Key takeaways
- The safest way to send money isn’t always the most obvious one. Before choosing a method, weigh security, cost and accessibility based on your needs.
- Hidden fees and exchange rate markups can add up fast. Always compare both — not just one or the other.
- Speed vs. cost is always a trade-off. Before hitting send, think about how quickly your recipient needs the money and whether you’re willing to pay a premium for speed.
- Every international transfer comes with transaction costs — not just fees, but the time spent finding a reliable provider and navigating security checks. The more friction in the process, the higher the cost, whether in money, delays or risk.
With $913 billion expected to move across borders in 2025, the global remittance market is massive but still inefficient. Many international payments hit delays or don’t go through, usually due to compliance issues or processing roadblocks. Whenever that happens, every extra step — an intermediary bank, a currency conversion — adds risk and expense to you.
That’s why international money transfer safety isn’t just about convenience. It’s about reducing costs and making sure your money arrives securely (and on time).
What to keep in mind before sending money abroad
Every international transfer carries some level of risk — whether it’s hidden fees, security vulnerabilities or delays that leave your recipient waiting. The best way to avoid surprises is to understand what can go wrong before you send.
Before choosing a transfer method, consider the following factors to ensure you get the most value and money transfer safety.
Are you losing money to fees and bad exchange rates?
Every international transfer comes with two costs: fees and exchange rates. Fees vary — some providers charge a flat rate, while others take a percentage of the amount you send. The difference adds up fast, so it’s worth shopping around.
Then there’s the exchange rate, where many providers sneak in hidden markups.
The mid-market rate — the rate banks use to trade currencies — is often adjusted by 3 to 6 percent at traditional banks; it also continuously changes based on demand, supply and global economic conditions.
Meanwhile, specialized money transfer services offer markups as low as 0.5 percent. That might not sound like much, but on a $10,000 transfer, that’s a difference of hundreds of dollars.
To get the best deal, compare both fees and exchange rates. A service with no upfront fees but a poor exchange rate could cost you more in the long run.
How fast should the funds reach your recipient?
How fast do you need your money to arrive? Some services deliver funds instantly, while others take a few business days. Faster transfers usually come with higher fees, so it’s a trade-off between speed and cost.
- Same-day or instant transfers: Great for urgent needs but often more expensive.
- Standard transfers (1-5 business days): Usually cheaper but requires patience.
- Cash pickup services: Western Union or MoneyGram can provide near-instant transfers but may charge higher fees.
- Bank-to-bank transfers: Services like OFX offer lower fees but may take a few days to process.
If timing is critical, check the provider’s estimated delivery time before you send — and be ready to pay a little extra for urgency.
Can your recipient access the money?
If your recipient can’t access the money easily, it really doesn’t matter how fast or cheap the transaction is. Some services only work with bank accounts, while others offer options like cash pickup, mobile wallets or even home delivery.
So consider your recipient’s situation when you make your choice:
- If they don’t have a bank account, cash pickup might be the best option.
- If they use mobile payment apps, a direct deposit into a digital wallet could be more convenient.
- If they’re in a region with limited financial infrastructure, check that your provider covers that area before sending money.
Not all providers operate in every country, so confirm that the service you choose has a strong presence where your recipient is located. The right method is the one that makes accessing the funds as easy as possible for them.
Is your money safe from fraud?
When sending money internationally, security isn’t optional — it’s essential. Cybercriminals are always looking for gaps, and a weak link in your transfer process can put your money and personal data at risk. The safest services use two-factor authentication (2FA), real-time fraud monitoring and 256-bit encryption to keep hackers out. If a provider doesn’t offer these protections, that’s a red flag.
Also, watch out for phishing scams and unsolicited messages asking for sensitive information. A legitimate money transfer service will never request your login credentials or security codes via email or text. If something feels off, it probably is.
Before hitting send, verify that your provider is regulated by financial authorities and has a strong security track record. Double-check recipient details, and never share payment info over unsecured channels. A few extra seconds of caution can save you from costly mistakes.
