Luke Armstrong | Mar 16, 2022
Unfortunate fact of life: Unless you’ve figured out some magic situation for yourself or are the heir to a throne, most of us need money to to make life work. At home, we know how to get it when we need it — simply go to the bank/ATM and take out what we need. If we’re out of money, odds are we have a credit card that is more than happy to lend us money at an interest rate that makes their shareholders smile.
But what about when you travel? What happens if the ways you thought you were going to procure cash and pay bills are thwarted? What if you’re ATM card doesn’t work? What if — as happened to me on my last trip to Iceland — neither your debit or your back-up ATM card work because your bank cancelled them and sent you new ones that you didn’t receive because your U.S. address is your parent’s address and you don’t live there! (Life and it’s services are not built around an expat existence).
Well, you have other options to move money around the globe. Assuming you have money in some account somewhere, here are ten of the most viable options for moving money from one country to another.
Keep in mind, there is no “best” way. The best way for you to move money overseas depends on a number of factors including:
Here are three steps to take with you to the consideration arena.
Step 1 — Look at your options
There are three main options for sending money:
Step 2 – How much will it cost?
Step 3 — Confirm all the details
Once you have found the best value option, you will need to confirm the company can handle the amount you want to transfer and in the time frame you want. If you’re sending a lot of money, it’s good to know you’re protected. Make sure you keep all the confirmation receipts in case something goes wrong.
And keep in mind, some of these services transfer from one bank account to another — so even if it sounds good, run it by your situation.
Unlike banks, currency exchange businesses are not covered by the Financial Services Compensation Scheme, so there's always the risk, if something goes wrong, you won't be guaranteed full compensation.
1. XOOM
Owned by PayPal, Xoom is a digital provider that supports secure money transfers. Xoom offers a guarantee that promises delivery to your recipient on time or your money back.
Pros
Cons
2. ZELLE
Once you’re all signed up and if you’re a customer of a participating bank, Zelle offers one of the fastest ways to send and receive money with your friends. But if you’re not registered with Zelle yet or your bank isn’t a Zelle partner, the app’s benefits begin to fade.
Pros
Cons
3. OFX
OFX charges a spread on the exchange rate — but here it’s an average 0.4% above the mid-market rate, making for a more affordable transfer.
Pros
Cons
4. HiFX
HiFX offers bank-to-bank transfers with no fees. And its exchange rates are competitive, though you must sign up for a HiFX account to see the exact rate that applies to your transfer.
Pros
Cons
5. TransferWise
TransferWise is a strong competitor, fees vary by transfer.
Pros
Cons
6. Currencies Direct
An international money specialist, Currencies Direct supports transfers of any amount with no hidden fees and same-day delivery for select currencies.
Pros
Cons
7. Western Union
Around for more than 160 years, Western Union continues to make it easy for you to transfer money across the US and around the world — it makes cash pickups available in minutes.
Pros
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8. MoneyGram
The second-largest international money transfer service in the world, MoneyGram is a big-name contender, but a larger network and higher maximum might provide more flexibility.
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9. Walmart
Walmart? Yeah — Walmart! You didn’t think Walmart was going to miss out on anything did you? You might only know Walmart for its stores, but this retail giant also offers convenient cash pickups at any of its locations in more than 190 countries, thanks to a partnership with MoneyGram.
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10. PayPal
This digital giant isn’t just for online purchases. PayPal is like a digital banking service, offering a variety of transaction types at rates that beat most banks and financial institutions.
Pros
Cons
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