Overseas remittance is no longer just a business function or the activity of the expat who sends money home to support a family; it is an essential daily requirement for millions. From university fees for a child studying overseas to a freelancer receiving client payments from abroad or a small business settling a bill with an overseas supplier, cross-border bank transfers form an ever-present part of modern financial life. Use today’s secure and efficient digital services to send money to overseas bank accounts.
However, that path isn’t always smooth. Traditional banks usually have high exchange fees and alarming rates. While newer fintech solutions can be faster and cheaper, their reliability depends on the country and currency paired. Aside from the dozens of platforms claiming to be the fastest or the cheapest, the real challenge is knowing which is right for you.
Are you prioritizing speed or low cost? Are they sending to your destination country? What does the receiver get after the deduction of all these fees + conversion of foreign currency? These questions count, and they do not always have simple answers.
Here is your guide to the best services for directly depositing cash into worldwide bank accounts. It includes everything to look out for, how the major platforms compare, and how to avoid common traps. So whether you need to send money overseas once a year or every week, knowing your seven options means saving time, money, and hassle with every transaction.
Here, we have simplified the best ways to transfer money straight into foreign bank accounts. It outlines the advantages and drawbacks of leading services, what to be aware of, and how to select the most suitable method.
All the services have their fees, but in what way?
Read related blogs: What Is a Money Transfer Service and How Does It Work?
1. What to Consider Before Choosing a Transfer Method
a. Transfer Fees
Every service charges fees, but how they calculate them varies. Some platforms use flat fees, charging a fixed amount regardless of how much you send, while others use a percentage-based system that increases with your transfer amount. It’s also essential to note hidden costs, such as intermediary bank fees or deductions from the recipient’s bank. Even if the upfront fee looks small, the total cost can balloon if multiple parties take a cut along the way.
b. Exchange Rates
The exchange rate is one of the most overlooked costs in international money transfers. While some services offer mid-market exchange rates (the rate you see on Google), many add a markup that effectively reduces the amount the recipient receives. This margin might seem small, 1–3 percent, but it can mean a significant loss on large transfers. Always compare the actual rate being offered, not just the fees.
c. Speed of Transfer
The urgency of your transfer can drastically affect your choice of service. Some platforms offer instant or same-day transfers, while others take up to five business days. Faster usually means more expensive, so it’s worth evaluating whether speed is essential or if you can wait a few extra days to save money.
d. Recipient Country & Currency
Not every service works in every country or supports every currency. Before initiating a transfer, please verify that your chosen provider can deliver funds directly to the recipient’s bank in their local currency. Some services also require the recipient to have an account with the same provider, while others allow direct bank deposits, offering more flexibility.
e. Transfer Limits and Compliance
Depending on your account verification level, most services limit the amount you can send daily, weekly, or monthly. Regulatory compliance is another issue: to prevent fraud and money laundering, many services require government-issued ID and might flag or freeze large transactions. If planning a large or frequent transfer, check the compliance requirements beforehand.
2. Top Methods to Send Money to Overseas Bank Accounts
a. Wise (formerly TransferWise)
Wise is widely praised for its transparent pricing and fair exchange rates. It uses the mid-market rate without hidden markups and clearly outlines all fees before you hit “send.” The service connects local bank accounts worldwide, bypassing international wire systems and saving users money.
It’s fast, reliable, and ideal for personal and small business use. Wise also offers a borderless multi-currency account, making it a strong choice for digital nomads and remote teams handling global payroll.
b. Revolut
Revolut is a digital banking app and multi-currency wallet that allows users to hold, convert, and transfer funds in dozens of currencies. Transfers between Revolut users are instant and free while sending money to external bank accounts is still relatively low-cost.
Paid tiers offer enhanced features like priority transfers and better exchange rates. Revolut is particularly popular among travelers, freelancers, and expatriates who manage money in different countries.
c. Remitly
Remitly focuses on remittance transfers, especially to developing countries. It offers two primary services: Economy (low fee, slower) and Express (faster, higher cost). The ability to choose speed versus cost gives users flexibility depending on their situation.