What are the best (and safest) ways to send money internationally?
There’s no one-size-fits-all way to send money abroad. Some methods are secure but expensive; others are fast but come with limitations.
1. Bank wire transfers: Secure but expensive and slow
Wire transfers are the traditional go-to for international money transfers. They move funds directly from one bank account to another, usually via the SWIFT network, which is trusted worldwide. Banks also use strong security measures because they prioritize safety in money transfers, so you’re typically in good hands.
But that security comes at a cost. Sending money to another country via bank transfer costs an average of 7.34 percent in 2023. Bank transfers typically have the highest fees. These include both upfront charges and hidden exchange rate markups, which can range from 3 to 5 percent, depending on the financial institution and the size of the transaction. That can add up fast, especially for large transfers.
What to consider:
- Pros: Highly secure and backed by financial regulations; good for large transfers if you value security over cost
- Cons: Expensive due to fees and exchange rate markups; slow, often takes one to five business days
2. Online money transfer services: Lower fees, better exchange rates
Online transfer services like Wise, OFX and Xe have gained traction for being cheaper and faster, especially when compared to banks. They often offer better exchange rates, with some services (like OFX) charging no transfer fees and lower markups (1.35 to 4.5 percent).
These services also tend to have clearer pricing than banks, so you know exactly what you’re paying. Transfers can often be completed the same day or the next day, and most services offer easy-to-use websites and apps.
Plus, online transfer services are generally considered very safe as the providers have strict security measures in place, including multi-factor authentication, regular security audits and encryption measures like AES-256 for data at rest and TLS 1.2/1.3 for data in transit.
What to consider:
- Pros: Lower fees and better exchange rates than banks; faster processing times, sometimes same-day; easy online and mobile access
- Cons: Transfer limits vary, and some only support bank-to-bank transfers
3. Mobile payment apps: Convenient but limited
With apps like PayPal’s Xoom, it’s easy to send money straight from your phone. You’ll also have the flexibility of multiple funding options like bank accounts, debit cards and credit cards. And some transfers can arrive within minutes — a big plus for urgent payments.
From a security standpoint, these apps are generally safe because they follow strong security measures like data encryption and are typically regulated by financial bodies in multiple countries.
The downside? While upfront fees are often low, these apps sometimes charge high exchange rate markups (Xoom, for example, can exceed 5 to 8 percent).
Mobile payment apps are typically best for small, quick transfers; these transactions often have lower limits than banks or dedicated money transfer services.
What to consider:
- Pros: Convenient and fast; supports multiple payment methods
- Cons: Higher exchange rate markups, so it’s pricier for larger transfers; not ideal for high-value transactions
5. Cash transfer services: Good for unbanked recipients but pricey
Companies like Western Union and MoneyGram offer cash pickup services, making them a solid choice if your recipient doesn’t have a bank account. Many transfers are available within minutes, and these services operate in thousands of locations worldwide.
However, the convenience comes at a cost. Fees can be high, and exchange rate markups can vary widely based on how you fund the transfer, how it’s delivered and where it’s going.
MoneyGram, for example, caps most online transfers at $5,000 per transaction. Plus, MoneyGram has been vulnerable to cyberattacks lately, so make sure you look into the service provider to ensure money transfer safety before you make the call.
What to consider:
- Pros: Fast, often within minutes; useful when recipients don’t have bank accounts
- Cons: Higher fees and exchange rate markups; lower transfer limits than banks and online services
The bottom line
Every international transfer is a balancing act; speed, cost and security don’t always align perfectly. A cheap transfer might take days, while an instant one could come with steep fees. And the safest method? It’s the one that gets your money where it needs to go without unnecessary costs or risk.
So before you transfer the funds, pause and check the fine print. A few extra minutes up front can mean more money in your recipient’s hands — and less stress for you.
Frequently asked questions
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