• Jonas Bateman

How to Send Money Internationally, Are You Confused?

Updated: Dec 23, 2020


confused about sending money overseas

We understand your frustrations and concerns. It’s ok, you are not alone; we are here to help and answer everything you need to know about transferring money abroad seamlessly.

  • Where do I start?

  • Is it safe to send money globally?

  • What are the costs associated with a money transfer?

  • How quickly will my money be received overseas?

  • Which service can assist me if I want to start an overseas transfer?

We understand you may have many questions regarding the money transfer process.


The good news is that once you understand the process it is actually not too difficult, however, right now, before you commence your transfer - it is recommended and very important you understand the full scope of the money transfer process. With the multitude of different online wire transfer services, confusing fees and charges, difficult to understand exchange rates, and security barriers; sending money across the globe appears to be an exhaustive process and painful - but the reality it is not that bad! Here at moneyXFR; we have put together some documentation to help you with this process plus vetted out other providers to give you a one-stop-shop location for information on making money transfers overs. We will walk you through the multitude of how to send money internationally, before discussing what to be aware of regarding the associated costs, simplicity, security, speed, and much more.


starting a money transfer?  where do I start?

Where do I start?

You have several choices that you may be aware of or not. As a society, technology has revolutionized specific processes such as money transfers that are more seamless, less expensive, and easier than in the past. Every single minute of the day people transfer money over the internet – it’s a fact - either from their local, traditional bank, foreign exchange broker, or through an online service provider.


The advancement of technology has allowed alternative online money transfer services to provide traditional services such as money transfers provided by the brick and mortar banks to make overseas transfers faster, less expensive, and much, much easier than through the traditional methods mentioned.


Of course, traditional banks offer services to send money overseas, however, they tend to make the process outdated especially in a COVID world in which at the same time they tend to add higher barriers and fees to send money from one country to another. A broker agent service is another option such as a Western Union can do this process, however, they tend to have very high rates compared to other online service providers. FX brokers such as XE usually offer the best rates, however, they primarily only work with institutional clients or persons transferring very large volumes. Regardless of any of these processes you pay an extra fee or incur extra charges for their services. There are options online that provide a robust, seamless process with competitive rates, so please continue reading to find out that option. How and to whom can I send money to someone online?

who can I send money abroad with?

Technically anyone who has a bank account can start this process. In order to commence, do you consider yourself to be defined as one or more of the following:

  • I need to send money to friends and family that live abroad.

  • I am an ex-pat moving money between my bank accounts that reside in different countries in which I am using to make monthly mortgage repayments and paying for bills overseas.

  • I am a student or a parent paying for study or work abroad programs.

  • I am a digital nomad or freelancer using a service to receive payments in multiple currencies from clients and looking to save on costs when spending from country to country.

  • I own a small business with 10 employees and would like to save on the costs of sending money overseas to multiple employees in different currencies.

  • I own a business in which I need to pay international invoices for goods and services with a smaller volume being used to pay overseas staff eg. freelancers in the Philippines.

Regardless of your intentions or requirements to transfer money internationally you can participate. There are an extensive amount of reasons and yours can be different but the process is the same.

Is It Secure to Send Money Overseas via Online? Is It Safe?


security when sending money abroad

Security should be of the utmost importance when choosing an online money transfer service. The primary question of people who send money abroad should ask, is it safe? The answer is yes. However, it is very important to confirm the background and credentials of whichever service or organization you select. The comfort level that you currently have with your bank should be the same as the online money transfer service as well. So please advise me on what is considered the industry standard of being safe while sending money abroad?

If you are making a money transfer in or out of the UK, regardless of what service provider, the service should be part of The Financial Conduct Authority. THE FCA is the regulator for nearly 60,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms. Hence adding a layer of protection against unauthorized, illegal, or suspect activity. In addition, the FCA stipulates and insures the monies you sent are protected until the transfer of remittance or payment was delivered which in turn provides another layer of protection against any fraudulent, suspect transfer of your monies.


What Are The Costs? What Am I Paying The Service Provider?

what are the costs to sending money internationally

Prior to sending an online transfer internationally; it is imperative to understand the costs associated with sending a money transfer overseas. There are several elements that make up the costs associated with a money transfer. The following are important to get-to-know to ensure you obtain the lowest fees and save yourself money.

  • Exchange Rates

  • Service Fees

  • Total Cost of an International Transfer

What Is The Exchange Rate That I Am Receiving?

