How To Send Money Internationally

To send money internationally has become a common practice for millions around the globe. Whether it’s for supporting family abroad, paying for services, or managing properties, the ability to transfer funds quickly and securely across borders is essential.

How To Send Money Internationally

However, choosing the most efficient and cost-effective method, with many options, from traditional banks to innovative online platforms and mobile apps, can be overwhelming. This article aims to guide you through how you can send money internationally. Let’s dive in.

Understanding International Money Transfers

International money transfers involve sending money from one country to another, which can be done through various channels. Traditionally, banks have been the primary institutions for these transactions.

However, with technological advancements, online money transfer services and mobile apps have become increasingly popular due to their convenience and competitive rates.

Popular Methods for International Money Transfers

Let’s explore some popular methods for international money transfer:


Banks have traditionally been the go-to method for international money transfers. They offer a sense of security and familiarity, as they are well-regulated institutions. However, this traditional method comes with its own set of limitations.


  • Citibank

Citibank offers global transfers between Citibank accounts in specific countries with potentially lower fees.

  • HSBC

HSBC allows for easy international transfers between HSBC accounts, often with expedited service for premier customers.


  • Security: Banks are highly regulated, offering a secure way to transfer money internationally.
  • Convenience: For those who already have bank accounts, initiating a transfer can be relatively straightforward, especially within the same banking institution.
  • Services: Some banks offer additional services, such as forward contracts and limit orders, to manage exchange rate risk.


  • Cost: One of the major downsides is the cost. Banks typically offer less competitive exchange rates and may charge higher fees compared to other methods.
  • Speed: Transfers can take longer, sometimes up to five business days, depending on the destination and the bank’s processes.
  • Accessibility: The recipient often needs to have a bank account, which might not be the most convenient option for everyone.

Online Money Transfer Services

Online Money Transfer Services have risen in popularity due to their ease of use, speed, and often better rates compared to traditional banks.


  • Wise (formerly TransferWise)

Known for its transparency and use of the mid-market rate for exchanges, with low fees.

  • PayPal/Xoom

Offers convenient transfers but might be more expensive due to fees and currency conversion costs.

  • Western Union

Offers both online services and an extensive network of physical locations, providing flexibility in sending and receiving money.


  • Cost-Effective: Many online services offer more competitive exchange rates and lower fees than banks.
  • Speed: Transfers can be much faster, with some services offering instant or same-day transfers.
  • Convenience: Easy to use with online platforms and apps, allowing for transfers without visiting a bank.


  • Security: While most services are secure, they are generally less regulated than banks, which might concern some users.
  • Limits: Some services may have limits on how much can be sent in a single transaction or over a specific period.

Mobile Apps

Mobile Apps offer a modern and convenient way to send money internationally, directly from your smartphone.


  • Revolut

Offers currency exchange with no hidden fees, international transfers, and other financial services.

  • Venmo

Mainly used for domestic transfers in the U.S., with limited international capabilities.


  • Convenience: Enables easy and fast transfers on the go.
  • Innovative Features: Many apps offer features like split bills, currency conversion, and more.
  • Integration: Some apps integrate with banking services, providing a seamless transfer experience.


  • Availability: Not all mobile apps offer international transfer services, and availability might be limited to certain countries.
  • Security: While generally secure, the digital nature of apps can be a concern for some users in terms of data privacy and security.

Cryptocurrency Transfers

Cryptocurrency Transfers utilize digital currencies like Bitcoin for international transactions, bypassing traditional banking systems.


  • Low Fees: Potentially lower transfer fees compared to traditional methods.
  • Speed: Transactions can be completed quickly, sometimes within minutes.
  • Innovation: Offers a new paradigm for money transfer without the need for traditional banking infrastructure.


  • Volatility: Cryptocurrency prices can be highly volatile, affecting the value of your transfer.
  • Regulatory: The regulatory environment for cryptocurrencies is still evolving, which might pose legal uncertainties.
  • Complexity: Requires a good understanding of how cryptocurrencies work, which might be a barrier for some users.

Factors to Consider Before Sending Money Internationally

  • Exchange Rates

The rate at which your home currency will be converted into the recipient’s currency can vary greatly between services. Even a small difference in the exchange rate can lead to substantial savings or costs on large transfers.

  • Transfer Fees

Fees can vary depending on the service provider, the amount being sent, and the transfer speed. Some services offer low or no fees but compensate with less favorable exchange rates.

  • Transfer Time

The urgency of your transfer can affect your choice. While some services offer instant or same-day transfers, others may take several business days.

  • Recipient’s Convenience

Consider how the recipient will receive the money. Some methods require the recipient to have a bank account, while others allow pickup in cash from local agents.

Tips for Safe and Efficient International Money Transfers

  • Compare Rates and Fees: Use online comparison tools to find the best exchange rates and lowest fees.
  • Check for Security Measures: Ensure the service provider has robust security protocols to protect your money.
  • Understand Legal and Tax Implications: Be aware of any legal requirements or tax implications for sending or receiving large amounts internationally.


How Long Does an International Money Transfer Take?

Transfer times vary depending on the service and destination. Banks can take 1-5 business days, while online services may offer instant or same-day transfers. Cryptocurrency transactions can be completed within minutes, depending on network congestion.

Can I Send Money Internationally Without a Bank Account?

Yes, some services allow you to send money internationally without requiring a bank account. Mobile apps and online money transfer services can enable you to fund transfers through other means, such as credit or debit cards, and recipients can sometimes pick up cash at designated locations.

How Do Exchange Rates Affect My International Money Transfer?

Exchange rates determine how much the recipient gets in the local currency after converting the money you send. A more favorable exchange rate means the recipient gets more, so it’s crucial to compare rates among different services.

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