How to Transfer Funds Internationally

Co-authored by Jill Newman, CPA

Last Updated: March 26, 2020 References

Need to transfer international funds to family or friends in dire need of foreign currency as quickly as possible? This is one area where it really pays to shop and compare, because fees from service to service can vary wildly.

Method 1

Method 1 of 5:

Transferring Funds via PayPal

PayPal is one of the easiest and cheapest ways to send money internationally, but in order to do that, both you and the recipient will need to set up a PayPal account. If you don't already have a PayPal account, setting it up is easy. For a detailed instructions, check out how to Set-Up-a-PayPal-Account.
Enter your PayPal ID (the email address you used to register), password, and then click the "log in" button at the bottom of the screen.
When you log in, you should be directed to the "account overview" screen. From the account overview screen, click the "send and receive" tab all the way at the top of the screen, or the "pay or send money" button below it. Click either one, and you'll be taken to a screen asking whether you want to send money to a merchant or send money to a friend or family member.Click the friends or family button.
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Enter the necessary information. You'll be prompted to enter the recipient's PayPal ID and the amount you want to send.
- The fees for sending money internationally vary by destination country. You can choose who bears the cost of the fees, and PayPal shows you the amount they will charge before you send the money. However, PayPal's transaction fees for international transfers are typically comparatively low.^{[1]
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- International transfers are available in twenty-five currencies, and in almost every country on Earth.^{[2]
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- Pay attention to the exchange rate. Again, PayPal is usually a very good value for international transfers, but they make their money by offering a marginally lower exchange rate than you might get elsewhere.^{[3]
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Method 2

Method 2 of 5:

Transferring Funds Using Western Union, MoneyGram, Viamerica, or Xoom

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Decide if you need to use a physical location for your deposit. If you need to transfer money at a physical location, Western Union and MoneyGram are your two options. However, for both Western Union and MoneyGram, conducting a transfer at a physical location usually costs more than doing it online.
- For example, as of January 2017, MoneyGram's fee for sending a $200 remittance to Mexico from the US is $9.99 vs. $4 for the same service online.^{[4]
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See if an online deposit works for you. Transferring money online can be the easiest and most convenient way to conduct a transfer. All four major transfer companies offer international transfer services from online portals. Choose which one is right for you.
- Viamerica and Xoom are two newer companies that cater especially to the remittance market. While Viamerica has some of the best overall rates, they only cover a limited area. Xoom has an excellent network of pickup locations in foreign countries, but can be slightly more expensive.^{[5]
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- Generally, Western Union and MoneyGram offer both competitive rates and a wide network of pickup locations, although this will vary from country to country.
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Decide how you want to pay. While paying with a debit card will be the quickest way for the recipient to get their remittance, arriving in minutes,it also usually carries the highest fees, and often by a substantial margin.^{[7]
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Research source} A direct transfer from your bank account will carry substantially lower fees, but the money can take days to arrive.
- With either MoneyGram or Western Union, you can pay in cash or with a debit card in person, or with a debit card or direct transfer from your bank account online.
- Xoom offers payment with a credit card, debit card, or bank account online.^{[8]
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- Viamerica only does direct transfers from your bank account, which takes a couple of days to confirm and set up.
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Decide how you want the funds to be received. Although picking up cash at a physical location is common, you can also deposit the money in the recipient's bank account, and depending on location, on a debit card, mobile wallet, or delivered in person. Again, take into account possible delays and fees (including fees the recipient's bank make charge) when making your choice.
- Mobile wallet service is available in Kenya, Zimbabwe, Tanzania, and Romania. The funds are usually available within a few minutes.^{[9]
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Contact the recipient. When the recipient is picking up cash at a physical location, you will need to follow a certain procedure. After the transfer service has gotten the money from you, they will give you a code for accessing the funds on the other end. You will then contact the intended recipient and give them the code. When the funds arrive, they tell the cashier the code and receive the money.
- As you might imagine, the code/cash pickup system has a unique set of security vulnerabilities if you don't know the recipient. Money transfer services like MoneyGram and Western Union are prone to scams. Make sure that you are only sending money to a person you trust.
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Method 3

Method 3 of 5:

Sending Money With a Special Bank Service

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Find out whether these services are available for your destination country. Some large banks offer special remittance services that allow you to transfer money abroad less expensively than using a wire transfer. However, the list of destination countries is typically less extensive than it would be using PayPal or a money transfer service like MoneyGram or Western Union.^{[10]
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- For example, Wells Fargo offers an ExpressSend service to 12 countries in Latin America and Asia, including Mexico, China, India, and the Philippines.^{[11]
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Gather the necessary information. Every bank is different, but generally, you will have to provide the bank certain information in order for them to process your request. Using Wells Fargo's ExpressSend's service as an example, you will need the following:^{[12]
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- The recipient's name, address, phone number, and the name of the Remittance Network member where the funds will be picked up.
  - The address must be an actual physical address. No PO Boxes are allowed.
  - Indicate whether the telephone number provided is from a land line or mobile phone.
- You will need to know how the recipient of the transfer will receive the funds, cash or account deposit. If it will be deposited in their account, then you will have to provide the recipient's account number.
Be sure to tell the recipient in what currency the money will be available. Wells Fargo, for example, uses local currencies for some countries and dollars for others. If the money is deposited in dollars, there may be additional fees to exchange the currency on the recipient's end.

