5 Best Ways to Receive Money Internationally (In 2024)

Last Updated on October, 2024

Yes, money is a SUPER SENSITIVE matter to all of us. So, we want to avoid risking our money even when making international money transfers. Isn’t it?

That’s why I’ve got your back with this handy guide on the best ways to receive money from overseas. Whether you’re sending money to a friend in another country or receiving money from family overseas, I’ve sifted through the options to bring you the top five methods.

Excited to know about each one of them? Continue reading…

Quick Summary

There are 5 top methods for receiving money internationally: Wise, OFX, MoneyGram, Revolut, and Western Union.

Factors to consider when making international transfers include fees, speed of delivery, availability in different countries, and options for receiving the money (such as bank transfers or cash pickups). It’s important to compare different companies to find the most suitable and cost-effective method for your specific needs.

Wise (formerly known as TransferWise) is a top choice for receiving money internationally due to its transparency, low fees, and use of the real exchange rate.

Contents

5 Best Methods to Receive Money Internationally
5. Western Union
How to Send Money Internationally?
PayPal: Best for Peer-To-Peer Transfers and Sending Large Amounts
World Remit: Best for Fast International Cash Transfers
Wise: Best for World Travelers
International Money Transfer Tips
Conclusion
FAQs

5 Best Methods to Receive Money Internationally

These international money transfers are my top choice from the analysis. So, sit back, relax, and check out each money transfer service and how it works to receive money internationally.

Deal? (Okay, I’ll start with my favorite online transfer service)

1. Wise

When it comes to receiving money internationally, Wise (formerly known as TransferWise) stands out as a top choice. Known for its transparency and low fees, Wise uses the real exchange rate without any hidden markups, making it a preferred option for many.

Pros

Low fees with transparent pricing

Uses mid-market exchange rate

Fast transfer times, often within hours

Easy to use with a straightforward process

Cons

No cash pickup option

Not available in all countries

Wise ensures that recipients get more of the sent money compared to traditional banks, thanks to its efficient currency conversion and minimal fees. However, it does require a bank account and may not be the best option for those needing cash pickups or those in unsupported regions.

Feel free to check out more information about Wise here if you’re interested.

GO TO WISE NOW

2. OFX

OFX offers money transfer services from the United States to over 190 countries. When you send money through OFX, there are low transfer fees, regardless of the amount you’re sending. They typically add a markup of around 0.5% to 1% to the exchange rate.

In terms of speed, OFX doesn’t provide same-day delivery from the U.S. When you initiate a transfer, OFX usually receives your bank transfer within half a business day. After that, it takes another 1 to 3 business days for the money to reach your recipient, depending on where they are located.

The minimum amount you can send per transfer is $1,000. However, OFX does not set a maximum limit. It’s important to note that transfers can only be made between bank accounts.

You can’t fund transfers with cash, credit cards, or other methods that some other providers might offer. If you have any questions or need assistance, OFX provides support 24/7.

Pros

Competitive exchange rates compared to traditional banks, potentially saving you money on currency conversion

Supports transactions in multiple currencies and countries, allowing you to receive funds from a wide range of locations

Can receive money through bank transfers, which provides convenience and flexibility

Platform is designed to be intuitive, making it easier to manage and track your international transactions

Cons

Although usually fast, some transactions might take longer than expected, especially for less common currencies of countries

primarily focuses on bank-to-bank transfers and does not support cash pickup options, which could be a drawback for some users

Feel free to check out more information about OFX here if you’re interested.

GO TO OFX NOW

3. MoneyGram

MoneyGram offers its services in over 200 countries and territories. When you transfer money, the fees can differ depending on how you pay. If you use a bank account, the upfront fees are usually low.

However, if you choose other multiple payment methods, like credit cards, the fees can be high. MoneyGram sometimes adds extra charges to their exchange amounts, which can go beyond 3%.

Delivery speed varies. Sometimes, you can get your money on the same day, no matter how much you pay. But, other times, it might take longer, especially if it’s outside banking hours or due to different reasons.

