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

FAQs

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

Bank Transfer

See how wise compares to other providers when sending money

We're always honest with our customers. And honestly, we're not the cheapest this time. But we don't have comparison data for transparency or speed at the moment. So while there are cheaper options, they might not be the fairest or the fastest.

Choose your payment method

Funding your money transfer with a bank transfer is usually the cheapest way to send money abroad.

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.

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.

Limited availability of card services: Users in certain countries have voiced complaints about the lack of availability of card services on TransferWise. This limitation restricts their ability to make payments using cards on the platform, causing inconvenience for those affected.

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.

What is the cheapest way to use Wise? ›

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. Read more how to use bank transfers as a payment option.

Use your Wise card to make 2 withdrawals, up to 100 USD in value for free every month - then pay a low Wise ATM fee of 1.5 USD + 2%. If you hold a balance in the currency you're withdrawing there's no conversion fee - and if you don't, Wise uses the mid-market rate and low fees from 0.42%*.

Fair prices, no hidden fees

No subscriptions, no monthly fees. You'll always see the fee upfront, and only pay for what you use.

As a rule of thumb, PayPal is the best option to transfer money between bank accounts, MoneyGram or Xoom are usually cheaper for transferring money from a sender's debit or credit card to a recipient's bank account, and MoneyGram has no fee for international transfers.

The best way to avoid foreign transaction fees is to acquire a no-foreign-transaction-fees credit card, if you qualify for one. Next in line are checking accounts or debit cards with no foreign transaction fee. It is also possible to avoid the fee by paying in the local currency for purchases.

Cheaper than high street banks? 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.

If you are considering TransferWise, you may also want to investigate similar alternatives or competitors to find the best solution. Other important factors to consider when researching alternatives to TransferWise include reliability and ease of use. The best overall TransferWise alternative is Remitly.

On 22 February 2021, the company rebranded from TransferWise to Wise.

PayPal and Wise have their own features and fees, so you'll need to compare both using this guide to see which is best for you. PayPal is a strong option for local transactions, but you might find Wise is cheaper if you're spending or sending a foreign currency.