How to Send Money: The Complete Guide (2026)
Sending money is something millions of people do every week: to family abroad, to pay a landlord in another city, to cover expenses while working overseas. The method you choose makes a real difference to how much actually arrives at the other end. Two people sending the same amount on the same day can end up with completely different results depending on which service they use.
When you send money the wrong way, a significant portion disappears in fees and exchange rate markups before the recipient ever sees it. On a 1,000 GBP transfer through a typical high-street bank, you can lose anywhere from 40 to 80 GBP in a combination of flat wire fees and the bank's hidden margin on the exchange rate. Specialist money transfer services consistently deliver more to the recipient for less.
This guide explains every major method for sending money: from specialist online transfer services and bank wires to mobile apps and cash pickup options. For each method, we cover the real cost, the typical speed, and who it works best for. Whether you are wondering how to send money internationally for the first time or looking for a cheaper way than the one you currently use, this guide gives you everything you need to make the right decision.
The short answer, before we get into detail: for most people sending money online, services like Wise, Remitly, and Xe beat banks on cost and speed for almost every corridor. But the right choice depends on your situation, and understanding how each option works helps you get the best outcome every time.
Ways to Send Money: Which Method Is Right for You?
The landscape of how to send money has changed dramatically over the past decade. Where once your only option was a bank wire or a cash service like Western Union, today you can send money from your phone in under five minutes to over 170 countries. Understanding what the main options are, and how they differ on cost, speed, and coverage, is the foundation of getting a good deal.
The main ways to send money today are: specialist online transfer services (Wise, Remitly, Xe), bank wire transfers via SWIFT, mobile payment apps, cash pickup services, mobile wallet transfers, and card-funded transfers. Each has a different cost structure and a different set of situations where it makes the most sense. Here is a quick breakdown before we go into depth.
- Specialist transfer services - best for international transfers, lowest cost, widest coverage
- Bank wire transfers - expensive and slow, but sometimes necessary for large or corporate transfers
- Mobile payment apps - convenient for domestic transfers, less competitive for international
- Cash pickup services - useful when the recipient has no bank account or mobile wallet
- Mobile wallet delivery - fast and low-cost in supported corridors like Kenya, Bangladesh, and the Philippines
How to Send Money Online Using a Specialist Service
The cheapest and most reliable way to send money online for most people is through a specialist money transfer service. These companies exist solely to move money across currencies, and they consistently outperform banks because their cost structure is leaner, their exchange rates are tighter, and their fee disclosure is transparent. You see the exact cost before you confirm, not after.
How do you send money using one of these services? The process is straightforward: create a free account, verify your identity, enter the recipient's details and the amount, review the fee and exchange rate, and confirm. The whole process takes under 10 minutes for a first transfer. Subsequent transfers are even faster once your details are saved. The three services we recommend most consistently are Wise, Remitly, and Xe.
Wise
Wise is one of the most transparent ways to send money internationally. It uses the mid-market exchange rate, which is the same rate you see on Google or Reuters, and charges a small, clearly stated fee on top. For most currency corridors, the total cost of a Wise transfer is between 0.4% and 1.5% of the transfer amount. There are no hidden markups on the exchange rate itself, which is the biggest hidden cost with traditional banks.
To illustrate how to send money cheaply using Wise: on a 1,000 GBP transfer to Europe, Wise typically charges 4 to 8 GBP in fees. A standard UK bank wire for the same transfer would cost 20 to 30 GBP in flat fees plus a 2% to 3% exchange rate markup, adding another 20 to 30 GBP on top. That is 40 to 60 GBP more for the exact same transfer. Over a year of monthly transfers, that difference adds up to hundreds of pounds.
Wise is regulated by the Financial Conduct Authority (FCA) in the UK, FinCEN in the US, and equivalent regulatory bodies across 50+ countries. It serves over 16 million customers and moves over 9 billion GBP equivalent every month. Transfers typically arrive within 1 to 2 business days, and many corridors deliver within hours or the same day when funded by debit card.
Wise uses the real exchange rate with no hidden markup, which is where most money transfer services quietly make their margin.
