If you consider yourself a globe trotter that goes from one country to the next, then you probably know that managing money across borders isn’t an easy thing to do. Fees can quickly add up to a hefty sum when you constantly exchange cash in to local money. So what is the best way to get your funds from your U.S. bank account to wherever you may need it in the world?
In this guide, we’ll cover the best banking and money transfer services for international travel, digital nomads and expats with consideration to accessibility, fees, payment methods, delivery methods, transaction speed, limits and customer support.
Wise: Best Overall
| Coverage from the U.S. | 70+ countries |
| Fees | Around $1 + < 1% of the transfer amount 0.45% to 3% card transfer fee |
| Payment Options | Bank account Debit/credit card Apple Pay |
| Delivery Options | Cash (some providers) Bank account |
| Transaction Speed | Within minutes for debit/credit card transactions 1 – 3 business days for bank account transfers |
| Transaction Limits | Minimum limit varies by destination $250,000 maximum limit per transaction (USD only) $1,000,000 maximum limit per year (USD only) |
| Customer Support | Phone support on weekdays |
Wise, formerly TransferWise, features “borderless banking” accounts that can manage money in more than 40 currencies. This platform even comes with a debit card to withdraw cash from foreign ATMs with minimal fees.
Additionally, the platform will also let you transfer money to another individual without having to set up a borderless bank account. It offers some of the best exchange rates found in the market, and upfront fees are relatively low if you avoid transferring with our debit or credit card.
(Visit Wise.com to learn more)
Wise Free International Transfer Offer
Use our referral link below to get a free international transfer of up to £500. Once you have your own account, you will also be eligible to start earning referral bonuses.
(Visit Wise.com to learn more)
HSBC: Best Bank For International Money Transfers
| Coverage from the U.S. | 20+ countries |
| Fees | $0 transfer fee to eligible HSBC accounts 1% to 1.5% exchange rate markups |
| Payment Options | Bank account |
| Delivery Options | Bank account |
| Transaction Speed | Instantly, between eligible HSBC accounts |
| Transaction Limits | $1 minimum limit per transfer $15,000 maximum limit per day to other HSBC accounts $200,000 maximum limit per day to your own HSBC accounts |
| Customer Support | Live chat support 24/7 |
HSBC provides Global Money Accounts and a real-time payments platform, allowing accountholders to seamlessly hold, manage and send money instantly (within HSBC) across 20+ countries. To top it off, they don’t charge any fees for money transfers, and their exchange rate aligns closely with the market.
Things to consider: To open a Global Money Account, you need an eligible HSBC deposit account you can link to, like HSBC Premier Checking or HSBC Advance Checking. Other than that, free transfers are limited to HSBC accounts.
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. The information, including rates and fees, presented in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information. We may be paid for the content on this site.
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. The information, including rates and fees, presented in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information. We may be paid for the content on this site.
Remitly: Best For Transferring Money To The Developing World
| Coverage from the U.S. | 90+ countries |
| Fees | Varies Approximately 1% to 3% exchange rate markups 3% card transfer fee $3.99 express fee |
| Payment Options | Bank account Debit/credit card |
| Delivery Options | Cash (home delivery) Bank account |
| Transaction Speed | Within minutes for express transfers 3 – 5 business days for economy transfers Time varies for home deliveries |
| Transaction Limits | $2,999 – $10,000 maximum limit, depending on verification tier $30,000 maximum limit/month |
| Customer Support | Phone & live chat support 24/7 |
Remitly is a cost-efficient and fast option to send money directly to the receiving bank account in the local currency. The platform supports transfers from the United States to an astounding number of developing countries, many of which other money transfer providers do not offer services to. Plus, all transfers come with a promised delivery time. If the funds don’t arrive by the deadline, you get your money back.
(Visit the link above to sign up for Remitly )
Remitly $20 Sign-Up Bonus & $20 Per Referral
- Get $20 off your first transfer of $100+ when you use our referral link to sign up. Thanks ahead of time if you use our link!
- New customers only
- One per customer
(Visit the link above to sign up for Remitly )
OFX: Best Fee-Free Money Transfers
| Coverage from the U.S. | 80+ countries |
| Fees | $0 transfer fee < 1% exchange rate markups |
| Payment Options | Bank account |
| Delivery Options | Bank account |
| Transaction Speed | 2 – 4 days, depending on destination |
| Transaction Limits | $1,000 minimum limit per transfer No maximum limit |
| Customer Support | Phone support 24/7 |
OFX is an OG in the money transfer industry with over 20 years of experience. They provide fee-free transfers from the U.S. to over 80 countries, as well as the ability to lock-in a particular rate before funding the transfer.
Western Union: Best For Receiving Cash
| Coverage from the U.S. | 200+ countries |
| Fees | < $5 for transfers up to $1,000 < 1% to > 6% exchange rate markups |
| Payment Options | Cash Bank account Debit/credit card |
| Delivery Options | Cash Bank account |
| Transaction Speed | Same-day for debit/credit card & cash payments Up to 7+ days for bank account transfers |
| Transaction Limits | Varies by country |
| Customer Support | Phone & live chat support 24/7 |
Western Union is an extremely popular way to transfer money internationally, especially if you want to receive cash. With 550,000 locations worldwide in 200 countries, it’s easy for Western Union to provide cash services, and quickly too.
How Do They Compare?
Below is a table that compares all the services by things such as transfer fees, the total receiving amount after transfer fee and currency conversion, and funding times for transferring at least $1,000 USD to Euros.
| PROVIDER | TRANSFER FEE | RECEIVING AMOUNT | TRANSFER TIME |
| Wise | USD$4.80 | 814.52 EUR | Within 10 hours |
| HSBC | USD$0 | 808.68 EUR | Instantly |
| Remitly | USD$8.99 | 802.71 EUR | 3 – 5 days |
| OFX | USD$0 | 802.70 EUR | 2 – 4 days |
| Western Union | USD$0 | 797.70 EUR | 0 – 4 days |
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Bottom Line
When comparing the transferring cost between all the providers, you need to account for the transfer fee and the exchange rate markup. As many can see through the information give above, OFX doesn’t charge a transfer fee, yet you will end up with less money than if you just used Wise or HSBC. For more posts like this, check out our list of money transfer promotions.
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