Money Transfers

Compare money transfer services online here today with zaving to find the best exchange rates and lowest fees

Last updated by Zaving Editorial Team, on April 4th, 2024

When it comes to sending or receiving money internationally, it's essential to compare money transfer services to ensure you're getting the best deal. At zaving, we understand the importance of finding the best money transfer service that meets your specific needs. By comparing money transfer offers here with us, you can quickly find the most cost-effective and convenient option that suits your specific requirements. 

Whether you're an expat sending money back home, a business owner making international transactions, or a student studying abroad, our goal is to help you make informed decisions and save money on your transfers. Our trusted comparison service helps you compare various money transfer providers, exploring their fees, exchange rates, transfer speeds, and additional features they may offer. Whether you're sending money to family abroad or making a business transaction, understanding the differences between providers will help you make an informed decision. We reveal the key factors to consider when comparing money transfer services, empowering you to find the most favorable rates, lowest fees, and reliable transfer methods for your financial needs.

How do money transfers work?

Money transfers are a convenient way to send funds to someone else, whether it's domestically or internationally. The process involves several steps and can vary depending on the transfer method and service provider. Here's a breakdown of how money transfers typically work:

Initiating the transfer:

To initiate a money transfer, you'll need to provide the necessary information to the transfer service or financial institution. This includes details about the recipient, such as their name, contact information, and bank account details. You'll also need to specify the amount you wish to send and the currency you wish your transfer to be exchanged into. 

Choosing the transfer method:

There are various methods available for transferring money, including bank transfers, online payment platforms, and specialized money transfer services. Each method has its own requirements, fees, and processing times. It's essential to choose the method that suits your needs in terms of speed, convenience, and cost-effectiveness. zavings can help you make this choice by comparing the services offered by different money transfer providers. This way you can choose the method that best suits your financial needs. 

Fees and exchange rates:

Money transfers often involve fees or commissions charged by the transfer service or financial institution. These fees can vary depending on the transfer method, the amount being sent, and the destination country. Additionally, when sending money internationally, exchange rates come into play. The exchange rate determines the value of one currency relative to another and can affect the final amount received by the recipient. Some money transfer companies don't charge fees at all, but rather make a profit on the exchange rate they offer, which is known as a ‘markup.'

Processing and delivery:

Once you've provided the necessary information and paid the applicable fees, the transfer service or financial institution will process your request. The processing time can vary depending on factors such as the transfer method, destination country, and any regulatory requirements. 

It's important to review the details of your transfer, including the fees, exchange rates, and estimated delivery time, before finalizing the transaction. Comparing different transfer providers using zaving can help you find the most cost-effective and efficient option for your specific needs.

What is the best way to transfer money internationally? 

When it comes to transferring money internationally, using a specialized money transfer service is often the best option compared to traditional banks. Here's why:

Wide Range of Transfer Options: Money transfer services offer a variety of transfer options to suit your needs. Whether you prefer an online transfer, a mobile wallet transfer, or cash pickup services, you can choose the method that works best for you. This flexibility allows you to send money to different countries and recipients quickly and easily.

Lower Costs: Money transfer services typically offer more competitive exchange rates and lower fees compared to traditional banks. They specialize in international transfers, allowing them to provide better rates and cost-effective services. By using a money transfer service, you can potentially save money on currency exchange and transfer fees.

Faster Transfer Times: Money transfer services are known for their efficiency and speed. They have streamlined processes and advanced technology in place to expedite the transfer process. In many cases, transfers can be completed within minutes or hours, depending on the destination and transfer method. This is especially beneficial when you need to send money urgently.

Convenience: Money transfer services offer convenient options for transferring funds. Most providers have user-friendly online platforms or mobile apps, allowing you to initiate transfers anytime, anywhere. You can easily track your transactions, view exchange rates, and manage your transfers at your fingertips. This level of convenience simplifies the entire process.

Specialized Services: Money transfer providers specialize in international transactions, which means they have extensive experience and knowledge in handling cross-border transfers. They understand the complexities of different currencies, regulations, and banking systems. They can offer guidance and support to ensure your transfer is smooth and hassle-free.

Security and Protection: Reputable money transfer services prioritize security and take measures to protect your funds and personal information. They use encryption technology, secure payment gateways, and adhere to strict regulatory standards. Additionally, many providers offer customer support and fraud prevention measures to safeguard your transactions.

Using zaving to compare money transfer services will help you  make the most informed decision when transferring money internationally. It allows you to compare different money transfer services, their exchange rates, fees, and customer reviews. By utilizing specialized money transfer services, you can enjoy cost savings and faster transfers than if you stick with a traditional bank.

What is the cheapest way to send money internationally?