They are calculated by the value of the specific country currency to be converted to the value of another country's currency. For instance, how many Canadian Dollars can I purchase for $100 US Dollars or how many British Pounds do I get for 1000 Singaporean Dollars? These are the exchange rates provided by the foreign exchange market at a particular time. Regarding this subject relative to making online money transfers, please refer to the following for more information - a guide to foreign exchange rates.


what is the current exchange rate

Be aware that the majority of online service companies during the online money transfer process add a high mark-up which is placed above the rate of exchange as a method of shifting the costs of the company's service plus adding a mark-up to the consumer. While it is understood that there is a service charge or fee, but it is imperative to confirm the 'real' rate and not any rate that incurs a mark-up. In addition, be cautious of companies who offer 'free' or 'no fees' promotions, chances are, they are charging the consumer a rate with extra charges that are baked in the price - in which you pay more out of pocket expenses.  The 'real' rate is what you should be charged for the best and fair price of making an online money transfer. This rate should ensure the best rate without any additional fees, charges, or mark-ups. You can find the real-time exchange rate through several services such as Google, Bloomberg, Yahoo Finance, CNBC, or any provider of this rate. You can find out more here - understanding real-time, mid-market exchange rates.

What Are The Fees Associated With An Online Money Transfer?

what are the costs associated with the transfer

The cost of doing business or providing a service is the crux for most companies to turn a profit to stay in business. Services such as online money transfer services are important in this day of age so we can expect an associated cost from the service provider. The last time you were at the bank or if you were at Western Union doing money transfer it's often not transparent in what their fees are until after you realize the cost of sending the transfer. See the example above where a transfer of $5000 US Dollars via PayPal costs you $374 US Dollars. Wow, now that is expensive. Perhaps that is why you are here. It is imperative to understand what these fees are and are they competitive compared to other services.

Be Clear On What Your Costs Are For An International Transfer:

To summarize the charges, several questions to be clear are as follow:

● What is the mid-market rate of exchange that I am receiving? You want the 'real' mid-market exchange rate. ● Is it clear regarding the charges and/or fees that I am being charged?  ● How much will the person receive, and the amount I will transfer less the costs - in terms of the exchange rate?

For more detail, read the article on understanding the total amount of your cross-border transfer.

The Key is Speed. How long does the transfer take with these services?

how long does it take to complete a transfer online

The answer, in all honesty, will vary dependent on the country you are sending from and the country you are sending to.


Traditional methods such as your local bank can take quite a bit of time even in major markets like the US or UK in which it can take days to weeks. Hence why transfer agents like Western Union exist and typically charge very high rates to make the transfer. If you require instant money transfer perhaps you should use those types of services. In the event, you do not require an instant transfer - if you can afford a little patience with the transfer - here is where you will find value and savings - most online money transfer services can get your money transferred within hours to a day or two.  

TransferWise makes money online transfers easy, accessible, and quick!

Many people still believe that an online transfer overseas is a painful process, but we have highlighted that this is not the case. With certain providers, it is similar to paying a utility bill online or making a mortgage payment in your place of residence. We have done an extensive review of several online money transfer services and, at this point in time, we recommend a service provider called TransferWise.

recommended solution

Why TransferWise? First and foremost, we frequently use the product ourselves and it addresses all of the gaps by sending a money transfer overseas. TransferWise offers an easy-to-use app that offers a quick and easy intuitive and robust application to transfer money. There are a few steps to commence a transfer but once you registered have completed the formalities you can be sending money overseas in a few minutes.


TransferWise was created to confidently assist people throughout the world with an easy money online transfer method that offers quick transfers, security, low costs, transparent fees with backing by an established, regulated global banking entity.  TransferWise offers the best real-time, mid-market exchange rates without markups plus shows a complete list of the transfer charges, plus a clean and easy to read of the amount you are sending and receiving. Click here to Register for free now!

Furthermore, we have put together a Step-by-Step guide in How to Register and How to Send Your First Online Money Transfer via TransferWise. In the interim, see the graphic below which shows the TransferWise process breakdown.

how TransferWise works graphic

The process is fairly straight-forward in which you register your bank details with TransferWise, you key in the currency details, and the amount you want to send and to whom. That's it! Once this is completed, you are done and now you can relax and enjoy your day with more money in your pocket.

transferwise is the best online money transfer service provider

Please sign up with The Best Online Money Transfer Service - Transferwise and check out the latest information on the company and its' products available now.






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