The Best Money Transfer Options for International Travelers in 2025

You’ve likely faced it, sending money abroad to family, paying a service provider, or moving funds to your own bank account, only to watch fees and poor exchange rates drain more than expected. 

‍

Banks add wire charges, exchange counters take hidden margins, and even trusted apps mask costs. 

‍

The good news? With the best money transfer options you can avoid these pitfalls and ensure more of your money reaches its destination.

The Real Price of Sending Money Abroad

When you transfer money abroad, you're not just paying the fee you see upfront. You're paying for three different things, and most people only notice one of them.

‍

First comes the obvious transfer fee. Banks love advertising their "$15 transfer fee" while forgetting to mention the other costs. 

‍

Then there's the exchange rate markup, where they take the real exchange rate and add their own premium on top. Think of it as a secret tax that never shows up on your receipt.

‍

The third cost hits you through intermediary fees. When your money travels through multiple banks to reach its destination, each one takes a cut. 

‍

It's like paying toll roads you never knew you were driving on.

‍

Traditional banks have turned this into an art form. They might charge you $45 upfront, then embed a 3 to 6 percent exchange rate markup that quietly shaves hundreds off larger transfers. 

‍

Meanwhile, platforms like Western Union play their own game, offering "free" transfers that come with exchange rates so poor you'd be better off paying the fee.

What the Mid-Market Rate Means for Your Money

The mid-market rate is the real exchange rate between two currencies. It's what banks trade with each other at, and it's what you see when you Google "USD to EUR" or check financial news sites.

‍

When Wise advertises their "true mid-market rate," they mean you pay exactly what the currencies are worth right now. No markup hidden in the exchange calculation. 

‍

This matters more than you might think, especially on larger transfers.

‍

Consider sending $5,000 to Europe. A bank charging a 4 percent exchange rate markup would quietly pocket $200 through the rate alone, before you even see their transfer fees. 

‍

Many banks and traditional providers embed a 3 percent or higher exchange rate margin, making every dollar worth less than it should be.

Online transfer specialists like Wise and OFX have built their entire business around offering lower fees and better exchange rates than traditional banks. 

‍

They can do this because they're not carrying the overhead of physical branches and legacy banking infrastructure. These platforms consistently rank among the best services for international use.

‍

Banks operate differently. They prioritize convenience for existing customers over competitive rates. 

‍

You'll pay higher fees, wait longer for processing, and get exchange rates that benefit the bank more than you. 

‍

Their advantage is trust and existing relationships, but that comfort comes at a premium. 

‍

When you need to transfer money between banks internationally, traditional institutions rarely offer the most efficient path.

‍

Exchange counters occupy their own category entirely. They offer immediate currency access but typically provide poor rates with limited transfer functionality. 

‍

They're designed for tourists who need quick cash, not travelers who want to efficiently move larger amounts internationally.

‍

The speed differences tell their own story. Wise transfers complete anywhere from instantly to two days, depending on the country corridor. 

‍

Other online specialists like Remitly, InstaReM, XE, OFX, CurrencyFair, and WorldRemit typically deliver funds within same-day to three business days.

‍

Banks using the SWIFT network usually take three to five business days. Western Union offers an interesting split: their cash pickup services often complete within minutes, but their bank-to-bank options still take longer.

When You Need Money to Move Fast

Emergency situations change the entire calculation. When someone needs funds immediately, the best exchange rate becomes secondary to speed and reliability, and finding the safest way to send cash becomes paramount.

‍

Cash pickup services through Western Union or MoneyGram often deliver funds within minutes. 

‍

The recipient walks into a designated location, shows ID, and walks out with cash. 

‍

You'll pay higher fees or accept worse exchange rates, but the money moves faster than any other option and represents the safest way to send cash when time is critical.

‍

Wise, Remitly, and WorldRemit can also offer nearly instant transfers in certain corridors, particularly when the recipient has a mobile wallet or debit card that can receive direct deposits. 

‍

The speed depends heavily on the specific countries and payout methods involved.

Staying Safe When Your Money Crosses Borders

Financial security becomes critical when you're moving money internationally, especially while traveling. 

‍

Reputable providers like Wise, OFX, Western Union, and MoneyGram operate under strict regulations, use encryption for all transactions, and offer robust fraud protection.

‍

But staying safe requires more than choosing the right provider. 

‍

You need to verify recipient details carefully, avoid transferring money to people you don't know well, and always choose licensed and regulated providers over unknown services promising unrealistic rates.

‍

The internet connection you use for transfers matters more than most travelers realize. 

‍

Public Wi-Fi networks create serious security vulnerabilities because they're shared connections where your financial data travels alongside everyone else's internet traffic. 

‍

Anyone with basic technical skills can intercept data on public networks, making them extremely risky for banking and financial transactions.

‍

This is where smart connectivity choices protect your money. Using an eSIM provides you with your own encrypted data connection that doesn't rely on shared public networks. 

‍

With a service like GigSky, you maintain secure internet access in over 200 countries and on cruise ships, ensuring your financial transactions stay private and protected. 

‍

While physical SIM cards cost $20 to $30 for each destination and require separate purchases for every trip, eSIM packages let you buy coverage for multiple countries upfront, with GigSky's plans starting at $4.99.

What Happens When Transfers Go Wrong

Most licensed providers offer tracking systems, customer support, and refund processes for failed transactions. 

‍

Wise includes real-time tracking that shows exactly where your money is throughout the transfer process, plus transparent customer support that actually responds when you need help.

‍

Banks approach failed transfers differently, often requiring extensive paperwork even for simple problems. The bureaucracy that makes them feel stable also makes them slower to fix issues when they arise.

