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Whether you’re supporting family abroad, making purchases outside the U.S., or funding overseas travel, knowing the best transfer method can save you both time and money. Fortunately, there are now a number of reliable ways to send money internationally — from traditional bank wires and cash transfer services like Western Union to online platforms that specialize in global payments.
Each option has its benefits and tradeoffs. The best way to send money abroad will depend on where your recipient is, how much money you’re sending, and whether you prioritize low cost or fast speed. Here, we explore five common money transfer services, comparing their fees, speeds, and key features to help you find the best fit.
5 Common Methods for Sending Money Abroad
If you’re looking to transfer funds overseas, here are five options to consider:
1. Traditional Bank Wire Transfers
Banks have been offering international wire transfers for decades, and they remain a widely used method in 2025. This option is often preferred by people who feel more comfortable using their existing bank or who are sending large sums for business or investment purposes.
With an international bank wire transfer, the transfer is typically processed using the SWIFT communications network, and may move through multiple intermediary banks, which offers built-in security. Banks verify the recipient’s information, and transfers can often be traced and potentially reversed if any problems come up.
On the downside, the process of moving through intermediary banks adds time — and cost — to an international transfer. A wire transfer through your bank can take three to five business days,[1] and fees typically run between $25 and $45. Keep in mind that the recipient bank may also charge a fee. In addition, your bank may charge a markup when converting your funds to a foreign currency.
Recommended: What Is Global Remittance?
2. Online Money Transfer Platforms
In recent years, digital platforms have transformed the way people send money across borders. Services like Wise, Xoom, and OFX, have grown in popularity because they are user-friendly, transparent about fees, and often more affordable than traditional bank options.
Each platform works in a slightly different way. Some providers (like OFX) only allow transfers between bank accounts. Others (such as Wise and Xoom) allow you to fund a transfer using a debit or credit card or bank account, and the money can be sent to a recipient’s bank account or mobile wallet. In some locations, cash pickup or delivery may also be an option.
Transfer speeds can vary by provider and payment/delivery method. Generally, if you use a debit or credit card, the money may arrive within a few minutes; if you transfer money from your bank account via wire transfer, it typically takes one to three business days.
Transfer fees vary by provider, location, amount, and payment method. Generally, fees can range anywhere from $0 to $13 for a $1,000 transfer.[2] Larger transfers generally cost more. Providers typically also charge markups on the exchange rate, which can be around 3% to 4.50% of the amount transferred. It’s important to factor this into your costs.
Send cash in a flash with worldwide money transfers.
3. Cash Pickup Services
Sometimes, the recipient needs cash in hand. That’s where services like Western Union, MoneyGram, and Ria come in. These companies allow senders to transfer money to a physical agent location, where recipients can pick it up as cash. These companies may also give you the option to send money directly to someone’s bank account, debit card, or mobile wallet.
Cash transfer is typically quick — the money is often ready for cash pickup within minutes after the transfer has been sent. Fees vary by service, location, and the amount of money being transferred, but tend to be lower than wire transfers. For example, to send $5,000 to Mexico for cash pickup (paying by debit card), Western Union charges around $8. Western Union and other cash transfer services also make money from currency exchange. The markups can be anywhere from less than 1% to 6% or more.[3]
4. International Money Order (IMO)
An international money order is a printed certificate that can be mailed abroad and cashed locally, similar to a check. While this method of sending money abroad is relatively slow, it doesn’t require the recipient to have a bank account and can be more economical than other methods.
An IMO will show the name of the payee (recipient), the issuer’s name, and the amount of money that can be cashed. It can only be cashed by the payee, who will need to produce a government ID that matches the name on the order. For added security, each IMO has a unique serial number that you can use to track the money order.
The U.S. Postal Service no longer sells international money orders, but some banks offer them for free. You can also purchase money orders from retailers, such as Walmart, and some money transfer services.
You typically need to pay for an IMO with cash or a debit card, and fees can run anywhere from $1 to $10. Your recipient may also pay a markup on the exchange rate charged by the bank or provider that processes the money order for them.
