8 Best ways to send money internationally

Finding the right service to send money internationally can save you both time and money. Whether you’re supporting family abroad, paying for services, or conducting business, choosing the best method is crucial. With numerous options available, it’s important to understand the advantages and limitations of each. This guide will walk you through eight of the best ways to send money internationally, helping you make an informed decision that suits your needs.

Mural

Mural offers a comprehensive solution for international payments, making it a top choice for businesses and individuals alike. One advantage of using Mural is its ability to support over 40 currencies, allowing you to send funds globally in seconds. This feature is particularly useful for businesses with international contractors or vendors, as it simplifies the process of making multiple payments in different currencies.

A benefit here is Mural's batch payment feature, which enables you to send one transaction to hundreds of recipients. This can be a game-changer for companies that need to manage payroll or vendor payments efficiently.

Additionally, Mural provides real-time tracking and updates, ensuring complete transparency and peace of mind throughout the transaction process. Keep in mind that Mural also integrates seamlessly with accounting software, making it easier to reconcile payments and manage finances. For more information on how Mural can help with payments, visit our Payments page.

PayPal

PayPal is a household name when it comes to sending money, and for good reason. One advantage of PayPal is its widespread acceptance and ease of use. You can send money to anyone with an email address, and recipients can access the funds almost instantly in their PayPal account. This makes it a convenient option for quick transfers, especially within the U.S.

However, note that PayPal's international transfer fees can be quite high. The platform charges a 5% fee for sending money internationally, with a minimum fee of 99 cents and a maximum of $4.99. This can add up quickly if you're making large or frequent transfers.

Despite these fees, PayPal's security features and ease of use make it a reliable option for many users. Plus, the ability to use PayPal balances for online purchases adds a layer of convenience. For more insights, you might want to explore the Pros and Cons of Using PayPal to Pay Service-Based Businesses Internationally.

Statistic: According to a NerdWallet analysis, "PayPal offers free transfers in the U.S. when you fund with a bank account or PayPal balance, but paying with a credit card costs a fee of 2.9% of the sending amount plus 30 cents" (Tierney, Armstrong, & Sarreal, 2024). This highlights how important it is to consider the funding method to minimize costs.

WorldRemit

WorldRemit stands out for its competitive fees and extensive reach, making it an excellent choice for budget-friendly international transfers. The platform allows you to send money to over 130 countries, often with lower fees than traditional banks. One advantage of WorldRemit is its variety of payment options, including bank transfers, mobile money, and cash pickups, providing flexibility based on your recipient's needs.

A big plus is the speed of transfers. Most transactions are completed instantly or within a few hours, making it a quick solution for urgent payments. Additionally, WorldRemit offers transparent pricing, so you know exactly how much your transfer will cost before you send it. This transparency, combined with competitive rates, makes WorldRemit a popular choice for many users.

Wise

Wise, formerly known as TransferWise, is a favorite for those who frequently transfer money across borders. One of the main advantages of Wise is its low and transparent fees. The platform uses the mid-market exchange rate, which is the fairest rate available, and charges a small, upfront fee based on the amount and destination. This can save you a significant amount compared to other services that mark up exchange rates.

Another benefit here is Wise's borderless account, which allows you to hold and manage money in multiple currencies. This feature is particularly useful for expats and frequent travelers.

Additionally, Wise offers a debit card that can be used globally, making it easier to access your funds wherever you are. The platform's user-friendly interface and high customer satisfaction ratings further enhance its appeal. For those dealing with frequent international payments, Mural's Bill Pay service could also be a great solution.

Quote: “Wise offers a borderless account, which allows you to hold and manage money in multiple currencies. This feature is particularly useful for expats and frequent travelers,” notes NerdWallet. This capability underscores Wise's commitment to providing flexible and convenient solutions for global citizens. If you're interested in other ways to send money internationally, check out this Complete Guide.

OFX

OFX is a strong contender for large international transfers, thanks to its low fees and competitive exchange rates. Unlike many other services, OFX does not charge a transfer fee, regardless of the amount being sent. This can result in significant savings, especially for high-value transactions. However, note that OFX does have a minimum transfer amount of $1,000, which may not be suitable for smaller transfers.

One advantage of OFX is its excellent customer service, with 24/7 support available to assist you with your transfers. The platform also provides a range of tools and resources to help you navigate the complexities of international transfers, including market updates and currency calculators. While OFX may not offer instant transfers, its reliability and cost-effectiveness make it a solid choice for many users.

Xoom

Xoom, a PayPal service, offers fast and convenient international money transfers to over 160 countries. One advantage of Xoom is its speed, with many transfers being completed within minutes. This makes it an excellent option for urgent payments. Additionally, Xoom provides a variety of delivery options, including bank deposits, cash pickups, and mobile reloads, catering to different recipient preferences.

Keep in mind that while Xoom's fees are generally lower than traditional banks, they can vary depending on the destination and payment method. For example, using a PayPal balance or bank account to fund your transfer is usually cheaper than using a credit or debit card.

Despite this, Xoom's ease of use and speed make it a popular choice for many users. Plus, the integration with PayPal adds an extra layer of convenience for existing PayPal users.

MoneyGram

MoneyGram is one of the largest money transfer companies in the world, offering services to over 200 countries and territories. One advantage of MoneyGram is its extensive network of physical locations, making it easy for recipients to pick up cash in person. This can be particularly useful in areas where bank access is limited. Additionally, MoneyGram offers competitive fees and exchange rates, especially for transfers funded by bank accounts.

A big plus is the speed of transfers, with many transactions being completed on the same day. MoneyGram also provides a variety of payment options, including bank transfers, debit cards, and credit cards, offering flexibility based on your needs. However, note that fees can be higher for credit card payments, so it's usually more cost-effective to use a bank account. For those looking to understand the nuances of international bank transfers, here's a Step-by-Step Guide. Overall, MoneyGram's wide reach and reliability make it a solid choice for international transfers.

Western Union

Western Union is another major player in the international money transfer market, with a vast network of over 500,000 agent locations worldwide. One advantage of Western Union is its flexibility, offering a range of payment and delivery options, including bank transfers, cash pickups, and mobile wallets. This makes it easy to tailor your transfer to your recipient's needs.

Side note: Western Union's fees and exchange rates can vary widely depending on the destination and payment method. It's important to compare costs and choose the most cost-effective option for your specific transfer. Despite this, Western Union's extensive network and reliable service make it a trusted choice for many users. Additionally, the platform offers 24/7 customer support, ensuring help is available whenever you need it.

Conclusion

In conclusion, choosing the best way to send money internationally depends on your specific needs and priorities. Whether you prioritize low fees, fast transfers, or extensive reach, there is a service that fits the bill. Mural offers a comprehensive solution for businesses, while PayPal and Xoom provide convenience and speed. WorldRemit and Wise are excellent choices for budget-friendly transfers, and OFX is ideal for large transactions. MoneyGram and Western Union offer extensive networks and flexible options. By understanding the advantages and limitations of each service, you can make an informed decision that ensures your money reaches its destination efficiently and cost-effectively. For more information on selecting the best payment platform, consider this Ultimate Guide.

References

Tierney, S., Armstrong, T., & Sarreal, R. (2024). 8 Best Ways to Send Money. NerdWallet. Retrieved from https://www.nerdwallet.com/article/banking/best-ways-to-send-money