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The Best Way to Transfer Money Overseas – Which One Should You Use?

1. Wise

Wise is a service that offers international money transfers in actual exchange rates in more than 70 countries.

The company uses a unique method of matching money with other users who are sending currency in the other direction.

This unique technique of money transfer gives reason to call it the best way to send money online.

💰Wise Fees

Wise keeps low prices (the transaction fees usually are less than 1% of the total amount) because unlike international bank transfers does not pay the currency conversion on every transaction.

This unique way of money transfer helps the company to avoid intrusive expensive currency conversions across countries in most cases and makes Wise the cheapest way to send money.

Using the Wise calculator you can estimate the transaction value of your funds.

➡️Transparency in Transactions

Wise does not hide the sum of fees of transactions that banks usually do. Wise exchange rates are real, so you can save a lot on international transfers.

➡️International Payment Methods.

Wise has 4 payment options: users can send money via bank accounts (ACH or international wire transfer), send money from card to card (debit or credit card), and Apple Pay.

➡️Wise Limits

No minimum. The maximum for Americans is $15,000 for the first transfer using ACH ($20,000 after that) however the wire transfer limit is quite big and compiles $1 million per transfer.

➡️Transferring Time

Long transferring time in comparison to transferring money internationally between banks. Because Wise tries to match currency in a unique way the bank transfers can take several days, sometimes even more than a week.

On the other hand, sending and receiving money by using credit cards or debit cards is possible within minutes.

➡️Web and Mobile Platform

Wise has a very convenient mobile app and website with a price calculator that makes it easy to see fees and rates.

Moreover, the FAQ on the website is coherent and supportive for customers too. Customers also can track their transfers.

🔵How To Send Money Abroad With Wise?

To transfer money internationally using Wise, you need to register an account using an email address, Google account, or Facebook.

However, the recipient does not need to register on the TransferWise account, but they must have a bank account to which the money will be credited.

You, the sender, can send money using your credit, debit card, or by transferring money from your bank account to Wise.

➕Advantages

cheapest currency exchange
transparent transactions
user-friendly web and mobile platform
large numbers of payment options

➖Disadvantages

money can be received only from the Bank account (no card transfer is possible)
long transferring time

2. OFX

OFX is the Australian largest money transfer company, and at the same time, offers services in most countries of the World in 53 currencies. There is also a sound opinion that OFX is the safest way to send money internationally.

These and some below-mentioned factors give us to reason to include OFX in the list of the best money transfer services.

💰OFX Fees

The rate they offer you is better than at the bank. Their transaction fees are also low, 15 Australian dollars (10 US dollars) for transfers of up to 10,000 Australian dollars (about 6,300 US dollars).

Using the OFX exchange rate, you can save up to 75% on exchange rate margins and save more of your money.

Moreover, when you book a transfer using OFX, your tariff is blocked, so you always know how much your recipient will receive.

Transparency in Transactions

OFX never charges any hidden fees and it displays in detail the amount you expect to receive. In addition, OFX provides all your transactions on the dashboard. Transaction history displays detailed information about transfer fees and all other deductions in transit.

This will help you get a clear view of the deal. OFX also sends emails and SMS to both the sender and the receiver after each transaction.

➡️Payment Options

You can transfer funds via electronic funds transfer, which is available at most banks at the international level, BPAY (if you live in Australia), and direct debits for corporate clients. But unlike the bank and other international money transfer companies, they do not accept or send cash or checks for transfers.

➡️International Money Transfer Limits

You must transfer at least $1,000 per year and at least $200 per transfer for using OFX services. The maximum transfer amount depends on the transfer currency and the method of transferring money.

Popular currencies, such as GBP, EUR, USD, AUD, JPY, NZD, and CAD, are usually in free float. But currencies such as the South African Rand or Chinese Yuan (CNY), which are regulated by the state, can be restricted in circulation.

Overall, compared to other competitors, OFX offers the largest maximum limit for money transfers, reaching up to $2 billion.

➡️Transfer Time

OFX global network allows you to transfer money abroad safely and quickly, so if you send, for example, from Australia to the USA, they often can offer delivery on the same day. Most other major currency transfers can be received within 1-2 days. But in unpopular currencies, this process can take from 3-5 days.

While banks require you to send your money transfers during business hours, OFX works 24 hours a day, 7 days a week.

➡️Web and Mobile Platform

OFX transfer service has one of the best mobile transfer app suitable for iOS and Android. Besides, its website is user-friendly and equipped with

FAQs and a cost calculator. Customers can also track their transfers on the Website.

🔵How To Send Money Through OFX Transfer?

On its Website, you can select the currencies in which you transfer money and see the amount you receive.

Nevertheless, keep in mind that OFX uses the average market exchange rate, not the rate they would give for the transfer.

When you are ready, click register. After the establishment of an account, enter the beneficiary’s bank account information, and book the transfer.

Finally, send your funds via BPAY or electronic funds transfer. To see how to register your OFX account watch the video below:

➕Advantages

competitive exchange rates and transaction fees
user-friendly webpage
great Customer Support
you can send money electronically
55 supported currencies
possibility to transfer large amounts of money

➖Disadvantages

limited payment options
long transferring time
high minimum transfer limit

3. WorldRemit

WorldRemit is a London-based company that serves over 4 million users across 150 countries in 90 different currencies.

With various options for sending money internationally, including bank deposits, mobile money, and cash pickup, WorldRemit makes it convenient to send and receive money.

Furthermore, over 90% of WorldRemit transfers are implementing within minutes. These and many other features of the WorldRemit formulate the idea that Worldremit is the best way to transfer money internationally.

💰WorldRemit Fees

WorldRemit expenditure consists of transfer fees, exchange rates markup, and other incidental costs. The company offers affordable transfers with lower than average fees to many destinations through the World.

Transfer fees for WorldRemit depend on the destination, amount, and method of sending money overseas. For example, sending 1000 USD from the USA to Cameroon will cost you 6,99 USD. However, sending the same amount to Australia from the USA will cost 3,99 USD.

Another example, if sending money via cash pick up from the USA to South Africa transfer will cost you 14,99 USD but transferring the same amount in the same direction through bank depositing will cost you 3,99 USD.

All in all, the transfer fee variates from $3.99 to $24.99. The transfer fees are displayed on the website what helps you to know in advance how much you will be charged.

WorldRemit offers a locked-in exchange rate depending on the pay-out method so that you can know how much money will take your recipient.

➡️Transactional Transparency

There are hidden fees that banks can charge on both sides. If you use the bank at both ends, then they may charge a fee. Fortunately, WorldRemit has many “local partners” that help a lot in reducing costs.

➡️Payment Methods

Payment options depend on the country of departure:

Bank transfer – an electronic payment that allows you to send money directly from your bank account to another. With WorldRemit, you can send money from your bank account to the bank accounts of your family or friends around the World
Poli – an online payment tool in New Zealand and Australia, through which its users can withdraw money directly from their bank account upon request. This is good for those who do not have creditor or debit cards or do not want to use them in online stores. You do not need to register, so information that allows you to access your bank account is not saved
Interac payment provider, which withdraws money directly from a bank account upon request, is available for people sending from Canada
iDEAL – an e-commerce payment system based on online banking available for people shipping from the Netherlands
Klarna (or SOFORT) – an online banking payment service that allows you to use electronic banking for fast and secure bank transfers. It can be used by customers with a bank account in Germany, Austria, Belgium, and the UK
Google Pay and Apple Pay
Trustly – money transfer service which provides the ability to make online payments directly from your bank account in a safe way. In addition to quick and easy payment, registration and software installation are not required.

➡️Transfer Limits

Despite that WorldRemit doesn’t have a minimum limit for a transaction, the maximum amount you can send depends on:

the destination where you transfer money;
the country from which you intend to send funds;
payment method;
local partner transaction limits.

For more information, you can look at the region in which your recipient resides, and/or view the money sent on the pages.

All in all, WorldRemit offers a maximum of $10,000 per transaction.

Transferring time in WorldRemit varies depending on the method of transaction:

Bank Transfer	Transfers within minutes are available for several banks. Transactions duration may vary depending on the bank day of the weekTransaction creation time
Cash Pickup	Available to receive instantly
Mobile Money	Within minutes
Airtime top-up	within minutes – the fastest way to send money
Home delivery	24/7 depending on location

➡️Web and Mobile Platform

WorldRemit has a very suitable mobile app and website with a cost calculator that makes it easy to see fees. The online FAQ on the website is very useful for visitors too. Customers also can track their transfers here.

🔵How To Send Money to Someone?

To send money via WorldRemit you should present the following information:

Some of your identification information (your address and photo ID). WorldRemit needs this to verify you and set up the account
The information about the person who you are going to pay. For example, if you are transferring to a bank account overseas you will need things such as the name and account number, as well as the bank identification number.

➕Advantages

competitive exchange rates and fees
user-friendly website
no minimum transfer amount
24/7 support is available in nearly 20 countries worldwide
Worldwide network

➖Disadvantages

no fixed transfer fee which can change between different currencies
not all transfer options are available in all countries
low maximum transfer limit
government-issued ID required

4. MoneyGram

MoneyGram is an international provider of innovative global money transfer and payment services. is one of the widespread money transfer services.

With approximately 350,000 representative offices in over 200 countries and regions, MoneyGram offers transactions in 50 currencies. In some countries, multi-currency is also available that helps consumers save on exchange rates by sending more popular currencies.

Moreover, MoneyGram has a reward system “MoneyGram Plus Rewards” which provides customers with several discounts on the commission for each transfer.

💰MoneyGram Fees

MoneyGram fees are relatively high. In most directions, MoneyGram charges you approximately $5 for every $100 (see MoneyGram estimator). This trend may be related to their dominance in the market.

Also, it should be mentioned that MoneyGram exchange rates are unstable and depend on the method of payment and receipt. Commissions are not transparent if you want to exchange money from one currency to another.

Despite all these shortcomings, the price of transferring money with MoneyGram is much more profitable than transferring money internationally between banks.