Cheapest Ways To Send Money Internationally in 2026

In a more globalized world, transferring money abroad is not very common now; it is a necessity. Whether you're supporting family abroad, paying for services, or are an international student living away from home, finding affordable ways to send money overseas is important. So, let's explore the most cost-effective methods to send money internationally in 2024, including various payment methods like peer-to-peer platforms, digital wallets, specialized international money transfer apps, etc. 

Cheapest Ways To Send Money Internationally 

Finding cost-effective methods for international transactions is very important, especially if you are an international student living away from home. With various innovative solutions available, you can make international transactions without having to deal with high fees or not-so-favourable exchange rates. Here are some of the cheapest ways to send money internationally: 

1. Peer-to-peer payment method 

Peer-to-peer (P2P) payment platforms have revolutionized international transfers. These platforms can connect senders and receivers directly, thus skipping the traditional banking systems and reducing costs significantly. Here's how peer-to-peer platforms are one of the best and cheapest ways to send money internationally:

• Low Fees: P2P platforms charge lower fees than traditional banks. Some might even offer free transfers if it is between two users within the same country.
• Competitive Exchange Rates: P2P services usually offer more competitive exchange rates, allowing users to get more value for their money.
• Speed: Processed within just a few hours or a couple of days, P2P transactions are usually quick.

Platforms like PayPal, Venmo, and TransferWise (now Wise) etc are some of the most popular P2P platforms. Their user-friendly and widely accepted interfaces make them a convenient option for the cheapest international transfers.

2. Digital wallets 

Digital wallets, or e-wallets, are another cost-effective and popular way to send money internationally. Your payment information is stored securely in these wallets so you can make easy transactions without having to enter your details every time. Here are some reasons that make digital wallets a great option:

• Ease of Use: Digital wallets are a seamless and convenient way to send and receive money. Most wallets have intuitive and user-friendly mobile apps that simplify the process.
• Security: Digital wallet transactions are encrypted, making it one of the most secure ways to transfer money overseas. 
• Integration: Digital wallets can be easily integrated with other financial services, helping you manage your finances in one place.

The popular digital wallets include Apple Pay, Google Wallet, and Samsung Pay. These e-wallets are useful for quick, everyday transactions and even small transfers.

3. International money transfer apps 

International money transfer apps specialize in money transactions across borders in the most efficient and affordable ways. They focus on providing the lowest exchange rates possible and lower fees compared to traditional banks, and thus, they are one of the cheapest ways to send money internationally. Here's why using money transfer apps can be beneficial:

• Low Fees: International money transfer apps often have transparent fee structures, so you know there are no hidden charges that you are paying. 
• Fast Transfers: These apps offer transfers on the same day or the next day, ensuring a quick transaction of money.
• Global Reach: These apps have extensive networks that let you send money to a wide range of countries worldwide.

While all these ways of sending money internationally are pretty much cost-effective and convenient, the best among these are the international money transfer apps. They are popular since the fees related to transfers are low and transparent. So, let's find out about the 7 cheapest cheapest ways to send money internationally:

8 Cheapest International Transfer Apps To Send Money

1. RemitBee

RemitBee is a trusted online money transfer service that allows users to send money internationally with low fees, competitive exchange rates, and fast delivery times. Based in Canada, RemitBee offers zero fees on transfers over $500 CAD, ensuring customers get the most value when sending money to countries like India, the Philippines, Pakistan, Sri Lanka, and more. RemitBee provides multiple transfer options, including bank deposits and mobile wallet transfers.

Features:

• Zero Fees Over $500 CAD – Send money internationally for free when transferring over $500 CAD.
• Competitive Exchange Rates – Get the best currency rates without hidden markups.
• Fast & Secure Transfers – Enjoy quick delivery with bank-level security and encryption.
• Multiple Transfer Methods – Send money directly to a bank account, mobile wallet, or other convenient option.

Pros:

• Low-cost transfers with no hidden fees
• Real exchange rates for maximum savings
• Convenient and secure money transfers anytime, anywhere

Cons:

‍Limited cash pickup options – Most transfers are direct to bank accounts or digital wallets

2. Wise (formerly TransferWise)

Wise is one of the cheapest ways to send money internationally because of its low-cost transfers and transparent fee structure. Wise offers the real exchange rates (the global rates that you see on Google) and charges a small, transparent fee for the transaction procedure. 

Features:

1. Transparent Fees: You get to know exactly how much you’ll pay before making the transfer, so there are no unpleasant surprises.
2. Real Exchange Rate: No hidden markups on exchange rates, so you get the real exchange rate.
3. Multi-Currency Accounts: You can have a multi-currency account and transact money in multiple currencies easily.

Pros:

• Lower fees
• Quick transfers
• Real exchange rates

Cons:

• Limited cash transactions 

3. Revolut

This digital banking app offers competitive transfers for sending money internationally. Popular for its low fees, Revolut also offers fast and smooth transfers. Its banking services are provided by Lead Bank, Member FDIC.

Key Features:

1. No Hidden Fee Transfers: Revolut offers a certain number of no-fee international transfers each month while charging a low fee for the transfers outside the planned allowances.
2. Competitive Exchange Rates: Compared with exchange rates offered by competitors, Revolut provides you with a competitive rate.
3. Global Reach: With an extensive network across the globe, Revolut supports transactions in over 140 countries.