- Mid-market exchange rate - no hidden markup on the rate itself
- Fees shown upfront - you see the exact cost and recipient amount before confirming
- Regulated in 50+ countries - FCA, FinCEN, and equivalent bodies worldwide
- 40+ currencies supported - including all major international corridors
- Fast delivery - many transfers arrive same day when funded by debit card
Remitly
Remitly is purpose-built for remittance: sending money to family in developing countries, particularly in South Asia, Latin America, Sub-Saharan Africa, and Southeast Asia. It operates in over 170 countries and gives recipients the choice of receiving money directly to a bank account, a mobile wallet (such as bKash, M-Pesa, or GCash), or a cash pickup location. That flexibility in delivery options makes Remitly stand out for high-remittance corridors.
How can I send money quickly using Remitly? The service offers two speed tiers. Express delivers funds within minutes (for mobile wallet and cash pickup) or the same day (for bank deposits) and charges a slightly higher fee. Economy takes 3 to 5 business days but costs less. Transfer fees typically range from 1.49 USD to 3.99 USD per transfer depending on the corridor and amount, making Remitly highly competitive for regular remittance senders. Exchange rate margins run between 1% and 3% above mid-market depending on the speed tier.
For sending money from your phone, Remitly's app is consistently rated among the best in its category on both the App Store and Google Play. Account setup, identity verification, and transfer setup can all be completed in under 15 minutes. Once verified, repeat transfers to the same recipient take about 2 minutes.
Remitly's combination of competitive fees, fast Express delivery, and wide delivery options makes it a strong choice for regular remittance senders.
- 170+ countries supported - one of the widest reach of any transfer service
- Express delivery - money arrives in minutes to mobile wallets and cash pickup
- Multiple delivery options - bank account, mobile wallet, or cash pickup
- Low fixed fees - from 1.49 USD per transfer on major corridors
Xe
Xe has been a trusted name in foreign exchange for over 30 years, and its transfer service inherits that expertise. Xe supports 130+ currencies, including many exotic pairs that Wise and Remitly do not handle, which makes it the go-to option when you need to send money to less common destinations. If you are asking how to send money to a country that other services do not cover, Xe is usually the answer.
Xe charges no fixed transfer fee but builds its margin into the exchange rate. For most corridors, the rate margin is competitive and the absence of a flat fee makes Xe particularly attractive for larger transfers. On a 10,000 GBP transfer, a fixed fee of 20 to 30 GBP matters less than the rate, and Xe's rate margins on major corridors are typically 0.5% to 2%. Transfer speeds are generally same-day or next-day on major currency pairs, making Xe one of the fastest options for large-value transfers.
How to send money using Xe: register online or through the Xe app, enter your transfer details, complete identity verification (required by law and usually takes a few minutes), choose your payment method (bank debit or wire), review the rate and confirm. Xe is regulated by the FCA in the UK, FinCEN in the US, FINTRAC in Canada, and ASIC in Australia. Your funds are held in safeguarded accounts separate from the company's operating capital.
Xe's 130+ currency reach and same-day speeds make it a particularly strong choice for unusual corridors or larger transfers where the exchange rate matters more than a fixed fee.
- 130+ currencies - including many exotic pairs other services do not support
- No fixed transfer fee - competitive for large amounts where rate matters most
- Same-day or next-day delivery - on most major currency corridors
- 30+ years of FX expertise - regulated in UK, US, Canada, and Australia
How to Send Money via Bank Transfer (and What It Actually Costs)
Bank wire transfers are the traditional way to send money internationally and remain the default for many people simply out of familiarity. Most high-street banks offer international transfer services through the SWIFT network, and the process is straightforward: you log into online banking, enter the recipient's IBAN and SWIFT/BIC code, confirm the amount, and submit. The money moves through the SWIFT correspondent banking network to the recipient's bank.
The problem with sending money via a bank is cost. A typical international bank wire costs 20 to 40 GBP (or 25 to 50 USD) in a flat outgoing fee. On top of that, the bank applies a 2% to 4% markup on the exchange rate. On a 2,000 GBP transfer, that markup adds another 40 to 80 GBP. The recipient's bank may also charge an incoming wire fee of 5 to 20 GBP. Total cost: 65 to 140 GBP for a transfer that a specialist service would handle for 15 to 25 GBP.
Transfer timing via bank is also slower than most people expect. SWIFT transfers typically take 2 to 5 business days. Along the way, the payment may pass through one, two, or three intermediary banks, each of which can deduct its own handling fee of 15 to 50 USD from the transfer amount. The recipient may receive less than expected, with no advance notice of how much was deducted.