5. Cryptocurrency Transfer
With the rise of blockchain technology, cryptocurrency transfers have become another way to send money abroad. Typically, these cryptocurrency transfers occur directly between digital wallets through blockchain networks. To transfer money this way, you would purchase cryptocurrency in dollars, send it to your recipient’s wallet, and they would then convert it to their currency through an exchange.
Some payment services are also starting to use blockchain technology to process international transfers in traditional currencies. In these cases, the sender simply enters the recipient’s contact details and transfer amount in dollars; the funds are automatically converted into local currency at their destination, then deposited into the recipient’s account.
(Note that SoFi announced plans in June 2025 to offer worldwide money transfers, sending payments through blockchain networks.)
Cryptocurrency transfers are generally fast, often taking only minutes, and transaction costs are often under five dollars. However, there are additional exchange fees to consider.
While blockchain technology helps ensure the transfers are secure, the safety of an international transfer also depends on user diligence. It’s important to protect your digital wallet information, verify the recipient’s address, and use reputable exchanges.
How to Compare International Transfer Methods
Choosing the right method for moving money across borders depends on what matters most: speed, cost, speed, convenience, or security. Here’s a quick comparison:
| Method | Average Speed | Transfer Fees | Best for… | Security Level |
|---|---|---|---|---|
| Online Money Transfer Platforms | Minutes-days | Variable | Low-cost transfers to bank accounts | High |
| Bank /Wire Transfers | 3-5 business days | High flat fee | Large, secure transfers | Very high |
| Cash Pickup Services | Minutes – 1 day | Medium to high | Recipients needing physical cash | High |
| International Money Order | 1-3 weeks | Low flat fee | Recipients with no access to a bank account or digital app | High |
| Cryptocurrency Transfer | Minutes | Low network fees | Tech-savvy users, unbanked regions | Medium-high |
Understanding Fees and Exchange Rates
Fees are what a bank or transfer service charges you to send money outside the U.S., and are typically based on the destination and amount being sent. Some services may waive the fee for your first transfer.
Banks and providers also typically charge an exchange rate markup, which is the difference between the real mid-market rate (the exchange rate that big banks use to swap currencies) and what you’re offered. Banks often charge a 3% to 6% markup, while online platforms may be lower.[4]
Keep in mind that a transfer service may advertise “no fees,” but charge you through high exchange rate markups. It’s important to always calculate the total cost of the transfer, which includes upfront fees plus exchange markups.
Some providers will also add a separate charge for using a credit card; your credit card issuer may also tack on fees and interest charges.
Comparing Transfer Speed
Wire transfers can take several days, while transfers via online platforms and cryptocurrency transfers often take just a few minutes. When choosing a transfer method, it’s important to consider how quickly your recipient needs the funds, then compare fees to determine the best way to send money internationally.
Checking for Security and Reliability
It’s important to always use a bank or licensed transfer service when sending money abroad. A reputable service will be transparent about their fees and exchange markups, and use strong security features like encryption and multi-factor authentication. Researching customer reviews can also help you to gauge the reliability and quality of service from different providers.
Considering Accessibility and Convenience
Some services transfer money to a bank account, while others require that the recipient have an account with the service. There are also providers that allow recipients to pick up cash at various physical locations.
Before choosing a transfer service, ask yourself:
• Does the recipient have a bank account or mobile wallet?
• Can they easily visit a pickup location?
• How quickly does the recipient need the money?
Availability also varies by country, so you’ll want to confirm that your chosen service operates in your recipient’s region.
Which Method Is Right for You?
The right money transfer service will depend on your priorities. Here are some common scenarios:
You need the lowest cost
Skip the bank wire. Instead, compare online platforms or crypto services. To find a good deal, look for the best combination of low fees and favorable exchange rates.
The recipient needs cash urgently
Consider a cash pickup service, such as Western Union, MoneyGram, or other similar services. If you pay with cash or a debit card, your recipient may be able to access cash at a nearby location in just a few minutes.
You’re sending directly to a bank account
Online transfer platforms are often a good choice, as they deposit funds directly into the recipient’s bank at lower costs than wire transfers.
You prefer an in-person, traditional method
If you’re not comfortable with digital platforms, a bank wire transfer or international money order might be the right fit, even if they tend to be slower than other options.
