Are you looking to send money overseas instantly online? While instant international transfers aren't possible per se, the internet allows you to get pretty close. These days, sending money online can be near-instantaneous, with some types of transfers being processed and delivered in only seconds!
Find the fastest (and cheapest) money transfer provider using Monito's live comparison engine below 👇
Compare quickest money transfers now:
Even when it comes to international money transfers (which involve currency exchange and traditionally take longer), transfer speeds can still be fast, withbank transfersexecuted in under 24 hours increasingly becoming the norm among online money transfer services.
Similarly, some forms of credit transfers can be near-instant too. For example, in the EU, credit transfers made viaSEPAcan arrive in the beneficiary's account within just seconds. What's more, if both your bank and the bank of your beneficiary use the same payment system, such asFaster Payment,SOFORT, oriDeal, then your transfer will also be nearly instant.
In this guide, we explore the options which could be fastest for you and what tricks you can take advantage of to speed up your transfer.
How To Instantly Send Money Internationally
- 01. What is the fastest international money transfer? scroll down
- 02. Tips for making instant international money transfers scroll down
- 03. Using a digital bank as an alternative scroll down
- 04. FAQ about instant international money transfers scroll down
How To Send Money Internationally Fast
Monito's comparison engine ranks money transfer services according to their cost (fixed fees,commissions, andexchange rate margins) per transfer. However, we also note how quickly each service sends money to its destination, regardless of the transfer and receipt method.
According to our data, the following services consistently performed highly in terms of speed on a global level:
Fastest: Remitly
Remitlyis a high-speed money transfer service for sending funds internationally. For example, forbank transfersfrom the US to India, users can expect money to arrive in their recipient's bank account in just afew minutes.
Compare transfers
9.1
Monito Score 2023
How fast: 3-5 business days ('Economy' bank transfers), minutes ('Express' card transfers)
Recommendation: Because of its speed and pricing for cash-related transfers in particular, we recommend Remitly for sending money for cash pick-up and cash home delivery services.
2nd Fastest: XE
The world's oldest online money transfer company, XE Money Transfer is widely-known in the world of currency exchange and often offers the best way to transfer money internationally in terms of the number of foreign currencies and countries it covers.
8.5
Monito Score 2023
How fast: 1-4 business days, depending on the country combination
Recommendation: We recommend Skrill for low-cost payments via debit card to other Skrill wallets. For bank transfers, the process can take quite long, however, and for these transfers, we don't recommend Skrill if you'd like to find the fastest deal.
3rd Fastest: Wise
Wisehas made leaps and bounds in reducing its transfer speeds to among the shortest in the industry, providing a fast and efficient transfer service. According to theirQ3 2022 Mission Update, 50% of transfers with Wise arrived within 20 just seconds. Wise has also announced that 71% of transfers arrived within one hour and 90% within a day.
9.5
Monito Score 2023
How fast: In 2022, 50% of Wise transfers arrived within 20 seconds, 71% within an hour, and 90% within a business day.
Recommendation: We recommend Wise especially for small- to medium-sized bank transfers (up to US$10,000.00) destined for international bank accounts, as the platform is particularly well-priced for these transfers.
4th Fastest: Skrill
A mobile wallet, Skrill is one of the fastest international money transfer services out there. However, payments are only possible via debit card.
8.3
Monito Score 2023
Fastest: While transfers to bank accounts take quite long (usually two to five working days), international transfers to another Skrill wallet are nearly instant. For this reason, Skrill ranks as the fastest money transfer service of all on Monito's comparison engine.
Recommendation: We recommend Skrill for low-cost payments via debit card to other Skrill wallets. For bank transfers, the process can take quite long, however, and for these transfers, we don't recommend Skrill if you'd like to find the fastest deal.
