WorldRemit
If you want to make a fast international money transfer, using instant money transfer services that offer cash pickup is the fastest option — but it’s not always the cheapest. Comparing instant cash transfer services can help you save on fees, leaving more cash in the hands of your recipient. Read on to discover if speed is really what you need or if another option might be best — for you and your wallet.
The quickest way to send an international money transfer is with an instant cash transfer. These transfers allow you to send money that will then be available for collection as cash within as little as 20 seconds.
Some providers also offer the option of transferring funds directly to your recipient’s bank account, but these transactions take longer to complete.
Once you’ve chosen a money transfer service, it’s quick and easy to send an instant cash transfer. Although some providers allow you to pay for the transaction online, the most common transfer method is to pay cash in person at a transfer provider’s agent location.
The exact transfer process varies slightly from one company to the next but you will usually have to follow these steps:
Read more in our WorldRemit review.
For both online and in person, you can only send up to $10,000 to most countries — though limits can vary. Read our MoneyGram review for more information.
Read our Western Union review for information on transfers and rates.
Some money transfers are as quick as 20 seconds, other international cash transfer services could take up to 5 business days. How long your international money transfer takes could depend on your chosen provider, recipient’s country and the transfer amount.
The fees you’ll pay depend on the provider you’ve chosen. In general, there are three types of fees. First, there’s the transfer fee. This is often a flat fee charged by instant cash transfer services for sending your money. Next, there are exchange rate fees which could involve a slightly marked-up exchange rate. Lastly, you should keep an eye out for miscellaneous fees, like third-party fees charged by your recipient’s bank.
Instant money transfers are typically more expensive than standard money transfers — that’s because you’re paying a slight premium for quicker speeds. These transfers use special routes to help your recipient receive your cash as quickly as possible. Such routes are more costly for the transfer company to utilize, so a fraction of this cost is often passed on to customers. Compare the premium you’re paying for an instant transfer versus the urgency with which you need to send your money to decide if a particular provider offers you the best bang for your buck.
Are instant money transfers safe?
Instant money transfers are safe if you are using a regulated online money transfer service. When in doubt, check your money transfer provider’s website for the proper certification before opening an account.
How can I check the progress of my transfer?
Most providers allow you to track your transfer through the account you make with them. Others go the extra mile to send you text or email updates. If you want urgent updates on your money transfer, get in touch with your money transfer service provider either through email or their hotline number.
Are instant transfers more expensive?
Certain money transfer providers offer this service at a premium compared to regular money transfer services — after all, you’re sending your money much quicker than with standard transfer methods. However, more other platforms tend to keep their costs low by offering competitive exchange rates.
Is there a limit amount for instant transfers?
That depends on your provider — but in general, larger transfers could take a longer time to process.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Are you visiting from outside the US?
The Federal Reserve is launching its own instant-payment system called FedNow, advertising a staggering delivery speed of seconds.
Using international money orders to send money overseas? Learn about better options.
Transfer agents, mobile wallets and online credit card payments don’t necessarily require a bank account.
Instarem offers no-margin, mid-market rates for some of your money transfers.
Comprehensive guide on receiving money sent via a wire transfer.
Every money transfer service has different requirements for signing up and initiating a transfer. Find out what information is required to send money overseas.
We cover the different wire transfers fees you could pay with 10 of the top US banks when sending money internationally.
Looking for higher transfer limits and lower fees? Explore these WorldRemit alternatives to find a good deal.
Western Union’s extensive global network comes with high fees and weak exchange rates, use these alternatives to look for a better deal.
Compare MoneyGram with competitive alternatives to find the best deal for your transfer.