When it comes to sending money internationally, finding the most cost-effective method can save you money. Here are some ways to minimise your costs and find the cheapest way to send money internationally: 

  • Compare online with zaving: Comparing the fees and exchange rates offered by different transfer providers is crucial. An online comparison site such as zaving can help you quickly compare rates and identify the most affordable options. Look for providers that offer competitive exchange rates and low or no transfer fees.
  • Consider online money transfer services: Online payment platforms and specialized money transfer services often offer competitive rates and lower fees compared to traditional banks. These platforms leverage digital technology to provide cost-effective international money transfer solutions. They may also offer additional features like fast transfers and convenient mobile apps.
  • Peer-to-peer transfers: Peer-to-peer money transfer services connect individuals looking to exchange currencies directly. By cutting out intermediaries, these platforms can offer better rates and lower fees. Consider using peer-to-peer platforms for smaller transfers or when exchanging currencies with someone you trust.
  • Bulk transfers for business: If you need to send large sums of money internationally, some providers offer discounted rates for bulk transfers. These rates may have lower fees or more favorable exchange rates, resulting in cost savings.
  • Consider your transfer timing: Exchange rates can fluctuate from minute to minute, so timing your transfer strategically can make a difference. Monitor currency trends and choose a favorable exchange rate when it aligns with your needs.
  • Fees and charges: Be aware of any fees or charges that may be associated with the transfer. Some providers may charge additional costs such as receiving fees on the recipient's end. Find out all about fees when you compare with zaving, and take the fees, charges and commissions into account when comparing different options.

It's important to balance cost-effectiveness with reliability and security when choosing a money transfer method. Consider factors such as transfer speed and customer support, and the reputation of the provider in addition to the cost. By comparing your options and exploring different transfer methods through zavings you can ensure you're getting the best deal and save money on your transfer costs. 

How long does it take to transfer money internationally? 

When you send money to someone in another country, it's important to know how long it will take for the funds to reach them. Some transfers can be completed within minutes, while others may take several business days. The duration of an international money transfer can vary based on different factors: 

Factors Affecting Transfer Time:

Processing time: The time it takes to process an international money transfer can vary. Some transfers through online platforms or specialized services can be completed within minutes or hours. However, transfers through traditional banks may take longer as they involve multiple banks with their own processing timelines.

Destination country and currency: The country and currency you're sending money to can impact the transfer duration. Some countries may have stricter regulations or longer processing times for international transfers. Different currencies may also have different settlement cycles, which can affect how quickly the money reaches its destination.

Weekends and holidays: Transfer times may be affected by weekends and holidays. Banks and financial institutions may have limited operating hours or delayed processing during these times, which can extend the overall transfer time.

Verification and compliance: For larger amounts or specific destinations, additional verification and compliance checks may be required. These checks can take some time and prolong the transfer process.

Transfer method and service level: The method you choose to send money internationally can also influence the time it takes to reach the destination. Paying for a priority service can result in a faster processing time, while sometimes standard or economy options may take a little longer.

By considering these factors, you can get an idea of how long an international money transfer might take. It's a good idea to compare different transfer methods and providers with zaving to find the best option that balances cost, speed, and reliability for your specific needs.

What are the fees and charges for an international money transfer? 

When you send money internationally, there are fees and charges involved in the process. Here are some important factors to consider:

  • Exchange Rate Markup: Money transfer services often add a markup to the exchange rate when converting your funds from one currency to another. This markup is the difference between the real exchange rate and the rate offered by the provider. It's important to compare exchange rates to find the best deal.
  • Transfer Fees: Most money transfer providers charge a fee for their services. The fees can vary based on factors like the transfer amount, destination country, and transfer method. Some providers may offer lower or no fees for larger transfers or special promotions. It's important to compare transfer fees to find an affordable option.
  • Additional Charges: In addition to transfer fees, there may be other charges involved in an international money transfer. These charges can include intermediary bank fees, correspondent bank fees, receiving bank fees, and other transaction-related costs. It's important to inquire about these charges to understand the total cost.
  • Payment Method Fees: Some providers may have additional fees depending on the payment method you choose. For example, using a credit card, debit card, or certain online payment platforms may incur extra charges. It's wise to check the fees associated with different payment options.
  • Promotions and Discounts: Money transfer providers sometimes offer promotions or discounts for specific transactions or new customers. These promotions may include fee waivers, discounted exchange rates, or other incentives. It's worth exploring these offers and comparing them with other providers.

To get the best value for your international money transfer, compare the overall cost, including the exchange rate markup, transfer fees, additional charges, and any payment method fees. Use zaving to compare different money transfer services, their fees, and any current promotions. By being aware of these fees and charges, you can make informed decisions and find the most cost-effective option for your international money transfer.

Can I send money internationally without a bank account?  

Yes, it is possible to send money online without a bank account. Several money transfer services provide alternative options for sending money electronically:

Money Transfer Services: Some money transfer services offer options for cash pickups at physical locations. This means you can initiate an online transfer and provide the recipient with a transaction number or code, allowing them to collect the funds in cash from a designated agent location.

Digital Wallets: Digital wallet services like PayPal, Venmo, and Cash App allow you to send money to others using their mobile apps. You can fund these wallets using a debit or credit card, and recipients can receive the funds directly into their digital wallet account.

Prepaid Cards: Prepaid cards can be used to send money electronically without a bank account. These cards can be loaded with funds and used for online purchases, bill payments, and even money transfers to other prepaid cardholders.