Banks do have genuine advantages in some situations: they handle very large transfers without needing additional verification, they are accepted by every counterparty, and they are appropriate for formal business-to-business payments requiring specific SWIFT references. If you are sending over 50,000 GBP to a corporate account, a bank wire may be the most practical route. For everyday personal or family transfers, however, a specialist service delivers a faster, cheaper, and more transparent result.
When your bank quotes you an exchange rate for a transfer, that rate is not the mid-market rate. The bank is embedding a 2% to 4% margin directly into the rate it offers you. On a 1,000 GBP transfer to India, that hidden margin costs you approximately 20 to 40 GBP on top of the flat fee. Unlike specialist services, banks are not required to show this margin as a separate line item. Always compare the rate your bank is offering against the mid-market rate on Google before confirming any transfer.
How to Send Money from Your Phone
Sending money from your phone is now the easiest and most practical option for most people. Every major money transfer service has a mobile app that lets you set up, track, and manage transfers in minutes. How to send money from your phone is now one of the most common how-to questions in personal finance, and the answer is genuinely simple once you have the right app installed.
Here is a step-by-step guide on how to send money using a specialist service app:
- Download the app for Wise, Remitly, or Xe from the App Store or Google Play
- Create a free account using your email address and choose a password
- Verify your identity: you will need a photo of your passport or driving licence and a selfie. This takes 2 to 5 minutes and is required by law
- Enter the amount you want to send and select the destination country
- Add your recipient's bank account details, IBAN, or mobile wallet number
- Choose your payment method: bank transfer (cheapest), debit card (faster), or credit card (most expensive)
- Review the exact exchange rate, transfer fee, and the amount your recipient will receive
- Confirm and track the transfer in the app. You receive a notification when it arrives
Identity verification is required by law for all licensed money transfer services. It happens once, the first time you use the service. After that, your details are saved and repeat transfers take about 2 minutes. The verification process protects you against fraud and ensures the service can operate its licence in every market it serves.
For domestic transfers within the same country, mobile payment apps like Monzo, Revolut, or PayPal can work perfectly well and are often free. For international transfers where currency conversion is involved, dedicated transfer services like Wise, Remitly, and Xe are significantly cheaper and more reliable than consumer payment apps. How can I send money abroad from my phone without paying high fees? The answer is one of these three services, depending on where you are sending.
How to Send Money to Someone Without a Bank Account
Not every recipient has a bank account, particularly in developing countries where banking penetration is lower. If you are wondering how to send money to someone who does not have a bank account, you have three main options: mobile wallet delivery, cash pickup, and home delivery. The right choice depends on what infrastructure your recipient has access to.
Mobile wallets are the fastest-growing and often the cheapest option for unbanked recipients. Services like M-Pesa in Kenya, bKash in Bangladesh, GCash in the Philippines, Paytm and UPI in India, and Wave in West Africa allow recipients to receive, store, and spend money entirely through their mobile phones. Remitly, Wise, and Xe all support mobile wallet delivery on major remittance corridors. The money typically arrives within minutes, at costs comparable to bank account delivery.
Cash pickup is the other well-established option. Western Union and MoneyGram operate extensive global cash pickup networks through retail agents, pharmacies, and partner locations in over 200 countries. Remitly also offers Express cash pickup on many corridors. The recipient walks into an agent location, presents their ID and a reference number, and collects the cash. Delivery can happen within minutes of you sending the transfer. Fees are typically higher than digital delivery, ranging from 3 USD to 15 USD per transfer depending on the amount and corridor.
Home delivery is a third option on some corridors, most commonly in parts of Southeast Asia. A courier delivers the cash directly to the recipient's address. This option is slower (1 to 3 days) and less common than mobile wallet or cash pickup, but it serves recipients in areas where agent networks are sparse.
How Much Does It Cost to Send Money?
The total cost of sending money has two components: the transfer fee and the exchange rate margin. Banks bundle these together in a way that makes the true cost easy to miss. Specialist services break them out separately so you can see exactly what you are paying. Here is how the main methods compare on a 1,000 GBP transfer to a common international destination:
Method | Transfer Fee | Exchange Rate Margin | Typical Total Cost |
|---|---|---|---|
Wise | 4 to 8 GBP | 0% (mid-market rate) | 4 to 8 GBP |
Remitly Economy | 1.99 to 3.99 GBP | 0.5% to 1.5% | 7 to 19 GBP |
Xe | 0 GBP | 0.5% to 2% | 5 to 20 GBP |
UK high-street bank | 20 to 30 GBP | 2% to 4% | 40 to 70 GBP |
PayPal (international) | 3.99 GBP fixed | 3% to 4% | 34 to 44 GBP |
For most corridors, the cost difference between using a bank and using a specialist service is 3% to 5% of the transfer amount. On a 5,000 GBP transfer, that is 150 to 250 GBP. For people who send money every month, switching from a bank to a specialist service can save over 1,000 GBP per year. Use the comparison tool above to see current live rates for your specific corridor before you commit to any service.
