If you frequently gallivant from one country to the next, you know that managing money across borders isn’t an easy task. Fees can quickly add up to a hefty sum when you constantly exchange cash into local currency. So what’s the best way to get funds from your U.S. bank account to wherever you happen to be in the world?
In this guide, we’ll cover the best banking and money transfer services for international travel, digital nomads and expats with consideration to accessibility, fees, payment methods, delivery methods, transaction speed, limits and customer support.
Other banking guides for expats, digital nomads and those traveling internationally:
- Best Bank Accounts For Overseas Digital Nomads & Expats
- Best Overseas Bank Options With Branches Worldwide
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Wise: Best Overall
| Coverage from the U.S. | 70+ countries |
| Fees | Around $1 + < 1% of the transfer amount 0.45% to 3% card transfer fee |
| Payment Options | Bank account Debit/credit card Apple Pay |
| Delivery Options | Cash (some providers) Bank account |
| Transaction Speed | Within minutes for debit/credit card transactions 1 – 3 business days for bank account transfers |
| Transaction Limits | Minimum limit varies by destination $250,000 maximum limit per transaction (USD only) $1,000,000 maximum limit per year (USD only) |
| Customer Support | Phone support on weekdays |
Wise, formerly TransferWise, features “borderless banking” accounts that can manage money in more than 40 currencies. It comes complete with a debit card to withdraw cash from foreign ATMs with minimal fees.
Wise also lets you transfer money to another individual without having to set up a borderless bank account. It offers some of the best exchange rates we found, and upfront fees are relatively low if you avoid transferring with your debit or credit card.
Things to consider: Wise offers limited customer support.
Wise Promotion: Free International Transfer Offer
Use our referral link below (thanks ahead of time!) to get a free international transfer of up to £500.
Once you have an account open you can start making referral bonus money as well.
HSBC: Best Bank For International Money Transfers
| Coverage from the U.S. | 20+ countries |
| Fees | $0 transfer fee to eligible HSBC accounts 1% to 1.5% exchange rate markups |
| Payment Options | Bank account |
| Delivery Options | Bank account |
| Transaction Speed | Instantly, between eligible HSBC accounts |
| Transaction Limits | $1 minimum limit per transfer $15,000 maximum limit per day to other HSBC accounts $200,000 maximum limit per day to your own HSBC accounts |
| Customer Support | Live chat support 24/7 |
HSBC provides Global Money Accounts and a real-time payments platform, allowing accountholders to seamlessly hold, manage and send money instantly (within HSBC) across 20+ countries. To top it off, they don’t charge any fees for money transfers, and their exchange rate aligns closely with the market.
Things to consider: To open a Global Money Account, you need an eligible HSBC deposit account you can link to, like HSBC Premier Checking or HSBC Advance Checking. Other than that, free transfers are limited to HSBC accounts.
HSBC Bonus: $500 Premier Checking Account Offer
- What you’ll get: $500 bonus
- Where it’s available: Offer only available online, nationwide.
- How to earn it:
- Get a $500 Welcome Deposit for eligible new customers who open an HSBC Premier checking account with qualifying activities.
- Member FDIC.
- About:
- Receive a $500 Welcome Deposit when you open your account by February 15, 2023 and complete qualifying activities
- Free International account opening and portable credit history
- No fees for Global Transfers between eligible HSBC accounts worldwide
- Convert, hold and send money abroad with no transfer fees with our Global Money account
- No foreign transaction fees using your Premier debit or credit card
- No U.S. HSBC ATM fees worldwide
- When it expires: 2/15/2023
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. The information, including rates and fees, presented in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information.
Remitly: Best For Transferring Money To The Developing World
| Coverage from the U.S. | 90+ countries |
| Fees | Varies Approximately 1% to 3% exchange rate markups 3% card transfer fee $3.99 express fee |
| Payment Options | Bank account Debit/credit card |
| Delivery Options | Cash (home delivery) Bank account |
| Transaction Speed | Within minutes for express transfers 3 – 5 business days for economy transfers Time varies for home deliveries |
| Transaction Limits | $2,999 – $10,000 maximum limit, depending on verification tier $30,000 maximum limit/month |
| Customer Support | Phone & live chat support 24/7 |
Remitly is a cost-efficient and fast option to send money directly to the receiving bank account in the local currency. The platform supports transfers from the United States to an astounding number of developing countries, many of which other money transfer providers do not offer services to. Plus, all transfers come with a promised delivery time. If the funds don’t arrive by the deadline, you get your money back.
Things to consider: Sending to the Philippines is surprisingly expensive, especially if you fund the transfer with a credit card.
Remitly $20 Sign-Up Bonus & $20 Per Referral
- Get $20 off your first transfer of $100+ when you use our referral link to sign up. Thanks ahead of time if you use our link!
- New customers only
- One per customer
OFX: Best Fee-Free Money Transfers
| Coverage from the U.S. | 80+ countries |
| Fees | $0 transfer fee < 1% exchange rate markups |
| Payment Options | Bank account |
| Delivery Options | Bank account |
| Transaction Speed | 2 – 4 days, depending on destination |
| Transaction Limits | $1,000 minimum limit per transfer No maximum limit |
| Customer Support | Phone support 24/7 |
OFX is an OG in the money transfer industry with over 20 years of experience. They provide fee-free transfers from the U.S. to over 80 countries, as well as the ability to lock-in a particular rate before funding the transfer.
Things to consider: The minimum to transfer is USD$1,000, and there is no “express” service to get money to the receiving account quickly.
Western Union: Best For Receiving Cash
| Coverage from the U.S. | 200+ countries |
| Fees | < $5 for transfers up to $1,000 < 1% to > 6% exchange rate markups |
| Payment Options | Cash Bank account Debit/credit card |
| Delivery Options | Cash Bank account |
| Transaction Speed | Same-day for debit/credit card & cash payments Up to 7+ days for bank account transfers |
| Transaction Limits | Varies by country |
| Customer Support | Phone & live chat support 24/7 |
Western Union is an extremely popular way to transfer money internationally, especially if you want to receive cash. With 550,000 locations worldwide in 200 countries, it’s easy for Western Union to provide cash services, and quickly too.
Things to consider: It’s not the cheapest service out there, and it’s difficult to compare costs because Western Union transaction fees and exchange rates vary greatly.
How Do They Compare?
Below is a table that covers transfer fees, the total receiving amount after the transfer fee and currency conversion, and funding times for transferring USD$1,000 to Euros (valid at the time of writing for illustration purposes):
| PROVIDER | TRANSFER FEE | RECEIVING AMOUNT | TRANSFER TIME |
| Wise | USD$4.80 | 814.52 EUR | Within 10 hours |
| HSBC | USD$0 | 808.68 EUR | Instantly |
| Remitly | USD$8.99 | 802.71 EUR | 3 – 5 days |
| OFX | USD$0 | 802.70 EUR | 2 – 4 days |
| Western Union | USD$0 | 797.70 EUR | 0 – 4 days |
When comparing how much transfers cost across providers, you need to account for the transfer fee and the exchange rate markup. As you can see above, OFX does not charge a transfer fee, yet you’ll end up with less money than if you were to use Wise or HSBC. That’s because OFX’s exchange rate is worse than Wise and HSBC’s conversion rates.
Take a look at the offers from Aspiration, Chase, TD Bank and more here.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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