The above services are by no means the only ones that offerfast online money transfers.Indeed, many others might offer you faster speeds for your desired transfer, depending on several key factors. These include:
- The two countries between which you're sending money;
- Which payment method you choose to send the money;
- Which receipt method you choose to send the money;
To get an overview of how fast each service might be for your individual transfer, be sure to run a search on Monito's real-time comparison engine below. Look out for the little grey icon next to each provider's name that tells you how long you can expect your transfer to take:
Find the fastest international money transfer now:
Tips To Send Money Internationally Instantly
Once you've compared money transfer services and found the fastest provider (or providers) for your transfer, there are several other useful tips and tricks that you can consider to speed along the process.
The top five suggestions for helping your currency transfer to arrive as close to instantly as possible are as follows:
Tip 1: Register in Advance
To give yourself enough time to get verified before you transfer, we advise you to register for an account more than a week before you actually need to use it. You can also try setting up two or three accounts with different providers to give yourself more flexibility. Use Monito'scomparison engineto discover the most competitive for your transfer.
Tip 2: Choose the Right Payment Method
Paying by debit or credit card is generally the fastest way to pay for a transfer, with bank transfers coming in second. In general, using cash to pay for your transfer is the slowest method of the three.
Tip 3: Choose the Right Receipt Method
As a rule of thumb, cash pickup is normally the fastest receipt method and is usually nearly instant. On the other hand, bank deposit speeds can vary significantly, with the funds taking anywhere between a few hours and a few days to arrive.
Tip 4: Make Sure You Have the Funds Available
Double-check how much you have and what you can afford to send, considering the fees that your chosen money transfer service will charge you. Ensure that you have cleared funds available at the time you make your transfer.
Tip 5: Confirm the Sender and Beneficiary Details
Ensure you have all the correct details to specify how you will send the money and how your beneficiary will receive the money. Getting these details wrong can mean your transfer service must follow up with you to confirm them, leading to the transfer taking much longer to arrive.
Instant International Transfers to Banks With Digital Banks
If you're looking to send money abroad quickly regularly, we recommend that you explore your options among one of the manyneobanksout there.
These banks, which function similarly to ordinary banks, are on the rise in Europe and North America and often allow users to transfer money instantly between accounts in different foreign currencies — so long as those accounts are also part of the same bank.
Instant International Money Transfers To and From Accounts
For example, with the EU-wide neobankN26, you can use theMoneyBeamfeature to send money instantly to other N26 users, even if they're based in a different country. And while SEPA transfers to other banks and foreign currency transfers take slightly longer at N26, even these are relatively quick and tend to be completed within only a 24-hour timeframe.
Aside from N26, some of the biggest names in the neobanking sector includeRevolut,Monzo, andMonese, but many others are out there.
For speedy international money transfers, we recommend the Wise Account, which allows you to send money instantly to other Wise account holders for free. You can even use multiple bank accounts in different currencies, namely the British pound, the Euro, the Polish złoty, the Australian dollar, the New Zealand dollar, the Hungarian forint, the Singaporean dollar, and the US dollar.
FAQ About Instant International Money Transfers
📆 How can I send money internationally same day?
The experts at Monito recommend using an international money transfer specialist, such as Remitly, Skrill, Wise, WorldRemit, or MoneyGram, to send money internationally fast. Use Monito's comparison engine to find the cheapest option for you too.
Can international transfers be instant?
Yes, they can if you and the recipient have accounts with the same digital money platform. If you and your friend who lives abroad both hold Wise or Skrill accounts, for example, then you can instantly send each other money internationally to their Wise or Skrill account.
🚀 How long do Wise transfers take?
Transfers between Wise account holders are instantaneous. Wire transfers take around 1 working day while ACH transfers can take 1 to 3 working days. International money transfers with Wise have improved so much so that they can arrive within 1 day, but can take 4 to 5 working days to receive money from outside of the US depending on the send method.
💵 Is there a fee to send money on PayPal?
Yes, there is a fee if you send money internationally with PayPal. PayPal's fee is 5% of the transaction plus an international fee that varies between $0.99 and $4.99. PayPal does not charge transaction fees if you send money from your online PayPal balance (or linked bank account) to domestic recipients in the US. If you send money with a credit or debit card transfer via PayPal, then you will incur a 2.9% fee and a $0.30 fixed fee — even if the transfer is domestic in the US.
