According to the most current information the World Bank provides, the standard fee for transferring money overseas from the United States is equivalent to 5.52 percent of the total amount being sent. A bank may seem to be the most logical place to conduct an international money transfer; however, in reality, using a bank is the choice that will cost you the most money, with fees averaging close to 11% of the amount that you are transferring. The standard fee for an international wire transfer initiated in the United States is $49.

Use one of the following regulated money transfer businesses rather than your bank to send the money. You will almost certainly pay cheaper fees, and the receiver will get more money quickly. Here are five different choices to consider when looking for the most efficient ways to send money internationally.

Wise

Coverage from the U.S.:

Over seventy countries (though this number can fluctuate).

Cost:

One of the most affordable options available. Wise, previously known as TransferWise, provides some of the most competitive exchange rates available today. If you finance your transfer using a bank account, you will also pay the lowest upfront costs possible, often less than 1% of the transfer amount.

Speed:

The processing time for bank transfers is typically measured in days; however, same-day delivery is an option for certain countries. A debit or credit card transfer may reach its destination in seconds. Still, a transfer made with a bank account can take seconds to two business days, based on the destination.

Transfer limits and options:

If you want to pay Wise via a wire transfer, you can send up to one million dollars in a single transaction. You may also pay with debit card, Google Pay, credit card, Apple Pay, or direct debit from your bank account. Other payment options include Apple Pay and Google Pay. No matter how you choose to finance the transfer, the person who will receive the money from you must have a bank account.

Customer experience:

Wise's mobile app obtains great user reviews, and the company's website makes locating the frequently asked questions section simple. Nevertheless, phone help is only available on weekdays.

OFX

Coverage from the U.S.:

More than 190 different countries.

Cost:

Considered to be one of the more pricey choices. As compared to other providers, OFX's markups on exchange rates are typically between 2% and 4%, which is on the higher end of the spectrum. This is even though OFX does not charge transfer fees regardless of how much is transferred.

Speed:

There is no option for delivery on the same day. OFX will typically receive your bank transfer during the first part of the next business day. The money will be delivered to your receiver within one to three working days, depending on the location.

Transfer limits and options:

A minimum of $1,000 must be sent with each transfer, but no maximum amount may be sent. There is no possibility of funding an account with cash, a credit card, or any other alternatives accessible with some of the other providers on our list. Instead, transfers may only be performed between existing bank accounts.

Customer experience:

The 24/7 support line and the FAQ section on OFX's website are valuable resources. Also, users give it good reviews for its applications.

Xoom

Coverage from the U.S.:

More than 160 different countries.

Cost:

Very expensive for an internet service provider. When you use a PayPal balance or bank account instead of a debit or credit card, Xoom often has modest upfront costs, such as $0 to under $5; however, the markups on exchange rates may be above 2%. There are certain suppliers whose price increases are less than one percent. Even now, international wire transfers using Xoom are often more affordable than those offered by banks.

Speed:

No matter the payment mode, several transactions may be completed in minutes. Nevertheless, depending on circumstances, like the operating hours of the bank and the various time zones, it can take a few days.

Transfer limits and options:

In several countries, one of the available delivery methods is cash collection at supermarkets or other venues. Sending limitations might vary; however, the maximum amount that can be sent in one day is $50,000. Considering that PayPal owns Xoom, your options for funding a transfer include using a bank account, a debit or credit card, or a PayPal account.

Customer experience:

Support is provided over the phone in English, Spanish, and Filipino between 9 a.m. and 9 p.m. Eastern Time (ET), and help is provided by email in various languages. The mobile applications and the mobile platform both earn great reviews. The mobile platform has FAQs and cost calculators that are easy to use.