What is the cheapest way to wire money internationally?

The cheapest international money transfer services in 2026 are Wise (formerly TransferWise) and OFX. Wise charges a transparent fee of 0.4–1.5% of the transfer amount with no hidden exchange rate markup — they use the mid-market rate. OFX charges 0.5–1.0% with no flat fee for transfers over $1,000. By comparison, banks typically charge $40–$50 flat fee plus a 2–4% exchange rate markup. On a $5,000 transfer: Wise costs ~$30–$75; a bank costs ~$150–$250 total (flat fee + exchange spread).

How long does an international wire transfer take?

International wire transfer times vary by destination: US to UK/Europe via Wise: often same day to 2 business days; US to Canada via Wise/Remitly: 1–3 business days; US to India/Philippines via Remitly Express: often within minutes (Express option); US to Mexico via Remitly or Wise: 1–3 business days; Bank-to-bank SWIFT wires: 2–5 business days internationally. Remitly's Express option (higher fee) delivers within minutes to many countries via mobile wallet or cash pickup. Wise's speed has improved significantly and often beats banks.

Is it safe to use Wise or Remitly to send money internationally?

Yes. Wise is registered with FinCEN (US), authorized by the FCA (UK), and regulated in every country where it operates. Remitly is also FinCEN-registered and licensed in all US states. Both companies are established international money transfer operators, not banks, but they hold customer funds in segregated accounts at major banks and are covered by regulatory safeguards. Wise has transferred hundreds of billions of dollars and Remitly has millions of active users. Neither is FDIC-insured but regulatory frameworks in their operating countries provide consumer protections.

What information do I need to send money internationally?

To send money internationally you need: recipient's full legal name, recipient's country and currency, recipient's bank account number (IBAN for European countries; SWIFT/BIC code for the sending bank; account number for other countries), recipient's bank name and address. For some services (Remitly, Western Union): recipient's phone number or email for mobile wallet delivery. For cash pickup: recipient's ID details. Wise and most services guide you step-by-step through what's needed for each destination country.

Can I send a large amount of money internationally through Wise or Remitly?

Wise handles large transfers well — typical limits are $1 million+ per transfer after identity verification (varies by country). Large transfers (over $50,000) may require additional documentation (source of funds verification). OFX specifically specializes in large transfers ($5,000+) with no transfer limit and dedicated account managers for large amounts. Remitly is better for smaller transfers (typical limits: $2,999 per day at entry level; up to $10,000+ with enhanced verification). For very large transfers ($500,000+), OFX or a specialist FX broker offers the best rates.

Best Ways to Wire Money Internationally in 2026 — Cheapest and Fastest Options

The cheapest way to send money internationally in 2026 is Wise or OFX — both charge transparent fees of 0.4–1.5% with no hidden exchange rate markup. By contrast, banks typically charge $40–$50 flat plus a 2–4% exchange rate spread, making a $5,000 bank wire cost $150–$250 all-in versus $30–$75 via Wise.

Quick answer: For most international transfers under $50,000: use Wise (best rates, transparent fees, 50+ currencies). For large transfers $10,000+: use OFX (no flat fee, low spread, personal service). For fast cash delivery to family: use Remitly Express (minutes to mobile wallet in 100+ countries). Avoid bank international wires unless convenient is worth the 3–5× higher cost.

International Money Transfer Comparison (2026)

Service	Transfer Fee	Exchange Rate	Speed	Best For
Wise	0.4–1.5% (varies by corridor)	Mid-market rate (no markup)	0–2 business days	Best all-around, most currencies
OFX	$0 (transfers $1,000+)	0.5–1.0% above mid-market	1–3 business days	Large transfers $5,000+
Remitly	$0–$3.99 (Economy) / higher (Express)	Small markup	Economy: 3–5 days; Express: minutes	Sending to family, cash pickup
Western Union	$0–$4.99	Higher markup (2–4%)	Minutes (cash)	Cash pickup worldwide
MoneyGram	$1.99–$5	1–4% markup	Minutes (cash)	Cash pickup, emergency
PayPal/Venmo	5% (capped at $4.99)	3–4% markup	Instant to PayPal	Small amounts only — expensive
Your bank (Chase, BofA, etc.)	$40–$50 flat	2–4% above mid-market	2–5 business days	Avoid; use only if amount is very large

