How to Send Money Internationally: Best Apps and What They Cost
The most expensive part of an international money transfer is usually invisible. The fee you see at checkout — $5, $10, even “free” — is often a fraction of the actual cost. The real money is taken in the exchange rate markup: the gap between the market exchange rate and the rate the provider gives you.
When PayPal says it offers “free” international personal transfers, the exchange rate markup can add 3-4% to the total cost. On a $1,000 transfer, that’s $30-$40 you’re paying without seeing a line item labelled “fee.” When your bank offers wire transfers for a “flat $25 fee,” the exchange rate they use can add another $20-$50 on top.
Our recommendation for most international transfers: Wise. It uses the real mid-market exchange rate (the one you see on Google or Reuters) and charges a small, transparent fee — typically 0.4-1.5% depending on the currency pair. No hidden markup. No rate inflation. What you see is what you pay.
For specific corridors (US to Latin America, India, Philippines): Remitly may be cheaper, with promotional rates and lower fees for high-volume corridors.
For convenience if you already use PayPal: PayPal works, but you’ll pay significantly more than Wise for the exchange rate. Know the cost before choosing convenience.
The True Cost Comparison
Here’s what it actually costs to send $500 and $1,000 from the US to the UK (USD to GBP), across the major providers. These numbers include all costs — stated fees, exchange rate markups, and any intermediary charges.
| Provider | Cost to Send $500 | Cost to Send $1,000 | Exchange Rate Used | Speed |
|---|---|---|---|---|
| Wise | ~$3-5 | ~$5-8 | Mid-market (real) rate | 1-2 business days (74% under 20 seconds) |
| Remitly | ~$4-6 | ~$6-10 | Near-market (small markup) | Minutes to 3 days (varies) |
| OFX | ~$0 (rate markup) | ~$0 (rate markup) | Marked-up rate (~0.5-1%) | 1-3 business days |
| PayPal | ~$15-25 | ~$30-45 | Marked-up rate (~3-4%) | 1-3 business days |
| Bank Wire (typical) | ~$30-50 | ~$35-60 | Marked-up rate (~2-3%) | 2-5 business days |
| Western Union | ~$5-15 | ~$10-25 | Marked-up rate (~1-3%) | Minutes to days (varies) |
Costs are estimates based on typical rates as of March 2026. Actual costs vary by currency pair, payment method, and transfer amount. Always check the provider’s calculator before sending.
The table reveals the pattern: providers that charge low or zero visible fees (PayPal, banks, OFX) typically recover the cost through exchange rate markups. Providers with transparent visible fees (Wise, Remitly) typically give better exchange rates. The total cost is what matters — not the stated fee.
The Detailed Reviews
Wise — Best Overall for Transparency and Cost
Wise (formerly TransferWise) built its business on one principle: use the real mid-market exchange rate and charge a visible fee on top. That transparency is its competitive advantage and the reason it serves over 15 million customers.
The fee varies by currency pair and payment method. For USD to GBP transfers paid by ACH (bank transfer), the fee is typically 0.4-0.8% of the amount sent. For USD to EUR, it’s similar. Some corridor-specific fees apply, and paying by debit or credit card costs more than paying by bank transfer. Wise always shows the full cost breakdown — fee, exchange rate, and recipient amount — before you confirm.
Speed is another strength. Wise reports that 74% of transfers arrive in under 20 seconds and 95% within a day. This is dramatically faster than traditional bank wires and competitive with or better than most fintech alternatives.
Beyond transfers, Wise offers a multi-currency account with local account details in 8+ currencies. If you regularly receive payments in foreign currencies (freelancers, expats, international businesses), holding multiple currencies in a Wise account and converting when rates are favourable can save additional money.
Where Wise falls short: For very small transfers (under $100), the fixed component of Wise’s fee can make the percentage cost higher than competitors. For certain corridors (particularly to countries where Wise doesn’t have local payment infrastructure), fees can be higher and speed slower. And Wise doesn’t offer cash pickup — the recipient needs a bank account.
Verdict: The best choice for most international transfers due to transparent pricing, real exchange rates, and fast delivery. The standard against which other providers should be measured.
Remitly — Best for Specific Corridors
Remitly specialises in transfers from developed countries to specific destination markets — particularly India, Mexico, the Philippines, Guatemala, and other high-volume remittance corridors. For these routes, Remitly is often cheaper than Wise, with promotional exchange rates and low or zero fees for first-time users.
Remitly offers three delivery speeds: economy (3-5 business days, lowest cost), express (within hours), and instant (minutes, available for some corridors). The instant option typically costs more but delivers money to the recipient’s bank account or mobile wallet almost immediately.
A significant advantage over Wise: Remitly supports cash pickup at partner locations in many destination countries. For recipients without bank accounts, this is a critical capability.
Where Remitly falls short: The exchange rate isn’t always the mid-market rate — Remitly applies a small markup that varies by corridor and speed. Transparency is good but not quite at Wise’s level. And for corridors outside Remitly’s core markets (sending to Europe, Australia, or East Asia), Wise is typically cheaper and faster.
Verdict: The best choice for frequent transfers to Remitly’s core markets (India, Mexico, Philippines, Latin America). For other corridors, Wise is usually better.
OFX — Best for Large Transfers
OFX (formerly OzForex) targets larger transfers — typically $1,000+ — and waives visible transfer fees entirely. The cost is embedded in a small exchange rate markup, typically 0.5-1% over the mid-market rate.
For large transfers ($5,000-$50,000+), OFX’s approach can be competitive because the percentage markup on a large amount can be lower than Wise’s fee on the same amount. OFX also offers forward contracts (locking an exchange rate for a future transfer) and limit orders (executing a transfer automatically when a target rate is reached) — useful tools for businesses managing currency exposure.