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Method 4

Method 4 of 5:

Sending Money Using a Wire Transfer

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Decide how much money to send. Wire transfers are among the most expensive ways to transfer money internationally, typically costing $30-$60, but they have much higher available limits than do most other methods of transferring funds. So, before you conduct a wire transfer, make sure that you are sending an amount of money too large to send another way.
- The daily outgoing wire limit is going to vary based on your bank and the type of service you pay for on a regular basis. For example, for a typical CitiBank customer, there is a daily $50,000 limit on outgoing international wires. But, for certain Personal International Banking clients, the limit shoots up to $250,000 per day.^{[13]
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There is a very detailed article for how to Make-an-International-Wire-Transfer here, but the documentation requirements are fairly standard. You will need the name and address of the recipient, the recipient's bank, and the name of the account where the money will be deposited. In addition, you will need the recipient's account number or International Bank Account Number, and the recipient bank's SWIFT code.^{[14]
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You will need to specify the type currency that the recipient should receive. Keep in mind that in most cases, it will be more useful for the recipient to receive the money in their native currency. If the exact amount to be transferred is very important, then make sure that you check the exchange rate that the bank offers.^{[15]
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Be sure to ask the bank personnel how long the wire transfer will take. Usually the transfer can be completed in one or two days, but sometimes they can take as long as fifteen business days.^{[16]
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Method 5

Method 5 of 5:

Sending Money Using a Prepaid Debit Card

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Find a prepaid debit card that works for you. There are several companies, such as Akimbo, that offer prepaid debit cards with the capability of sending money abroad.^{[17]
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Research source} Each brand of prepaid card will have its own set of fess associated with its use, but at the minimum, expect an activation fee. Some card also charge fees for loading money onto the card and withdrawing money from it.
- There are two ways to use a prepaid card to send money abroad. You can buy a Visa or Mastercard gift card with international capabilities that has a finite, non-replenishable amount on the card. Or you can use a card that allows you to set up a large, replenishable account that allows users with sub-account cards to withdraw from it.
The type of card you use will dictate the ways that you can add money to it. Of course, all of them accept cash. However, some replenishable cards even allow you to transfer money onto the card directly from a bank account.
If you are using either one prepaid card or a card with sub-accounts, you will need to send the card to the recipient or recipients. Use the postal service or a private carrier like DHL, UPS, or FedEX. Be sure to investigate withdrawal limits and transaction fees, as there is often a daily limit for the number of transactions or amount of money that can be withdrawn.^{[18]
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Expert Q&A

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Question

How do I put money into my friends bank account?

Jill Newman, CPA
Financial Advisor
Jill Newman is a Certified Public Accountant (CPA) in Ohio with over 20 years of accounting experience. She has experience working as an accountant in public accounting firms, nonprofits, and educational institutions, and has also honed her communication skills via an MA in English, writing jobs, and as a teacher. She received her CPA from the Accountancy Board of Ohio in 1994 and has a BS in Business Administration/Accounting.

Jill Newman, CPA

Financial Advisor

Expert Answer

You can use an online transfer service such as MoneyGram, or walk into a branch of the bank they use and deposit the money in person. Either way, you will need the routing number and/or account number of your friend's bank account.

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Question

Can I receive a money transfer in Mexico using USA identification?

Jill Newman, CPA
Financial Advisor
Jill Newman is a Certified Public Accountant (CPA) in Ohio with over 20 years of accounting experience. She has experience working as an accountant in public accounting firms, nonprofits, and educational institutions, and has also honed her communication skills via an MA in English, writing jobs, and as a teacher. She received her CPA from the Accountancy Board of Ohio in 1994 and has a BS in Business Administration/Accounting.

Jill Newman, CPA

Financial Advisor

Expert Answer

Check the transfer service's website for requirements, since they vary by service and region within Mexico. Some allow you to use a valid US passport, while others require local identification such as a Mexican driver's license.

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Thank you for your feedback.
If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. We’re committed to providing the world with free how-to resources, and even $1 helps us in our mission. Support wikiHow
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