Banks are the most expensive way to send money abroad, often charging $25 to $50 per transfer plus a poor exchange rate. The good news: a new generation of money transfer services has driven costs down dramatically. Here are the best options available in 2026, starting with the cheapest.
1. Oobit Send Crypto
Best for: Crypto holders who want to send money to a bank account anywhere in the world, fast.
Oobit's Send Crypto feature lets you send crypto and have the recipient receive local currency directly to their bank account. No exchange account required on their end, and no bank details to collect. Just the recipient's phone number. Choose your amount, select a recipient, and Oobit handles the conversion. The money typically arrives in minutes. Fees are shown upfront before you confirm.
Coverage: 100+ countries, with delivery via SEPA, ACH, PIX, SPEI, Faster Payments, SWIFT, and more.
Cost: Shown upfront in the app, varies by destination and payment method.
Speed: Seconds for most transfer methods.
Supported assets: USDT, USDC, Bitcoin, Ethereum, and more depending on region.
Pros
- Only needs recipient's phone number to send, no bank details required
- Recipient gets local currency directly to their bank account, no crypto knowledge needed
- Transparent fees shown before you confirm
- Money typically arrives in minutes
Cons
- Requires holding crypto to send
2. Wise (formerly TransferWise)
Best for: Most international transfers between major currencies.
Wise uses the mid-market exchange rate (the same rate you see on Google) and charges a small, transparent fee. It is consistently one of the cheapest options for USD, EUR, GBP, and AUD transfers and is trusted by millions of users worldwide.
Coverage: 160+ countries.
Cost: Typically 0.4% to 1% of the transfer amount, depending on the currency pair. No exchange rate markup.
Speed: 1 to 2 business days for most transfers; many arrive same day.
Pros
- Mid-market exchange rate with no markup
- Fees shown clearly before you send
- Highly rated app on iOS and Android
Cons
- Not the cheapest for every corridor
- No cash pickup option
3. Revolut
Best for: Frequent senders who want low fees and a multi-currency account.
Revolut offers fee-free currency exchange up to a monthly limit on its free plan, and unlimited exchanges at the mid-market rate on paid plans. For people sending money abroad regularly, a paid plan can pay for itself quickly.
Coverage: 100+ countries.
Cost: Free within monthly limits on the free plan; small fees beyond that. Paid plans from around $10 per month.
Speed: Instant to same day for most transfers.
Pros
- Free transfers within monthly limits
- Multi-currency account for travel spending
- Competitive exchange rates on paid plans
Cons
- Free plan has monthly exchange limits
- Weekend rate markup on some currencies
4. Remitly
Best for: Sending to family in Asia, Latin America, or Africa.
Remitly specialises in remittance corridors such as USD to Philippine Peso, USD to Mexican Peso, and GBP to Indian Rupee. It offers two speed tiers: Economy (slower and cheaper) and Express. First-time users often benefit from promotional rates.
Coverage: 170+ countries.
Cost: $0 to $4 on popular corridors; promotional rates often available for new users.
Speed: Minutes on Express; 1 to 3 days on Economy.
Pros
- Very low fees on well-supported corridors
- Express delivery available in minutes
- Delivery to bank account, mobile wallet, or cash pickup
Cons
- Exchange rate margins can vary by corridor
- Less competitive outside its core markets
5. Western Union / MoneyGram
Best for: Cash pickup in countries with limited banking infrastructure.
Western Union and MoneyGram remain useful when a recipient needs to collect cash rather than receive a bank deposit. Both have extensive physical networks across Africa, Asia, and Latin America.
Coverage: 200+ countries and territories.
Cost: $5 to $20 for most transfers, but exchange rate margins can be wider than specialist services.
Speed: Minutes for cash pickup.
Pros
- Worldwide network of cash pickup locations
- Useful for recipients without a bank account
- Multiple sending options including cash, card, and bank account
Cons
- More expensive than digital-first alternatives
- Exchange rate margins are often higher
6. Bank Transfers (SWIFT / SEPA)
Best for: Large business transfers, particularly within the Eurozone.
SEPA transfers within the EU are typically free or very low cost. Outside Europe, bank SWIFT transfers are usually the most expensive option, with fees of $25 to $50 plus a poor exchange rate. Unless you are sending a very large amount where the fixed fee becomes proportionally small, dedicated transfer services will almost always be cheaper.
Coverage: Global via SWIFT; EU-only for SEPA.
Cost: Free to low via SEPA; $25 to $50+ via SWIFT, plus exchange rate margins.
Speed: Instant to same day for SEPA; 2 to 5 business days for SWIFT.
