Cheapest International Money Transfer: From Australia, UK, USA, Ireland and other Top Countries

cheapest international money transfer

The unfortunate truth is that in 2023 while sending money abroad, you’re probably losing a sizeable sum to banks and other greedy businesses charging extortionate and evasive fees. For this reason, we have compared and reviewed transfer services on a global scale for years on end. In this article, we examine the seven services that, based on millions of search results, provide the most affordable way to send money worldwide for various sorts of transfers. Read this full article to know the ways of the Cheapest International Money Transfer.

Cheapest International Money Transfer: Fly Finance

The cheapest way to send money abroad is by using Fly Finance’s international money transfer services.

  • Sending and receiving money through Fly Finance provides you ease in transaction fees as fly finance has the lowest transaction fee of all the payment methods. 
  • To ensure the transfer, Fly Forex has teamed up with a number of financial institutions that are governed by the Reserve Bank of India and Full-Fledged Money Changer (FFMC). 
  • With a variety of service fly finance help you with the most feasible way to send and receive money globally with low payment method.

We have tabulated the key details of this overseas money transfer platform:

ParticularsDetails
WorkingSenders must visit the website of Fly Finance and land on the Forex page to initiate the transfer process. 
Payment MethodsNet Banking; Debit Card; Unified Payments Interface (UPI); Wire Transfer
Transaction FeesNet Banking: Nil; Wire Transfer: Nil; UPI: Nil: Debit Card: 1.25% to 2.5% of the amount being transferred
Minimum Transaction LimitINR 10, 000
Maximum Transaction LimitsIndian residents can send up to $250,000 (INR 2,05,55,125) in a financial year.
This amount can be transferred in one transaction or numerous transactions in one financial year. 
SpeedThe transaction is initiated immediately. The amount is reflected in the account of the recipient after 3 days of initiation. 

List of Seven Cheapest Ways To Send Money Internationally

Here is the list of seven ways to use the cheapest International Money transfer 

  • Best for bank transfers: Wise
  • Best for cash transfers: Remitly
  • Best for mobile money: WorldRemit
  • Best for card transfers: Paysend
  • Best for additional banking features: Revolut
  • Best for coverage: XE Money Transfer
  • Best for large transfers: OFX. 

Must Read: Best Ways to Use Credit Cards for College Students

Details Information about Cheapest Ways To Send Money Internationally

Here are the Best and Cheapest International Money Transfer, with the help of all ways you can easily transfer money all over the world 

Best for Bank Transfers: Wise

Fintech business in London Wise consistently ranks as the most affordable way to transfer money worldwide, making it a top alternative for sending money abroad. Wise is rated as the top money transfer service overall and its mobile app is rated as the best money transfer app

Average Cost0.25% – 1.75% /transfer.
Coveragesupports currency conversions between 26 and 57
Speed1 business day
Transfer limits$1 – $1,000,000
Findings from our testThe app feels simple and clean, albeit a little “gamey.” Transfers go smoothly and quickly.
Best forBank-to-bank transfers of a small to medium size (up to $10,000).

Best for Cash Pick-Up: Remitly

Remitly, a digital transfer provider with headquarters in the US is typically the quickest and most affordable way to send money abroad. The website facilitates currency transfers to over 85 countries worldwide and provides several pay-in and pay-out alternatives (including cash services, bank transfers, and credit card payments).

Average Cost0.5% – 2% /transfer.
Coverageaccessible in 47 different currencies and supported in Singapore, Australia, Europe, and North America.
Speed‘Express’ card transfers come instantly, while ‘Economy’ bank transfers take three to five business days.
Transfer limits$1 – $20,000
Findings from our testAlthough it may be simpler to change the default send and receive currencies, the app is slick and uncluttered.
Best forsending cash for cash pickup or cash delivery to a residence.

Best for Mobile Money: WorldRemit

WorldRemit is a UK-based online money transfer service that provides the best way to send money abroad to many different regions of the world, including the Middle East, Latin America, and Africa, Latin America.  It frequently provides the most affordable option to send money abroad to these nations.

Average Cost56 nations and roughly 150 currencies.
CoverageOnly a few seconds and a few working days 
SpeedTransfers can take a few seconds or a few business days to arrive, depending on the pay-in and pay-out methods used and the countries involved.
Transfer limitsThe daily reset transfer limitations at WorldRemit range from $1 to $9,000 in the US and from £1 to £50,000 in the UK, depending on the country.
Findings from our testOne of the nicest apps we’ve seen. It is polished and sophisticated. A few touches are all it takes to complete a transfer.
Best forTransfers via mobile wallets, such as M-PESA, MTN Mobile Money, Airtel, Globe Cash, Tigo, and numerous others, work well for

Best for Card Transfers: Paysend

Through a wide range of pay-out choices, Paysend, a flexible and quickly growing money transfer platform, enables credit and debit card payments to an amazing network of nearly 100 recipient countries. Paysend is a legitimate authority for accepting credit cards from abroad. 

