What is the cheapest way to send money overseas? - Wise, formerly TransferWise (2024)

FAQs

What is the cheapest way to send money internationally with Wise? ›

Bank Transfer

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

At OFX, you receive fee-free transfers* for sending USD internationally. We use our global network of 115 local bank accounts to make our transfers within the same country, so you won't be hit by any international transaction fees.

Skip the fees by making a bank transfer

Add money to Wise Account via bank transfer for free when the currency stays the same. Pay a small fee to add USD or CAD.

As you can see, Western Union came out on top for payments to GBP while Wise was cheaper when sending money to the US. Because the costs of sending a payment are very variable based on the destination, currencies and type of transfer, it's well worth comparing a few providers before you decide which to use.

The main difference between OFX and Wise is that OFX has zero fees while Wise fees depend on the payment method, currency pair, and the amount transferred.

The best way to avoid foreign transaction fees is to acquire a no-foreign-transaction-fees credit card, if you qualify for one. Next in line are checking accounts or debit cards with no foreign transaction fee. It is also possible to avoid the fee by paying in the local currency for purchases.

What is the international transfer limit for Wise? ›

1,000,000 USD per local ACH transfer. 6,000,000 USD per local wire transfer when paying from your USD balance. 1,600,000 USD per international Swift transfer.

Zelle doesn't charge any fees for sending or receiving money, but your bank may. Keep in mind, you can't send money with credit cards. Zelle is strictly for bank-account-to-bank account payments. Additionally, support is limited, and you will likely have to contact your individual bank if you have questions.

Hold money in more than 50 currencies in your account. It's free to send money from one balance to another, as long as they're the same currency. There's a fixed fee to send money from your balances to a bank account outside of Wise. Add money to your balances for free by making a bank transfer to your bank details.

There's a lot you can do with your Wise card for free. And we charge transparent fees for spending in currencies you don't have in your account and withdrawing cash after a certain amount.

If you've been invited by someone who uses Wise, you'll receive a discount on your first transfer. This will either remove or reduce the fee on your first transfer, regardless of the currency your payment is in. Fee-free transfers are single use, and are always automatically used on the next payment you make with us.

We'll always charge a conversion fee if you send money to a different currency. To check how much the fee is, use our pricing page. Just type in the amount you want to send, and choose the currency you're sending from and to. We'll show you the exact fee you'll need to pay.

Send money internationally with Wise and you don't need to worry about exchange rate mark-ups and correspondent fees. You'll only pay one small, transparent fee, and you'll always get the real exchange rate. It could also be much quicker, as Wise doesn't send payments through the SWIFT network like banks do.

Fair prices, no hidden fees

No subscriptions, no monthly fees.

Open a Wise account and debit card before you leave the US, and you can hold and convert 50+ currencies to spend or withdraw with your linked Wise debit card. All currency conversion uses the mid-market exchange rate and low, transparent fees.