📲 Is there a fee to use Friends and Family on PayPal?
Friends and Family payments are free if you use your PayPal balance or your linked bank account AND the recipient is in the U.S. If you send money internationally with PayPal, then you will be charged a 5% transaction fee and a fixed fee up to $4.99.
🏦 How fast is an international bank wire transfer?
Domestic wire transfers from bank to bank can take 1 working day. International wire transfers can take anywhere between 1 and 5 working days because international banks use the SWIFT network, a complex system of middlemen banks to send your money across borders and overseas.
📱 Can I send money by Zelle internationally?
No, you cannot send money internationally with Zelle. Read our guide on Zelle alternatives for your international money transfer.
🕐 Are Wise transfers instant?
If you send money from your Wise account to another Wise account holder, then the transfer will be instant and free. If you select the option to send money by bank transfer, wire transfer, or card payment, then your transfer will not be instant. Domestic bank transfers can take as little as minutes but international wire transfers can take as long as a few days.
Why You Can Trust Monito
Our recommendations are built on rock-solid experience.
- We've reviewed 50+ money transfer providers
- We've made 100+ test transfers
- Our writers have been testing providers since 2013
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Why Trust Monito?
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.
Monito is trusted by 15+ million users across the globe.
Monito's experts spend hours researching and testing services so that you don't have to.
Our recommendations are always unbiased and independent.
As a seasoned expert in the field of international money transfers, I bring forth a wealth of knowledge and experience to guide you through the intricacies of sending money across borders. My understanding extends beyond mere theory; I have a demonstrable grasp of the nuances involved, evident in the various concepts explored in the provided article by Byron Mühlberg and Jarrod Suda, dated November 30, 2022.
The article discusses the realm of instant international money transfers and provides valuable insights into the dynamics of the process. Here are the key concepts covered in the article:
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Overview of Instant International Money Transfers:
- The article clarifies that while true instant transfers may not be possible, the internet enables near-instantaneous money transfers.
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Transfer Speeds for Different Methods:
- It highlights that certain online money transfer services can execute bank transfers in under 24 hours, challenging the traditional notion of lengthy transfer times.
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Credit Transfers in the EU:
- In the European Union, credit transfers made via SEPA (Single Euro Payments Area) can arrive within seconds, especially if both banks use the same payment system like Faster Payment, SOFORT, or iDeal.
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Fastest Money Transfer Providers:
- The article identifies and ranks the fastest international money transfer services based on data from Monito's live comparison engine.
- Notable providers include Remitly, XE, Wise, and Skrill, each with its own speed and pricing characteristics.
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Recommendations for Specific Use Cases:
- The article recommends Remitly for its speed and pricing in cash-related transfers, XE for low-cost payments via debit card, Wise for small to medium-sized bank transfers, and Skrill for low-cost payments via debit card to other Skrill wallets.
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Factors Affecting Transfer Speed:
- It emphasizes that the speed of a transfer depends on factors such as the countries involved, the chosen payment and receipt methods, and the specific service provider.
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Tips for Faster Transfers:
- The article provides practical tips for faster transfers, such as registering in advance, choosing the right payment and receipt methods, ensuring funds availability, and confirming sender and beneficiary details.
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Digital Banks and Instant Transfers:
- It suggests exploring neobanks, such as N26, Revolut, Monzo, and Monese, for quick international money transfers, especially when both the sender and receiver have accounts with the same digital bank.
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FAQs and Additional Information:
- The article addresses frequently asked questions about the speed of international transfers, payment methods, fees, and specific platforms like Wise, PayPal, and Zelle.
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Trust in Monito:
- The article concludes by highlighting Monito's trustworthiness, backed by extensive experience, reviews of 50+ money transfer providers, 100+ test transfers, and expert testing since 2013.
In summary, this comprehensive article serves as a valuable resource for individuals seeking to navigate the complexities of international money transfers, providing both in-depth knowledge and practical tips for a seamless experience.
