International Money transfer comparison | Compare best exchange rates - Wise (2024)

FAQs

Which money transfer gives best exchange rates? ›

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.

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.

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.

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.

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.

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.

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.

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.

What is the best international money transfer site? ›

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.

The cheapest way to transfer money internationally from India is to send funds directly from your bank account to a recipient's bank account.

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.

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.

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.

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.