Average Cost0.5% – 2% /transfer
CoverageFrom 49 through 90 additional nations.
Speed1-3 Working Day 
Transfer limitsUp to $1,000
Findings from our testThere is a lot of empty space; the mobile and web app is sleek and has simple but restricted functionality.
Best forCard transfers to foreign bank accounts or to other cards.

Must Read: Credit Card for International Students

Best for Banking Features: Revolut 

Revolut is a well-known fintech company with an online bank that has 12 million users globally. In addition to its mobile banking app (for which you must register to perform transactions), Revolut provides some of the most competitively priced international money transfers to foreign bank accounts on the market.

Average Cost0.2% – 2%. Cheapest
Coveragesends money from 15 different currencies to about 35 different ones.
SpeedIn 1 Working Day 
Transfer limitsUp to $1,000,000,000 or currency equivalent.
Findings from our testDespite the appearance of clutter, sending money and using other financial services were still relatively simple for us.
Best forFor Revolut users who already move money abroad or for new users who also want to use Revolut’s expanded banking services in addition to money transfers.

Best for Coverage: XE

Transfers made through XE, which is owned by the enormously profitable business Euronet Worldwide, are regarded as secure. Among other things, XE highlights its technical, security, and fraud-prevention prowess as well as its history of processing more than $115 billion in payments. 

Average CostAt least 0.9% /transfer
Coveragefrom the majority of nations to 98 different currencies.
Speed1-3 Working Day 
Transfer limits$1 – $500,000
Findings from our testA top-notch tool that is comparable to WorldRemit’s but a bit busier (with additional charts, choices, etc.).
Best forBest for Transfers to distant locations or transfers between several different currencies.

Best for Large Transfers: OFX

OFX, a specialist in large money transfers, is a foreign exchange Platform, Sending money domestically and abroad is simple, quick, and reliable using money transfers. After OFX receives your funds, payments to important markets can typically be made within 1-2 working days. It can take a little longer for less common currencies: about 3-5 business days.

Average Cost0.4% – 1% /transfer
Coverageaccessible in Singapore, Hong Kong, Canada, the UK, the US, Australia, New Zealand, and the EU. It allows transfers in more than 50 foreign currencies to an amazing 190 nations.
Speed1-2 Working Day 
Transfer limits$2,000 – $2,000,000,000
Findings from our testStylish and expertly done design. Although simple to use, it offers a great deal of detail (reporting, charts, currency breakdowns, etc.).
Best forLarge Transactions exceeding $50,000

How to Find the Cheapest International Money Transfer Method

It’s important to emphasise that there isn’t a single provider of the cheapest international money transfers that is the best for everyone in every situation. Overall, a variety of platforms may be able to give you what you’re looking for affordable, promptly, and safely, depending on your needs and preferences. 

To guarantee that you save every extra dollar when moving money internationally for daily usage, there are a few general rules of thumb to bear in mind in addition to choosing the cheapest transfer operator. These consist of:

  • Make sure you open bank accounts that don’t charge extra for foreign transfers of money.
  • Avoid funding your money transfer with a credit or debit card. If so, Paysend is unquestionably your finest choice.
  • Make sure the money transfer provider you select is secure and properly authorised. 
  • All services follow the strictest security guidelines and are among the safest methods for sending money abroad.
  • Avoid using PayPal and huge banks, which are rarely the most affordable means of sending (or receiving) money worldwide.
  • Send money to a bank account or mobile wallet instead of a cash pickup place whenever it is practical.
  • Avoid exchanging money at banks of change or airports if you’re seeking the cheapest way to do so.

Must Read: Best Apps to Manage Your Finances in a Foreign Country

Cheapest Transfers to Specific Countries

Below, we list a few of these unique situations:

  • Profee: Best to Russia
  • Global66: Best From LATAM
  • Panda Remit: Best to China and India
  • Remessa Online: Best From Brazil

FAQs

Q1. What’s the cheapest way to send money abroad?

Ans. The best and cheapest way to send money abroad is by using Fly Finance‘s international money transfer services. They are very efficient and quick.

Q2. Why should I use a specialized currency provider?

Ans. For a number of reasons, we advise using a specialised currency provider when sending money:
In comparison to your bank, you will receive a considerably better exchange rate.
Typically, you will pay fewer, lesser fees.
You will have a lot of alternatives for paying your transfer and/or receiving money on the other side, and transfers are typically done quite fast.

Q3. How can I pay for money transfers?

Ans. Your money transfer can be financed in a few different ways:
– through a bank draught or transfer.
– by using a debit or credit card (purchasing with a credit card frequently carries a surcharge). 
– paying a physical business in person for services.

This was all about the Cheapest International Money Transfer from Australia, the UK, the USA and other top countries, if you also want to do the transaction internationally, reach out to Leverage Edu on 1800 57 2000   

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