Cheapest International Money Transfer Services in 2025

When it comes to sending money across borders, high fees and unfavourable exchange rates can make it costly and eat into the funds you’re sending. The right international money transfer service can reduce both, saving you money while ensuring the recipient gets as close to the original amount as possible. 

The cheapest option depends on the purpose of your transfer, whether it’s for small or large payments, business transactions, or remittances to developing countries.

In this guide, we break down the best and cheapest international money transfer services in 2025 for different needs.

When selecting the cheapest international money transfer service, several factors can greatly affect the total cost and overall convenience of your transaction. Consider the following:

• Hidden Costs: Both the exchange rate and the transfer fee contribute to the total cost of your transaction. Some banks and providers may advertise "no-fee" transfers, but they often compensate by including hidden charges in the exchange rate, ultimately making your transfer more expensive. Always compare both exchange rates and fees from multiple providers to ensure you're getting the best deal.
• Exchange Rates: The exchange rate directly impacts how much your recipient receives, so look for providers that base their rates on the live "mid-market" or "interbank" rate. These are the rates banks use when trading with each other, and while the rate providers offer might not match the interbank rates exactly, they should still be competitive if it’s based on them. 
• Exchange Rate Markups: A markup is when a provider adds a percentage to the exchange rate to boost their profit. Some providers are upfront about how much they add, while others might just say they apply a "minimal" markup. Some don't disclose it at all, so the best way to know is to compare rates across providers.
• Transfer Time: The time it takes for your money to arrive can range from minutes to several days. Faster transfers usually cost more, so think about how urgently your recipient needs the money and whether speed or cost is more important to you.
• Who Pays the Fee: Some services allow you to choose whether the sender or the recipient covers the transfer fees. 

Sending a small amount abroad? You'll want a service with low fees and competitive exchange rates to avoid diminishing your funds. 

In this section, we highlight the best transfer providers for making cost-effective, small transfers without taking a big chunk out of your money.

✅ Wise – Minimal percentage-based fee, competitive exchange rates based on the mid-market rate, with a claim that they don’t apply any markup and they offer a guaranteed rate for up to 48 hours. You can send money to over 80 countries. [1]

✅ Western Union (WU) -  Fees vary based on both the destination country and transfer amount, with fee-free options available for some electronic transfers. However, they apply a markup on the exchange rate. With WU, you can send funds to over 200 countries. [2]

✅ Remitly – Fixed fees vary only by the destination country and guarantee on-time delivery or a refund of your fees. With Remitly, you can send funds to over 170 countries. [3]

✅ Revolut - Competitive exchange rates with low fees, supporting transfer to over 160 countries.  [4]

For sending small amounts of money, Western Union offers highly competitive rates. Not only is a fee-free option for online transfers possible, but despite the markup on exchange rates, the amount the recipient receives seems to be the highest compared to their counterparts. 

The estimated fees for Wise, Revolut, and Remitly are very close, and the cost-effectiveness can vary depending on the currency. However, since Remitly offers a fee-free first transfer, it takes second place overall.

For large transfers, percentage-based fees can become costly as the fee increases with the transfer amount. In contrast, a flat fee remains the same regardless of the amount sent, making it more economical.

Additionally, exchange rates are even more important with large transfers. A small difference in the exchange rate can lead to significant gains or losses, so selecting a service with the best rate is crucial for maximising the transfer value. In this section, we compare some providers that offer the most competitive fees and exchange rates for large transfers.

✅ OFX – Fee-free UK transfers (third-party bank fees may apply), competitive rates, FX options (spot transfers, limit orders, forward contracts), and no transfer limits. Supports 50+ currencies to 170+ countries. [5]

✅ Xe Money Transfer – Low to no fees depending on currency (third-party bank fees may apply), exchange rate alerts, or a specialised service such as property purchases. From the UK, transfers to 130+ countries in 100 currencies, with a limit of £350,000 per single transaction. [6]

✅ Atlantic Money – A flat £3 fee regardless of the amount, with a limit of £1 million. However, it supports only 10 currencies, which is significantly fewer than other services: AUD, EUR, GBP, NOK, CAD, PLN, SEK, DKK, USD, and INR. [7]

✅ CurrencyFair – Flat £2.50 fee, FX markup of around 0.53%., and services for tuition, overseas taxes, and property purchases, supporting 20+ currencies to 150+ countries with a £10M transfer limit. [8]

For large transfers, Atlantic Money is one of the most affordable options, with a fixed £3 fee regardless of the amount sent. It offers the highest estimated amount received among the providers we compare. However, it has fewer currency options, and some recent user reviews report slower response times and instances of funds being delayed, to which Atlantic Money responds that this is due to a rise in customer inquiries.

If you need more currency options, Xe Money Transfer offers competitive rates with mostly no fees, and the estimated amount received on their website is the second highest among counterparts. 

