What is the cheapest way to send money abroad? - Wise, formerly TransferWise (2024)

FAQs

What is the cheapest way to send money abroad? - Wise, formerly TransferWise? ›

Bank Transfer

At OFX, you receive fee-free transfers* for sending USD internationally. We use our global network of 115 local bank accounts to make our transfers within the same country, so you won't be hit by any international transaction fees.

Help whoever sends you money avoid fees. Just share your Wise Account details with them for the currency they're sending. You'll get the money faster — and avoid hidden fees.

We'll always charge a conversion fee if you send money to a different currency. To check how much the fee is, use our pricing page. Just type in the amount you want to send, and choose the currency you're sending from and to. We'll show you the exact fee you'll need to pay.

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.

Make Cross-Border Payments

Digital wallets are independent of banks and can hold funds in multiple currencies, with transparent exchange rates. Because of this, they can circumvent many of the fees and costs associated with wire transfers, making it even easier to send money abroad, all over the world.

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.

There are direct costs related to moving money from your bank to us, making payouts in 56 countries and managing pools of currency across our network.

Strategies for managing and reducing Wise fees include transferring large amounts of money, using bank transfers instead of credit card payments, and taking advantage of rate alerts and guaranteed rates.

Does Wise have no foreign transaction fee? ›

Wise cards don't have foreign transaction fees. Wise accounts can hold 40+ different currencies and it's free to spend any currency you hold - or the card can convert for you when you pay, with a low conversion fee, instead. It's important to note that Wise is not a bank - it's a money service business.

Sending money to your granny in Europe is only a click away from your online bank account. In the US, however, it's a bit trickier. This is where Wise can help you. With a free Wise account, you can send US dollars to domestic accounts and also send money all over the world, amazingly fast.

It's free to create a Wise account, and there are never any monthly fees or minimum balances to worry about.

Yes it is. Since 2011, more than 10 million customers have used Wise. And every month, they trust us to move their money quickly and safely.

Check with the merchant if to confirm if you'll be charged an international transaction fee. The best way to avoid the international transaction fee is to look for debit and credit cards that allow you to shop overseas without being charged international fees.

A number of banks allow you to transfer money to linked banks overseas without a fee – though usually it's just an overseas arm of the same banking group. So if you and the person you want to send money to have the right accounts, moving money via the bank can work out cheapest.

Can I send money through Zelle internationally? Zelle is only available for customers with a US bank account and US registered mobile number. That means it's not an option for sending international payments to friends and family overseas.