It remotely supports bank deposits in numerous countries and is often used by migrant workers sending money to families back home. Its mobile-first platform and cash pickup options in some regions also add convenience.
d. PayPal/Xoom
PayPal is a familiar name to most internet users, and its international service, Xoom, allows users to send funds directly to foreign bank accounts. Transfers are typically fast—ranging from a few minutes to two days—but they come with higher fees and less favorable exchange rates.
Still, the platform’s widespread usage and established trust make it a go-to for many. If both sender and receiver use PayPal, transfers can be even more streamlined.
e. Western Union (Bank Transfer Option)
Western Union is one of the oldest names in the money transfer business and has adapted to digital trends. It offers both in-person and online transfers and has extensive global coverage. Though its fees and exchange rate markups tend to be higher, it’s a solid option in places where other fintech options don’t operate.
Western Union can send money directly to bank accounts in many countries, and its network of agents makes it useful for regions with limited banking access.
f. Wire Transfer via Your Bank
Bank-to-bank wire transfers are a traditional method for sending money internationally. They operate over the SWIFT network, a secure but dated system. While banks offer a sense of security, they are typically the most expensive option.
Fees can range from $25 to $50 or more, and processing may take up to five business days. This method is best reserved for large, formal transactions like real estate payments or corporate dealings where reliability and audit trails are paramount.
Read related blogs: How to Easily Send Money to Loved Ones Abroad Using Gift Cards
3. Comparison Table: Overseas Bank Transfers
| Service | Fees | Speed | Exchange Rate | Best For |
| Wise | Low | 1–2 business days | Mid-market rate | Transparent, everyday use |
| Remitly | Low–Medium | Instant–3 days | Slight markup | Family support, flexibility |
| Revolut | Free–Low | Instant–2 days | Competitive | Frequent transfers, freelancers |
| PayPal/Xoom | Medium | Minutes–2 days | High markup | Convenience, PayPal users |
| Western Union | Medium–High | Same day–5 days | Marked up | Cash or bank transfers to remote areas |
| Bank Wire | High | 2–5 business days | Bank-set | Large formal transfers |
4. Tips for a Smooth Bank Transfer Abroad
A successful international money transfer is about more than clicking “send.” Here are essential practices:
- Double-check recipient details. A small IBAN or SWIFT code typo can delay the transfer or send funds to the wrong person.
- Compare the actual cost. Look beyond the fees; always factor in the exchange rate.
- Track your transfer. Use a real-time tracking and notification service to avoid being left in the dark.
- Avoid weekends and holidays. Transfers initiated on non-business days may experience delays due to banking hours and processing cutoffs.
5. Common Mistakes to Avoid
- Skipping verification of recipient bank details. Always confirm names, account numbers, and codes before transferring.
- Overlooking exchange rate markups. A “no-fee” service can still cost you through poor conversion rates.
- Choosing speed over safety. While rushing a transfer in an emergency is tempting, stick to verified platforms.
- Falling for scams. Never send money to unfamiliar sources without validating their legitimacy. Use platforms with fraud protection and customer support.
Conclusion
Choosing the best way to send money overseas isn’t about picking the most popular brand; it’s about finding the service that fits your situation. Wise and Revolut are the leading choices for low-cost and efficient transfers. If you’re sending money to areas with limited banking infrastructure, Remitly, Xoom, or Western Union provide a broader reach. A bank wire transfer may still be the safest route for large or formal payments.
Before you hit “send,” do the groundwork: compare total costs, verify account details, and choose a service that matches the urgency and purpose of your transfer. With the right tools and planning, sending money abroad doesn’t have to be complicated; it can be fast, affordable, and secure every time.
Regardless of the method used, prep work is essential for a successful transfer: always double-check the recipient information, compare the total costs (including hidden ones), and ensure that the provider can be trusted and is regulated. Spend a few minutes researching, and you can avoid costly mistakes and frustrating delays (or failed transfers).
Beem lets you send money online instantly and for free—even to recipients without bank accounts—through bank transfers, prepaid gift cards, and debit card deposits. With features like Send Now, Pay Later™, Beem offers added flexibility for users who need to transfer funds urgently but prefer to settle payments later.
