The best ways to send money abroad

Find out what options are available for sending money abroad, as well as which are the quickest and cheapest.

How do I send money abroad?

The best way to send money abroad isn’t necessarily the one that springs to mind first – quite the opposite, in fact. Whilst using your bank is the most obvious option, it isn’t the best choice, either in terms of cost or time.

In fact, banks often charge hidden fees by offering an exchange rate that is lower than the current rate on the Forex market. 

For example, when 1 Swiss franc is worth 1.04 US dollars on the foreign exchange market, some banks may apply an exchange rate of 1 CHF to 0.94 USD, resulting in a loss of 10 cents per Swiss franc sent.

In addition, charges for international transfers may apply. Not to mention the longer processing times: it takes an average of four working days for the recipient to receive the funds in their current account.

Another option is a postal money order. In Switzerland, there are two services that allow you to send money abroad via the post office, albeit at a high cost:

• Giro International: this service allows you to transfer money to a bank account anywhere in the world within 2 to 4 working days, or even on the same day for urgent transfers (in euros, US dollars or Swiss francs only);
• International Cash: this service allows you to send cash or a cheque to 80 different countries, with delivery taking 5 to 8 days.

So, how can you send money abroad without incurring fees? Whilst fees are still charged, it is still possible to keep costs down and transfer money more quickly. To do this, there is only one option: use a company that specialises in international money transfers.

7 ways to send money abroad

As true experts in their field, money transfer companies have developed faster and cheaper alternatives to traditional postal orders and bank transfers. How can you send money abroad using this method?

1. b-sharpe

Of course, we couldn’t talk to you about the best ways to send money abroad without mentioning our own services!

b-sharpe is a Swiss company that offers high-quality financial services to its clients, both private individuals and businesses. With over 1.9 billion Swiss francs transferred, its money transfer service has a proven track record.

With b-sharpe, you can send money in 25 different currencies:

• Euro;
• Pound sterling;
• US dollar;
• Australian dollar;
• Japanese yen;
• etc.

The exchange rates offered are particularly competitive, thanks in part to sliding-scale margins based on the amount transferred. Based in Switzerland, the company’s services are particularly beneficial for Swiss professionals and individuals, as well as for cross-border workers. Finally, b-sharpe stands out for the availability and responsiveness of its customer service team, which handles all enquiries within one working day.

Good to know: As b-sharpe is committed to transparency, a currency conversion fee calculator allows you to see exactly how much you’ll pay before you start.

2. Wise

Wise is a leading player in the money transfer sector. The company offers 53 currencies at real-time Forex exchange rates. Depending on the currencies involved, transfer fees start at 0.41% of the amount sent, with no hidden charges. This makes it easy to estimate the cost of an international transfer.

Transparency is a key selling point for Wise, just as it is for b-sharpe. The company offers a comparison tool on its website, allowing users to compare its rates with those of its competitors. The only downside is that there is no volume discount scheme in place.

3. MoneyGram

Is MoneyGram the best way to send money abroad? The company has a number of strengths to attract customers. Its global network covers 200 countries. What’s more, express delivery options can get your money to the recipient in just a few hours.

However, MoneyGram uses a different exchange rate to that of the foreign exchange market, and earns its profit from this difference. It is therefore more difficult to estimate the cost of a transaction, particularly as these fees can vary significantly from one currency to another.

4. WorldRemit

Whilst some providers focus on price, WorldRemit prioritises the speed at which money transfer orders are processed. As a result, 90% of money transfers are completed within a few minutes, all in a fully secure manner. However, WorldRemit’s pricing is not always very transparent. Sometimes, a margin is added to the exchange rates offered, on top of transfer fees which vary depending on the countries involved. You should therefore remain vigilant regarding the overall fees charged.

5. Western Union

With its global reputation, Western Union offers fast and secure money transfer solutions. The best way to send money abroad using Western Union is via its mobile app, which allows you to complete a transfer request in just a few minutes.

As for fees, Western Union states that currency exchange is available from €2.90. However, these fees are purely indicative, as the company charges both a transfer fee and a commission on exchange rates, both of which vary depending on the currency involved in the transaction.

6. PayPal

PayPal needs no introduction; it is the payment partner of choice for many internet users, both private individuals and businesses. Under the name “Xoom“, the company has developed a solution specifically for international money transfers.

Transfers can be used to top up another PayPal account or a current account. However, the person initiating the transaction must have a PayPal account in order to start the process.

7. Azimo

Speed is Azimo’s key selling point. Its website boasts that transfers are approved within minutes and can be completed in a matter of hours—or even instantly—to over 80 destination countries. More than two million customers have already used the company’s services.

To send an international money transfer with Azimo, you need to create an account on the platform. This allows you to benefit from foreign exchange transfer fees that are up to 75% cheaper than those charged by major banks.

7. XE Money Transfer

Founded in the 1990s, XE Money Transfer offers a highly secure international money transfer service whose quality is beyond dispute, as evidenced by the glowing reviews from its many users. 

With over 100 currencies supported and transfers available to nearly 130 countries, the Canadian company highlights the speed of its transactions, most of which are completed within just one working day. 

Although these services can be used in Switzerland, many EU countries, the United States and the United Kingdom, they are best suited to large-scale transfers, given the high—albeit competitive—fees charged by the company.

What is the best way to send money abroad?

As you can see, there are many ways to send money abroad on the best terms. Price and speed are the two key factors to consider when choosing an international money transfer company. These two factors are almost always better with specialist companies than with traditional providers, including banks and post offices.