In today’s world, sending money across borders is more common than ever. Many people are looking for good and affordable ways to send money, other than Zelle. Banks often charge high fees for international transfers, with an average of nearly 13.40%.
This makes it important to find services that are both reliable and cost-effective. These services can offer safer and more affordable ways to send money.
Currently, sending money abroad through banks can cost about $45 for a typical wire transfer. But, new services are coming up that can save you money and make sending money easier. For example, Wise offers fees that are usually less than 1%.
This makes Wise a popular choice for many. In this article, we will look at five key alternatives. Each one has its own benefits for those who need to send money globally.
Understanding the Need for Global Money Transfers
In today’s world, sending money across borders is common. People send money for personal and business reasons. With more expats and a need for fast, affordable ways to send money, the demand is high.
Old banking methods are not up to today’s needs. Bank wire transfers are expensive and slow. The World Bank shows these methods have high fees, making cheaper options better.
Financial technology has changed money transfers. It lets users send money quickly and easily, unlike banks. This makes sending money simpler and faster.
Many digital services offer features banks can’t. They handle different currencies well, which is key for international payments. These services meet users’ needs better than banks.
As people look for fast and cheap ways to send money, financial tech’s role will grow. This change will make traditional banking less important. It will lead to a future where new solutions meet global money transfer needs.
5 Alternatives to Zelle for International Money Transfer
Looking for the best ways to send money abroad? Several platforms stand out as top choices. They cater to different needs, like fast transfers, low costs, or easy use.
- OFX: OFX is known for its low fees and good exchange rates. It’s great for big transfers because of its tiered pricing.
- Xoom: Xoom, a PayPal company, offers quick transfers, perfect for sending money to places like Mexico and the Philippines.
- MoneyGram: MoneyGram has been around for a long time. It’s reliable for sending money abroad and has many locations worldwide.
- Western Union: Western Union is one of the oldest in the business. It covers a wide area, even remote places.
- Wise: Wise, formerly TransferWise, is known for its clear fees and low costs. It’s a favorite among smart users for international transfers.
When comparing these services, speed, fees, and user reviews are key. These factors help decide which service is best for you.
| Service | Rating (Play Store) | Transfer Speed | Fees |
|---|---|---|---|
| OFX | N/A | 1-3 Business Days | Low fixed fee |
| Xoom | 4.5 | Instant to Minutes | Varies by payment method |
| MoneyGram | 4.4 | Minutes | Varied based on transfer |
| Western Union | 4.3 | Minutes | Varies significantly |
| Wise | 4.7 | 1-2 Business Days | Low conversion fee |
There are many ways to send money abroad. Each service has its own strengths and weaknesses. By comparing them, you can find the best fit for your needs.
OFX: A Cost-Efficient Option
When I look into international money transfers, OFX is a top pick for saving money. It covers over 170 countries, making transfers affordable without extra fees. Unlike banks, which can charge up to $501, OFX is much cheaper.
OFX uses 115 local bank accounts worldwide to cut down on fees and offer better rates. Their rates are better than banks, and they don’t charge transfer fees. This is great for those who send money abroad often.
Transfers are quick, taking just one to three business days. You need at least $150 to start, making it easy for many budgets. Plus, there’s 24/7 customer support for any help you need.
| Transfer Service | Exchange Rate | Fees | USD Received (for $1,000 AUD) |
|---|---|---|---|
| OFX | 0.7719 | $0 | $771.90 USD |
| Wise (TransferWise) | 0.775150 | $6.01 AUD | $770.49 USD |
| WorldRemit | 0.76771 | $3.99 AUD | $767.71 USD |
| CurrencyFair | 0.7717 | $4.00 | $767.70 USD |
| XE.com | 0.7596 | $0 | $759.59 USD |
| PayPal (Xoom) | 0.7435 | $0 | $743.47 USD |
For those wanting to save on international transfers, OFX is a smart choice. It offers no hidden fees and has great support. For more on money transfers, see this comprehensive guide.
Xoom: Quick and Easy Transfers
Xoom, a PayPal-owned service, is known for fast money transfers worldwide. It lets users send money to almost 160 countries. This makes it both convenient and flexible. The transfers are often done in minutes, perfect for urgent needs.
Fees for Xoom depend on how you fund your transfer. There are low upfront costs, but exchange rate markups can be over 3%. It’s key to consider these costs for global transfers.
Xoom accepts various payment methods like bank accounts, debit cards, and PayPal balances. A big plus is the cash pickup option at partner locations. This ensures quick access to funds for recipients.
Also, Xoom has a cost calculator on their site. It helps users estimate fees before sending money. Their customer service is strong, ready to help with any questions. With these benefits, Xoom is a top pick for fast and secure transfers.
For more on money transfer options, check out these best money transfer apps available today.
MoneyGram: A Reliable Traditional Choice
MoneyGram is a well-known name in the world of money transfers. It works in over 200 countries and territories. Customers can send money in 50 different currencies. This wide reach makes it a top choice for many, thanks to its reliable money transfer services.
It attracts a wide range of users, including the 150 million people who use its services. This shows its popularity and trustworthiness.
MoneyGram offers flexibility in international transfers. You can send money online or pay in person. This is great for those without bank accounts, as they can use debit cards and cash.
There are no upfront fees for online transfers funded by debit cards. But, the cost can change based on how fast you need the money and your payment method.
- Transfers can often be completed the same day.
- The maximum online transfer limit is set at $5,000.
- Multiple payout options are available, adding to the convenience.
Compared to services like CashApp or Zelle, MoneyGram offers a more traditional way to send money. For example, CashApp charges a 3% fee for credit card payments. Zelle only works for domestic transfers with daily limits. So, for urgent needs, MoneyGram is a solid choice.
If you want to learn more about international transfers, check out this guide. It compares different services and their benefits.
Western Union: Established and Trusted
Western Union is a top choice for sending money worldwide. It works in over 200 countries and handles 130 currencies. This makes it easy to send money to places like the Americas, Europe, Asia-Pacific, or Africa.
Western Union’s fees change based on how you pay and where you send money. For bank transfers, it’s often the cheapest, with fees around 11% on average. Some transfers can be sent the same day, making it even more appealing.
Transfer limits are high, up to $50,000 for some countries. Western Union offers great prices and fast service. Money can be sent instantly or in four business days. This makes Western Union a reliable choice for global money transfers.