The Protection and Insurance Question

Established platforms like Wise and OFX include transaction tracking, encrypted transactions, and customer service, all backed by regulatory oversight from financial authorities in their operating countries. 

‍

They're required to segregate customer funds and maintain certain capital reserves.

‍

Cash services like Western Union include fraud detection and safe handling procedures, but the specific protections available can vary by location and transfer type. 

‍

Always clarify what protections apply to your specific transfer before sending money.

Online Versus In-Person: What Works Better

Most modern international transfers happen entirely online or through mobile apps. 

‍

Providers like Wise and WorldRemit built their platforms specifically for digital convenience, allowing you to initiate, track, and complete transfers without ever talking to a human being unless you want to.

‍

Banks often still require in-person visits or phone-based setups for international wire transfers, particularly for first-time senders or larger amounts. 

‍

This reflects their legacy systems more than any security advantage.

Bank Account Requirements and Cash Options

Many transfer services accommodate different recipient preferences. 

‍

You can typically choose between bank deposits, mobile wallet transfers, or cash pickup depending on what works best for the person receiving your money.

‍

Services that focus on bank-to-bank transfers, like Wise, OFX, and XE, typically require the recipient to have a bank account. 

‍

Services like Western Union, MoneyGram, and WorldRemit offer cash pickup options where recipients collect money at physical locations without needing any bank relationship.

Documentation and Large Transfer Rules

Most services require standard identification like a passport or driver's license for account setup and transfers. 

‍

Large transfers, especially through banks, may trigger additional requirements like proof of funds or income verification.

‍

Transfers over $10,000 USD may activate tax reporting requirements under IRS or CRA rules, depending on your tax residency. 

‍

Individual provider limits vary significantly. Western Union and MoneyGram allow up to around $50,000 per transfer for fully verified users, while other services may have different thresholds.

Why Your Bank Charges So Much for International Wires

Banks charge multiple fees for international wires because they can, and because most customers don't realize better alternatives exist. 

‍

You'll typically see fixed fees up to $45, poor exchange rates that benefit the bank, and SWIFT intermediary fees that get passed through to you.

‍

These charges exist partly because international wire infrastructure involves multiple banks and legacy systems, but mostly because banks have no competitive pressure to offer better rates to customers who aren't shopping around.

Comparing Your Options

The best transfer method depends entirely on what matters most for your specific situation. 

‍

For cost-efficiency and transparency, Wise offers the best money transfer combination of mid-market exchange rates and low, transparent fees. 

‍

Their platform shows you exactly what you're paying and why, making it one of the best solutions available.

‍

For speed and flexibility, WorldRemit, Remitly, or cash pickup services through Western Union work best. 

‍

You'll pay slightly more, but money moves faster and recipients have more options for how they receive funds.

‍

For larger transfer amounts, OFX and XE often provide better rates and dedicated support, though they may have minimum transfer requirements or slower processing for smaller amounts.

‍

For emergency cash needs, Western Union and MoneyGram provide unmatched global reach with cash pickup available in minutes, though you'll pay premium fees or accept less favorable exchange rates for that convenience.

‍

Banks make sense when you value established relationships and don't mind paying extra for the familiarity, but they consistently offer the worst combination of high costs, slow processing, and poor exchange rates.

‍

PayPal and Xoom work well for small, online transfers where convenience matters more than cost optimization, particularly when both sender and recipient already use PayPal regularly.

The Cash Carrying Question

Carrying some local cash makes sense for immediate expenses like tips, transit, or small purchases where cards aren't accepted. 

‍

But international transfers and cards provide much better security for larger amounts.

‍

The key is balance. Never carry all your funds in cash due to theft and loss risks, but having some local currency eliminates the stress of finding an ATM immediately upon arrival or dealing with card issues for small purchases.

Your Next Move

Smart travelers have moved beyond accepting whatever their bank offers for international transfers. 

‍

They compare actual costs, understand that the cheapest advertised fee rarely represents the total expense, and choose providers based on their specific needs rather than marketing promises. Finding the best service requires this kind of informed comparison.

‍

The landscape favors informed travelers who take five minutes to compare real options. 

‍

Whether you prioritize rock-bottom costs, maximum speed, or emergency flexibility, better solutions exist than whatever your bank is offering by default.

‍

Your money works harder when you know how to move it intelligently across borders, and staying securely connected while you travel ensures those transfers happen safely, no matter which country you're exploring next.

Recap: The Best Money Transfer Options for Travelers 

• Understand the full cost: Every transfer includes three parts: transfer fees, exchange rate markups, and intermediary fees. Knowing all three gives you a true picture of what you’re paying.
• Check the mid-market rate: This is the real exchange rate you see on Google. Providers like Wise use it directly, which can make a meaningful difference on larger transfers.
• Cost-efficient options: Online specialists such as Wise and OFX keep fees lower by avoiding bank overhead. Traditional banks and exchange counters emphasize convenience but usually cost more.
• Stay secure: Use regulated providers (Wise, OFX, Western Union). Always confirm recipient details and avoid public Wi-Fi. With GigSky eSIM, you get private, encrypted connectivity in 200+ countries and on cruise ships, keeping your transfers safe wherever you travel.
• Speed matters: Wise transfers often complete instantly–2 days. Remitly, WorldRemit, and others deliver the same day–3 days. Banks take 3–5 days. Western Union cash pickup can be near-instant for urgent needs.
• Emergency transfers: If time is critical, services like Western Union, MoneyGram, or Remitly cash pickup ensure funds are available within minutes.

‍

If issues arise: Platforms like Wise provide real-time tracking and responsive support, while banks may require more steps for resolution.