Whether you need to transfer funds to buy property abroad, pay tuition fees in another country or simply send money to family overseas, you may be wondering how to send money internationally from America.
Your options range from cash and traditional bank transfers to fintech companies and money transfer providers, but there are certain considerations to take into account. Exchange rates, transfer fees, maximum and minimum amounts, currencies and destinations all vary from provider to provider.
CurrencyFair allows you to send money to and from America at rates up to eight times cheaper than using a traditional bank. You can exchange and transfer over 20 currencies to over 150 countries, and our transfer fee is always just US$4 or the currency equivalent. To celebrate our recent launch in the US, new customers in the US can get 10 fee-free transfers.
Ways to send money internationally from the US
Banks: You can use your bank to arrange an international money transfer. The benefit of this method is that you can instruct your bank to send money directly into your recipient's bank account without the need for a third party. However, banks are rarely the cheapest option to send money internationally.
â€‹â€‹First, banks tend to charge a larger up-front service fee to cover the cost of the transaction. They also tend to disguise fees in their mark-ups to the mid-market exchange rate. Banks typically add a margin of between 3% and 6% on top of the mid-market rate, but rates change and may vary depending upon your bank. Sending money abroad with CurrencyFair is up to eight times cheaper and our fee is always just US$4 (or the currency equivalent).
PayPal: PayPal is a popular digital payment platform for payments within the US. But can you send money internationally with PayPal? Yes, but if you want to send money abroad to someone who doesn't have a PayPal account, you'll be redirected to Xoom. Xoom is a PayPal service that allows you to send money to a recipient's bank account, debit card or mobile wallet.
Despite its popularity, PayPal is one of the more expensive ways to transfer money abroad.
The PayPal fee structure calculates a currency conversion fee of up to 4% which is adjusted and retained by PayPal in its exchange rates. Then, there is a fee of up to US$4.99 fee for international transactions from the US. Learn more with our guide: Avoiding PayPal's Currency Conversion Fees.
Western Union: Western Union is one of the largest remittance companies in the world, with over 500,000 agent locations. Its exchange rate changes depending on the delivery and payment method you choose. Its fees vary depending on a range of factors, such as â€‹â€‹the destination country you send to, the way you pay for your transfer and the way you want your recipient to get the money.
While it's rarely the cheapest option, Western Union is convenient if you need to send cash. If you know someone travelling abroad that has lost their bank card and needs money in a hurry, you can pay your friend internationally with Western Union and allow them to pick it up in cash.
CurrencyFair: CurrencyFair was launched in Ireland in 2010 and offers an online cross-border payment and foreign exchange service to customers globally. To send money internationally from the US, you can sign up for a CurrencyFair account or download the CurrencyFair mobile app on Android or Apple. After your account is activated, you will be able to send and receive international payments.
We are fully licensed and regulated and have securely transferred the equivalent of over €13.5bn to date. With the CurrencyFair app, you can access great FX rates from any device at any time. Send and receive international money transfers in over 20 currencies, wherever you are in the world, quickly and securely.
If you have any questions, our experienced multilingual customer support team are available to help you in a range of languages. CurrencyFair does not provide domestic transfers within the US.
However, you can send money internationally from the US at rates up to eight times cheaper than a traditional bank, with no hidden fees. Whether you need to remit the sale of shares, buy overseas property or pay overseas tax, save money on your currency exchange with CurrencyFair.This information is correct as of 23 March 2022. This information is not to be relied on in making a decision with regard to an investment. We strongly recommend that you obtain independent financial advice before making any form of investment or significant financial transaction. This article is purely for general information purposes. Photo by Omid Armin on Unsplash.