Find the Best Way to Transfer Money Abroad Online
How To Choose the best provider to send money Internationally
There’s no one single best way to transfer money overseas. Comparing a few different options is the best way to find your perfect match.
Here are the key questions to think about when you choose the best provider to send money internationally for your specific transfer:
Is the provider regulated, with a good reputation?
How much is the transfer fee?
What exchange rate is used to convert your money?
When will your payment arrive?
How do you pay - and how will your recipient get their money?
Best for Complex Payments: OFX
Currency specialist OFX has personal and business services spanning one off and recurring payments, a range of currency risk management products and special services for online sellers. Transfer fees are low - or waived entirely in some cases - and exchange rate markups can be more favorable than those applied by banks. OFX also offers services by phone, 24 hours a day.
- Phone, online and in-app service options
- Supports large and complex payments for individuals and businesses
- Good range of countries and currencies supported
- Pay in options may be limited depending on where you live
- Exchange rate markups apply
- No cash payouts available
Best for Speed: Wise (formerly known as Transferwise)
Wise gives you the most competitive exchange rates of all, because the rates they offer are identical to the base exchange rate. In other words, you won't find a better exchange rate anywhere, which is awesome.
Instead of offering you a worse exchange rate, Wise simply charge a small, percentage-based service fee. Even with this fee, they're consistently better priced than pretty much any other international money transfer company.
- It's very fast and easy to create an account.
- You can create and send a money transfer in fewer than five minutes.
- They offer the best exchange rates available.
- Their service charge is low, fees and pricing are transparent and easy to understand.
- You can pay via bank transfer, credit or debit card.
- They're loved by customers, scoring nine out of ten on Trustpilot.
- There's no minimum transfer size.
- Can't pay for your transfer via cash or cheque.
- There's limited customer support, you can't call them so need to interact via email or through their website.
- If you're transferring more than around $40,000, their service charge can make them less competitive than other providers.
- They don't support all global currencies.
Best for Customer Service: TorFX
Send personal or business payments in around 60 currencies with TorFX. As a currency specialist, TorFX also offers more complex currency risk management products like forward contracts. If you’re unsure of the service you need - or simply want some reassurance because you’re sending a high value payment from Singapore, you can also get personal advice by phone from a TorFX specialist.
- Send one off and recurring payments, and get currency risk management products
- Personal and business services available
- Often low transfer fees, or even no upfront fee at all
- Exchange rate markups apply which push up overall cost
- You need to register a TorFX account to see exchange rates and get a quote for your payment
- Depending on where you are, pay in methods may be very limited
What is Needed for an international money transfer?
Before you start to send your payment, it helps to know what is needed for an international money transfer. This can vary depending on the provider you use, but typically you will need.
Here’s what to do in advance:
Gather your own ID documents for verification
Get your recipient’s bank information and account number
Choose the right provider for your specific transfer
Once you’re good to go, you’ll need to:
Register an account with the provider
Show your ID documents for verification, online or in person
Add your payment details including the currency and amount
Enter your recipient’s information
Pay for your transfer by card, bank transfer or cash
Once your money is moving you’ll often be able to track your payment online or in an app.
How to send large amounts of money internationally
Extra documents and information are often needed to send large amounts of money internationally. This is to comply with financial legislation in Singapore and around the world, which is designed to counter money laundering and financial crime.
Expect to be asked to prove where the funds have come from, and provide extra information about the payment. High value transfers may take a little longer - but having your documents prepared in advance can make things move quicker.
How long does it take to send money abroad?
When it comes to how long it takes to send money abroad from Singapore, there’s no simple answer. The countries and currencies involved, the provider you pick, how you pay, and the payment value can all make a difference. Compare a few providers to make sure you’re getting the fastest available delivery time for your international transfer.
How to receive money internationally?
If you need to receive money internationally you might have the sender make a cross-border payment direct to your bank account, or use a provider which can offer cash collections locally. Both of these options can be pretty convenient - but they can also involve high fees, either for you or the person sending the money.
As an alternative, consider getting an online multi-currency account, like the Wise account. With Wise you can hold and exchange 50+ currencies, and you’ll get bank details for up to 10 major currencies, so your sender can make a local transfer right to your Wise account in the currency of their choice. It’s usually free for them to make a local payment - and entirely free for you to receive a transfer to Wise using your local bank details, from 30+ countries.
International money transfer FAQs
This is the way you transfer money from your bank account in the United Kingdom to an account held by someone you know in another country. International money transfers are popular for both large one-off payments and small frequent remittance amounts.
Yes. These limits will vary depending on how much you wish to transfer, the countries you transfer money to, and what method of transfer you are using (be it a bank deposit, mobile payment, or cash pick-up).
For instance, OFX has a £100 minimum transfer amount. In comparison, Wise has no minimum and no maximum transfer amount. Meanwhile, WorldRemit has no minimum transfer amount and the maximum you can transfer using their service is £50,000 (by bank transfer).
If you want to keep your funds secure when you transfer large sums of money overseas, you have a few options. All the specialist providers we compare adhere to the strongest security standards and are fully regulated. They also strictly follow local and international laws to best service their customers.
- Bank transfer — you can send directly between your bank and a bank in another country, but you will pay high fees
- Online money transfer services — specialist providers like Wise are transparent, safe and fully regulated
- Peer-to-peer transfer services — companies like Wise and PayPal match you with people buying or selling the currency you want to exchange with
Different companies charge you different fees. When you transfer money abroad using your bank or international money transfer company, you could be charged fees in several ways:
- They may offer a slightly worse currency exchange rate, also known as the exchange rate markup.
- They may charge a fixed fee.
- They may charge a commission or service charge, also known as a percentage-based fee.
Something else to bear in mind — if you’re transferring money to someone else’s bank account, their bank may charge processing fees. A money transfer company has no influence on these fees, and you should speak to the receiving bank to understand how much they might charge.
Find out how much it really costs to send money internationally, and get the best rates.
Most services have smartphone apps so you can access and make money transfers on the go. You can install these apps on Apple and Android devices, then use them to create, pay for and track your international money transfer.
Here are some of the best apps from our specialist providers.
- Wise money transfer app
- WorldRemit money transfer app
- WorldFirst money transfer app (if you're transferring money outside of the US)
- OFX money transfer app
Learn more about the best international money transfer apps.