Money Transfers Compared: The Best Ways to Send Money Abroad in 2024

Money Transfers Compared: The Best Ways to Send Money Abroad in 2024

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Whether it's for personal reasons (like supporting family overseas), or for business purposes, choosing the right money transfer service can make a significant difference in how much you pay and how long it takes to make a money transfer.

Among the factors to consider are transfer fees, exchange rates, delivery times, and regional coverage.

Continue reading below to learn what are the most popular ways of sending money abroad and how to select the best transfer method in 2024.

Why you need to compare money transfer services

Deliberately or not, we all consider more than one option when we need to send money abroad. And while our choice is influenced by many factors, transfer cost often plays the most important role in the decision.

Different payment methods have different fees and cost structures; some charge for FX, others offer a fixed fee, others charge more for certain payment methods, and so on.

Here is how to compare money transfer options in order to select the best one for your needs.

How to compare money transfer services

Money transfer comaprison table.png

1. Transfer fees

Transfer fees vary significantly across providers. Some will charge you a flat rate, others charge a percentage of your transfer amount, and some even charge a combination of flat rates and percentage fees.

To avoid unexpected costs on your transfer, take some time to understand the fee structure of your chosen provider before initiating any payment.

2. Exchange rates

Exchange rates are another crucial factor, especially because FX rates fluctuate by the day and the longer a transfer takes, the more likely it is for the exchange rate to change from the moment you initiated your transfer to the time funds are delivered. This can result in unexpected extra costs for you or your recipient.

Especially when dealing with larger transfers, these small differences can add up to high amounts.

So when making a money transfer, make sure you know the actual rate you'll be getting and whether the exchange rate is guaranteed for your transfer.

Services like Fin.do help avoid the issue of exchange rate fluctuations altogether by allowing you to make a same-currency international transfer. This means that you can, for example, send USD from France to USD in India without needing a currency exchange - as long as both cards are issued in the same currency: USD.

Learn more about same-currency transfers with Fin.do here.

3. Delivery time

Money transfers are often time-sensitive, which almost immediately rule out payment methods like bank transfers.

Today, newer transfer methods have significantly reduced transfer speed compared to times offered by banks, with delivery times that can vary from just a few minutes to 24 hours even in the case of international transfers.

So if you need to make a really quick transaction, make sure to choose a reliable service that aligns with your time constraints.

4. Regional availability

Generally, money transfer services are focused on specific regions or operate in a limited number of countries. That’s why it is important to check that your sending and destination countries (and currencies) are supported in all the locations you plan to send money to.

Sometimes, a provider can operate in your desired location but will not support your payment method or your currency. For example, you may be able to send Polish złoty and Euros to Poland, but not US dollars.

In this case, use Fin.do to send any currency to over 200 destinations worldwide, regardless of the country’s national currency.

5. Ease of use

Ease of use, as well as security and reliability are also important factors in choosing a money transfer service.

A straightforward signup and sending process can significantly save you time and minimizes transfer errors and issues down the line.

Always choose verified providers that you can trust will protect your data and your financial transactions.

International money transfer comparison

SWIFT transferNeobanks & Online banksDigital walletsDigital remittance companiesFin.do money transfer
Speed3-5 days1-2 daysSame daySame day or moreMinutes
CostHighLower than banksLower than banksLower than banksLower than banks
FX ratesVariable, not guaranteedVariable, not guaranteedVariable, not guaranteedVariable, not guaranteedFixed per transfer, non-FX transfers available
AvailabilityWorldwideDepends on serviceDepends on serviceDepends on service200+ destinations
Requires depositYesYesDepends on serviceNoNo
Other factorsComplex, requires bank accountMay require issuing of new cardBetter for local transfersLimited choice of currenciesSend any currency to any country (USD worldwide)

No matter if you prefer traditional methods like bank transfers or innovative services like peer-to-peer apps or digital wallets, take your time to research and make an informed decision before you send money abroad.

This way, you can be confident that your money gets to destination safely every time.

For quick, safe, and flexible international transfers, get started with Fin.do today.

Download Fin.do to send money today

Countries we work in

Are you planning to transfer money abroad? Fin.do is currently available in these countries: