Summary
International money transfers can be costly, but not everywhere. Some countries benefit from cheaper transfer corridors thanks to fintech innovation, lower remittance fees, and stronger infrastructure. Cheapest international money transfers are often found in high-volume corridors, where competition decreases prices. Due to large remittance volumes, nations like India, the Philippines, and Mexico enjoy competitive services.
The UK and UAE utilize advanced financial systems and digital platforms to provide affordable transfer options. In parts of Africa, mobile money solutions significantly cut costs. Ultimately, the cheapest transfers depend on the country pair, transfer amount, and method, with digital services often beating banks in price and speed.
This blog highlights the countries with the lowest costs for sending and receiving money internationally, explaining the same. Read on.
1. What Influences Money Transfer Costs?
a. Transfer Corridor Economics
Transfer costs depend heavily on the corridor’s remittance volume. High-volume routes like U.S.–Mexico or UAE–India benefit from economies of scale and fierce competition, resulting in lower fees. Bilateral banking agreements between countries also streamline currency exchange and reduce intermediaries, making transfers faster and cheaper. On the other hand, low-volume corridors tend to be more expensive, slower, and less competitive.
b. Transfer Methods and Delivery Preferences
Bank-to-bank transfers offer security but can be slow and costly, especially with multiple intermediaries. Mobile wallets provide cheaper, faster alternatives, especially in countries with strong mobile payment infrastructure like Kenya and the Philippines. Cash pickup remains popular but is often pricier. Destination country regulations and service availability can also impact costs, with more regulated or less competitive markets facing higher fees.
c. Currency Exchange Rate Margins
Exchange rate margins play a significant role in transfer costs. Providers may advertise low fees but recoup costs via poor currency conversion rates. Volatile or less liquid currencies, like the Nigerian naira or Argentine peso, usually come with higher margins, while widely traded currencies like the U.S. dollar or euro have smaller markups. It’s essential to consider both fees and exchange rates when comparing providers.
2. Cheapest Countries to Send Money From
a. United Arab Emirates (UAE)
The UAE is a central remittance hub, especially for South Asia. Its large emigrant community from India, Pakistan, and Bangladesh fuels intense competition among providers, pushing fees as low as 1–2%. Fintech adoption and favorable bilateral agreements further reduce costs.
b. United States
The U.S. is a leading remittance sender, with fintech apps like Wise, Remitly and Xoom offering low-cost, fast transfers mainly to Latin America and Asia. Popular corridors such as U.S.–Mexico and U.S.–India have fees below 3% and many providers offer free transfers for first-time users.
c. United Kingdom
The UK’s well-regulated remittance market and intense competition make it a low-cost sending country. Services like Wise and Revolut deliver affordable transfers to the EU, Africa and South Asia, using real exchange rates and minimal fees. High remittance volumes to countries like India and Nigeria drive further cost savings.
d. Singapore
Singapore offers affordable remittances to neighboring countries, including the Philippines, India and Indonesia. Its advanced financial infrastructure and mobile wallet integration, via platforms like Wise, Instarem and Singtel Dash, ensure fast, low-fee transfers backed by strong regulation.
3. Cheapest Countries to Receive Money
a. India
India receives the highest volume of remittances globally, spurring intense competition and low transfer fees. Bank transfers dominate, and both fintech firms and traditional banks offer competitive rates, especially from the UAE, the U.S., and the UK.
b. Mexico
The U.S.––Mexico corridor is among the cheapest worldwide, driven by intense competition and high volume. Popular delivery options include cash pickups at OXXO and Elektra stores and direct bank deposits. Fintech platforms like Wise and Remitly provide transparent fees and competitive rates.
c. Philippines
The Philippines has a competitive remittance market with low fees and multiple options. Overseas Filipino workers’ remittances keep providers competing for customers, offering bank deposits and mobile wallets like GCash and PayMaya. These digital solutions enhance affordability and financial inclusion, especially in rural areas.
d. Kenya
Kenya’s widespread use of mobile money platforms like M-Pesa significantly lowers transfer costs. These fast, affordable services outperform traditional bank transfers, especially in rural regions. Cutting out intermediaries, Kenya offers some of Africa’s cheapest, most efficient transfer options.
e. Bangladesh
Bangladesh rapidly expands its digital remittance channels and prepaid card options, improving affordability and convenience. With large remittance inflows from the UAE, Malaysia, and the U.S., competition lowers fees and improves exchange rates. Digital wallets and prepaid cards give recipients easy access to funds, making Bangladesh a leading low-cost destination in South Asia.
