank transfers. They use the true mid-market exchange rate and break down their small, transparent fees upfront.
• OFX: Great for larger transfer amounts, offering strong exchange rates and waiving standard provider fees for many volume transfers.
• Remitly / WorldRemit / MoneyGram: Highly competitive if you are sending smaller cash-pickup or mobile-wallet remittances to specific developing countries, often featuring promotional rates for first-time users.
• Atlantic / Revolut: Excellent options if you hold multi-currency balances or frequent digital accounts, minimizing currency conversion markups.

Tips to Maximize Savings

If you let me know the sending country , the receiving country , and the approximate amount you want to send, I can help point you toward the exact cheapest provider for that specific corridor.

The cheapest way to send money abroad is usually an online money-transfer service that uses a good exchange rate, rather than a traditional bank wire. The best choice depends on the country, amount, speed, and how the recipient wants to receive the money.

Usually cheapest options

• Wise — Often the lowest-cost choice for bank-to-bank transfers because it uses the mid-market exchange rate and shows the fee separately. It is especially competitive for larger transfers where exchange-rate markups matter.
• Remitly — Can be cheaper for certain countries, especially for remittances and when using slower “economy” delivery. Check the final amount received because exchange-rate markups can affect the true cost.
• OFX — Often worth checking for larger transfers because pricing can be more favorable at higher amounts.
• Western Union — Useful if the recipient needs cash pickup, but it may cost more due to fees and exchange-rate margins.

Ways to keep the cost down

1. Compare the amount the recipient receives, not just the fee. A “$0 fee” transfer can still be expensive if the exchange rate is poor.
2. Use a bank account to fund the transfer if possible. Debit/credit card funding often costs more.
3. Avoid traditional bank wires for small transfers. Banks may add wire fees plus an exchange-rate markup, making them less competitive for many consumer transfers.
4. For large amounts, compare several quotes. A small exchange-rate difference can outweigh a low transfer fee.

If you tell me:

• how much you’re sending (e.g., $200, $2,000, $20,000),
• your country and the recipient’s country, and
• whether they need bank deposit, cash pickup, or mobile wallet,

I can help identify the cheapest option for that specific transfer.

The cheapest way to send money internationally is almost always through specialized digital money transfer services and fintech platforms , rather than traditional brick-and-mortar banks.

Traditional banks use the legacy SWIFT network, which often routes money through multiple intermediary banks—hitting you with hidden exchange rate markups, flat wire fees, and receiving charges that can siphon off 3% to over 10% of your transfer.

Specialized providers bypass this by using local bank accounts in different countries, paying out the recipient locally without crossing borders via expensive wire channels.

Top Cost-Effective Providers by Use Case

• Wise: Best overall for transparency and mid-market exchange rates. Wise uses the exact real exchange rate (the one you see on Google) and charges a small, upfront, transparent fee. It is ideal for mid-to-large transfers where you want to know precisely what you are paying.
• Revolut: Best for smaller, regular transfers. On a standard free plan, Revolut offers fee-free currency exchange up to a certain monthly limit (e.g., £1,000/month), provided you make the transfer during weekdays before currency markets close.
• Remitly or WorldRemit: Best if your recipient needs a cash pickup rather than a bank deposit. While their exchange rates may have a slight markup compared to Wise, they specialize in fast, localized cash payout networks globally.
• OFX: Best for large-amount transfers (thousands of dollars/euros). They often drop percentage fees completely or assign a personal broker for high-value transfers.

Golden Rules to Avoid Hidden Fees

If you let me know how much you are sending, which countries you are sending between, and whether the recipient needs a bank deposit or cash pickup , I can recommend the exact cheapest provider for your specific route.

If you’re sending money from the U.S. to another country, the cheapest option is usually a specialist money-transfer service rather than a traditional bank wire.

Best options to check

• wise.com — Often excellent for bank-to-bank transfers because it uses the mid-market exchange rate and shows the fee separately. Paying by bank transfer is generally cheaper than using a debit/credit card.
• ofx.com — Particularly worth checking for larger transfers; its pricing can be competitive as the amount increases, although its exchange-rate margin is built into the customer rate.
• remitly.com — Can be very competitive for smaller transfers, especially when promotional rates or fees apply. It shows the exchange rate, fees, and recipient amount before you send.

The important trick

Don't compare transfer fees alone. A service advertising "$0 fee" can still be more expensive because it gives you a worse exchange rate.

Instead, compare:

What you pay in USD → exactly how much the recipient receives.

For example, if you're sending $1,000, the provider that delivers the most foreign currency is the cheapest—even if its advertised fee isn't the lowest.

If you tell me (1) how much you're sending and (2) which country/currency you're sending it to, I can compare the current options and tell you which is likely cheapest.

The cheapest way to transfer money abroad is by skipping traditional brick-and-mortar banks . Conventional international wire transfers use the SWIFT network, which bounces your money through multiple intermediary banks—hitting you with hidden exchange rate markups, flat fees, and receiving charges at every stop.

Instead, specialized dedicated money transfer fintech platforms use local bank accounts in different countries to bypass international wiring entirely, giving you the real mid-market exchange rate with transparent, low fees.

Top Low-Cost Services

• Wise (formerly TransferWise): Generally the best value for transparency and everyday transfers. Wise uses the exact mid-market exchange rate and charges a tiny, upfront percentage fee. It's ideal if both you and the recipient have bank accounts. Check rates on the Wise Website.
• OFX: Excellent for large-volume bank-to-bank transfers. OFX often waives flat transfer fees for larger amounts, relying instead on a small margin built into the exchange rate. Compare options on the OFX Platform.
• Revolut: Great if you frequently transfer money, hold multiple currencies, or are sending funds to another Revolut user, as it allows interbank exchange rates up to certain monthly limits. Explore features via the Revolut App.
• Remitly / WorldRemit: Ideal if your recipient needs a cash pickup, mobile wallet deposit, or home delivery rather than a direct bank transfer. They are usually cheaper than legacy cash services like Western Union, though you should always compare their exchange rate markup.

Insider Tips to Minimize Costs

To help me recommend the absolute cheapest provider for your specific situation, tell me:

• Which countries are you sending from and to?
• How much money are you planning to send?
• Does the recipient need a bank deposit or cash pickup?

If you're sending money from the U.S. to another country, the cheapest option is usually a specialized online money-transfer service rather than a traditional bank wire—but it depends heavily on the destination country, amount, and how the recipient receives the money.

What to look for

The important number isn't the advertised transfer fee. Compare how much the recipient actually gets after:

• Transfer fee
• Exchange-rate markup (“spread”)
• Debit/credit-card funding fees
• Recipient or intermediary-bank fees
• Any taxes

The CFPB specifically recommends comparing the exchange rate, fees, and total amount received before sending.

Usually worth comparing

• Wise — often competitive for bank-to-bank transfers because it uses the mid-market exchange rate and charges a stated fee.
• Remitly — can be particularly competitive for certain countries, especially with promotions or cash-pickup options.
• Your bank — convenient, but international wire fees and exchange-rate markups can make it more expensive.
• Western Union / MoneyGram — useful when the recipient needs cash, but don't assume they're cheapest; compare the final amount received.

One important catch: “$0 transfer fee” doesn't necessarily mean free. A provider can make money through the exchange rate, and the CFPB has specifically warned consumers about misleading “no fee” or “free” claims.

If you tell me (1) the country you're sending to, (2) roughly how much, and (3) whether the recipient needs a bank deposit or cash, I can compare the cheapest current options for you.

If you're sending money from the U.S. abroad, the cheapest option is usually a specialized online transfer service rather than a traditional bank wire—but the cheapest provider depends heavily on the country, amount, and how the recipient receives the money.

What to compare

Don't focus just on the advertised transfer fee. Compare how much the recipient actually gets. The CFPB says the true cost can include the transfer fee, exchange-rate markup, taxes, and third-party fees.

• Wise is often a strong choice for bank-to-bank transfers because it uses the mid-market exchange rate and shows its fee separately.
• Remitly can be cheaper for certain countries, particularly when the recipient needs cash pickup or mobile-wallet delivery; promotional rates can also change the comparison.
• Your bank can make sense for very large transfers or certain currencies, but international wire fees and exchange-rate spreads can make it substantially more expensive.
• Western Union/MoneyGram-type services can be competitive when cash pickup is important, but compare the recipient's final amount, not the headline fee.

My rule of thumb

For a normal bank-account-to-bank-account transfer, I'd start by checking Wise, then compare it against Remitly and your bank for the exact transaction. The winner is whichever gives the recipient the most money after all fees and exchange-rate differences.

The CFPB notes that U.S. consumers generally receive the fee, exchange rate, and expected amount delivered before paying, so you can comparison-shop without completing the transfer.

If you tell me (1) how much you're sending, (2) which country you're sending to, and (3) whether the recipient wants a bank deposit, cash pickup, or mobile wallet, I can compare the cheapest current options for that specific transfer.

The cheapest way to transfer money internationally is to skip traditional banks entirely . High street banks use the SWIFT network, which tacks on hidden exchange rate markups (often 3% to 5%) and multiple intermediary wire fees.

Specialized digital money transfer platforms and fintech services bypass these networks by using local bank accounts in both countries, making them significantly cheaper and faster.

Top Low-Cost Providers

1. Wise (formerly TransferWise)
   • Best for: Transparency and mid-market exchange rates.
   • Why it's cheap: Wise uses the real, mid-market exchange rate with no hidden markups and charges a transparent, low percentage fee based on the currencies involved.
   • Learn more: Compare your transfer on Wise.
2. OFX
   • Best for: Large-value transfers.
   • Why it's cheap: OFX charges$0 in flat transfer fees for most transfers (with a minimum transfer threshold) and offers great exchange rate tiers for larger amounts.
   • Learn more: Check terms on OFX.
3. Remitly or Ria Money Transfer
   • Best for: Everyday remittances or cash pickups.
   • Why it's cheap: They offer highly competitive promotional exchange rates for first-time users and low flat fees, especially for corridors to Latin America, Asia, and Africa.
   • Learn more: View options via Remitly or Ria Money Transfer.
4. Revolut / Atlantic Money
   • Best for: Frequent or fixed-flat-fee medium-to-large transfers.
   • Why it's cheap: Atlantic Money charges a tiny flat fee with zero markup, while Revolut allows fee-free or very low-cost interbank rate exchanges up to a monthly threshold on standard plans.

Tips to Keep Costs Down

• Watch out for the exchange rate markup: A provider that advertises a "$0 transfer fee" often makes its money by giving you a worse exchange rate. Always check how the rate compares to the live mid-market rate.
• Fund via bank transfer, not credit card: Paying with a credit card triggers cash-advance fees and higher processing costs. Funding the transfer via a direct bank transfer or debit card is almost always the cheapest route.
• Match the payout method: Sending money directly from bank account to bank account is the most cost-effective. Choosing cash pickup or mobile wallet delivery adds extra convenience fees.

To help narrow down the best option, let me know:

• How much money are you sending?
• Which countries are you sending from and to?
• How does the recipient need to receive the funds (bank account, cash pickup, mobile wallet)?