Best Ways to Send Money Online (Money Transfer Services)

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MeerMoney has analyzed numerous money transfer services to determine which ones provide the best ROI based on fees, accessibility, available payment methods, and speed of delivery.

7 Best Online Money Transfer Services Internationally

Here are the seven best ways to send money transfers internationally:

1. PayPal

PayPal is a popular P2P (peer-to-peer) money transfer app due to its accessibility and choice of payment methods.

Features of Paypal money transfer:

PayPal provides free transfers within the U.S. when using a bank account or PayPal balance. However, using a credit or debit card incurs a fee of 2.9% of the sent amount plus 30 cents.
The maximum amount you can send per transfer with PayPal ranges from $10,000 to $60,000, depending on your currency. Verified accounts have no overall limit, but individual transactions are generally limited to $60,000 or $10,000. Without verification, one-time payments are limited to $4,000.
For large transfers, using a bank provides more safeguards such as FDIC insurance.
Free transfers to bank accounts take one to four business days, or you can pay for an instant transfer to a linked debit card. You can send or receive money on the website, mobile app, or at PayPal.Me, where you create a link for others to pay you.
Funds can be received instantly into a recipient’s PayPal account and transferred to a bank account as soon as the next day.
Recipients can also use their PayPal balance to make purchases without linking to a bank account. However, international transfers come with hefty fees, making it better for sending money within the U.S.
Ease of Use: you can set up your PayPal account online with ease. (Download the app or go to the website and provide your: Name, Address, Phone Number, Email Address.

2. Bank wire transfer

Sending a large amount quickly may be best done through a wire transfer with your bank. P2P apps limit the amount you can send, generally $1,000 to $10,000 per transfer, and delivery can take multiple days. In contrast, bank wire transfers are usually delivered within hours or minutes. However, there is a steep fee for transfers, with a median cost of $25 for sending and $15 for receiving based on an analysis of big banks. If you need to send a large amount quickly, the cost may be worth it. Bank wire transfer delivers large amounts efficiently from one bank to another within hours or minutes.

3. MoneyGram

MoneyGram is another online transfer company that has a massive international transfer network, multiple delivery methods, an easy-to-use website, multiple delivery methods, and the option to set up recurring transfers.

MoneyGram has a large network of 350,000 agent locations and kiosks in over 200 countries, offering a full range of funding and receiving options, including cash deliveries and phone reloads in some markets.
Transfers are quick, with cash available within minutes and bank transfers taking a few hours to a day to many popular destinations.

However, MoneyGram is among the most expensive transfer providers, with lower per-transfer and per-month maximums for online transfers ($10,000 to $15,000) compared to some providers.

4. WorldRemit

When sending cash internationally, it’s important to consider exchange rates and fees, as they vary between services. WorldRemit offers low cash transfer fees and allows users to send money to over 130 countries.

Here are a few benefits you enjoy from having a WorldRemit account for online money transfers:

Signing up for an account is free and payment options include bank account, credit/debit/prepaid card, POLi, Interac, iDEAL, Sofort, Google/Apple Pay, and Trustly.
Transfer fees vary depending on the destination country. Most transfers are instant or near-instant, with home delivery taking 24 hours to seven days depending on location.
Transaction limits depend on the sending country, with a maximum of $5,000 per transaction and $9,000 per 24 hours when sending from the U.S. with a debit, credit, or prepaid card.
Ranks the best for fast International online money/ cash transfers

5. Western Union

Western Union, the largest money transfer company worldwide, offers a range of transfer options. Its price estimator tool shows over a dozen combinations of sending channels, payment methods, and delivery options. Money can be sent from the website or mobile app using a bank account, debit/credit card, or cash from an agent’s location. Its physical network covers over 200 countries and territories with over half a million locations. However, transfers are expensive and only some options include same-day or next-day delivery, with some online transfers taking several business days for delivery.

The Western Union transfer methods and options include:

Sending channels: Website, mobile app, by phone, and in person at U.S locations.
Payment options: U.S. bank accounts; Visa, Mastercard, and Discover credit and debit cards; and cash at in-person locations only.
Delivery options: Bank deposits into a bank account and cash for pickup at a location such as a retail store or bank.
Per-transfer limits: Varies by many factors, including destination country, your transfer history, the delivery speed you choose, your payment method, and agent location limits.

Fees and exchange rates may vary depending on the combination of the above options you have picked and in which country.

Pros

You can fund a transfer with cash.
Fast transfers are available.

Cons

Difficult to compare costs (fee and exchange rate) since it varies significantly by how you pay, how your recipient receives money, and other factors.
Expensive method -Not the cheapest

6. Wise

Managing money across borders can be difficult and costly due to currency exchange fees. Wise offers “borderless banking” to make managing money in multiple currencies easy. Regular money transfers can also be done without setting up a borderless bank account. Here are a few benefits you get from Wise (formerly known as transferwise):

Setting up a borderless bank account is free and can hold and manage over 50 currencies.
Wise offers its own debit card for a one-time fee of $9, with the ability to convert currencies across balances for a small fee and two free ATM withdrawals per month within limits.
Payment options include direct debit, wire transfer, debit/credit card, and Apple Pay, with fees depending on the currency.
There is no monthly account fee, but converting currencies using the card incurs a fee of at least 0.41%. ATM withdrawals up to $100 per month are free, with a 2% fee for anything over that.
Receiving funds on the debit card depends on how they are added, with some available within seconds.
There are no limits for receiving and keeping funds in all currencies except USD, with a $250,000 limit per transaction per day and a $1 million limit per year.
One of the best online money transfers for international travelers

7. Cash App

Cash App, developed by Block Inc., is a P2P money transfer service that allows users to send and receive money, split costs, and pay friends back. It also functions like a bank account, with a “Cash Card” debit card for making purchases using the funds in the Cash App account. Users can also invest in stocks and buy/sell bitcoin. Money can be loaded onto Cash App from a linked bank account, with the app walking users through enrollment and linking at least one bank account. Funds can be sent to other Cash App users or transferred to a linked bank account, similar to services like Venmo and PayPal.

Here are a few benefits of using Cash App:

Cash App offers basic services without monthly, sending/receiving, inactivity, or foreign transaction fees.
It comes with an optional free “Cash Card” debit card for transactions and withdrawals, with free ATM withdrawals if you set up direct deposit. “Cash boosts” allow users to save money on purchases with specific vendors.
Users receive a $5 cash bonus for friends who join using their referral code.
Cash App also allows users to invest in stocks and buy/sell bitcoin, with a service fee for each transaction and an additional fee determined by price volatility across U.S. exchanges.

How to use the cash app to send a payment:

Open the Cash App mobile app.
Enter the amount you want to send.
Tap “Pay.”
Enter the email address, phone number, or “$Cashtag” (another person’s username in the app).
Enter what you are sending the payment for.
Tap “Pay.”

Note: To see the details of a received payment on Cash App, simply tap the “Activity” button. The deposited funds will also be visible on the “My Cash” button, which displays a running total of your deposited funds.