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Best ways to send money online internationally

Sending money overseas? Here’s what you need to know to get the best exchange rates and avoid hidden fees on your international money transfer.

7 min read

Whether you want to send money to your family across the world or simply want to transfer some funds to your bank account back home to pay off a bill, being able to quickly send money online at the best rates is essential. But with so many ways to send money online, how do you know which option will give you the most bang for your buck? Luckily, it’s all quite simple once you break it down. Here are the fastest and cheapest ways to send money online internationally. 

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Send money online internationally

At first, directly transferring money overseas from your bank account may seem like the best way to send money internationally—but unfortunately, using your bank’s international money transfer service is usually not the most efficient option. In fact, money transfer companies such as Wise, MoneyGram, PayPal, and WorldRemit can often work out to be a cheaper—and sometimes, faster—alternative to most banks.

But why is that?  

  • Banks tend to charge a larger upfront service fee than money transfer companies—because they generally have greater overheads to cover.
  • Banks often take much longer to transfer money internationally—expect to wait between 4 to 6 business days before the money lands in the recipient’s account.
  • Banks often discreetly hide extra fees such as international transfer charges into their exchange rates—but money transfer companies are usually transparent with their fees and use mid-market exchange rates, which gives you a better deal.

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What is an exchange rate?

When you’re sending money internationally, you’ll often come across the term “exchange rate.” So what is it, and how does it affect your international money transfers?

The exchange rate is simply the value of one currency when compared to another currency. For example, the exchange rate can tell you how much one US dollar ($1 USD)  is worth in euros (€), or how much the Japanese yen (¥) is worth in British pounds (£). 

Most exchange rates are “free-floating,” which means that they’re based on the status-quo of the decentralized foreign exchange (forex) market. The forex continuously measures the supply and demand of different currencies in relation to each other—which is why you’ll notice that the foreign exchange rate fluctuates constantly. As a result, it’s entirely possible for exchange rates to vary dramatically within the course of a single day. For instance, the British pound could be stronger than the US dollar in the morning, and by the end of the day, the US dollar could be stronger than the British pound. 

How do international exchange rates work?

So, how does the exchange rate work when you’re sending money internationally online?  Simply put, the timing of when and how you decide to send your money overseas is crucial. 

Just like there are many ways to send money online, there are also many different international exchange rates available. Because traditional banks are more likely to hide hidden fees in their exchange rates, you may be surprised to find that the amount that lands in the recipient’s account is less than you expected. 

Say for instance that you want to send €1000 from Germany to the US. The current exchange rate according to the forex is that €1 is equal to $1.20. So, if you send €1000 to your recipient in the US, they should receive $1200.

Yet as is often the case, when you check with your bank, you realize that they are offering a much lower exchange rate of €1 to $1.10. This means that when you send €1000 to the US, the recipient will receive $1100—and the remaining $100 will be kept by the bank, hidden as part of their foreign exchange fees. And if that weren’t enough, you may also be expected to pay an extra charge for making an international bank transfer.

So, how can you send money online quickly and cheaply to your loved ones overseas? It’s time to consider your online money transfer options.

How to send money online instantly and affordably

The smartest way to send money online internationally is to avoid using bank transfers. Instead, consider sending your money with a money transfer service, as these options will likely give you better rates, and get your money to the recipient faster. Here are some of the top money transfer companies to consider when sending your money overseas online.

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Unlike the majority of other money transfer companies on the market, Wise offers its users a mid-market exchange rate, meaning that it includes no markups or hidden fees. The mid-market exchange rate is also what Google uses when you search for the value of one currency to another, like “100 euros to USD”. It’s the most accurate and up-to-date exchange rate. 

Because Wise are also upfront and transparent about their minimal transaction fees, you can rest assured that you’re getting one of the best exchange rate deals on the market—they even offer a price comparison tool on their website to check their rates against other competitors. While Wise may not be as fast as some other international money transfer services, their great exchange rates and commitment to transparency make it a trusted favorite among users. In fact, if you’re an N26 customer, you’ll find Wise seamlessly integrated in your N26 app—now send money at the best rates in over 38 currencies, and enjoy zero hidden fees along the way.


MoneyGram is the largest international money transfer provider in the world, facilitating international money transfers between more than 200 countries. As one of the quickest money transfer companies around, all online payments take between a couple of hours to a single business day to arrive. 

However, their app only accepts Mastercard and Visa payments, and their transaction fees vary significantly between different countries. What’s more, they don’t offer transparent exchange rates, and frequently charge more than the mid-market rate (i.e. the current forex rate). This makes MoneyGram one of the fastest but not the most cost-effective choice among international money transfer services.


Similar to MoneyGram, WorldRemit prioritizes speed when it comes to making international transfers—90% of their transfers are authorized in a matter of minutes. Covering over 150 countries, WorldRemit also sends both the sender and the recipient an alert via SMS or email when the transfer is successful. 

However, like MoneyGram, WorldRemit’s fees are not fully transparent as their foreign transfer fees vary on a country-by-country basis, and they also add a margin to their exchange rates for some countries rather than using the true mid-market rate.


While often a favorite for making domestic payments online, PayPal is also frequently used for sending money internationally. Operating in over 200 countries, PayPal is notable for its secure payment method that analyzes all transactions for fraud. However, it can only support around 20 different currencies. 

To transfer money internationally online with PayPal, both the sender and the recipient must have their own PayPal accounts, rather than just a bank account. What’s more, PayPal follows the likes of WorldRemit and MoneyGram by offering a weak exchange rate, often valued below the mid-market rate. Depending on the country you’re transferring your funds to, you can also expect a varying scale of transaction fees to be added on top. 

Your money at N26 

To make sending money abroad simpler, we’ve partnered with Wise so that you can send money internationally at real mid-market exchange rates. Seamlessly integrated into the N26 app, easily transfer money in over 38 countries with just a few taps, and enjoy full transparency over transfer fees and a real-time quote of the best exchange rate.

Want to transfer money a little closer to home? Our MoneyBeam feature allows you to instantly send and receive money with other N26 customers, all without tediously typing in everyone’s bank details. Make instant money transfers effortless by entering the recipient’s email or phone number, and simply enter the amount you wish to send—and that’s it! Ready for the world of 100% mobile banking? Find out which bank account suits you best here.

By N26

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