How to find the best international money transfer | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.


Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 02/12/2020

At a glance

  • Apps are a convenient and easy way to transfer money internationally.
  • Some apps will charge fees, so shop around if you need to send money frequently or in large sums.
  • Always check the exchange rate to make sure you get the best rates for your money.

 

How to send money internationally

There are different ways to send money internationally, through your bank, using a foreign exchange broker or with payment apps. Our guide how to send money abroad outlines the pros and cons of sending money internationally using foreign exchange brokers and banks. In this guide, we focus on other services such as apps and how they send money internationally.

The best international money transfer service

In 2020, consumers voted the best international money transfer service provider as TorFX, followed by Universal Partners and TransferMate Global Payments. Moneyfacts reviews the services of the foreign exchange brokers offering international money transfer services every year. Our analysts look at the products and fees of these exchange brokers to shortlist the very best international money service providers. We then ask thousands of consumers to share their experiences of these foreign exchange brokers and rank them for great customer service. Find out more about the Moneyfacts Consumer Awards 2020. 

Advertisement

Start saving on your transfers

 

Fast and easy way to send money to more than 130 countries

Send money globally 24/7

4.7 out of 5 TrustPilot score

Find out more.

XE Currency worked with independent third-party market research companies to gather data on price and fees from XE, NatWest, Barclays, HSBC and Lloyds. Exchange rates were obtained online for transferring £10,000 from GBP to EUR on 6 February 2020 at 12:00pm.

What apps let you send money internationally?

There are now many apps available that can help you to send money internationally. These money transfer apps make it easy and quick to send money abroad using your smartphone or mobile device. These apps usually charge fees for their transfers and it is always worth checking these along with their exchange rates to make sure you get the most for your money when making international payments. This is especially important if you are sending frequent and larger sums of money internationally; and in this case, a specialist foreign exchange broker may offer you better value for money.

Send money internationally using PayPal - Xoom

PayPal has a new international money transfer service that allows you to send money quickly, easily and securely to bank accounts held abroad, as well as cash pick-up locations. You can even top-up your friend’s and family member’s mobile phones as well as pay bills too.
If you are already a PayPal customer, you can use your existing details to send money internationally. Those you are sending money to do not need to be a PayPal customer as the money can be sent to their bank account. If you don’t have a PayPal account, then you can sign up directly for Xoom.

Is it cheaper to send money internationally with PayPal Xoom?

Each  time you send money internationally using Xoom from PayPal, there is a transaction fee to pay. This is unlike specialist foreign exchange brokers such as XE that do not charge fees.
This fee can vary depending on:
  • Transaction type
  • Your payment method and currency
  • The value of the transaction
  • The country you are sending money to
  • The currency you choose your recipient to receive the money in.
Transaction fees  for sending £200 to a bank account in India using Xoom from PayPal:

 

Payment method

Fee

PayPal balance

£1.99

Bank account

£1.99

Debit card

£1.99

Credit card*

£1.99

*you may be charged a cash advance fee from your credit card provider.

Transaction fees for sending £1,000 to a bank account in India using Xoom from PayPal:

 

Payment method

Fee

PayPal balance

£0

Bank account

£0

Debit card

£0

Credit card*

£0

*you may be charged a cash advance fee from your credit card provider.

Send money internationally using XE Money Transfer

The app from XE Money Transfer offers bank-beating exchange rates and allows you to track multiple transfers easily. You can transfer money in 65 currencies to more than 170 countries conveniently at any time using this app on your mobile device. Features include monitoring the performance of up to 10 currencies and rate alerts and notifications. Xe doesn’t charge any fees, but occasionally a third-party bank may apply a fee when transferring funds to XE Money Transfer or before the funds arrive in the recipient’s account.

Foreign exchange rate calculator

Find out how much you could exchange with XE’s currency converter.

Other apps to send money internationally include:

 

How to send money abroad

Find out more in our guide about how to send money abroad and get tips and hints to get the best exchange rates and avoid unnecessary fees!

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Euros international money transfer

At a glance

  • Apps are a convenient and easy way to transfer money internationally.
  • Some apps will charge fees, so shop around if you need to send money frequently or in large sums.
  • Always check the exchange rate to make sure you get the best rates for your money.

 

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy