Compare international money transfers

The best way to send money overseas with the lowest fees depends on your specific needs, such as the amount, destination, and speed of transfer. Generally, specialist international money transfer providers tend to offer the most competitive rates and lowest fees, especially for larger amounts. These providers typically use the mid-market exchange rate (the rate at which banks trade currencies) and charge lower fees compared to traditional banks. 

For smaller or more urgent transfers, online payment platforms or wire transfer services could be faster but may come with higher fees and less favourable exchange rates.

Tracking your international money transfer is easy with most providers. After initiating your transfer, you’ll receive a reference number or tracking ID. This unique number can be used to track the status of your transfer on the provider's website or mobile app. Most international money transfer services provide online tools that allow you to check your transfer's progress in real time.

For services like wire transfers, tracking is also available through the provider’s website, and you can monitor the pickup status or delivery details if you're sending cash.

A Society for Worldwide Interbank Financial Telecommunication (SWIFT) or Bank Identifier Code (BIC) is a unique identifier used to specify a particular bank or financial institution during an international money transfer. This code consists of 8 to 11 characters and includes details about the bank, its country, and its branch location.

To obtain a SWIFT/BIC code, you can check the bank's website, look at your bank statements, or contact your bank directly. If you're sending money, the recipient will need to provide their bank's SWIFT/BIC code to ensure the funds are directed to the correct institution.

Yes, you can send money internationally without a bank account. Some money transfer services allow you to send funds through cash-based services, such as cash pickups at local agent locations. These options are particularly useful if the recipient doesn't have access to a bank account. 

Additionally, some providers allow you to send money using debit or credit cards or e-wallets, making it possible to avoid using a traditional bank account altogether.

Exchange rates can significantly affect how much money the recipient will receive. When transferring money internationally, the exchange rate is the value at which your currency is converted into the destination currency. Fluctuating exchange rates mean the amount the recipient gets can vary from day to day. 

If the provider offers a marked-up exchange rate, you could end up paying more than the true market rate, effectively increasing the cost of your transfer. To get the best value for your money, it's helpful to choose a provider that uses the mid-market exchange rate and to compare exchange rates before completing the transfer.

Yes, most international money transfer services impose limits on how much you can send. The limits can vary depending on factors like the provider, your payment method, and the destination country. Cash transfers or online transfers may have different limits, and additional identity verification may be required for large transfers. If you're using a bank, the limits tend to be higher, but the fees might also be more expensive. 

Always check with your provider for the specific limits and any required documentation, especially if you're sending a large amount of money.

Whether you have to pay tax on money transferred from overseas depends on where it’s coming from and where you live. Gifts or inheritances usually aren’t taxed, but if they’re large, you might need to report them. Money from work, business, or investments is typically taxable, even if it’s from abroad. Loans aren’t taxed, but you may still need to report them.

Many countries tax worldwide income, so big transfers might need to be declared. Double taxation agreements could reduce taxes in some cases. It’s a good idea to check with a tax professional for advice based on your situation.

Yes, you can send money overseas in an emergency, and many providers offer fast transfer options for urgent situations. For example, cash pickup services can allow your recipient to access funds within minutes at a local agent or branch. 

Other services may offer same-day transfers or even faster delivery for certain currencies, ensuring that the recipient can get the money they need quickly. If you don’t need the money immediately, there are other services that may offer better rates, though the transfer time could be longer.

Cash pickup allows the recipient to collect money in cash from a local agent or partner location, such as a bank, supermarket, or mobile money agent. This option is useful if the recipient doesn't have a bank account, which is common in emergencies or underbanked areas. 

While wire transfer services traditionally offered this option, newer international money transfer providers have expanded cash pickup availability through partnerships with local businesses and agents.