MoneyGram limits the amount you can transfer. Online transfers max out at $10,000 per transfer and per month. However, depending on where you’re sending the money, this limit can increase to $25,000 per transfer.

Understood?

Pros

Transfers can be completed quickly, often within minutes, which is ideal for urgent needs

MoneyGram has strong security measures in place to protect against fraud and theft

MoneyGram provides customer support for resolving issues and tracking transfers

Cons

Receiving money through MoneyGram can come with hefty fees, especially for international transfers

MoneyGram may offer less favorable exchange rates compared to other services

Feel free to check out more information about MoneyGram here if you’re interested.

GO TO MONEYGRAM NOW

4. Revolut

Revolut offers its services in over 200 countries and territories. The fees for transferring money with Revolut can differ depending on how you fund the transfer.

If you use a bank account, the upfront fees are typically low. However, if you go for other payment methods like credit cards, the fees tend to be higher. Plus, Revolut applies exchange rate markups, which can affect the total cost of the transfer.

The delivery speed with Revolut is quite fast. In many cases, you can receive your money on the same day, regardless of the payment method you choose. However, factors such as banking hours and processing times can influence the delivery time.

Revolut imposes limits on transfer amounts. Online transfers are capped at certain limits, which can differ based on factors such as your account type and the destination country. However, Revolut provides flexibility in managing transfer limits, allowing users to adjust them as needed.

One of Revolut’s advantages is its digital platform, which allows users to make payments using various methods, including bank accounts, debit cards, and credit cards. This makes it convenient for users to send money internationally without the need for physical locations.

Plus, Revolut’s mobile wallet receives positive ratings from users for its usability and features.

Pros

Can hold and receive money in multi-currencies without needing separate accounts

Strong security measures are in place to protect your international transactions

Transfers are usually processed quickly, often in real-time or within a few hours

Cons

Revolut might not be available in all countries, which can limit accessibility

Support can sometimes be slow or less responsive compared to traditional banks

Feel free to check out more information about Revolut here if you’re interested.

GO TO REVOLUT NOW

5. Western Union

Western Union is also a financial institution that provides international money transfer services to over 200 countries and territories. The cost varies depending on factors such as the funding source and delivery method.

Fees for transfers under $1,000 can be less than $5, but rates can vary widely depending on how much you pay, how you want the money delivered, and where it’s going.

If you need your money delivered the same day, you can send it to a cash pickup location, use a debit or credit card, or pay in cash in person. However, this option comes at a higher cost.

The cheapest transfers typically require bank accounts for both sending and receiving payments and can take over a week to complete.

While Western Union provides 24/7 phone support and live chat, it can be challenging to compare exchange rates and competitive fees on their website. Plus, finding answers to frequently asked questions isn’t that easy.

Pros

Recipients can choose from cash pickup, bank transfers, or mobile money

Money can often be received within minutes

Trusted for decades, offering a sense of security

Cons

Transaction fees can be relatively high compared to other services

Some locations might have limited services or operating hours

Feel free to check out more information about Western Union here if you’re interested.

GO TO WESTERN UNION NOW

How to Send Money Internationally?

If you want to send money from overseas, remember to read this part. It will be really, really helpful in making your international money transfers easy.

Sign Up or Log In: First, choose the international money transfer service that suits you and make an account. You’ll need to confirm your identity by showing your driver’s license, passport, or another official ID.
Enter the Receiver’s Information: Next, fill in the name and bank details of the person who will get the money. If they need to pick up the cash, specify where. It’s important to give their name exactly as it’s written on their ID.
Decide How Much to Send: Then, pick how much money you want to send abroad and the currency the receiver will get. You can use a currency converter to help you figure out the exchange rate.
Pay for the Transfer: Now, you can pay for the transfer using your credit card payments or debit card or directly from your bank account. Paying from your bank account usually costs less, but if you use a credit card, there might be extra fees (no fixed fee).

Keep Track of Your Money: After you finish the transaction, most apps will give you an estimated delivery time. You can often check the progress of your international money transfers as well.