4. Top Low-Cost Country Corridors (Sender → Receiver)
Popular remittance corridors like UAE to India (1.5%) and the U.S. to Mexico (1.8%) offer low fees due to high demand and strong fintech presence. The UK to Nigeria (2.5%) benefits from transparent services like Wise and Remitly.
Singapore to the Philippines (1.7%) enables fast mobile wallet transfers, while Canada to Jamaica (2.1%) is reliable for family support. Comparing fees across corridors helps maximize value and delivery speed.
| Sl. No | Sender Country | Receiver Country | Avg. Transfer Fee | Notes |
| 1. | UAE | India | 1.5% | High remittance volume, strong competition |
| 2. | U.S. | Mexico | 1.8% | Fast delivery via app/cash pickup |
| 3. | UK | Nigeria | 2.5% | Wise and Remitly offer transparent rates |
| 4. | Singapore | Philippines | 1.7% | Fast mobile wallet delivery |
| 5. | Canada | Jamaica | 2.1% | Reliable for family support |
5. Tips to Get the Cheapest Rate from Any Country
Use Fintech Platforms Over Banks
Old-school banks may be convenient, but they often have hidden fees and poor exchange rates. Fintech platforms like Wise, Revolut, Remitly, Beem, and WorldRemit are changing the game by offering lower fees and more competitive rates. These companies run on leaner models and provide full transparency, so you know exactly what you’re paying for. Many also offer real-time transfer tracking, faster delivery times, and user-friendly apps.
Compare Exchange Rates vs Fees
Before sending money, make it a habit to compare the exchange rate and the transfer fee, as they vary widely between providers. Use online tools like the Wise calculator, Monito, or XE to compare real-time costs across multiple services. Sometimes, a low fee comes with a poor exchange rate and vice versa; therefore, a quick comparison ensures you’re not losing out unnecessarily.
Send in Local Currency (When Possible)
Whenever possible, opt to send money in the recipient’s local currency. Doing so helps avoid double conversions, where your money is exchanged once by your provider and again by the recipient’s bank, often at less favorable rates. Services like Wise and Revolut allow you to preview and lock in exchange rates upfront, showing you the exact amount your recipient will get.
Avoid Weekend Transfers
Currency markets close on weekends, and many banks or transfer services apply less favorable, fixed rates during this time to cover potential market shifts. As a result, you could pay more for the same transfer if you send money on a Friday evening or Saturday. For the best rates and fastest delivery, stick to weekday business hours when exchange markets are open and active.
6. Red Flags and “Too Good to Be True” Offers
Not all money transfer services are created equal, and some can put your money at serious risk. Be wary of platforms that offer deals that seem unrealistically generous. Unregulated apps with no customer support can vanish overnight, taking your funds.
Beware of “zero-fee” promises, which often mask high costs through poor exchange rates. And if a provider promises instant transfers without proper ID verification checks, that’s a major red flag. To stay safe, stick with licensed, well-reviewed services that offer complete transparency and clear terms.
Conclusion on The Cheapest International Money Transfers
Some countries consistently offer cheaper international money transfers due to tech innovation and high remittance demand. Passages like the UAE to India or the U.S. to Mexico benefit from competitive rates and efficient services. Choosing the right platform for your specific route can lead to significant savings.
Brands like Beem make sending money internationally easier, faster, and smarter with transparent fees and no hidden costs. With Beem’s Send Now, Pay Later™ option, you can support loved ones instantly — even if payday is a few days away.
If you want to save on your next international money transfer, consider both where you send from and where you send to. Using digital-first services and understanding corridor economics can help you find the cheapest, fastest, and most reliable options.