Pros:

• No hidden fees
• Fastest transfer time
• User-friendly and convenient app

Cons:

• Caps on no-fee transactions for basic accounts

4. PayPal

One of the most widely recognized digital payment platforms, PayPal is also a peer-to-peer service that allows users to send money internationally. Compared to competitors like TransferGo and Wise, PayPal offers reasonably priced international transfers, especially when funded via a bank account, making it one of the more affordable options for sending money abroad.

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Key Features:

1. Global Network: The extensive global network of PayPal makes it available in over 200 countries and let's you do cross-border transactions. 
2. Buyer Protection: Buyer protection that the platform provides keeps your transactional data safe. 
3. Convenience: User-friendly and widely accepted across the globe. 

Pros:

• Extensive global network
• Safe and secure transfers
• Easy integration with other services

Cons:

• High fees for credit card transactions
• Possible exchange rate markups

5. OFXs

OFX is a specialized and one of the cheapest ways to send money internationally money that is both cost-effective and fast. The platform provides competitive exchange rates and low fees, making OFX a great way to send money internationally. It can be used for both personal and business transfers since OFX facilitates bigger transactions as well. 

Key Features:

1. Low Fees: Low to no transfer fees for most international transactions.
2. Competitive Exchange Rates: Better rates globally in comparison to what banks may offer.
3. 24/7 Customer Support: Assistance is available around the clock to facilitate your transaction experience. 

Pros:

• No transfer fees till a certain amount
• Cost-effective exchange rates
• Reliable customer support 

Cons:

• A minimum transfer amount is required

6. Remitly

Focusing on international remittance, Remitly is one of the cheapest ways to send money internationally. It offers fast and cost-effective transfers to over 50 countries worldwide. The platform provides different delivery options, such as bank deposits and cash pickups. 

Key Features:

1. Speed: The cheapest international transfers are now also the fastest with the Express Option. compared to all other platforms and high street banks.
2. Multiple Delivery Methods: Choose your preferred method of transfer methods like bank deposits and cash pickups.
3. Transparent Fees: Clear and well-designed fee structure depending on the speed and method of transfer, so you know exactly what you are paying for.

Pros:

• Multiple delivery options
• Fastest transfers globally 
• Transparent pricing structure 

Cons:

• Higher fees for express transfers

7. Xoom (by PayPal)

Another cheapest way to send money abroad is through Xoom, a service designed by PayPal. With fast and reliable transactions worldwide, Xoom is a popular choice for its variety of delivery options. 

Key Features:

1. Fast transactions in no time: Send money globally within minutes and say goodbye to hassles. 
2. Delivery Options: Xoom offers a variety of delivery options to choose from including bank deposits, cash pickups, and home deliveries.
3. Security: Safe transactions that are backed by PayPal’s standard security protocols.

Pros:

• Fast and reliable transfers
• Multiple delivery methods
• Strong security and reliability 

Cons:

• Higher fees for smaller amounts
• Exchange rate markups

8. Niyo Global

Another great way to conduct international transactions is through the Niyo Global app. Paired with a multi-currency Niyo Global Forex card, the app offers a range of solutions for transfers and student account management. Niyo's user-friendly services make it a great choice, especially for international students who want to manage their money while studying in a foreign country. The Niyo Global card can also be used as a travel card! 

Key Features:

1. No Forex Markup: The Niyo Global card charges zero Forex markup on international transactions, making it the cheapest way to send money abroad. 
2. Multi-Currency Wallet: Hassle-free transfers in different currencies without the inconvenience of constant calculations. 
3. Real-Time Transaction Alerts: Monitoring your transactions and tracking your spending from your student bank account is easier than ever. 

Pros:

• Easy Money Management
• Competitive Exchange Rates
• ATM Withdrawals Worldwide

Cons:

• Limited Availability in Certain Regions

9. Whop Payments

Whop Payments is an online payment processing platform designed for digital creators, service providers, and online businesses looking to accept international payments with minimal friction. Built to support global commerce, Whop handles payments in 135+ currencies across 195 countries, making it a versatile option for cross-border transactions.

Key Features:

• Global Payment Infrastructure: Accept payments from customers worldwide with support for 100+ payment methods including cards, digital wallets, ACH, and financing options.
• Currency Flexibility: Automatic currency conversion with payouts in your local currency, eliminating the hassle of managing multiple currency accounts.
• Flexible Payout Options: Choose from same-day payouts, next-day ACH transfers, instant bank deposits, crypto, Venmo, or traditional wire transfers to access your funds quickly.
• Transparent Pricing: Clear fee structure with 2.7% + $0.30 for domestic cards, plus 1.5% for international cards and 1% for currency conversion when required.

Pros:

• Multiple payout methods including crypto and instant transfers
• Supports digital product sales and subscription models
• 24/7 customer support
• PCI-compliant infrastructure with fraud prevention

Cons:

• Primarily designed for businesses and digital creators rather than personal peer-to-peer transfers
• Best suited for recurring or subscription-based transactions

Contrary to popular belief, sending money internationally doesn’t have to be expensive or complicated. With the new tech tools and services available, you can transfer money efficiently and affordably across the globe. Be it a personal transaction or paying essential student services globally, these options can be affordable and reliable. Every transaction method has its unique features and benefits, so choosing the best and cheapest way to send money abroad depends on your specific needs and preferences. In 2024, make sure you explore these options and choose the method that offers you the best combination of cost, transaction speed, and convenience for your international money transfer needs.

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