One factor that many people overlook is the payment method they use to fund the transfer. Paying by bank debit transfer (ACH in the US, bank transfer in the UK) is typically the cheapest funding method. Debit card is slightly more expensive but faster. Credit card is the most expensive: most services charge an additional 1.5% to 3% for credit card funding. If cost is your priority, always fund by bank transfer. If speed is more important, debit card is the next best option.
How Long Does It Take to Send Money?
Transfer timing varies considerably by method, destination country, and how you fund the transfer. Here is a practical overview of what to expect:
Method | Typical Speed | Notes |
|---|---|---|
Wise (debit card funded) | Same day to 24 hours | Most major corridors |
Wise (bank transfer funded) | 1 to 2 business days | Depends on sending bank speed |
Remitly Express | Minutes to same day | Bank deposit, mobile wallet, cash |
Remitly Economy | 3 to 5 business days | Lower cost option |
Xe (major corridors) | Same day to next day | For GBP, EUR, USD, AUD pairs |
Bank wire (SWIFT) | 2 to 5 business days | More if intermediary banks involved |
PayPal international | Instant to 3 days | Depends on funding method |
The fastest ways to send money internationally are Wise funded by debit card and Remitly Express. Both can deliver within minutes on many popular corridors. If you need money to arrive urgently, choose one of these and fund by debit card. If timing is flexible and cost is the priority, Remitly Economy and Wise funded by bank transfer offer the best combination of low fees and reliable delivery.
Bank wires via SWIFT are consistently the slowest option. The 2 to 5 business day estimate is an average, and transfers passing through multiple intermediary banks can take longer. Weekend and public holiday delays apply to bank wires in a way they generally do not for specialist services, which process transfers on more flexible schedules.
Is It Safe to Send Money Online?
Yes. Licensed money transfer services are subject to the same strict financial regulation as banks. Wise is authorised and regulated by the Financial Conduct Authority (FCA) in the UK, FinCEN in the US, and equivalent bodies across 50+ countries. Remitly holds money transmitter licences in all 50 US states and equivalent authorisations globally. Xe is regulated in the UK, US, Canada, and Australia. All three are required by law to segregate customer funds from their own operating capital.
Segregation of funds means that if any of these companies were to become financially insolvent, your transfer money would be protected. It is held in ring-fenced client accounts, not commingled with company finances. This is the same basic protection that UK bank account holders receive under FSCS rules for deposits. The practical risk of sending money through a licensed specialist service is extremely low.
The real risks when sending money online are not about the platform: they are about social engineering and fraud. Authorised push payment fraud, where someone tricks you into voluntarily sending money to a fraudster's account, is now the most common type of financial fraud in the UK. Once you have authorised and sent a payment, recovering it is extremely difficult regardless of which service you used. The service processed a legitimate instruction from you.
Before you press confirm on any transfer, check three things: the recipient's name exactly matches the account name at the receiving bank, the account number and sort code (or IBAN and BIC) are correct, and you have a clear, verified reason for making this specific transfer. A 30-second double-check before confirmation is the single most effective fraud prevention tool available. If someone is pressuring you to send money urgently to an account you have not used before, stop and verify independently before proceeding.
Frequently Asked Questions
How do you send money online?
To send money online, create a free account with a specialist service like Wise, Remitly, or Xe. Enter the recipient's details and the amount, choose your payment method, review the fee and exchange rate, and confirm. The process takes under 10 minutes for a first transfer and about 2 minutes for repeat transfers once your details are saved.
What is the cheapest way to send money?
The cheapest way to send money internationally is usually through a specialist transfer service like Wise, which uses the mid-market exchange rate and charges a small transparent fee of 0.4% to 1.5%. Banks typically cost 3% to 5% more on the same transfer due to hidden exchange rate markups and flat wire fees. For domestic transfers within the same currency, mobile apps like Monzo or Revolut are often free.
