If you travel frequently from one country to the next, managing money across borders isn’t the easiest. Fees can quickly add up to a hefty sum when you constantly exchange cash into local currency. So what’s the best way to get funds from your U.S. bank account to wherever you happen to be in the world?
In this guide, we will go over the best banking and money transfer services for international travel, digital nomads, and experts. This comes with consideration to accessibility, fees, payment methods, delivery methods, transaction speed, limits, and customer support.
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Wise: Best Overall
| Coverage from the U.S. | 70+ countries |
| Fees | Around $1 + < 1% of the transfer amount 0.45% to 3% card transfer fee |
| Payment Options | Bank account Debit/credit card Apple Pay |
| Delivery Options | Cash (some providers) Bank account |
| Transaction Speed | Within minutes for debit/credit card transactions 1 – 3 business days for bank account transfers |
| Transaction Limits | Minimum limit varies by destination $250,000 maximum limit per transaction (USD only) $1,000,000 maximum limit per year (USD only) |
| Customer Support | Phone support on weekdays |
Wise, formerly Transferwise, features “borderless banking” accounts that can manage money in more than 40 currencies. Plus, it comes complete with a debit card to withdraw cash from foreign ATMs with minimal fees.
Wise will also let you transfer money to another individual without having to set up a borderless bank account. It offers some of the best exchange rates we found, and upfront fees are relatively low if you avoid transferring with your debit or credit card.
Things to consider: Wise offers limited customer support.
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Wise Free International Transfer Offer
Use a referral link to receive a free international transfer of up to £500.
After you have an account open you can start making referral bonus money as well.
HSBC: Best Bank for International Money Transfers
| Coverage from the U.S. | 20+ countries |
| Fees | $0 transfer fee to eligible HSBC accounts 1% to 1.5% exchange rate markups |
| Payment Options | Bank account |
| Delivery Options | Bank account |
| Transaction Speed | Instantly, between eligible HSBC accounts |
| Transaction Limits | $1 minimum limit per transfer $15,000 maximum limit per day to other HSBC accounts $200,000 maximum limit per day to your own HSBC accounts |
| Customer Support | Live chat support 24/7 |
HSBC provides Global Money Accounts and a real-time payments platform. This will allow accountholders to seamlessly hold, manage, and send money instantly (within HSBC) across 20+ countries. To top this off, they don’t charge any fees for money transfers, and their exchange rate aligns closely with the market.
Things to consider: To open a Global Money Account, you need an eligible HSBC deposit account you can link to like HSBC Premier Checking or HSBC Advance Checking. Other than that, free transfers are limited to HSBC accounts.
Remitly: Best for Transferring Money to the Developing World
| Coverage from the U.S. | 90+ countries |
| Fees | Varies Approximately 1% to 3% exchange rate markups 3% card transfer fee $3.99 express fee |
| Payment Options | Bank account Debit/credit card |
| Delivery Options | Cash (home delivery) Bank account |
| Transaction Speed | Within minutes for express transfers 3 – 5 business days for economy transfers Time varies for home deliveries |
| Transaction Limits | $2,999 – $10,000 maximum limit, depending on verification tier $30,000 maximum limit/month |
| Customer Support | Phone & live chat support 24/7 |
Remitly is a cost-efficient and fast option to send money directly to the receiving bank account in the local currency. The platform supports transfers from the United States to an astounding number of developing countries. Many of which other money transfer providers do not offer services to. Additionally, all transfers come with a promise delivery time. If the funds don’t arrive by the deadline, you get your money back.
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Things to consider: Sending to the Philippines is surprisingly expensive, especially if you fund the transfer with a credit card.
Remitly $20 Sign-Up Bonus & $20 Per Referral
- Get $20 off your first transfer of $100+ when you use a referral link to apply.
- New customers only
- One per customer
OFX: Best Fee-Free Money Transfers
| Coverage from the U.S. | 80+ countries |
| Fees | $0 transfer fee < 1% exchange rate markups |
| Payment Options | Bank account |
| Delivery Options | Bank account |
| Transaction Speed | 2 – 4 days, depending on destination |
| Transaction Limits | $1,000 minimum limit per transfer No maximum limit |
| Customer Support | Phone support 24/7 |
OFX is an OG in the money transfer industry with over 20 years of experience. They provide fee-free transfers from the U.S. to over 80 countries, as well as the ability to lock-in a particular rate before funding the transfer.
Things to consider: The minimum to transfer is USD $1,000, and there is no “express” service to get money to the receiving account quickly.
Western Union: Best for Receiving Cash
| Coverage from the U.S. | 200+ countries |
| Fees | < $5 for transfers up to $1,000 < 1% to > 6% exchange rate markups |
| Payment Options | Cash Bank account Debit/credit card |
| Delivery Options | Cash Bank account |
| Transaction Speed | Same-day for debit/credit card & cash payments Up to 7+ days for bank account transfers |
| Transaction Limits | Varies by country |
| Customer Support | Phone & live chat support 24/7 |
Western Union is an extremely popular way to transfer money internationally, especially if you want to receive cash. With 550,000 locations worldwide in 200 countries, it’s easy for Western Union to provide cash services, and quickly too.
Things to consider: It’s not the cheapest service out there, and it’s difficult to compare costs because Western Union transaction fees and exchange rates vary greatly.
How Do They Compare?
Here is a table that covers transfer fees, the total receiving amount after the transfer fee and currency conversion. Funding times for transferring USD $1,000 to Euros (valid at the time of writing for illustration purposes):
| Provider | Transfer Fee | Receiving Amount | Transfer Time |
| Wise | USD$4.80 | 814.52 EUR | Within 10 hours |
| HSBC | USD$0 | 808.68 EUR | Instantly |
| Remitly | USD$8.99 | 802.71 EUR | 3 – 5 days |
| OFX | USD$0 | 802.70 EUR | 2 – 4 days |
| Western Union | USD$0 | 797.70 EUR | 0 – 4 days |
When comparing how much transfers cost across providers, you need to account for the transfer fee and the exchange rate markup. As you can see above, OFX does not charge a transfer fee, yet you’ll end up with less money than if you were to use Wise or HSBC. This is because OFX’s exchange rate is worse than Wise and HSBC’s conversation rates.
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