For businesses, reliable and affordable international payments simplify transactions with suppliers, employees, and freelancers. Beyond fees, a key cost-saving feature is a foreign currency or multi-currency account, allowing businesses to hold funds in specific currencies and convert only when exchange rates are favourable.

Additional key features include payment tracking to verify transactions and uphold trust with suppliers, as well as batch payments to simplify the processing of multiple transfers, such as employee payroll.

This section compares service providers that cater specifically to business needs.

✅ Wise Business – In the UK, set up account details for your business in 8  currencies and make international payments to over 70 countries. The transfer takes a few days on average. [9]

✅ TransferGo – Get foreign account details and make cross-border transactions to over 60 countries. Transfergo advertises fast transfers, with many payments processed in around 30 minutes, though some may take a few days. [10]

✅ Airwallex – Open business accounts with foreign currency, make transfers, accept payments, and leverage platform API. The transfer arrives same day on average [11]

✅ Statrys – Statrys offers a multi-currency account, FX options, a spending card, and a dedicated account manager. Suitable if your focus is not just Europe but also the Asian market and beyond. The transfer takes 1 - 3 business days on average. 

For businesses focused on affordability, TransferGo is the most cost-effective choice, offering no monthly fees, low transfer fees, competitive FX fees and guaranteed delivery or your money back. However, since rates are not clearly specified, it may be difficult to determine the exact amount upfront.

For businesses operating in Asia, Statrys is another cost-effective solution, offering no fixed monthly fees, low flat transfer fees, low FX fees, and most importantly, a multi-currency account with FX options that help you optimise currency conversion.

When sending remittances to developing countries, diverse receiving options are crucial, as local banks may have limited international partnerships. In such cases, alternative receiving options—such as cash pickups —can ensure accessibility.

Furthermore, mobile wallets and top-ups provide recipients with a fast and convenient way to access funds. In this section, we compare the providers that offer these diverse receiving options while keeping remittance fees low.

✅ Western Union – Notable for its partnership with the UK Post, thousands of agent locations across the UK, and an extensive global network of pickup locations. Transfer limits vary by country, e.g., up to £4,000 to India and the Philippines.

✅ Remitly – A unique feature is home delivery and a fee refund if the guaranteed delivery timeframe isn't met. They have a general transfer limit of £25,000 per transaction.

✅ WorldRemit – Known for mobile top-ups and a strong presence in Africa. Transfer limits range from £8,000–£100,000 per transaction and £50,000–£100,000 per 24 hours, depending on the transaction type. [12]

✅ MoneyGram – Stands out for debit card deposits and a reward program. As of March 2025, you can apply to get a 30% off fee on every 3rd transfer. You can send up to £40,000 per transaction. [13]

MoneyGram offers competitive fees starting as low as £0 for almost all options, including bank transfers, debit cards, and mobile wallet transactions. Additionally, using the estimated fee and amount calculator on each website, MoneyGram often shows the most estimated amount received when sending £ to local currencies in developing countries, among other providers in the list above.

Remitly follows closely with good rates and a minimal flat fee for most currencies. However, the flat fee can be higher for certain currencies and countries, such as GBP to USD in Indonesia.

To maximise savings when transferring money internationally, consider these additional strategies:

• Foreign Exchange (FX) Options: Use tools like forward contracts or limit orders to lock in better exchange rates for future transfers.
• Plan Ahead - Last-minute or urgent transfers tend to come with higher fees. By planning your transfers in advance, you can opt for slower, more cost-effective transfer options, avoiding the premium charges.
• Open a Foreign or Multi-Currency Account - A foreign or multi-currency account lets you hold and transfer funds in different currencies without frequent conversions, saving you from exchange rates and fees. 

Several common issues can arise when sending money internationally, but understanding them can help you navigate the situation more effectively. Below are some of the most common problems you might encounter and how to address them.

• Delayed Transfer: Bank processing times, verification checks, weekends, and intermediary banks can cause delays. If a transfer takes longer than expected, contact your provider for more information.
• Third-Party Fees: These are charges from third-party banks or card networks, which may reduce the recipient's receipt. To minimise this, consider checking with the provider about potential intermediary bank fees and sending a slightly higher amount to cover any deductions.
• Exchange Rate Fluctuations: Currency values change constantly. If the exchange rate drops between sending and receiving, recipients may get less than anticipated. To avoid this, some services let you lock in an exchange rate at the time of transfer. However, if a service locks the rate for only an hour, the rate may change if the payment does not reach its destination within that time. So, a longer lock-in period is generally more beneficial.

Selecting the best money transfer service depends on your specific needs. For small transactions, Western Union provides competitive fees. For larger transfers, Atlantic Money is cost-effective with a flat fee regardless of the amount. TransferGo stands out for its low fees for businesses, while MoneyGram leads in remittances.