Best Ways to Send Money to Family Abroad
Sending money to family abroad is a common need for expats, immigrants, and global citizens. Whether you're supporting loved ones, paying for education, or helping with emergencies, choosing the right money transfer method can save you time, fees, and stress.
With so many options—from traditional banks to digital wallets—how do you pick the best one? This comprehensive guide from CurrencyRatez.com explores the top ways to send money internationally, comparing fees, speed, exchange rates, and security. We'll also cover hidden costs to avoid and country-specific recommendations.
Key Insight: The average cost of sending $200 internationally is 6.4% ($12.80), but using the right service can reduce this to under 1% ($2). That's $100+ saved per $1,000 sent!
Why Choosing the Right Money Transfer Method Matters
Every year, over $800 billion is sent globally in remittances, with many people losing money on poor exchange rates and excessive fees. Selecting the wrong service could cost you hundreds per transfer without realizing it.
Key factors to consider when sending money abroad:
- Exchange rates (even a 1% difference can add up over time)
- Transfer fees (some services charge up to 10% in total costs)
- Delivery speed (urgent needs vs. planned transfers)
- Security & reliability (avoiding scams and failed transactions)
- Recipient's access (bank deposit, cash pickup, or mobile wallet)
6 Best Ways to Send Money Internationally
1. Digital Money Transfer Services Best Overall
Top Providers: Wise (TransferWise), Remitly, WorldRemit, OFX, Revolut
Why They're the Best Choice for Most People:
- Lower fees than banks (typically 0.5%-2% vs. banks' 3-5%)
- Real mid-market exchange rates (banks often add hidden markups)
- Faster transfers (some arrive in minutes, most within 1 business day)
- Easy tracking via mobile apps
- Multiple payout options (bank deposit, mobile wallet, cash pickup)
Wise: $6 fee + 83.50 INR/USD = ~83,500 INR received
Bank: $30 fee + 82.00 INR/USD = ~82,000 INR received
Savings: $24 + 1,500 INR extra
Best For: USA UK EU Canada Australia
Cost: Low (0.5%-2%) | Speed: Fast (min-24hrs)
2. Bank Wire Transfers Large Amounts
Best Banks: Chase, HSBC, Citibank
Pros & Cons:
- High security (regulated by financial authorities)
- Good for large transfers ($10,000+)
- High fees ($15-$50 per transfer + exchange rate markup)
- Slow processing (1-5 business days, sometimes longer)
- Recipient may face additional bank fees
Warning: Banks often advertise "zero fees" but hide costs in poor exchange rates. Always compare the final amount received!
Best For: All Countries
Cost: High ($15-$50+) | Speed: Slow (1-5 days)
3. PayPal & Digital Wallets Convenience
Top Options: PayPal, Skrill, Venmo (US only), Cash App, Alipay (China)
When to Use (and Avoid):
- Instant transfers between PayPal/Venmo users
- Useful for online payments (freelancers, shopping, subscriptions)
- High fees (4-5% for international transfers + currency conversion)
- Recipient must have an account
- Funds can be frozen if suspicious activity is detected
Best For: USA UK EU China
Cost: High (4-5%) | Speed: Instant
4. Cryptocurrency Transfers Borderless
Popular Options: Bitcoin (BTC), USDT (Tether), XRP (Ripple)
Advantages & Risks:
- Near-instant transfers (10 minutes - 2 hours)
- Low fees (~$1-$5 per transfer, regardless of amount)
- No middlemen (works in countries with strict capital controls)
- Volatile exchange rates (Bitcoin can drop 10% in a day)
- Recipient must know how to use crypto
- Limited merchant acceptance
- Fee: $1
- Time: 15 minutes
- No exchange rate markup
Best For: Nigeria Venezuela Argentina
Cost: Low ($1-$5) | Speed: Fast (10min-2hrs)
5. Cash Pickup Services No Bank Needed
Top Providers: Western Union, MoneyGram, Ria
Why Choose Cash Pickup?