Pros
- SEPA transfers are free or near-free within the EU
- Familiar and trusted for large business payments
Cons
- SWIFT transfers are expensive for most use cases
- Exchange rate margins at banks are typically worse than specialist services
What to Look for When Comparing Services
Exchange rate, not just the fee. Many providers advertise zero fees while applying a 2% to 3% margin to the exchange rate. On a $1,000 transfer, that is $20 to $30 lost on the rate alone. Always check the total amount the recipient will receive, not just the upfront fee.
Funding method. Most providers charge more when you fund a transfer with a debit or credit card than with a bank account. Using a bank account to fund your transfer is almost always cheaper.
Delivery method. Match the delivery option to what the recipient can actually use. A cheap bank deposit is worthless if the recipient does not have a bank account.
Country corridor. Providers compete differently by route. A service that is cheapest for USD to EUR may not be the best option for USD to INR or USD to BRL. Always compare for your specific corridor.
Understanding International Transfer Fees
Every international transfer has two costs, and most people only notice one of them.
The first is the transfer fee: the flat charge or percentage a provider shows you at checkout. This is easy to spot and easy to compare.
The second is the exchange rate margin: the difference between the mid-market rate (the rate you see on Google) and the rate the provider actually gives you. A provider can advertise zero fees while quietly offering an exchange rate 2% to 3% worse than the real rate. On a $1,000 transfer, that is $20 to $30 lost on the conversion alone, with no fee line to show for it.
The only number that matters is how much the recipient actually receives. Always check that figure, not just the advertised fee, before confirming a transfer.
What Information Do You Need to Send Money Internationally?
The exact details required depend on the destination country, but most international transfers need the following:
Recipient's personal details
- Full legal name (must match their bank account exactly)
- Address
Recipient's bank details
- Bank name and address
- Account number
- SWIFT/BIC code, an 8 or 11 character code that identifies the recipient's bank internationally. Required for most transfers outside the EU.
- IBAN (International Bank Account Number), used in Europe and many other regions in place of a standard account number. Typically 15 to 34 characters.
- Routing number, used for US bank accounts (9 digits). Required for ACH and wire transfers to the US.
- Sort code, used for UK bank accounts (6 digits).
If you are unsure of any of these, ask the recipient to check their online banking or contact their bank directly. Getting even one digit wrong can delay or misdirect the transfer, and most providers cannot guarantee a refund once a payment is sent.
For crypto-based transfers like Oobit Send Crypto, the process is significantly simpler. You only need the recipient's phone number, and the money arrives in their bank account in minutes. Oobit handles the conversion and routing automatically.
How Long Does an International Transfer Take?
Transfer times vary significantly by provider and payment method.
Several factors can slow a transfer down: bank processing hours, public holidays in either country, manual compliance checks on larger amounts, and currency conversion steps. If speed matters, choose a provider with instant or same-day delivery and confirm the delivery method before sending.
Are International Money Transfers Safe?
Yes, when you use a regulated provider. The key is knowing what to look for.
Legitimate money transfer services are regulated by financial authorities in the countries they operate in. In the US, this means registration with FinCEN and state-level money transmitter licences. In the UK, authorisation from the FCA. In the EU, a Payment Institution licence. Before using any service, check that it is regulated and that you can find its registration details on the provider's website.
Most established providers use standard security measures including encryption, two-step verification, and fraud monitoring. Oobit, for example, applies encryption and continuous fraud monitoring to all Send Crypto transfers.
A few things to watch out for:
- Unregulated platforms: if you cannot find a regulatory registration, do not use the service.
- Too-good-to-be-true rates: scammers sometimes pose as money transfer services offering unusually high exchange rates.
- Unsolicited transfer requests: always verify the recipient's details directly before sending, especially for large amounts.
Once a transfer is sent, it is very difficult to reverse. Double-check recipient details before confirming.
Bottom Line
The cheapest way to send money internationally depends on the destination, the amount, and how the recipient wants to receive it. For crypto holders, Oobit's Send Crypto is one of the fastest and most direct options available, with delivery straight to a bank account in local currency across 100+ countries. For fiat transfers, Wise and Revolut cover most currency pairs at low cost, and Remitly is hard to beat for popular remittance corridors.
Whatever you choose, compare the total cost including the exchange rate before you send.
Frequently Asked Questions
Sources
- World Bank. Remittance Prices Worldwide Quarterly Report. Accessed May 2026.
- World Bank. Migration and Remittances Data. Accessed May 2026.
- Financial Conduct Authority (FCA). Payment Services and Electronic Money. Accessed May 2026.
- SWIFT. About SWIFT. Accessed May 2026.
- European Central Bank. SEPA: Single Euro Payments Area. Accessed May 2026.