How to send money internationally
An international money transfer requires consideration of key factors like exchange rates, available payment methods and fees.
Though crypto facilitates global, low-fee remittances, it can be cumbersome for unfamiliar recipients to set up a wallet, process a payment, and off-ramp into fiat currency.
Kraken Pay ensures that anyone can send/receive money on their terms, with low fees and lightning-fast speeds.
A global payments guide 🌍
Looking to send money to friends, family or associates in another country? You’re spoiled for choice: from old-school cash deposits/cash pickups and wire transfers to fintech apps loaded via debit/credit card, a range of options exist for moving funds across the globe.
Of course, each payment method comes with its own advantages and drawbacks. In this article, we’ll provide a high-level overview of international money transfers, as well as tips for getting the best deals.
Understanding international money transfers 📚
Broadly speaking, an international money transfer can refer to any transaction where one party sends funds to a recipient in another country—be it via cryptocurrency, international wire transfer or bank transfer.
Let’s set aside crypto for the moment and focus on more traditional methods that fit this definition.
A transfer usually involves the use of a common platform, which links together two separate financial rails.
For example, a user in country A who wishes to send fiat currency via their bank to a user in country B will need some kind of ‘hub’ that connects both bank accounts.
Today, SWIFT dominates as this ‘hub.’ This protocol allows for international bank transfers, thanks to a shared set of instructions between banks around the world. Other options, such as Wise and Western Union, allow users to create accounts and fund them for similar purposes.
Key factors to consider when sending money abroad 📍
When sending money internationally, several key factors should influence your decision: transfer fees, speed, delivery method, transfer limits, and the overall convenience of the money transfer provider.
Fees and exchange rates
Transfer costs are multi-faceted in international money transfers. Beyond the explicit service charges, you must consider the foreign currency exchange rate used to convert funds. Many providers include an exchange rate markup—effectively adding a hidden fee—on all amounts of money sent via their services. Understanding these costs is critical to avoid unpleasant surprises when making any form of transfer.
Speed of transfer
Speed is another crucial factor. While some money transfer providers offer rapid delivery methods, traditional bank transfers often require several business days to settle. This delay can be particularly inconvenient if your transaction is time-sensitive. As a result, many are turning to more innovative, convenient options such as cryptocurrency payments to make faster, cheaper transfers.
Delivery method and transfer limits
The delivery method for the funds is also important. Whether you're sending money for a direct bank deposit, cash for pickup, or digital wallet transfer, different options come with varying speeds, fees and accessibility. Additionally, ensure you are aware of any transfer limits imposed by the provider, as these may influence your choice.
Ease of use
The usability of the platform should cater to both you and your recipient. For instance, a modern fintech app that allows transfers using only an email address might simplify the process. However, if the recipient prefers a traditional bank transfer, opting for a service that accommodates their needs might be more practical.
Ultimately, comparing different money transfer providers—by reviewing their websites, customer reviews, and foreign exchange rates—can help you find a solution that balances speed, fees, and convenience while meeting your specific needs.
How Kraken simplifies international money transfers 👀
Kraken Pay—available via the Kraken mobile app—is a feature that delivers unmatched payment flexibility, cost-efficiency and innovation.
Today’s borderless economy requires more than basic currency transfers—it demands an online money transfer system built for a connected world.
Built from the ground up, Kraken Pay supports over 300+ assets, including top cryptocurrencies, stablecoins and fiat currencies.
Whether you’re sending crypto, fiat, or other assets, you’re in control. Simply choose the asset you want to send, and let the recipient decide how they want to receive it. It's that easy.
Kraken handles all asset conversions automatically for you, leveraging our platform’s deep liquidity and robust security infrastructure.
Tired of money transfer apps charging high fees? Kraken Pay offers transparent pricing and free transfers for same-asset transactions. Whether you’re a business managing global payroll or an individual sending money home, Kraken Pay helps you save more without compromising on service quality.
The Kraken Pay feature is not available to clients in the United Kingdom (UK).
Steps to securely transfer money overseas with Kraken Pay 📖
Getting started with Kraken Pay is as easy as downloading the app and creating an account. Once verified, you’re good to go: all that’s left to do is fund your account with your fiat or crypto of choice.
From here, it’s worth familiarizing yourself with three key features of Kraken Pay, designed for a truly streamlined user experience:
Kraktags
Say goodbye to crypto addresses and lengthy banking identifiers.
Every Kraken Pay user can create their own Kraktag, a customizable, unique, human-readable identifier that enables others to easily find them. Create yours and share it with friends and family to start receiving payments instantly.
Paylinks
A paylink is a simple, secure URL designed to make digital payments as easy as sending a message. Generate paylinks via the Kraken app, and send them via WhatsApp, Signal, SMS, or any other messaging service. Once received, recipients simply click the link to access the funds.
What if my counterparty doesn’t have a Kraken account? That doesn’t matter. When they click the paylink, they’ll be prompted to sign up for their free Kraken account. After creating an account and verifying their details, the payment will automatically be credited to their account.
Multi-currency support
Want to pay a friend in Swiss Francs, but only have Dogecoin (DOGE)? No problem.
You don’t even need to swap your DOGE before executing your transaction—Kraken will do it in real time, thanks to its deep liquidity. Better still, you can combine multiple currencies and cryptos in a single transaction if you don’t have the funds required.
With these features in your arsenal, secure, instant transactions have never been easier. Create your Kraktag and start using Kraken Pay now!
Tips for minimizing costs and maximizing efficiency 📝
It’s recommended that you shop around to secure the best deal (and the fastest processing time) for an international money transfer. Obviously, factors like the fiat currencies used, the sending and destination countries, and the amounts transferred will influence your decision. Naturally, so will your funding method: different solutions are better suited to different payment methods (e.g., bank transfers, credit/debit cards, cash).
Often, digital offerings are superior to traditional banking platforms. But, again, be sure to consider all fees before making your decision.
Get started with Kraken
Today, a vast range of options exist for sending money from one country to another. No single solution reigns, as transfers are highly dependent on the sender and receivers’ circumstances.
For convenience and speed, however, it’s hard to beat Kraken Pay—which requires only that users sign up and fund their accounts to start sending, with a range of impressive features to seamlessly make domestic and international transfers.
Get started with the ultimate digital payments platform today.
Geographic restrictions apply. Instant buy/sell fees apply when you convert one asset or currency to another when making a transfer. Please see our fee schedule for more information. Applicable fees will be shown before you make a transfer.
Although the term "stablecoin" is commonly used, there is no guarantee that the asset will maintain a stable value in relation to the value of the reference asset when traded on secondary markets or that the reserve of assets, if there is one, will be adequate to satisfy all redemptions