- No bank needed – recipient collects cash at an agent location
- Fast delivery (as quick as 10 minutes in some cases)
- Wide global reach (200+ countries, 500,000+ locations)
- Higher fees (up to 10% of transfer amount)
- Exchange rates are poor
Best For: All Countries
Cost: High (5-10%) | Speed: Fast (min-24hrs)
6. Mobile Money Transfers Africa & Asia
Popular Apps: M-Pesa (Kenya, Tanzania), GCash (Philippines), Paytm (India), MTN Mobile Money (Africa)
Why Mobile Money is Revolutionizing Remittances:
- Instant transfers via phone (no bank required)
- Low fees (~1-2%)
- Used for bills, shopping, and savings
- Limited to certain countries
Best For: Kenya Tanzania Philippines India
Cost: Low (1-3%) | Speed: Instant
Comparison Table: Best Ways to Send Money Abroad (2024)
| Method | Speed | Fees | Exchange Rate | Best For |
|---|---|---|---|---|
| Digital (Wise, Remitly) | Min-24hrs | 0.5%-2% | Best ✅ | Regular transfers |
| Bank Transfers | 1-5 Days | $15-$50 | Poor ❌ | Large amounts |
| PayPal/Venmo | Instant | 4-5% | Fair ⚠️ | Small online payments |
| Crypto (USDT) | 10min-2hrs | $1-$5 | Market Rate 🌍 | Tech-savvy users |
| Cash Pickup | Min-24hrs | 5-10% | Fair ⚠️ | No bank recipients |
| Mobile Money | Instant | 1-3% | Good 👍 | Africa/Asia |
How to Choose the Best Service? (Step-by-Step Guide)
Follow this checklist before sending money abroad:
1. Check Transfer Speed Needed
- Instant (minutes): Crypto, Remitly Express, mobile money
- Same day: Wise, WorldRemit
- 1-3 days: Bank transfers
2. Compare Total Costs (Fees + Exchange Rate)
- Use comparison tools like CurrencyRatez.com
- Beware of "zero fee" scams with poor exchange rates
- Calculate the final amount received, not just the fee
3. Confirm Recipient's Preferred Method
- Bank deposit (most common)
- Cash pickup (rural areas)
- Mobile wallet (Africa/Asia)
Pro Tip: Bookmark exchange rate trends on CurrencyRatez.com to send money when rates are favorable.
Country-Specific Recommendations
| Country | Best Services | Notes |
|---|---|---|
| 🇮🇳 India | Wise, Remitly | Best rates for INR transfers |
| 🇵🇭 Philippines | Wise, GCash, WorldRemit | Mobile wallet popular |
| 🇲🇽 Mexico | Remitly, Wise, Xoom | Cash pickup widely used |
| 🇳🇬 Nigeria | Binance P2P, Wise | Crypto popular due to restrictions |
| 🇰🇪 Kenya | Wise, WorldRemit, M-Pesa | Mobile money dominates |
Final Recommendations
🏆 Best Overall Services
- Wise (TransferWise) – Best rates for most countries
- Remitly – Fast cash pickups
💸 Best for Large Amounts ($10,000+)
- OFX – Better rates for large transfers
- Bank wires – Secure but slow
📱 Best for No Bank Account
- Western Union – Global cash network
- M-Pesa – Africa's mobile money leader
Remember: Always check transfer limits, country restrictions, and ID requirements before sending money abroad. Weekend transfers often have worse rates.
FAQ: Sending Money Abroad
Q: What's the absolute cheapest way to send money internationally?
A: Wise (TransferWise) for bank transfers (0.5%-1% fees) or Binance P2P for crypto ($1-$5 flat fee).
Q: How can I send money without ID verification?
A: Most regulated services require ID. Cryptocurrency is the only anonymous option, but carries more risk.
Q: Is Western Union or MoneyGram better?
A: MoneyGram is often cheaper (5-7% vs WU's 7-10%), but Western Union has more locations worldwide.
Q: Can I cancel a transfer if sent to the wrong person?
A: Rarely possible once processed. Always double-check recipient details before sending!
Q: Where can I compare real-time exchange rates?
A: CurrencyRatez.com provides live rate comparisons across all major transfer services.