Sending money from the USA to Europe doesn’t have to cost a lot. There are many ways to send money, and knowing the cheapest can save you a lot. Banks are the most expensive, with fees of nearly 13.40% and an average fee of about $45.
But, online services like Wise and OFX offer better deals. For instance, Wise has great exchange rates and fees under 1% when you fund it from a bank. OFX doesn’t charge transfer fees and has competitive rates, from 1.35% to 4.50%. They also offer custom rates for big transfers and businesses.
Understanding these options helps you make smart choices for international money transfers. This guide aims to show you the best ways to send money from the USA to Europe. It’s all about picking the right services over traditional banks.
Top Online Money Transfer Services
Choosing the right online money transfer service is key. It affects both cost and convenience when sending money abroad. Here are the top services for 2024:
Monito’s real-time comparison engine has helped over 25 million people. They find the best money transfer options. Users save an average of 0.59% in fees and exchange rates, much less than banks or cash services.
This has saved over $78 million in transfer fees. Monito compares and reviews over 200 services. They use dozens of criteria to help users make informed decisions.
Let’s compare some top services:
| Service | Fees & Exchange Rates | Transfer Speed | Supported Currencies | Unique Features |
|---|---|---|---|---|
| Wise | Starting at 0.43% | Minutes to 2 days | 40+ | Free registration, multiple currency accounts |
| Revolut | Varied (Low) | Instant up to 2 days | 30+ | Integrated digital banking services, cryptocurrency integration |
| Remitly | Varied | Minutes to 24 hours | 100+ | High transaction limits in some countries, 5 billion bank accounts coverage |
| Currencies Direct | 0% FX margins for some providers | 1 to 2 days | 60+ | Personal account manager, business services |
| Western Union | Generally higher | In minutes | 130+ | Extensive physical network, cash pickup options |
| TransferGo | Low fixed fee | Within 24 hours | 47 | Rapid business transfers, real-time rate alerts |
Monito has around 8 million users annually. They trust Monito’s comparisons, reviews, and guides. Some providers on Monito offer 0% in FX margins. For more detailed reviews and comparisons, visit the guide here.
Factors That Influence Transfer Costs
When you send money across borders, like from the USA to Europe, several things can affect the cost. Knowing these factors helps you save money and get more for your transfer. Key elements play a big role.
Exchange rate markups and fees for converting currencies are big factors. Banks and money transfer services often charge extra on top of the mid-market rate. This extra fee can really cut down what the person you’re sending money to gets.
For example, UK banks can add up to £21.23 in hidden fees, depending on the exchange rate used.
The way you send money also matters. Some services, like Wise, charge a flat fee (e.g., £4.43). Others, like Starling Bank, charge a percentage (0.4%) for SWIFT payments. The cost for sending £500 GBP to EUR shows how picking the right service can save you money: Wise – £4.43, Starling Bank – £5.28, NatWest – £21.23, and Nationwide – £30.15.
The financial and economic conditions of the countries involved also play a part. Legal and regulatory costs can increase the price of international transfers. The connection between payment systems in different countries also affects the cost, with more connected systems being cheaper.
Looking at regional differences, sending $200 abroad cost 6.35% as of March 2024. South Asia has lower costs (5.16%), while Sub-Saharan Africa has higher costs (7.73%). The G20 wants to lower global remittance costs to 5%, aiming to meet the UN SDG goal of 3%.
Guide to Cheapest Way Send Money USA Europe
Finding the cheapest way to send money from the USA to Europe can be tough. It’s important to know the details of each service to pick the best one. International wire transfers are common but cost more. They usually cost around $44, plus extra fees from middlemen, which can be $10-$50 more.
Online services like Wise, Xoom, and MoneyGram offer cheaper options. For example, Wise has low fees, about $6.42, and money gets there in two business days. Xoom charges a 5% fee plus a fixed fee, and can send money fast, in minutes.
Transfer times and limits differ a lot. MoneyGram starts at $1.99 for debit card transfers, and most are done by the next business day. But, it’s mainly for cash transactions. Banks like HSBC and Lloyds have higher fees but offer more services and perks.
It’s key to think about transfer limits, how fast money gets there, and who it’s for. PayPal charges a 2.9% fee plus a fixed fee for card payments. Western Union can charge up to $10 per transaction. MoneyGram and Xoom let recipients pick up cash, making things easier for them. Using guides like this one helps make choices that fit your needs.
