International money transfers allow individuals to send funds across borders, often directly to a recipient’s bank account. These transactions can involve multiple currencies and take anywhere from a few hours to several days, depending on the method and provider. But what if you want to avoid currency conversion hassles? That’s where a same currency international transfer comes in—a seamless way to send money abroad in the same currency, such as USD from the U.S. to a USD account in Europe.
Whether you’re a student paying tuition, an expat supporting family, this guide will walk you through everything you need to know about same currency international transfers, including methods, requirements, top providers, and more.
Table of contents
- What Is a Same Currency International Transfer?
- Methods of Same Currency International Transfer
- What is the Fastest Option for International Wire Transfers
- Requirements for Same Currency International Wire Transfers
- Top Companies for Same Currency International Transfers
- Best Banks for Same Currency International Transfers
- FAQs on Same Currency International Transfer
What Is a Same Currency International Transfer?
A same currency international transfer refers to sending money abroad without converting it into another currency. For example, transferring USD from an account in the United States to a USD account in Canada eliminates the need for foreign exchange (FX) rate fluctuations.
This method simplifies cross-border payments in same currency, reduces costs tied to currency conversion, and ensures the recipient gets the exact amount sent. Keep reading to explore how same currency transfer works and why it’s a game-changer for global transactions.
Methods of Same Currency International Transfer
Several methods facilitate same currency international money transfers, each with its own benefits and drawbacks. Here’s a breakdown of the most popular options:
1. Online Wire Transfers
Online wire transfers are a go-to for same currency international transfers. They rely on the SWIFT wire transfer (Society for Worldwide Interbank Financial Telecommunication) to move funds between banks globally. While fast and secure, they may involve intermediary banks, which can add fees and slightly delay the process.
- Best for: Large transactions or business payments.
- Speed: 1-3 business days.
2. Online Money Transfers
Online money transfer services offer a convenient alternative to traditional banking. Platforms like Xoom or OFX allow you to send funds electronically using the recipient’s bank details (e.g., IBAN, SWIFT code). These services are often faster and cheaper than banks for cross-border same currency payments.
- Best for: Individuals needing quick, affordable transfers.
- Speed: Same day to a few days.
3. Bank Drafts and Cashier’s Checks
Bank drafts and cashier’s checks are physical payment methods purchased from a bank. They’re secure and widely accepted but slower, as they require mailing or in-person delivery to the recipient.
- Best for: Small, low-risk transfers.
- Speed: 5-10 business days.
4. International Money Orders
Once a popular choice before digital solutions, international money orders are still viable for same currency transfers. They can be cashed at banks or check-cashing locations but are less common today due to slower processing times.
- Best for: Recipients without bank accounts.
- Speed: 3-7 business days.
Also Read: What are Inward and Outward Remittances?
What is the Fastest Option for International Wire Transfers
For speed and reliability, international wire transfers stand out as the top choice for same currency international transfers. Using the SWIFT network, these transfers can move thousands of dollars in one currency—say, USD to USD—within hours or a single business day.
However, intermediary banks may be involved, potentially increasing costs. The global average cost of sending USD 200 via wire transfer is around 6.94%, though same currency International transfers often incur lower fees due to no FX conversion.
Requirements for Same Currency International Wire Transfers
Setting up a same currency international wire transfer requires specific details to ensure a smooth and secure transaction. Here’s everything you need to include before initiating your cross-border payment in a same currency.
- Recipient’s full name and address.
- Amount to be transferred (in the same currency, e.g., USD).
- Recipient’s bank name, address, and account number.
- Recipient’s account type (e.g., checking or savings).
- Bank routing number (e.g., ABA for U.S. banks).
- SWIFT/BIC code (if applicable).
- Purpose of the transfer (required by some providers for compliance).
Ensure all details are accurate to avoid delays or failed transactions.
How to Send an International Wire Transfer
Sending an international wire transfer for a same currency international transfer is easier than ever, thanks to multiple convenient options. Whether you prefer the simplicity of online banking or the reassurance of in-person assistance, the process can be tailored to your needs. You can send a wire transfer in same currency through:
- Bank Online Services: Log in to your bank’s portal and initiate the transfer digitally.
- In-Person at a Branch: Get personalized assistance from a bank representative.
- Phone Banking: Speak with a bank agent to process the transfer.
- Specialized Money Transfer Services: Use platforms like Fly Finance or Western Union for a streamlined experience.
Top Companies for Same Currency International Transfers
Choosing the right provider can make or break your transfer experience. Below is an updated comparison of leading companies offering same currency international transfers, based on costs, speed, and limits as of April 2025:
| Company | Costs | Speed | Transfer Limit |
|---|---|---|---|
| Fly Finance | No fees for UPI, wire, or net banking | 1-3 business days | USD 250,000/year |
| MoneyGram | USD 1.99-USD 5 upfront fee, 1-3% markup | Same day to 1 day | USD 10,000/transfer (online) |
| Western Union | USD 5 upfront fee, 1-6% markup | Same day (premium) | USD 50,000 to India |
| OFX | No fees, 2-4% markup | 1-3 business days | No maximum limit |
| Xoom | USD 4.99-USD 9.99 fee, 1-3% markup | Minutes to 2 days | USD 50,000/day |
Company Highlights
- Fly Finance: Ideal for students, offering fee-free transfers up to USD 250,000 annually.