Where OFX falls short: For small transfers (under $1,000), OFX’s exchange rate markup can cost more than Wise’s transparent fee. The platform is less user-friendly than Wise or Remitly — it’s designed for a more sophisticated user base.
Verdict: Worth evaluating for large, infrequent transfers ($5,000+) where forward contracts or limit orders add value. For regular, smaller transfers, Wise is better.
PayPal — Convenient but Expensive
PayPal supports international transfers to 200+ markets in 100+ currencies. The convenience is real — if both sender and recipient have PayPal accounts, the transfer is straightforward.
The cost is not convenient. PayPal’s international personal transfer fee is “free,” but the exchange rate markup is typically 3-4% over the mid-market rate. On a $1,000 transfer, that means $30-$40 in hidden exchange rate costs. PayPal’s commercial international fees (3.49% + $0.49 per transaction) add even more for business payments.
PayPal’s exchange rate is transparently displayed before you confirm — you can see what rate you’re getting and compare it to the mid-market rate. Most people don’t bother checking. They should.
Verdict: Use PayPal for international transfers only when the recipient has no better option and convenience outweighs cost. For any transfer where saving $20-$40 matters (which is most transfers), Wise is substantially cheaper.
Bank Wire Transfers — Slow and Expensive
Traditional bank wire transfers remain the most expensive option for most consumers. A typical outgoing international wire costs $25-$50 at the sending bank, plus the receiving bank may charge $15-$25, plus the exchange rate markup is typically 2-3%.
On a $1,000 transfer, total costs (fees + exchange rate markup) can easily reach $50-$80 — five to ten times what Wise charges.
Bank wires still have one advantage: they can handle very large transfers (hundreds of thousands of dollars) that fintech platforms may limit. For high-net-worth transfers or real estate transactions, bank wires may be necessary. For everything else, they’re an anachronism.
Verdict: Avoid for routine international transfers. Use only when transfer limits on fintech platforms are a constraint, or when your bank offers a genuinely competitive FX rate (some premium banking relationships do).
Where the Money Actually Goes
When you send $1,000 internationally through a bank, here’s a typical cost breakdown:
- Sending bank wire fee: $30
- Exchange rate markup (2.5%): $25
- Correspondent bank fee: $10-$20 (intermediary banks that route the SWIFT transfer)
- Receiving bank fee: $15
Total cost: $80-$90. Your recipient gets roughly $910-$920.
Through Wise, the same $1,000 transfer (USD to GBP):
- Wise fee: ~$6
- Exchange rate markup: $0 (mid-market rate)
- Correspondent/receiving fees: $0 (Wise uses local payment networks, not SWIFT)
Total cost: ~$6. Your recipient gets roughly $994.
The difference — $74-$84 per transfer — is where Wise built a $12 billion company.
For US Residents Sending to the UK (and Vice Versa)
Since FinTech Essential serves both US and UK audiences, a specific note for this corridor:
US to UK (USD to GBP): Wise is the clear winner. The USD-GBP corridor is one of Wise’s highest-volume routes, with competitive fees and near-instant delivery. Remitly also supports this corridor but Wise is typically cheaper.
UK to US (GBP to USD): The same logic applies. Wise’s GBP to USD transfers use the mid-market rate with a small transparent fee. UK banks charge similar markups to their US counterparts.
Regular transfers between the US and UK: Consider opening a Wise multi-currency account. You can hold both USD and GBP, receive payments in either currency using local account details, and convert between them when rates are favourable. This is significantly cheaper than converting with each individual transfer.
For the full comparison of domestic payment apps (Venmo, Zelle, PayPal, Cash App), see our separate guide — domestic apps are not designed for international transfers and should not be used for them.
Frequently Asked Questions
What’s the cheapest way to send money internationally?
For most currency pairs and transfer amounts, Wise offers the lowest total cost because it uses the real mid-market exchange rate with a small transparent fee. For specific corridors (India, Mexico, Philippines), Remitly may be cheaper due to promotional rates and corridor-specific pricing. Always compare the total cost (fee + exchange rate difference), not just the stated fee.
How long does an international transfer take?
With Wise, 74% of transfers arrive in under 20 seconds and 95% within a day. Remitly’s instant option delivers in minutes for supported corridors. Traditional bank wires take 2-5 business days. Speed depends on the currency pair, payment method, and receiving country’s banking infrastructure.
Is Wise safe to use?
Wise is regulated in multiple jurisdictions (FCA in the UK, FinCEN in the US, and equivalents in other countries), serves over 15 million customers, and processes billions in transfers annually. Customer funds are held in safeguarded accounts at major banks. It’s as safe as any major fintech financial service.
Can I send money internationally through Venmo or Zelle?
No. Venmo and Zelle are domestic US payment apps and do not support international transfers. Use Wise, Remitly, PayPal, or a bank wire for international transfers.
How can I tell if my provider is marking up the exchange rate?
Check the mid-market rate on Google (search “USD to GBP”) or XE.com at the time of your transfer. Compare that rate to the rate your provider offers. Any difference is the markup — and it’s a cost, even if it’s not called a “fee.”
Are international transfer fees tax deductible?
Transfer fees are generally not tax deductible for personal transfers. For business transfers, transfer fees and exchange rate losses may be deductible as a business expense — consult your accountant for guidance specific to your situation.
FinTech Essential does not earn commissions from products mentioned in this article. Our recommendations are editorially independent and funded by advertising, not affiliate relationships. Fee comparisons based on typical rates as of March 2026; always verify current pricing with the provider before transferring.