Looking to send money abroad without burning a hole in your pocket? You’re not alone. With an estimated $685 billion sent in remittances to low‑ and middle‑income countries in 2024 (latest World Bank data), the demand for cheaper, faster, and safer international money transfers is higher than ever. That’s why exploring the cheapest ways to send money internationally has become more critical than ever.
Traditional banks and remittance agents often charge high fees and mark up exchange rates. This blog dives into the most affordable ways to send money internationally—so you can maximize value while supporting loved ones across borders.
Understanding the Costs Behind International Transfers
1. Typical Fees to Watch Out For
When sending money internationally, there’s often more than meets the eye in terms of fees:
- Transfer Fees: These are direct charges the service provider applies, either a flat fee or a percentage of the amount.
- Currency Conversion Margins: Check the exchange rates. Some platforms offer poor exchange rates but hide extra costs to earn a margin on the conversion.
- Receiving Fees or Bank Charges: Sometimes, the recipient’s bank or intermediary institutions may deduct a fee before the money is delivered.
- Hidden Platform Charges: If you see an app claiming to offer “zero fees,” find out but recover costs through back-end markups or service charges not shown upfront.
2. Why “Cheapest” Doesn’t Always Mean “Best”
While it’s tempting to choose the lowest-cost option, other factors matter too:
- Speed vs. Cost: Cheaper transfers often come with slower delivery times (3–7 days), which may not work in urgent situations.
- Security and Transparency: Using trusted, regulated platforms—even if they charge a small fee—is vital to avoid fraud.
- Recipient Convenience: The best method also depends on what’s easily accessible to the person receiving the money (e.g., bank account, mobile wallet, or cash pickup).
- Always compare total costs, including hidden exchange rate margins, not just the upfront fee.
Read Also: How to Avoid Hidden Fees When Sending Money Abroad
Top Low-Cost Methods to Send Money Internationally
1. Peer-to-Peer Money Transfer Apps
a. Wise (formerly TransferWise)
- Transparent pricing with clear breakdowns of transfer fees before sending.
- It uses mid-market exchange rates, and there are no hidden markups.
- Ideal for bank-to-bank transfers in over 70 countries.
Pros:
- Low-cost international transfers.
- Fast delivery (often within hours).
- Highly rated for reliability and transparency.
Cons:
- Both the sender and receiver need a linked bank account.
- It is not ideal for sending cash pickups or to recipients without digital access.
Fact: Wise claims users can save up to 8x more than traditional banks. (Source: Wise.com)
b. Revolut
It offers international transfers with minimal or zero fees, depending on the user’s plan (Standard, Plus, Premium, or Metal).
- Comes with built-in financial tools like budgeting, savings, and crypto trading.
- Supports over 30 currencies with real-time exchange rates.
Pros:
- Seamless app experience with spending analytics.
- Low or zero transfer fees within monthly limits.
- Suitable for users already in the Revolut ecosystem.
Cons:
- The free transfer quota depends on your subscription plan.
- It is not available in all countries and has limited global reach.
c. Remitly
Explicitly designed for remittances to developing regions, including Asia, Africa, and Latin America.
Offers two-speed options:
- Express: faster delivery, higher fee.
- Economy: slower but lower fee.
It supports multiple delivery modes: bank deposit, mobile wallet, and cash pickup.
Pros:
- Highly flexible with recipient delivery choices.
- Often offers zero-fee first transfers as a promotional bonus.
- Good customer support and presence in 120+ countries.
Cons:
- Fees and exchange rates vary depending on the country and payment method.
- Economy transfers can take several business days.
2. Cryptocurrency Transfers
Bitcoin, USDT, Ethereum
- Used to send money directly from one wallet to another without involving banks or third-party institutions.
- Particularly helpful in regions with unstable financial systems, currency devaluation, or limited banking access.
Popular coins used for transfers include:
- Bitcoin (BTC) is the most widely recognized but is slower and costlier to transfer.
- USDT (Tether) – a stablecoin pegged to the U.S. dollar; ideal for value stability.
- Ethereum (ETH) supports smart contracts but may incur high fees.
Pros:
- Global reach—send funds across borders instantly.
- No need for a bank account—ideal for unbanked users.
- Often faster and cheaper than traditional remittances, depending on the blockchain used (e.g., Stellar, Polygon).
Cons:
- Price volatility with non-stable coins like Bitcoin and Ethereum.
- Regulatory restrictions in some countries.
- Requires technical know-how for both sender and receiver (wallet setup, key management, conversions).
- Conversion to local currency may be difficult or costly in certain regions.
b. Crypto-to-Gift-Card Platforms (e.g., Bitrefill)
- Platforms like Bitrefill, Conisbee, or Paxful allow users to convert crypto into e-gift cards for popular local brands.
- Recipients can redeem gift cards for essentials like groceries, mobile top-ups, fuel, or shopping.
Why it’s useful:
- Eliminates the need for bank access or converting crypto into cash.
- Offers a practical alternative to cash by giving direct spending power.
Pros:
- Instant delivery—gift cards are emailed or messaged.
- Avoids exchange and transfer fees.
- Wide selection of retailers and services worldwide.
Cons:
- Limited to merchants supported on the platform.
- It may not be suitable for users needing cash or bank deposits.