5 Common Mistakes to Avoid When Sending Money Internationally
Some of the most frequently made errors when sending money internationally include:
• Ignoring the exchange rate markup
• Entering incorrect recipient details, which can cause delays or lost transfers
• Not checking transfer limits before choosing a service
• Using an unsecured Wi-Fi network when entering sensitive financial data
• Paying with a credit card, which can lead to added fees and interest charges
The Takeaway
In 2025, there are more ways than ever to send money abroad. The best option depends on your priorities — whether it’s saving money, sending cash instantly, or sticking to a trusted traditional method.
Generally, the best ways to send money internationally are through providers who offer fair exchange rates and don’t charge high fees. By comparing fees, speed, security, and convenience, you can ensure your money gets where it needs to go — safely, quickly, and at the best possible value.
SoFi Checking and Savings members can now send money to Mexico, with other countries to follow soon. SoFi worldwide money transfers are a fast, affordable, and simple way to transfer money to loved ones abroad — directly from the SoFi app.
If you don’t have SoFi Checking and Savings, you’ll need to open and fund an account before making an international money transfer.
FAQ
What is the most cost-effective way to send money internationally?
The most cost-effective way to send money internationally depends on the destination, transfer amount, and how quickly the recipient needs the money. Online money transfer services often charge lower fees and offer better exchange rates than traditional bank services. To find the best deal, compare providers, watch out for hidden charges (such as exchange rate markups), and consider whether speed or cost is your top priority.
How long do international money transfers typically take?
International money transfers can take anywhere from a few minutes to several business days. Cash transfer services and online platforms may often deliver funds within minutes, especially for cash pick-up or wallet-to-wallet payments. Bank wire transfers, however, often take three to five business days due to processing times, intermediary banks, and currency conversion. If time is of the essence, be sure to check estimated delivery time before initiating an overseas money transfer.
What safety measures should I consider for international money transfers?
To ensure the safety of an international money transfer, always use a trusted, licensed provider with strong security features (such as encryption, fraud monitoring, and two-factor authentication). Other important safety steps include: double-checking your recipient details, never sharing your login credentials or transaction codes, avoiding public Wi-Fi when making transfers, and keeping records of all transactions.
Is it possible to send money internationally without a bank account?
Yes, you can send money internationally without a bank account. Many transfer providers allow cash-to-cash services where you deposit money at a physical location, and the recipient picks it up in their country. Other options include sending a money order or using a prepaid debit card, credit card, or mobile wallet to fund an international cash transfer.
While convenient, some of these options may carry higher fees, so it’s smart to compare costs before choosing.
What documentation is required to send money internationally?
To initiate an online transfer, you’ll typically need to provide the recipient’s name and bank account details. With services outside of your bank, you’ll also need to provide your own banking information to connect your bank account. If you’re sending money in person, you usually need to provide a government-issued ID to confirm your identity; cash, credit, or debit card to pay the total (including transfer fees and exchange rates); as well as the recipient’s full name, country and (possibly) address.
What are the common regulations and limitations for international money transfers?
Regulations and limitations vary by provider and the countries involved in the transfer. Generally, banks and money transfer providers need specific licenses to operate in a particular country, and may need to report their transactions to regulators. While regulators can impose limits on international transfers, banks and transfer providers typically decide their own limits. For example, they may limit you to a set transfer amount per day or month. Understanding these limitations can help you plan larger or recurring transactions.
How can I track my international money transfer?
International money transfer providers typically offer tracking options to monitor your transaction. Once you send money, you’ll likely receive a confirmation number or tracking code. You can enter this on the provider’s website or app to see the transfer’s status in real time. Some services also send email or SMS updates when funds are received. If you’re using a bank, tracking may take longer due to intermediary banks. Keeping your reference number handy can help ensure quick resolution if any issues arise.
About the author
Rebecca Lake
Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.
Article Sources
- Bankrate. Crypto vs. wire transfers.
- Statrys. 8 Best International Money Transfer Apps [2025].
- U.S. News. How to Send Money Internationally.
- CNBC. The best international money transfer apps of September 2025.
Photo credit: iStock/xavierarnau
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