PayPal: Best for Peer-To-Peer Transfers and Sending Large Amounts

PayPal is popular for international transfers to friends and family. It’s user-friendly and offers various payment options. You can send money instantly, and recipients can transfer it to their bank the next day.

You can spend money directly from your PayPal account without linking it to a bank, making it widely accepted for payments. However, international transfers can be expensive due to high fees (hidden fees), making it better for domestic transfers.

There’s no overall limit on how much you can send, but transaction limits apply. To send money, both parties need a PayPal account, which is free. Payments from your bank account are free, while credit or debit card payments incur a small fee.

International transfer fees are 5%, with a minimum processing fee of 99 cents and a maximum of $4.99. Funds are received instantly and can be transferred to the recipient’s account the next day.

World Remit: Best for Fast International Cash Transfers

Sending money internationally requires wisely choosing a service, as fees and exchange rates vary. WorldRemit stands out with low costs and operates in over 130 countries. To use WorldRemit, you need to create a FREE savings account first.

You can make payments through various methods like bank accounts, credit/debit cards, and digital wallets like Google Pay or Apple Pay.

Fees vary depending on where you send the money. For instance, sending $50 from the U.S. to a Walmart in Mexico costs $2.99. Transfers are usually fast, often instant or near-instant.

The maximum amount you can send depends on your location and the payment method. For example, from the U.S., you can send up to $5,000 per transaction with a maximum of $9,000 in 24 hours using a debit, credit, or prepaid card.

Wise: Best for World Travelers

I’ve already discussed Wise above. However, here I’ll tell you why it’s a good international transfer service for travelers. Wise account is an excellent choice for travelers to receive money internationally.

It offers multi-currency account management with a borderless bank account, allowing you to handle over 50 currencies. You can assign different sections for each currency, and even without the account, you can use Wise for international transfers.

Setting up a borderless account is free, and a Wise debit card costs a one-time fee of $9. The account supports direct debit, wire transfer, debit/credit cards, and Apple Pay, with fees varying by currency. There’s no monthly fee, and converting currencies has a minimum fee of 0.41%.

You get two free ATM withdrawals per month, with fees applying beyond $100. Transfers are fast, often instant, with a $50,000 daily limit for U.S. users.

GO TO WISE NOW

International Money Transfer Tips

Transferring money abroad can be easier if you follow these tips, no matter which service you use:

First, compare different companies to find the one with the lowest money transfer fees and best exchange rates for your needs.
Keep checking regularly to see if there are better OPTIONS available, as prices and features can change.
Do not use a credit card to pay for your money transfer unless you really have to, as it is usually more expensive.
Make sure the delivery time works for your recipient. Some transfers are quick, while others may take a few days.
Lastly, please keep track of your transfers to ensure they reach the right person. Mistakes in the recipient’s bank account information could cause problems.

Relevant guides:

Conclusion

So yes, sending money internationally doesn’t have to be a headache. With the right knowledge, you can navigate the process smoothly and efficiently. Remember to compare your options, keep an eye on fees, and choose the method that works best for you.

Whether you’re a frequent traveler, a business owner, or simply sending money to loved ones, making informed choices can save money and time in the long run.

So, why wait? Start simplifying your international transactions today!

FAQs

The time it takes for money to be sent to a foreign country depends on several factors, including the sending method, the destination, and the delivery method. It can vary from a few minutes to up to three to five days for the transfer to be completed.

There may be a few reasons why your money is taking a long time to be sent or received. The first possibility is that you may have entered incorrect details for the person or bank. Another reason could be delays caused by holidays or weekends, as some banks may be closed during these times.

The cheapest way to send money internationally is by directly depositing it from your own bank account. It is recommended to avoid using cards or cash pick-ups due to extra fees. To save on fees, it is suggested to send money overseas less frequently but in larger amounts.

Wise (formerly TransferWise) and Revolut are often considered the best for receiving money from abroad due to their low fees and favorable exchange rates.