FAQs
Use a specialist provider
There are many specialist providers that offer better exchange rates and lower fees than traditional banks. Specialist providers include companies such as Veem, XE, and OFX. These providers typically have lower overhead costs and can pass on the savings to their customers.
Does Wise have the best exchange rate? ›
In a word: yes! With Wise, you get the real exchange rate (the one you see on Google and Yahoo), and you pay a small fee. The service is fair, transparent, and costs far less than high street banks and other currency exchange services.
Which money transfer gives the best rates? ›
Wise* is the first provider we'd try as it's always had consistently top rates when we've checked, plus good feedback from those who use it. It does charge fees, but we've found the total amount of currency you get for your money is still competitive.
What is the best company to transfer money internationally? ›
- Featured Partners.
- Our pick of the best money transfer services of 2024.
- Wise.
- Xe (xe.com)
- Revolut.
- TorFX.
- TransferGo.
- Remitly.
What is the most cost-effective way to transfer money internationally? ›
Bank Transfer
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
What's better, Wise or remitly? ›
Remitly and Wise both allow you to send money digitally to bank accounts and mobile wallets. Remitly has extra pay out options including cash collection – while Wise also has a multi-currency account to allow customers to hold and exchange money and spend with a linked debit card.
Is Wise cheaper than bank transfer? ›
Between the transfer fee the bank shows upfront, extra intermediary costs and an exchange rate markup, the overall costs can ramp up pretty quickly. Wise transfers work differently, which can mean you get lower overall fees and a faster delivery time.
How reliable is Wise money transfer? ›
Your money is always protected in a segregated account; Customer funds are insured to prevent loss; Just like banks and other financial providers, we monitor transactions and verify customers' identities to prevent fraud.
Is Wise conversion good? ›
Are Wise currency exchange rates good? Wise uses variable fees which are also often lower than bank conversion charges. Currency conversion costs are split out for transparency, and there's no fee to spend any currencies you hold in your Wise account.
Which money transfer has lowest fees? ›
Lowest fee money transfer options and the pros and cons of each
- Venmo. Venmo doesn't charge fees to send or receive personal funds via a Venmo balance, connected bank account, or debit card, but they do charge 3% to send money via credit card. ...
- Cash app. ...
- Zelle. ...
- Bank transfers or wire transfers. ...
- Cenoa Super Wallet.
8 Best International Money Transfer Apps in 2024
- Wise.
- Revolut.
- OFX.
- Western Union.
- Xoom (a PayPal Service)
- Remitly.
- Xe Money Transfer.
- WorldRemit.
Which bank is best for international money transfers? ›
The Best Banks for International Wire Transfers
- Citibank: Citibank is a global bank that offers competitive exchange rates and low fees for international wire transfers. ...
- HSBC: HSBC is another global bank that offers competitive exchange rates and low fees for international wire transfers.
Is PayPal or Wise better for international transfers? ›
Wise undoubtedly offers more transparency and lower fees, especially for international transfers, whereas PayPal fees vary and include a currency conversion fee. However, PayPal is more flexible when it comes to payments, as it's widely accepted with various payment options. Wise focuses solely on bank transfers.
What is the cheapest international transaction? ›
The cheapest way to transfer money internationally from India is to send funds directly from your bank account to a recipient's bank account.
What is the downside of international transfers with your bank? ›
Higher Fees: Banks typically charge higher fees than online money transfer services. These can include flat transaction fees and exchange rate markups. Slower Transactions: Bank transfers can take several days to process, which may be inconvenient for urgent transfers.
Where can I get the best rate for currency exchange? ›
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.
Who gives the better exchange rate? ›
Credit cards often have better exchange rates than foreign exchange houses. And with a credit card, you won't have to exchange and hold on to physical cash. If you go this route, you'll want to use a credit card that doesn't charge foreign transaction fees.
Which money transfer method is cheapest? ›
A transfer paid by bank account directly tends to be a much cheaper (and much slower) transfer. If you need money delivered quickly, use a debit card, which will also incur a lower fee than using a credit card.