Cheapest Ways to Send Money Internationally (According to Reddit Users)
Finding the cheapest way to send money internationally can save you significant fees and frustration. Reddit users frequently share their experiences with affordable international money transfer services, highlighting hidden fees, exchange rates, and transfer speeds. In this guide, we’ll break down the top Reddit-recommended methods, compare costs, and answer common questions to help you save money.
Top 6 Cheap International Money Transfer Services (Reddit-Approved)
- Wise (formerly TransferWise): Reddit’s #1 pick for low fees and mid-market exchange rates. Users praise its transparency and speed (1-2 days).
- Revolut: Offers fee-free transfers for Premium/Metal users and competitive exchange rates. Popular for EUR/USD/GBP transfers.
- Remitly: Affordable option for sending money to Asia and Latin America. First-time users often get fee discounts.
- WorldRemit: Low fees for cash pickups and mobile wallet transfers in Africa and Southeast Asia.
- OFX: Best for large transfers (no fees on amounts over $10,000).
- PayPal (Xoom): Fast but pricier – Reddit users recommend it only for small, urgent transfers.
Reddit’s Money-Sending Hacks
Users on r/personalfinance and r/expats suggest:
- Always compare rates using tools like Monito or CompareRemit
- Avoid banks for recurring transfers – fees add up quickly
- Use promo codes (e.g., Remitly’s $20 first-transfer bonus)
- Time transfers when exchange rates favor your currency
Hidden Costs to Watch For
Reddit threads frequently warn about:
- Dynamic Currency Conversion (DCC) scams
- Third-party bank fees at receiving end
- Weekend transfer delays affecting exchange rates
Step-by-Step: How to Send Money Cheaply
- Compare providers using your specific currency pair
- Check for hidden fees in the ‘Terms’ section
- Initiate transfer during business hours
- Opt for local currency delivery
- Track transfer via provider’s app
FAQ: Cheap International Money Transfers
Q: What’s truly the cheapest service overall?
A: Wise consistently ranks cheapest for most routes due to low fees (0.3%-1.5%) and real exchange rates.
Q: Are these services safe?
A: All recommended providers are regulated (FCA, FINTRAC, ASIC). Reddit users recommend avoiding unlicensed apps.
Q: Should I use my bank instead?
A: Only for large, infrequent transfers. Banks charge 3-5% in hidden FX margins according to r/Banking threads.
Q: How much can I save vs Western Union?
A: Up to 75% – a $1,000 USD to EUR transfer costs $8 with Wise vs $35 with Western Union.
Q: Any red flags for scam services?
A: Reddit warns against providers that:
– Don’t show total costs upfront
– Pressure you to pay via gift cards
– Lack customer support channels