How can I send money from my phone?
Download the app for Wise, Remitly, or Xe. Create a free account, complete a one-time identity verification using your passport or driving licence, then enter the recipient's details and the amount you want to send. You can fund the transfer by linking your bank account or using a debit card. The whole process takes under 15 minutes the first time and about 2 minutes for subsequent transfers.
How do I send money internationally?
To send money internationally, use a specialist money transfer service. Create a free account with Wise, Remitly, or Xe, verify your identity, enter the recipient's bank account details or mobile wallet number, and confirm the amount and exchange rate. Funds typically arrive in 1 to 3 business days depending on the service and corridor. Always compare rates before sending to make sure you are getting a fair deal.
What information do I need to send money to someone?
For an international bank transfer, you typically need the recipient's full name, bank account number, IBAN (for European transfers), and the bank's SWIFT or BIC code. For mobile wallet delivery, you need the recipient's mobile number and mobile wallet provider. Some services also ask for the recipient's address and the purpose of the transfer for compliance purposes.
How long does it take to send money?
It depends on the method and destination. Wise funded by debit card typically delivers same day to 24 hours on major corridors. Remitly Express can deliver within minutes to mobile wallets. Bank wires via SWIFT take 2 to 5 business days. Economy transfer options take 3 to 5 business days but cost less. For urgent transfers, use a specialist service funded by debit card.
Is it safe to send money online?
Yes, through licensed services. Wise, Remitly, and Xe are all regulated by financial authorities in the UK, US, and other major markets. They are required to hold customer funds in segregated accounts. The main risk is not the platform but social engineering fraud, where someone tricks you into sending money voluntarily. Always verify the recipient and the reason before confirming any transfer.
Can I send money without a bank account?
Yes. If you do not have a bank account, you can use a debit or credit card to fund a transfer through Wise or Remitly. If the recipient does not have a bank account, services like Remitly support mobile wallet delivery and cash pickup at agent locations in many countries. Western Union and MoneyGram also have global cash pickup networks covering 200+ countries.
What is the fastest way to send money?
The fastest way to send money internationally is Remitly Express (minutes to same day) or Wise funded by debit card (same day on most major corridors). For domestic transfers within the same country and currency, bank instant payments (Faster Payments in the UK, Zelle in the US) are typically instant. Domestic transfers between accounts at the same bank are usually immediate.
How much does it cost to send money internationally?
The cost varies by provider and corridor. Wise typically charges 0.4% to 1.5% of the transfer amount with no exchange rate markup. Remitly Economy charges a flat fee of 1.49 to 3.99 USD plus a small rate margin. UK banks typically charge 20 to 30 GBP flat plus a 2% to 4% exchange rate markup. For a 1,000 GBP transfer, Wise costs around 5 to 15 GBP while a bank might cost 40 to 70 GBP.
How do I send money to someone in another country?
Use a specialist money transfer service. Sign up for Wise, Remitly, or Xe, verify your identity, and enter the recipient's bank account or mobile wallet details. Review the exchange rate and fee, then confirm the transfer. The service handles the currency conversion and delivery. Funds typically arrive within 1 to 3 business days. Always compare rates across providers for the best deal on your specific currency pair.
How can I send money without fees?
Completely fee-free international transfers are rare. Some services offer zero fixed fees (Xe) but build their margin into the exchange rate. Wise is transparent about its fees but does charge them. The goal should not be zero fees but the lowest total cost, which includes both the transfer fee and the exchange rate margin. Wise's all-in cost is typically the lowest or among the lowest available for most international corridors.
Sending money does not need to be expensive or complicated. The services available today, particularly Wise, Remitly, and Xe, make it straightforward to send money anywhere in the world from your phone in under 10 minutes, at a fraction of the cost of a traditional bank wire. The key steps are the same every time: compare the total cost including both the fee and the exchange rate, choose the service that best fits your corridor and speed requirements, and always double-check your recipient's details before confirming. Use the comparison tool on this page to find the best current rates for your transfer.
Mohammad Humaid
Verified AuthorMo is the founder of MoneyTransferStore. As an expat who has experienced the challenges of sending money across borders himself, he set out to help others like him avoid hidden fees and unfair exchange rates on international transfers. With a background spanning fintech, payments, and Web3, Mo brings years of practical experience to building a platform focused on transparency and trust.