How can I track my international money transfer?

Tracking a money transfer is essential to ensure that your funds reach the intended recipient. Most money transfer services provide tracking mechanisms to monitor the progress of your transfer. Here's how you can track a money transfer:

1. Tracking Number or Code: When you initiate a transfer, the money transfer service will provide you with a unique tracking number or code. This information allows you to track the transfer's status through the provider's website or customer service.

2. Online Tracking: Many money transfer services have online tracking tools on their websites or mobile apps. You can enter the tracking number or code provided to check the transfer's progress, including the current location and estimated delivery time.

3. Customer Service: If you encounter any issues or need assistance with tracking your transfer, you can reach out to the money transfer service's customer service team. They can provide real-time updates on the transfer status and address any concerns you may have.

It's important to note that the tracking capabilities may vary depending on the money transfer service you choose. Before initiating a transfer, ensure that the provider offers reliable tracking options to keep you informed throughout the process.

More of your frequently asked questions about money transfers

What is the maximum amount of money I can send internationally?

The maximum amount of money you can send internationally varies depending on the money transfer service and the regulations of the sending and receiving countries. Some services may have daily, weekly, or monthly limits on the amount you can send. It's advisable to check with the specific money transfer provider for their maximum limits and any additional requirements for higher amounts.

Can I send money to another country using my mobile phone?

Yes, you can send money to another country using your mobile phone through various mobile payment apps and money transfer services. These apps allow you to initiate transfers, enter recipient details, and send funds securely from your mobile device. However, it's important to ensure that the mobile payment app or money transfer service you choose supports international transfers and has a reliable network in the recipient's country.

 
How secure are online money transfers?

Online money transfers can be secure when conducted through reputable and trusted money transfer services. These services employ advanced encryption technologies and stringent security measures to protect your financial information and transaction details. However, it's important to exercise caution and choose well-established providers with a strong track record in security. Look for services that are regulated and licensed, offer fraud protection, and have positive customer reviews.

What documents do I need to send money internationally?

The documents required to send money internationally can vary depending on the money transfer service and the amount being sent. Commonly requested documents include a valid government-issued identification document, such as a passport or driver's license. In some cases, additional documents such as proof of address or source of funds may be required, especially for larger transfers or to comply with anti-money laundering regulations. It's advisable to check with the specific money transfer provider for their documentation requirements before initiating the transfer.

What is the difference between a wire transfer and a money transfer?

A wire transfer is a method of transferring funds electronically from one bank account to another, typically within the same country or internationally. Wire transfers are often used for large amounts and involve direct bank-to-bank transfers. On the other hand, a money transfer is a broader term that encompasses various methods, including wire transfers, online transfers, mobile app transfers, and money transfer services. Money transfers can involve banks, financial institutions, or specialized money transfer service providers.

How do I cancel a money transfer?

To cancel a money transfer, you should contact the money transfer service as soon as possible. Provide them with the necessary details, such as the transaction number or tracking code, to locate and cancel the transfer. Keep in mind that cancellation policies may vary between providers, and there may be certain conditions or fees associated with canceling a transfer. It's important to act quickly to increase the chances of successfully canceling the transaction.

Can I send money overseas using my credit card?

Yes, some money transfer services allow you to send money overseas using a credit card. However, it's important to note that using a credit card for money transfers may incur additional fees, such as cash advance fees or foreign transaction fees. It's advisable to check with the money transfer service and your credit card issuer to understand the fees and any limitations associated with using a credit card for international money transfers.

Are there any limits on the number of money transfers I can make?

The limits on the number of money transfers you can make depend on the policies of the money transfer service you use. Some providers may have daily, weekly, or monthly limits on the number of transfers you can initiate. These limits are in place to prevent fraud and ensure compliance with regulatory requirements. It's important to check with the specific money transfer service for their limits and any applicable fees or conditions.

What documents do I need to send money internationally?

The documents required to send money internationally can vary depending on the service provider and the amount being transferred. Commonly required documents include a valid ID, proof of address, and details of the recipient's information, such as their name and contact details. It's advisable to check with the specific money transfer service provider for their documentation requirements.

 
Can I receive money from abroad without a bank account?

Yes, you can receive money from abroad without a bank account through alternative methods such as money transfer services, mobile payment apps, prepaid debit cards, or prepaid remittance cards. These options allow you to receive and access the funds without requiring a traditional bank account. However, it's important to consider any associated fees and limitations that may apply to these alternative methods.

 
How do I report a problem with a money transfer?

To report a problem with a money transfer, you should reach out to the money transfer service provider's customer support. Contact their customer service department and provide them with the necessary details about the transaction and the issue you're experiencing. They will guide you through the process of resolving the problem, which may include investigating the issue, providing a refund, or offering alternative solutions.

Can I send money internationally on weekends or holidays?

Sending money internationally on weekends or holidays may be subject to certain limitations. While some money transfer services operate 24/7 and allow transfers on weekends and holidays, others may have limited service during these periods. It's important to check with the specific money transfer service provider to confirm their availability and any potential delays that may occur due to weekends or holidays.