The fastest and cheapest way depends on where you're sending money and how much

International payments move through different channels than domestic ones, and the route you choose affects both speed and cost. A wire transfer to a bank account arrives in one to three business days but costs $15 to $50. A money transfer service like Wise or OFX takes the same time but charges a percentage of the amount sent—usually 1 to 3 percent—which is cheaper for larger sums. Peer-to-peer apps like PayPal work for smaller amounts to friends or family but add their own fees and exchange rate markups. The method that saves you the most money depends on the destination country, the amount, and whether the recipient has a bank account.

Before you send anything, confirm three things with the recipient: their full legal name (exactly as it appears on their bank account), their bank account number or IBAN, and their bank's SWIFT code or routing number. A single letter wrong in a name or number can delay the payment by days while the receiving bank verifies it, or send it to the wrong account entirely. If you're sending to a country without a formal banking system or to someone without a bank account, money transfer services and cash pickup options become your only choice.

Key Takeaways

  • Wire transfers through your bank are fastest (one to three business days) but most expensive ($15 to $50 per transfer), and work to any country with a banking system.
  • Money transfer services like Wise, OFX, and Remitly charge a percentage fee (1 to 3 percent) instead of a flat rate, making them cheaper for amounts over $500 and often faster than banks.
  • You need the recipient's full legal name, bank account number or IBAN, and SWIFT or routing code before initiating any transfer, or the payment may be delayed or sent to the wrong account.
  • Cash pickup services through Western Union and MoneyGram work in countries without reliable banking but charge higher fees and require the recipient to collect the money in person.
  • Exchange rates vary by provider and change throughout the day, so compare the actual amount the recipient will receive—not just the fee—before choosing a service.

Wire transfers: the standard but expensive route

A wire transfer through your bank is the most widely accepted method and works to nearly every country. You initiate it at your bank's branch, online portal, or by phone, provide the recipient's bank details, and the money leaves your account within hours. The receiving bank processes it on their next business day, so the recipient typically sees the funds one to three business days after you send it. Your bank charges a flat fee—usually $15 to $50 depending on the destination and your bank—and the receiving bank may charge an additional fee of $10 to $25 to receive it.

The hidden cost is the exchange rate. Your bank converts your dollars at their own rate, which is typically 1 to 3 percent worse than the mid-market rate you see online. If you're sending $5,000 to Mexico, your bank might convert at a rate that costs you $50 to $150 more than you'd pay with a specialist money transfer service. Ask your bank for their exchange rate before you send, and compare it to what Wise or OFX would charge for the same transfer.

Wire transfers are also difficult to reverse. Once the money leaves your account, it is in the receiving bank's system. If you made an error in the recipient's account number or the bank sends it to the wrong account, you will need to file a trace with your bank, contact the receiving bank, and wait—sometimes weeks—for them to locate and return the funds. For this reason, wire transfers are a poor choice if you are unsure about the recipient's details.

Money transfer services: cheaper for most amounts over $500

Specialist money transfer companies like Wise, OFX, Remitly, and MoneyGram Online charge a percentage fee (typically 1 to 3 percent of the amount sent) rather than a flat rate. They also use the real mid-market exchange rate or very close to it, which saves you the 1 to 3 percent markup your bank adds. For a $5,000 transfer, this difference alone can save you $50 to $150. The trade-off is that most take two to four business days, though some—particularly Wise—can deliver within hours for a higher fee.

These services work by holding your money in a local bank account in your country, then sending it from a local account in the destination country. This is why they can offer better rates than your bank: they are not converting currency at the moment you send; they are moving money that is already in the destination country. You fund the transfer by bank transfer, debit card, or credit card (though credit card adds an extra fee), and the recipient receives it in their bank account, as cash at a pickup location, or sometimes as a mobile wallet credit.

Compare the total amount the recipient will receive, not just the fee percentage. Wise might charge 1.5 percent but deliver at a better rate than Remitly's 2 percent, so the recipient ends up with more money even though Wise's fee is lower. Most services show you the exact amount before you confirm, so use that to compare across providers.

Peer-to-peer apps and digital wallets

PayPal, Venmo, Square Cash, and similar apps work for sending money to friends or family in certain countries, but they are not designed for large amounts or regular payments. PayPal charges 4.99 percent plus $0.30 for international transfers, which is expensive compared to a money transfer service. Venmo and Square Cash do not offer international transfers at all. These apps are useful if you need to send a small amount quickly to someone you know and trust, but they are not the cheapest option for regular or large transfers.