- MoneyGram: Known for its vast network (430,000+ locations) and competitive same-day delivery.
- Western Union: Offers flexibility with over 500,000 agent locations and same-day options.
- OFX: Best for high-value transfers with no upper limit and 24/7 support.
- Xoom: A PayPal service excelling in speed and digital convenience, supporting 160+ countries.
Also Read: 10+ Cheapest Ways for International Money Transfers
Pros and Cons of Same Currency International Transfers
Wondering if a same currency international transfer is right for you? Weighing the benefits against the drawbacks can help you decide. Here’s a clear look at what this method offers—and where it might fall short.
Pros
- No FX Rate Worries: Avoid losses from fluctuating exchange rates.
- Wide Provider Options: Numerous banks and services support same currency transfers.
- Streamlined Process: Online platforms make it fast and hassle-free.
Cons
- Transfer Fees: Fees still apply, even without currency conversion.
- Currency Availability: Popular currencies like USD or EUR are easier to transfer than less common ones like MXN (Mexican Peso).
Best Banks for Same Currency International Transfers
Traditional banks remain a solid choice for same currency international transfers, especially if you value trust and in-person support. Many offer multi-currency accounts to hold and send funds without conversion, simplifying the process. For those preferring traditional banking, these institutions excel in same currency international money transfers:
- Axis Bank: Offers competitive rates for USD and INR transfers.
- Union Bank of India: Reliable for transfers within Asia.
- ICICI Bank: Strong for USD and EUR transactions.
- Federal Bank: Affordable options for small transfers.
- DBS: Excellent for Southeast Asia and USD transfers.
- HSBC: Global reach with multi-currency accounts.
- Bank of America: Trusted for USD-based international wires.
Many of these banks also offer multi-currency accounts, letting you hold and transfer funds in the same currency without conversion.
Same currency International transfers are transfers that can be made in the same currency. International transfers can be done in several ways such as online wire transfers and online money transfers. Several companies help in transferring money in the same currency.
Is It Better to Transfer Money in Local Currency or Foreign Currency?
It depends on your priorities—cost, control, and recipient needs:
- Local Currency (Recipient’s Currency):
- Pros: Avoids conversion fees on your end, gives you control over exchange rates (using services like KVB with competitive rates), and ensures the recipient gets the exact amount without further conversion losses. Suppliers or recipients may prefer this, potentially strengthening relationships or securing better terms.
- Cons: You bear the exchange rate risk if your home currency weakens, and it requires monitoring rates.
- Foreign Currency (Your Currency, e.g., USD):
- Pros: Simpler if your platform doesn’t support multi-currency transfers, and you avoid upfront rate fluctuations. The recipient’s bank handles conversion.
- Cons: Higher costs due to unfavorable bank exchange rates (often marked up 3-6%) and additional fees (e.g., USD 10-USD 45 from receiving banks).
Verdict: Transferring in local currency is usually better for cost savings and transparency, especially with services like KVB offering real-time rates and low fees (e.g., 3.9% to the U.S.). Use a provider with mid-market rates (e.g., Wise) or KVB’s competitive offerings for optimal results.
FAQs on Same Currency International Transfer
A same currency international transfer lets you send money abroad in the same currency (e.g., USD to USD), avoiding exchange rate fluctuations and simplifying cross-border payments.
International transfer maximum limit can vary depending on the bank. The same currency International transfer for Fly Finance is USD 250,000 (INR 2 crore) per year.
Google Pay allows you to transfer funds internationally. However, this is restricted to countries such as the US, India, and Singapore.
Provide necessary details such as the full name of the recipient/company, branch details, and Swift code to make an international transfer.
Unlike regular transfers that may involve currency conversion, a same currency international transfer keeps funds in one currency, reducing costs and ensuring the recipient gets the exact amount sent.
Transfer speed varies by provider. International wire transfers can take 1-3 days.
You’ll need the recipient’s full name, address, bank details (account number, routing number, SWIFT/BIC code), and the transfer purpose for a smooth same currency international transfer.
Yes, fees apply even without currency conversion. For example, Western Union charges USD 5 upfront plus a markup, while Fly Finance offers fee-free options for same currency transfers.
Key benefits include no foreign exchange rate worries, a hassle-free online process, and access to multiple providers for efficient cross-border payments.
If you send money in a different currency (e.g., USD to a EUR account), the recipient’s bank converts it using a marked-up exchange rate—say, turning USD 1,000 USD into EUR 820 instead of EUR 890—and often adds fees of USD 10-USD 20 plus 1-3%. This means less money reaches the recipient. In rare cases, if the account can’t handle foreign currency, the transfer might be rejected, costing you return fees.
India limits it to USD 250,000/year (LRS), the U.S. has no cap but reports over USD 10,000, and banks allows flexible amounts with verification for big transfers.
To learn more aboutbank accounts for students, the best education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