3. Digital Wallet Services
PayPal / Xoom
- PayPal is a globally recognized digital wallet known for its secure and easy-to-use interface, while Xoom (a PayPal service) focuses on international money transfers.
- It allows users to send money directly to other PayPal accounts or recipients’ bank accounts in various countries.
Pros:
- Transfers are usually quick and convenient, especially between PayPal users.
- Xoom offers multiple delivery options, such as bank deposits, cash pickups, or mobile wallet top-ups.
Cons:
- Fees can be higher than other digital methods, mainly when funded with a credit card.
- Exchange rates are often less favorable, which reduces the total value received by the recipient.
b. Cash App (limited to select countries like the U.S. and the U.K.)
- Cash App is popular for domestic peer-to-peer (P2P) payments but now expands internationally, though coverage remains limited.
- It supports direct transfers to friends or family using a phone number or email, often instantly.
Pros:
- Provides instant payments within supported countries with low or no transaction fees.
- A simple interface makes it ideal for casual and frequent transfers among trusted users.
Cons:
- It is unavailable in most countries, making it less viable for international transfers.
- Lacks options for currency conversion or sending to bank accounts in other countries.
4. Prepaid Gift Cards
a. Prepaid Visa / MasterCard
- These universal gift cards can be purchased online and emailed to recipients instantly.
- They work like debit cards and can be used for online and in-store purchases, wherever Visa or MasterCard is accepted.
Pros:
- No money transfer fees or bank involvement, making them an excellent alternative for unbanked recipients.
- Instant digital delivery is ideal for urgent needs like last-minute gifting needs.
Cons:
- These cards cannot be withdrawn as cash easily, limiting their use to purchases only.
- Sometimes, there may be activation or inactivity fees depending on the provider.
b. Retailer-Specific Gift Cards
- Specific retailers issue these gift cards, which can be redeemed for purchases on their platforms. They are ideal for essential shopping or sending gifts.
- You can send them via SMS, email, or app-based delivery, often instantly.
Pros:
- They have zero transfer fees and offer full-value usage without hidden charges.
- Ideal for sending money with a clear purpose—like groceries, books, electronics, or household goods.
Cons:
- It can only be used at the specified retailer, limiting flexibility for the recipient.
- No cash-out option, and unused balances might stay locked if the full value isn’t spent.
See Also: The Best Method to Send Money to Overseas Bank Accounts
Comparison Table: Cheapest Methods to Send Money
| Method | Transfer Fees | Speed | Bank A/c needed | Best For |
| Wise | Low | 1-2 days | Yes | Transparent Bank Transfer |
| Remitly (Economy) | Low | 3-5 days | No (cash pickup) | Family support in remote areas |
| Crypto (USDT) | Very Low | Minutes | No | Tech-savvy users |
| Gift Cards (Prepaid Visa) | None | Instant | No | Unbanked Recipients |
| PayPal/Xoom | Medium | Minutes | Yes | Speed-focused users |
Tips to Reduce International Transfer Costs Further
- Send larger amounts less frequently
Most transfer services charge a flat fee per transaction. By sending money in fewer, larger batches, you minimize the times that the fee is applied.
- Use platforms with loyalty programs or referral bonuses.
You can use apps like Remitly, Wise, and PaySend, which often reward users with credits or free transfers when they refer friends or reach certain milestones. This helps lower overall costs.
- Avoid funding transfers with high-fee credit cards
Using credit cards to fund transfers can lead to extra charges like cash advance fees and interest. Instead, you can use bank accounts or debit cards to keep costs low.
- Always compare the total cost, not just listed transfer fees
Some services advertise “zero fees” but add hidden costs in poor exchange rates. Use tools like Wise Calculator, XE.com, or Google to compare the total amounts the recipient will receive.
When Free Is Risky: What to Avoid
- Shady apps screaming “FREE TRANSFERS!”
If an app you’ve never heard of pops up promising zero fees and global transfers but has more 1-star reviews than a harmful rom-com, trust your gut. Free isn’t fabulous if your money disappears into the void of the internet.
- Crypto confusion alert!
Sure, crypto can be a cool shortcut—but only if you use well-known, stable coins like USDT or USDC. If someone suggests sending your money via “ShibaDreamTokenV3,”—that’s not a currency; that’s a red flag in disguise!
- The Gift Card Gamble
Buying international gift cards from “Mike’s Discount Codes 4U” online? Just… don’t. Stick to official retailers. Otherwise, you’re giving your loved ones a headache and a worthless code instead of a smile.
Conclusion: Cheapest Ways to Send Money Internationally
Looking for an affordable way to send money across borders? Whether you’re prioritizing speed, affordability, or ease of access for your recipient, there’s a solution out there that fits your needs.
Beem offers a unique way to send money quickly, even when short on funds. With its Send Now, Pay Later™ feature, you can transfer money instantly to friends and family and repay later—no credit check required. It’s a flexible, stress-free solution designed to help in urgent moments without high fees or delays. Whether you’re short between paychecks or need to support someone quickly, Beem makes it easier to send money when it matters most.
Platforms like Wise, Crypto Transfers, and Clever are more diverse and cost-effective. Digital gift cards can also be an option. The last tip for safe money transfer is not to hit “send” without doing homework. Compare rates, check hidden fees, and pick what works best for you and your loved ones. Because when money travels smarter, everyone wins.
