Money transfers. They can be a pain and quite costly in some situations if you are trying to send money overseas.
Some places charge as much as $50 for international money transfers.
If you want to avoid those ridiculous fees, then you might be wondering what the cheapest way to send money overseas is? Well, these are five of your best options.
5. PayPal
This is only on the list because it can be a good option for those that need the money quickly. It tends to be a money transfer resource that more people are familiar with and more people use.
However, the catch is that international transfers are certainly not free with PayPal. They charge as much as 5% of the money that you are transferring as a fee.
So, it can be a good way to get it quickly from someone who is more likely to have an account there but there are certainly cheaper options.
4. Remitly
Remitly is another good option if you need the money quickly because it is a resource that can send money in a matter of minutes. They have a lot of places where this is an option too, being in over 85 countries and having hundreds of thousands of locations.
However, one con for Remitly is that you cannot send the most amount of money through here. There tends to be a daily limit of just under $3,000.
This page has a deeper review of it highlighting more of the pros and cons.
3. OFX
If you want the cheapest available money transfer option, this may be your best bet. There are absolutely no service fees on this platform no matter how much money gets sent.
With that in mind, it tends to be a favorable option for sending larger amounts of money. The only con is that there are no physical locations with this exchange, so you need to use bank accounts rather than picking the money up.
2. Wise
This used to be called TransferWise and it is one of the most well-known options for transferring money overseas. You only have to pay a 1% service fee with this option if you are using a bank account.
It also works in at least 70 countries and transfer limits are high, so you can send large amounts of money with this option.
1. Western Union
Western Union is arguably the most recognizable money transfer service in the entire world. Their physical location presence is unchallenged, with over 500,000 locations throughout the world and it is an option in almost every country in the world.
They are in double the countries of almost every other option listed here, being accepted in over 200 countries. It is the best option for transferring money to a physical location.
The one main con is that depending on the country that you are picking the money up in, you may get hit with a higher transfer fee.
You Too Can Send Money Overseas
These are the five best options to send money overseas. If you use one of these services, you are sure to have your specific needs met.
Do you want to see more money transfer tips? Check out our Finance section.
