6 Best International Money Transfer Services

As an international student studying in a country far away from home, money transfer services are a saviour. There are many ways you can send and receive money from home, such as wire transfer, bank transfer, and cheque transfer, but international money transfer services are some of the best ones. Here's why: international money transfer services are readily available online, they are user-friendly, all the transactions are traceable, and you get the most updated exchange rates, along with discount coupons and rewards. 

Since you are away from home, easy access to money may be less convenient. And since you will be managing your own money, a consistent inflow of money is essential, especially if you are in an emergency. You want to avoid paying hefty interest or charges for every transfer or waiting days for your parents to send money. With the introduction of online international money transfers, you do not have to think twice about sending and receiving money. 

6 Best International Money Transfer Services 

Do you have a fair understanding of how international money transfer services work? Here are some of the best service providers in the business which cater to students studying abroad with smooth and easy international money transfers. These service providers make it easy for students and people to send and receive money.

1. Remit Choice 

Remit Choice is a leading international money transfer service, designed to offer users a fast, secure, and affordable way to send money across borders. With no hidden fees, competitive exchange rates, and 24/7 customer support, Remit Choice makes international remittances simple and stress-free. Whether you're sending money to family or paying for services abroad, Remit Choice ensures your funds arrive safely and on time.

How do I use Remit Choice?

1. Sign up for a free account on the Remit Choice website or app.
2. Choose the country and amount you want to send.
3. Enter the recipient’s details and preferred payout method.
4. Complete the payment using your debit or credit, and track the transfer in real-time.

2. Wise: 

Wise is an online international money transfer service that works towards making money transactions fast, easy and convenient for people. It is one of the safest ways to send money abroad without hidden fees and with full tracking and transparency. 

How do I use Wise?

1. Register your account with Wise: Enter your sign-in details.
2. Verify your identity: Provide a valid ID like your passport or driving license.
3. Set up a money transfer: Enter the sender's and receiver's address, bank account, and bank address details.
4. Pay for your transfer: The amount will be transferred to the recipient, and you will receive an email confirmation.  

3. MoneyHop:

MoneyHop is an international money transfer service where you can send money online to your friends and family. MoneyHop is entirely safe, online, and reliable, with zero hidden fees and markup fees and a feature to lock in your exchange rates as you transfer your desired amount. 

How do I use MoneyHop?

1. Register your account with MoneyHop: Enter your ID details
2. Compare the prices and exchange rates: MoneyHop also helps you compare exchange rates with other providers. 
3. Enter the sender's and receiver's bank account and address details
4. Send and track your money online.

4. Instarem: 

Instarem is an international money transfer service where you can send money anywhere in the world, across 55+ countries. Instarem provides excellent value and competitive exchange rates and has a history of helping SMEs and businesses transfer money hassle-free. 

How do I use Instarem?

1. Create an account and sign up with Instarem 
2. Enter the amount and check the value you are getting for your transaction
3. Enter the sender's and receiver's bank and address details 
4. Send your money safely and receive cashback and rewards

5. PayPal 

PayPal is a peer-to-peer money transfer service where you can send money between accounts, and the funds may be received instantly into the recipient's bank account. A unique feature that PayPal holds is that if you don't wish to link your bank account, you can transfer money to your PayPal wallet and send money instantly. 

How can I use PayPal? 

1. Download PayPal or use the web browser
2. Sign up with PayPal for free and insert your bank account/credit card details 
3. Add your recipient's details like a phone number 
4. Send money to the recipient instantly 

6. WorldRemit 

WorldRemit is an online international money transfer service known for its low money transfer fees, used across 130 countries. You need to have an account for WorldRemit, and your payment options include a bank account, credit/debit cards, Apple Pay, Google Pay, and Trustly. The transfer fees vary depending on the recipient's country

1. Download WorldRemit or use the web browser
2. Sign up with WorldRemit for free and insert your bank account/credit card details 
3. Add your recipient's details like a phone number 
4. Check the transfer fees and exchange rates that WorldRemit provides 
5. Send money to the recipient instantly 

Now You Can Send and Receive Money Securely

Still, have some doubts? Learning how forex and money transfers work is a long-drawn process as it involves learning and knowing hardcore financial terms and analogies. Still, as you use international money transfer services, here is a better understanding of how exchange rates and forex cards work.

As an international student, you may receive money through international money transfer services frequently, so it is essential to know how to save money on foreign exchange, a practice you will carry forward in the future.

Carrying out international money transfers is a reasonably new experience for students, and it can be overwhelming. When parents or guardians send money to their children studying abroad, it comes with fear or anxiety as to whether the money will reach the right place. International money transfer services like Wise, Instarem, and MoneyHop are user-friendly and traceable, reassuring users that their money and transactions are safe and sound. 

How International Money Transfer Works 

There are more than a few reasons why international money transfer services are one of the most commonly used methods to send and receive money. However, it may get a little confusing if you are still determining how international money transfer services work. To help you on your way, here's a breakdown of how transfers work so you get an idea about what goes on in the backend: 

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Send and Receive Money Internationally

Earlier, sending money internationally was more challenging than doing it at the click of a button. You would be required to visit a bank or a local money sender to transfer your money. This would come with many difficulties regarding the transfer's accuracy, security, and assurance. 

International money transfer services have risen to become a star for students pursuing an overseas education simply because these service providers mitigated some money transfer problems plaguing students and their parents back in the day, such as:

1. Inaccuracy in Details:

While sending money internationally through online transactions, bank drafts, or personal cheques, you must ensure that you have entered the correct account details such as the account number, beneficiary name, and bank address. Believe it or not, it is extremely common to enter the wrong account details and send the money to someone else! You should always double-check all the details you have entered to avoid a significant loss!

2. Security Issues:

Security is a big issue while transferring money internationally as various stakeholders are involved; problems like account hacking, stolen phone, or inability to track your international money transfer are a significant issue and a reason why people sometimes hesitate to send money internationally. 

3. High Commission Rates:

Sending money internationally is costly given the number of intermediaries who charge high commissions for their services, which is an overall expensive affair. There are different fees like Outgoing Transfer Fees, Intermediary Bank Fees, Incoming Transfer Fees, and mark-up on exchange rate fees that you may have to pay as an added expense. 

4. Slow Transactions:

International transfers and inter-bank transfers take an extended processing time, given that there is a long series of steps to complete, as the money goes through intermediary banks and security checks before it reaches its destination or final bank. 

Thanks to the emergence of Fintech and Financial Inclusion, money remittance has become super easy and safe. Students who study abroad can send and receive money safely without worrying about safety.