Imagine sending money to a family back home with minimal fees and maximum speed. The best money transfer services are designed to offer just that. But how do these services measure up in terms of exchange rates and transfer times? Could one actually help you save more in the long run? Ready to explore the best money transfer services for US expats? Let’s see which one offers the greatest value for every dollar sent.
Wise (formerly TransferWise)
Wise delivers low-cost international money transfers with its transparent pricing. By applying the real exchange rate and keeping fees minimal, it stands as a cost-effective choice for global transfers.
Fees: Wise charges a small fee based on the amount sent, typically ranging from 0.41% for major currencies. For example, sending $1,000 from the U.S. to the UK costs around $6.50.
Speed: Transfers are completed within 1-2 business days depending on the payment method.
Best For: Individuals who value transparency and want the cheapest remittance services without sacrificing reliability.
OFX
OFX ranks among the best money transfer services for US expats, offering competitive rates and zero transfer fees. It excels in handling large transfers, often providing better exchange rates than traditional banks and online platforms.
Fees: No transfer fees for most international transfers.
Speed: Typically 1-2 business days for most countries.
Best For: Those making large transfers and seeking low-cost international money transfers without additional fees.
Remitly
Remitly is a top choice for affordable remittance with quick delivery. It provides both express and economy transfer options, allowing you to pick the one that suits how urgently you need the money to reach its destination.
Fees: Fees vary, but for express transfers, sending $1,000 to India costs around $3.99 via a bank deposit.
Speed: Express transfers can be completed within minutes, while economy options may take 3-5 days.
Best For: Those seeking fast, reliable remittances with flexible options.
Also Read: digital wallets for U.S. expats
Revolut
Revolut shines as the best money transfer service for expats, travelers, and frequent international senders. With its competitive exchange rates and low fees, especially on higher tier plans, sending money across currencies is quick and simple. With Revolut, transferring money in various currencies is straightforward and convenient.
Fees: Revolut offers fee-free currency conversion during market hours, with minimal charges for larger transfers or non-market hour conversions.
Speed: Transfers can be instant or within a few hours, depending on the destination.
Best For: Frequent travelers and expats who need to send money abroad with low fees regularly.
Xoom (A PayPal Service)
When you need to send money fast, Xoom delivers with bank deposits, cash pickups, and mobile reloads. You can reach over 100 countries, with transfers often finishing within minutes.
Fees: Fees depend on the transfer amount, delivery method, and destination, but Xoom generally offers competitive pricing.
Speed: Transfers are often completed within minutes.
Best For: People looking for rapid money transfers with flexible delivery options.
Western Union
Sending cash to places without traditional banking systems? Western Union, a major name in international transfers, has you covered with both online and in-person services.
Fees: Western Union’s fees vary based on the transfer amount and destination, but it offers competitive rates for standard transfers.
Speed: Transfers can be instant or take up to a few business days, depending on the delivery method.
Best For: People who want to send money to remote or rural areas with reliable cash pickup options.
When sending money abroad, comparing transfer services is essential to keep costs low. Whether you’re helping family or handling business payments, choosing the right service ensures you get the best exchange rates with minimal fees. Wise, OFX, Remitly, Revolut, and Xoom stand out as top choices for affordable, efficient international transfers. Select these services to save on fees and enjoy fast, reliable transactions.
Note: Depending on the transfer amount, destination, payment method, and service used, both fees and transfer times may vary. For the latest and most tailored details, visiting the respective websites or contacting customer service is advisable.
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FAQs
What are the best money transfer services for sending money internationally?
Top money transfer services are Wise, OFX, Remitly, Revolut, Xoom, and Western Union.
How can I send money abroad with low fees?
For low fees, compare services like Wise and OFX, and use a bank transfer for payments.
Are there any low-cost international money transfers for large amounts?
Yes, OFX offers low-cost transfers for large amounts with no fees and competitive exchange rates.
What are affordable remittance options for sending money to developing countries?
Remitly and Xoom offer affordable, fast remittances to developing countries with options for bank deposits and cash pickups.
How long does it take for international money transfers to be completed?
Transfer times vary with Wise and Revolut taking 1-2 days, Remitly express completing in minutes, and OFX requiring 1-2 days.
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