How to Send Money Abroad without a Bank Account

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Bank transfers (or wire transfers) are among the most popular ways to send money internationally.

While transfers between bank accounts have advantages, they also have significant downsides, particularly with the rise of alternative payment solutions (card payments accounted for 54% of non-cash payments in the first half of 2023, according to the European Central Bank).

In this article, we highlight your best options for sending money abroad today without a bank account.

Bank transfers: the pros and cons

Bank transfers, also referred to as wire transfers or IBAN transfers, are a way to move funds between financial institutions around the world.

Bank transfers are widely used in transactions between individuals and businesses.

Benefits of bank transfers

Security

Bank transactions are regarded as highly secure because they are subject to an extensive range of financial regulations (to prevent money laundering, fraud, and more).

Widely accepted

Bank transfers can be used for personal and business transactions worldwide, regardless of the banks used by the sender and the recipient.

Transparency

A great deal of information is required to carry out bank transfers, making them easily traceable and well-documented.

Bank transfer disadvantages

High fees

Bank transfers are one of the most expensive payment methods.

While domestic bank transfers can be free, international transfers have high fees, a complex fee structure, as well as typically poor exchange rates.

Transfer delays

International bank transfers take 2 to 5 business days to complete, but they can last even longer depending on several factors (local holidays, errors in the transfer details, currency exchange, and so on).

Currency exchange fees

Banks may charge additional fees for performing currency exchange in a transaction.

Moreover, since exchange fees vary daily and transfers take several days to process, the recipient may receive less than intended by the sender.

Complexity

Bank transfers require detailed recipient information, including their IBAN, SWIFT or BIC code, and sometimes even their address.

The IBAN, or International Bank Account Number, is a standardized system used for sending and receiving international payments. Learn more about IBAN here.

Also, international transfers can involve intermediary banks if the sender and recipient bank don’t have a direct commercial agreement, which increases both the time and cost of the transfer.

Payment options that don’t require a bank account

If you don’t have a bank account or prefer not to use it for sending money overseas, here are some alternatives you can consider.

1. Cash transfer services

Services like Western Union, Ria, or MoneyGram allow you to send money to recipients at pick-up locations around the world. They have an extensive network of locations across many countries worldwide.

You can send money directly in cash from a local agent or kiosk near you. You’ll need to provide the recipient's details and pay a transfer fee.

The recipient can collect the money at their closest agent location, often within minutes or one day.

Note that both the sender and the recipient will be required to show an ID to send and pick up the money.

2. Post office money orders

Post offices (for example USPS in the USA, Correos in Spain, etc) commonly allow sending international money orders.

You can send money for cash pick-up, or you can provide cash to a deposit in a foreign bank account.

This is typically a secure way to send money to someone overseas. You’ll need to provide proof of ientity as well as your recipient’s details (name and address).

3. Mobile money transfers

Mobile money transfers allow you to transfer funds to a recipient’s mobile number. The recipient can use the balance stored on their phone, or withdraw cash at authorized agents.

Some of the well-known services include M-Pesa or GCash.

Mobile money transfers are often instant and easy to carry out because you only need your recipient’s phone number.

Depending on the service, you may not even need an internet connection as the transfer of funds is done using the basic SMS function.

4. Digital wallets

Digital wallets are a popular payment method that allows you to send funds to others without a bank account.

PayPal, ApplePay, or Venmo offer transfers from a balance that you can top up using a debit card instead of a bank account.

You can send money to other recipients using their email address or phone number, and they can either use the funds as a balance for transactions or withdraw money to a bank account.

Usually, both the sender and the recipient are required to have registered accounts with the selected service.

5. Online transfer services

Platforms like Remitly, Wise, and others offer international money transfers from credit or debit cards.

Transfers from credit cards tend to have higher fees, and may only allow you to send a global currency (EUR or USD) or the local currency of your destination country (such as PLN in Poland).

You can send transfers to a recipient’s bank account, to their card, or for cash pick up. Transactions are usually quick (24-48 hours or less).

7. Fin.do

Fin.do is a card-to-card money transfer service and mobile app that doesn’t require a balance or a bank account.

To make an instant transfer, you only need to link your card to Fin.do. Credit, debit, virtual, and prepaid cards are accepted in Fin.do (Visa and Mastercard).

If you don’t wish to connect your card(s) to Fin.do, you can also send money from Google Pay or Apple Pay in Fin.do.

Fin.do enables instant and secure money transfers via Google Pay and Apple Pay, with a simple setup process that doesn't require you to manually connect your wallet to Fin.do.

Transfers are authenticated biometrically using Face ID, Touch ID, or a passcode, eliminating the need for CVV or SMS code confirmations.

Check our supported destinations for Apple Pay and Google Pay transfers.

With Fin.do, you can transfer any currency instantly and across 200 countries.

Recipients receive the funds directly to their card, without having to register for a Fin.do account. Money transferred with Fin.do becomes immediately available on the recipient’s card.

You can get started with Fin.do here.

How to choose the best money transfer option

Here is what you need to keep in mind when you select a money transfer method.

Transfer fees and costs - carefully compare the fees and total cost of your transfer. This includes the currency exchange rates, currency exchange markup, and possible withdrawal charges.

Transfer speed - if you need the funds to be delivered urgently, prioritize instant options like mobile money or Fin.do.

Security - always opt for trusted, reliable services that provide transfer tracking and security measures like 3D Secure, AML systems, or ID verification.

Learn more about our security measures here.

Availability - certain services can provide regional coverage, so be sure to verify availability in the recipient’s area or select a service with worldwide coverage, like Fin.do.

Transfer limits - for security purposes, many services have restrictions on the amount of money you can transfer (particularly in the case of cash or card transfers).

Make sure the limits work for you or that you can increase your limits by providing additional documentation. Check our transfer limits at Fin.do.

Summing up

With the available options today, sending money abroad without a bank account is easier than ever.

Bank transfers are still a common choice due to their security, but they come with significant drawbacks, particularly related to transfer costs and delays.

Alternatives like cash transfer services, mobile money, digital wallets, and online transfer platforms offer flexibility, faster processing times, and reduced fees for those without a bank account or simply seeking more convenience.

If you prioritize instant transfers, transparency, and wide accessibility, consider Fin.do as a reliable alternative to traditional banking methods.