Some digital wallets—particularly those tied to mobile money services in developing countries—can receive transfers directly. If the recipient uses M-Pesa in Kenya, bKash in Bangladesh, or a similar service, some money transfer companies can deposit directly to their mobile wallet instead of a bank account. This is faster and cheaper than a bank transfer in countries where banking infrastructure is weak. Check whether the recipient's mobile money service is supported by the money transfer company you are considering.

Cash pickup services for recipients without bank accounts

Western Union and MoneyGram operate physical locations in nearly every country, including places where banking is limited or unreliable. You send money online or at a physical location, and the recipient picks it up in cash at a Western Union or MoneyGram office using a reference number and ID. This works when the recipient has no bank account, but the fees are high—typically 5 to 10 percent of the amount sent—and the recipient must be available to collect the money in person.

Cash pickup is also slower in practice, even though it appears fast. You send the money online, but the receiving location may not process it until the next business day, and the recipient may not be able to reach the office immediately. For regular or large transfers, this method is expensive and inconvenient. Use it only when the recipient has no bank account and no access to a money transfer service's other options.

What happens if the payment goes wrong

If the recipient does not receive the money within the expected timeframe, contact the service or bank you used immediately. For wire transfers, your bank can file a trace, which asks the receiving bank to locate the payment. This takes five to ten business days and may cost an additional $15 to $25. For money transfer services, contact their customer support with your reference number; they can check whether the payment was delivered and, if not, initiate a refund or trace.

If the money was sent to the wrong account because you provided incorrect details, recovery is difficult. Your bank or the money transfer service can ask the receiving bank to return it, but the receiving bank is not obligated to do so if the account details were technically correct. This is why confirming the recipient's details before sending is critical. If the recipient's name does not match exactly, or if the account number is wrong by even one digit, ask the recipient to confirm again before you send.

Refunds for money transfer services typically take three to five business days once approved. For wire transfers, refunds can take two to three weeks because the receiving bank must locate the funds and return them through the banking system. During this time, the money is not in your account, so plan accordingly if you need the funds urgently.

Comparing costs across providers and destinations

The cost of an international payment varies by destination, amount, and method. A $100 transfer to Canada through a money transfer service might cost $2 to $3, while the same amount to a remote area of a developing country might cost $8 to $12 because the receiving bank charges more or the service has fewer local partners. A wire transfer to Canada might cost $25 from your bank, making it more expensive than a money transfer service for small amounts but competitive for $5,000 or more.

Before you send, get a quote from at least two providers. Most services show you the exact fee and the amount the recipient will receive before you confirm. Write down the total cost—fee plus exchange rate difference—not just the percentage. A service that charges 2 percent but uses a better exchange rate may cost less than one charging 1.5 percent with a worse rate. If you send money regularly to the same country, test a small amount with one service first to confirm the recipient receives it and the timing works for both of you.

Frequently Asked Questions

How long does an international payment actually take?

Wire transfers take one to three business days. Money transfer services take two to four business days for standard delivery, though some offer expedited options for an extra fee that deliver within hours. Cash pickup is instant once the receiving location processes it, usually the next business day. Weekends and holidays add extra days to all methods.

Can I send money to someone without a bank account?

Yes, through cash pickup services like Western Union and MoneyGram, or through mobile money services if the recipient uses one. Some money transfer services also partner with local agents in developing countries who can deliver cash to the recipient's home. Ask the service whether they support cash delivery or mobile wallet transfer to the destination country.

What if I send money to the wrong person by mistake?

Contact your bank or money transfer service immediately. If the payment has not been processed yet, they may be able to cancel it. If it has been delivered, they can ask the receiving bank to return it, but the receiving bank is not required to comply. Prevention—confirming the recipient's details before sending—is the only reliable protection.

Do I need to report international payments to the government?

If you send more than $10,000 in a single transfer or multiple transfers that total more than $10,000 in a calendar year, the bank or money transfer service must file a Currency Transaction Report with the U.S. Treasury. This is routine and does not mean you have done anything wrong. If you are sending money for a business or to pay taxes, consult a tax professional about reporting requirements.

Which money transfer service is cheapest?

It depends on the destination and amount. Wise is often cheapest for transfers to Europe and developed countries. Remitly is competitive for transfers to Latin America and Southeast Asia. OFX works well for larger amounts. Get a quote from at least two services for your specific destination and amount before deciding.