How Much Does It Cost to Send Money Abroad Using Bank Transfer Apps
For years, it seemed like you had two options for sending money abroad: queuing at the Western Union counter or queuing at the MoneyGram counter. But the rise in peer-to-peer payment apps means there are more options to send money around the world right from your mobile phone.
Figuring out the fee structure for these services can be confusing for several reasons. Firstly, each country may have different options for users to receive money, and each of them may have different commissions. Fees can also vary depending on how much money you send. In addition, there are exchange rates that can affect the amount of money your recipient actually takes home.
To make things as easy as possible, we’ve tested five major players: MoneyGram, TransferWise, Xoom, Western Union, and WorldRemit. We found a commission for sending money from the US to Canada, Mexico, India, the Philippines, and the United Kingdom.
Verdict: Try MoneyGram first for simple, low fees that are easy to evaluate before you start the process.
Let’s see how much it costs to send $ 500 to each of these locations via each of the five transmission networks.
Moneygram
Not every country on the MoneyGram network offers interbank transfers, but when possible, the $ 0 fee is quite hefty. Otherwise, by sending money from your bank account for the recipient to accept it in another way, in most cases, you will be entitled to a commission of $ 5. Credit card shipping fees are the lowest of the options listed here.
Canada
$ 4.99 for sending from a bank account $ 9.99 for sending from a debit or credit card
India
$ 4.99 for sending from a bank account $ 9.99 for sending from a debit or credit card $ 0 for sending from a bank account to a bank account
Mexico
$ 4.99 for sending from a bank account $ 9.99 for sending from a debit or credit card $ 0 for sending from a bank account to a bank account
Philippines
$ 4.99 for sending from a bank account $ 0.99 for sending from a debit or credit card $ 0 for sending from a bank account to a bank account $ 0 for sending from a bank account to a mobile wallet
United Kingdom
$ 4.99 for sending from a bank account $ 9.99 for sending from a debit or credit card $ 0 for sending from a bank account to a bank account
TransferWise
Transferring money from your bank account is a way to reduce fees with TransferWise. Even with the additional company commission added to your commission depending on where the money is from, you can probably keep your total fees under $ 5-6.
Canada
$ 5.34 to send by wire transfer $ 3.72 to send from a debit card $ 16.44 to send from a credit card $ 1 to send from a bank account $ 3.74 Additional TransferWise fees for all options
India
$ 5.34 to send by wire transfer $ 3.72 to send from debit card $ 16.44 to send by credit card $ 1 to send from bank account $ 3.74 Additional TransferWise fees for all options
Philippines
$ 5.34 to send a bank transfer $ 3.72 to send from a debit card $ 16.44 to send from a credit card $ 1 to send from a bank account $ 3.74 Additional TransferWise fees for all options
United Kingdom
$ 5.34 to send bank transfer $ 3.72 to send from debit card $ 16.44 to send from credit card $ 1 to send from bank account $ 3.28 Additional TransferWise fees for all options
Xoom
PayPal’s Xoom was high. Fees from $ 5 for countries that do not offer free interbank transfer.
Canada
$ 4.99 for sending from a bank account to a bank account or for receiving cash $ 15.49 for sending from a credit or debit card to a bank account $ 10.49 for sending from a credit or debit card for receiving cash
India
$ 4.99 for sending from a bank account to a bank account $ 15.49 for sending from a credit or debit card to a bank account, or for receiving cash 2.99 for sending from a bank account for receiving cash
Mexico
$ 0 for sending from bank account to bank account $ 12.99 for sending from credit or debit card to bank account or for receiving cash $ 4.99 for sending from bank account for receiving cash
Philippines
$ 0 for sending from bank account to bank account $ 5.99 for sending from credit or debit card to bank account or for receiving cash $ 4.99 for sending from bank account for receiving cash
United Kingdom
$ 4.99 for sending from bank account to bank account $ 15.49 for sending from credit or debit card to bank account $ 10 for paying from bank account, credit or debit card for receiving cash
Western Union
Western Union offers a variety of money transfer options, but bank-to-bank transfers are still the cheapest at $ 0. It also has the lowest rate for sending money from a debit card at just $ 2.99 for all of our test locations.
Canada
$ 0 for sending from a bank account to a bank account $ 17.49 for sending from a credit card to a bank account $ 2.99 for sending from a debit card to a bank account $ 5 for sending from a bank account for receiving cash 21, $ 50 to send from credit card to receive cash $ 7 to send from debit card to receive cash $ 44.99 for instant payment via bank on receipt of cash
India
$ 0 for sending from a bank account to a bank account $ 17.49 for sending from a credit card to a bank account $ 2.99 for sending from a debit card to a bank account $ 5 for sending from a bank account for receiving cash 21, $ 50 to send from credit card to receive cash $ 7 to send from debit card to receive cash
Mexico
$ 0 for sending from a bank account to a bank account $ 17.49 for sending from a credit card to a bank account $ 2.99 for sending from a debit card to a bank account $ 5 for sending from a bank account for receiving cash 21, $ 50 to send from credit card to receive cash $ 7 to send from debit card to receive cash
Philippines
$ 0 for sending from bank account to bank account $ 17.49 for sending from credit card to bank account $ 2.99 for sending from debit card to bank account $ 3.99 for sending from bank account for receiving cash $ 21.50 to send from credit card to receive cash $ 7 to send from debit card to receive cash
United Kingdom
$ 0 for sending from bank account to bank account $ 17.49 for sending from credit card to bank account $ 2.99 for sending from debit card to bank account $ 3.99 for sending from bank account for receiving cash $ 21.50 to send from credit card to receive cash $ 7 to send from debit card to receive cash
WorldRemit
WorldRemit offers some of the most limited options for countries we’ve reviewed, with a focus on wire transfers. This limited list means the fees are fairly predictable at less than $ 5.
Canada
$ 3.99 to bank account
India
$ 3.99 to bank account
Mexico
$ 2.99 to bank account $ 4.99 pickup
Philippines
$ 1.99 to send to bank account $ 3.99 to receive cash $ 3.99 to send to mobile money $ 4.99 to send to WorldRemit wallet
United Kingdom
$ 2.99 to bank account