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Best Ways to Send Money Abroad Online

In today’s interconnected and globalised world where people move around like particles in Brownian motion, fast and secure international payments are more important than ever. We work for companies or clients in other countries, make friends with people from other continents, leave home and settle down on the other side of the world, or never settle down at all. Cross-border money transfers have become an integral part of our life, and we want them to be frictionless, instant and nearly free. The question is how to find the best solution tailored to your specific needs and preferences in the vast sea of offers and options available on the market. Read on to find out what methods are there to send money abroad, what to look for when making a choice, and what are some of the top-notch services for international transfers.

Traditional Bank Transfers

At first glance, the simplest and most obvious way to send money across borders is to use bank transfers. Although this method offers certain advantages such as security and reliability, large transaction limits and relative accessibility, it also comes with its fair share of drawbacks. First of all, it is the cost involved. Banks often charge high fees for international transfers, including both upfront flat fees and hidden currency conversion fees. In addition, they may impose intermediary and receiving bank charges, which all put together can significantly eat into the final amount of money landed in the recipient’s account. Time also plays against banks. Traditional bank transfers can be slower compared to alternative methods. Depending on the banks and countries involved, it may take 4 to 6 business days for the funds to reach their destination.

Understanding Exchange Rates

Exchange rates express the price at which one currency can be exchanged for another. For instance, at the time of writing, we could buy 1.06 US dollars, 0.86 British pounds or 7.7 yuans for 1 euro. Exchange rates fluctuate constantly due to a variety of factors from government policies to speculation in the foreign exchange market. They also depend largely on the supply and demand of different currencies. If more people want to buy a particular currency, its value will increase, and vice versa.

What’s that got to do with international transfers? Well, as most exchange rates are floating, the amount of money that the recipient will eventually get into their account can vary greatly, both up and down. Timing also plays a big role here. For example, the forex market is closed on weekends and holidays, so exchange rates remain relatively stable. On the other hand, in periods of economic and political turmoil, the value of individual currencies can rise or fall sharply. If the cost has jumped, it is better to hold off on the international transfer and wait until the exchange rate stabilises.

Another important thing to consider is the hidden fees that banks embed into their exchange rates. How does it work? Let’s say you are an Amsterdam-based freelancer working with customers around the globe. Your Australian client is supposed to send you AUD 2,000 for a completed project via bank transfer. At the current rate of the forex you should receive 1,200 euros into your account. However, the actual amount you get may be, for example, 1,100 euros. Why? The bank sets its own exchange rate (e.g. 0.55 euros per 1 Australian dollar instead of official 0.6) and pockets the difference. Given that the fee is also charged for making an international transfer, that doesn’t look like a good deal.

Online Money Transfer Options

Today there is no need to rely on time-consuming and costly bank transfers to send and receive money worldwide. With online money transfer services, you can move your money around quickly, securely and cost-effectively. To ease the pain of choice, we have picked the best ways to send your money abroad online. Depending on what you value most – security, speed, or low fees – one of these options might be the best solution for you.


Great for small peer-to-peer transactions

  • Mid-market exchange rates with no markups
  • Transparent transaction fees
  • Price comparison tool on the website
  • Slower than other providers. Bank transfers may take up to a week.

Great for large transactions and getting paid from abroad

  • Fast SEPA and SWIFT transfers delivered on the same day
  • Low-cost flat-rate transactions with no markups or hidden fees
  • All incoming payments are free of charge
  • Currently only available to residents of the European Economic Area (EEA)

Great for secure peer-to-peer transfers

  • Secure platform with all transactions checked for fraud
  • Operates in over 200 countries
  • User-friendly interface
  • Both the sender and the recipient have to have a PayPal account
  • High transaction fees for international transfers
  • Weak exchange rates

Great for fast cash transfers

  • Global reach with over 200 countries covered
  • Quick money transfers taking from a few hours to one business day
  • Variable transaction fees between different countries
  • Non-competitive exchange rates

Great for quick and small transfers

  • 90% of transfers are delivered within minutes
  • SMS or email notifications when the transfer is completed
  • Exchange rate margins for some countries
  • Lack of fee transparency with variable charges across different countries

Quick and Secure International Transfers with CFPS

With CFPS, you have a reliable partner for all your international payment needs. We combine speed, transparency and competitive pricing to make your cross-border transactions as fast and cost-effective as possible. Here’s what we have in store for you:

  • Fast payments across Europe and worldwide: You can benefit from same-day SEPA and SWIFT transfers ensuring that your funds reach their destination almost at lightning speed.
  • Transparency: Our pricing model revolves around low-cost, flat-rate transactions with no markups or hidden fees. We do not believe in surprising our customers with unexpected charges.
  • Free incoming payments: All incoming payments to your CFPS account are free of charge. Whether it’s a salary, payment from a client, or funds from a family member, you get the full amount without any deductions. Plus, all transfers between CFPS users are also free.
  • Highly competitive fees for large transactions: For those dealing with substantial sums (€2,000 or more) both for personal and business purposes, CFPS offers highly competitive fees as our rates are always fixed no matter what amount of money you send and where.

When it comes to sending money abroad, the right choice depends on your specific priorities. Traditional bank transfers, although secure, often come with high costs and delays. On the other hand, online money transfer services have emerged as a more affordable and convenient alternative, offering various advantages such as low fees, transparency, and speed. With the right service tailored to your needs, you can pay and get paid globally with the best value for money.


What is an exchange rate and why is it important?

The exchange rate is the value of one currency compared to another. It’s crucial because it determines how much money the recipient gets when you send money internationally.

Why do banks often have higher fees for international transfers?

Banks tend to have greater overheads and may include hidden fees in their exchange rates making them more expensive than dedicated money transfer services.

How do online money transfer services offer better rates than banks?

Many online money transfer services use mid-market exchange rates and have transparent fees ensuring their users get a better deal compared to traditional banks.

What is the mid-market exchange rate?

It is the most accurate and up-to-date exchange rate, often used by platforms like Google to show currency value. It includes no markups or hidden fees.

Why is the timing crucial when sending money internationally?

Exchange rates fluctuate constantly. Sending money at the right time can ensure you get the best rate and maximise the amount of money the recipient gets in their account.

Are there any additional fees for receiving payments through CFPS?

No, there are no charges for incoming payments to your CFPS account. Whether you’re receiving a salary, payments from clients, or funds from family members, you will get the full amount without any deductions. Additionally, transfers between CFPS users are entirely free, providing a cost-effective solution for individuals and businesses.

Does CFPS charge variable or flat fees for international transactions?

Our rates are always fixed regardless of the amount of money you send and where you send it. This ensures you get the best value for your money, especially for larger transactions.

Posted on November 13, 2023