Cost Comparison: $5,000 Transfer to the UK

Service	Fee	Exchange Rate Loss	Total Cost
Wise	~$35	$0 (mid-market rate)	~$35
OFX	$0	~$25 (0.5% spread)	~$25
Remitly Economy	$0–$2	~$60 (1.2% markup)	~$62
Chase Bank wire	$50	~$150 (3% spread)	~$200
Bank of America	$45	~$150 (3% spread)	~$195
PayPal	$4.99	~$175 (3.5% spread)	~$180

On $5,000, using Wise instead of a bank wire saves approximately $165.

Wise — Best All-Around International Transfer

Wise (formerly TransferWise) is the gold standard for transparent international money transfer:

Why Wise stands out:

Uses the real mid-market exchange rate (no hidden markup)
Shows exact fee upfront before you confirm
Supports 50+ currencies and 80+ countries
Multi-currency account (Wise Account) lets you hold GBP, EUR, AUD, and more
Fast delivery: many corridors deliver same day or next day
Regulated in 50+ countries; holds customer funds at major banks

Best for: Regular international transfers, contractors paid in foreign currencies, expats, travelers who need a multi-currency account.

Wise limits: Varies by corridor; typically up to $1M+ with verification. Identity verification required for transfers above $10,000.

Remitly — Best for Sending Money to Family Abroad

Remitly specializes in transfers to developing countries — particularly India, Philippines, Mexico, Guatemala, El Salvador, Colombia, Nigeria, and more.

Two service tiers:

Economy: Lower fees, 3–5 business day delivery
Express: Higher fees, delivery in minutes via mobile wallet or bank account

Why Remitly stands out:

First-time sender promotions often offer 0 fee + competitive rates
Guaranteed delivery times — refund if late
100+ receiving countries
Mobile wallet delivery (GCash, bKash, M-Pesa, etc.) — no bank account needed
Cash pickup at agent locations worldwide

Best for: Sending to family in Philippines, India, Mexico, Latin America, Africa.

OFX — Best for Large Transfers

OFX has no minimum per transfer and no transfer limit, making it ideal for large amounts:

Why OFX stands out:

No flat transfer fee (fees built into exchange rate spread)
Lower spread than banks (0.5–1.0%)
24/7 phone support with FX specialists
Forward contracts — lock in today’s rate for future transfers
Rate alerts — notify you when exchange rate hits your target

Best for: Property purchases abroad, large business payments, regular monthly transfers of $5,000+.

How to Choose the Right Service

If you’re sending…	Best option
Any amount, most countries	Wise
$5,000+	OFX
To family in developing countries	Remitly
Need cash pickup abroad	Western Union, MoneyGram, Remitly
Very urgent (minutes)	Remitly Express or Western Union
Through your broker/brokerage	Wise account or OFX

International Transfer Fees — Key Tips

Check the exchange rate, not just the fee. A “zero fee” service may offset with a worse rate. Always calculate total cost: fee + exchange rate difference.
Use mid-market rate as your benchmark. Look up the current mid-market rate on Google or XE.com. If a service charges $0 but shows a rate significantly worse than mid-market, they’re hiding the cost in the spread.
First-time promotions. Wise, Remitly, and others regularly offer first-transfer discounts — significant savings on your initial transfer.
Verify your identity early. Most services require identity verification for larger transfers. Do this before you need to send urgently.
Watch for exchange rate fluctuations. For large transfers, consider using OFX’s rate lock or forward contract to protect against unfavorable rate moves.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy