Transfer money from Europe to the USA and vice versa

How to Send Money Internationally

There are various ways to make international money transfers to the United States, the European Economic Area, and other parts of the world. You can use a local bank account (which is not the best option), a multicurrency bank account, a digital money transfer service provider, or a currency broker.

Local bank account

Many countries have banks that allow customers to send money overseas using their local accounts. The banks make SWIFT transfers (which is a common practice) or bank-to-bank payments (very rare). This option is safe but not the best in terms of fees and speed. Besides, the exchange rates of traditional banks are usually high.

Multicurrency bank account

A multi-currency account lets you receive, hold, and spend two or more foreign currencies. The providers of this kind of account include major traditional banks, neobanks, and FinTech companies. A few examples of them are Barclays, HSBC, Lloyds, Revolut, Monese and Starling Bank. 

You can open a multicurrency account that has subaccounts for you to hold and manage EUR, USD, GBP, or more currencies in each of them. That way, it is easy to send USD or EUR to another country for free or at a low cost. This option allows you to save some money instead of paying bank charges and fees for currency conversion. For example, Revolut puts FX at your fingertips by allowing you to manage over 30 currencies in one multicurrency account.

Digital money transfer services

Use specialised online money transfer providers if you do not want to deal with banks, which will usually require you to open another checking or savings account. With the former services, you can get easier, faster, and cheaper transfers to and from many countries, including American and European destinations. We have a rich collection of mobile money transfer services on our website. But not all of them might be good for you. That is why we recommend reading our honest reviews to know when and how to use them. 

If there is limited access to mobile technology, the sender can use alternative services like Western Union, MoneyGram, and Ria Money Transfer. They allow people to send and receive money irrespective of whether they have digital bank accounts or smartphones. You can use them to transfer cash to family, friends, and colleagues in faraway cities and rural areas.

Best Europe-USA Money Transfer Services

Below is our list of the best digital services for sending money between Europe and the United States. Many of them have both mobile apps and web-based platforms that allow you to access their services through your smartphones and computers. They are often used by digital nomads, expats, international freelancers, and owners of overseas business accounts who find them attractive due to their simplicity, low fees, security, fast transfer speeds, and ease of use.

Wise

Wise

4.7

• Service details: Wise is an electronic money institution for fast, cheap, and secure money transfers to and from many countries. It is authorised and independently regulated by the UK’s Financial Conduct Authority (FCA). Wise was founded in 2011, and it now has 13 million customers, which it provides with worldwide support.
   
• Security and safety features:
  • Wise keeps your money safe and secure in its accounts with Barclays Bank in the United Kingdom and Wells Fargo in the United States.
  • Wise has a dedicated fraud team to secure customers’ accounts against criminals.
  • You will receive an instant notification when a transaction occurs in your Wise account.
  • Wise uses two-factor authentication to ensure that only you can get access to your money.
  • Trustworthy: GDPR compliant, SOC 1 Type 2, SOC 2 Type 2, PCI DSS and ISO 27001 certified.
     
• Best features:
  • Fast account opening. 
  • Detailed and user-friendly website.
  • Mobile app on the App Store and Google Play. 
  • No hidden fees. 
  • A free multicurrency account with support for over 40 currencies. 
  • Real-time transfers via its website or app; and a real and fair mid-exchange rate.
     
• Wise Europe-to-USA transfer fees:
  • €0.54 flat fee plus a percentage fee that varies by the amount of EUR converted to USD.
  • €9.28 for a “fast transfer” via your debit or credit card.
  • €5.22 for a “low-cost transfer” via your bank account.
  • €6.41 for an “easy transfer” via your debit or credit card.
     
• Wise USA-to-Europe transfer fees:
  • $4.67 flat fee plus a percentage fee that varies by the amount of USD converted to EUR.
  •  $1.60 via bank debit (Automatic Clearing House).
  • $4.14 via wire transfer.
  • $12.05 via a debit card.
  • $38.92 via a credit card.
     
• Transfer time: Instant (seconds), three hours, or one day, depending on several factors. Nonetheless, you can track your transfer in your account.
   
•  How to transfer money using Wise (step-by-step):
  • Enter the amount and recipient details in the transfer form on the app or website.
  • Use a supported method (bank transfer, SWIFT, debit/credit card) to make a local payment to your Wise account.
  • Send the money.

TransferGo

TransferGo

4.6

• Service details:
  TransferGo is a global money transfer service that was founded in 2012. It saves you from paying unnecessary bank fees by offering you a cheaper and faster way to send money. You can use it to pay anyone, anywhere, including in Europe and America. It is authorised by the FCA. There are presently 4 million users of this service.
   
• Security and safety features:
  • TransferGo complies with anti-money laundering regulations.
  • It uses SSL encryption for data security.
  • Customers’ funds are kept in separate bank accounts from those of the company.
  • It is supervised by HM Revenue and Customs (HMRC).
     
• Best features: Easy account registration; high-speed transfers; low fees; user-friendly website; mobile apps on the App Store, Google Play, and AppGallery; and affordable FX rates.
   
• TransferGo Europe-to-USA transfer fee:
  •   €1.49 flat fee.
     
• TransferGo USA-to-Europe transfer fee:
  • TransferGo does not support transfers from the USA to Europe yet.
     
• Transfer time:
  Usually within 30 minutes on a business day.
   
• How to transfer money using TransferGo (step-by-step):
  • Choose the amount you want to send and the delivery time – you can expect to pay an additional fee for an urgent transfer.
  • Add the bank or card details of the receiver.
  • Choose the payment method you want to use, which could be via a bank transfer, credit/debit card, or an m-wallet.
  • Make the transfer and track it in your account.

Xe

XE

4.4

• Service details:
  Xe is one of the most trusted money transfer services in the world. It was founded in 1993 in Ontario, Canada. Xe allows you to check live exchange rates, use free currency tools, and send money internationally.
   
• Security and safety features:
  • Xe is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
  • It is licensed by the Department of Financial Services in New York.
     
• Best features:
  User-friendly website and app; fee-free and low-cost transfers; several currency tools, including a travel expenses calculator and live charts; and mobile apps on the App Store and Google Play.
   
• Xe Europe-to-USA transfer fees:
  • Free, but local bank charges may apply.
  • The exchange rate is not the mid-market rate. It varies by the amount you want to send.
     
• Xe USA-to-Europe transfer fees:
  • Free, but local bank charges may apply.
  • The exchange rate varies by the amount you want to transfer.
     
• Transfer time: One to four business days.
   
• How to transfer money using Xe (step-by-step):
  • Create an account in a few minutes using your email address and personal details.
  • Enter the recipient’s personal and bank details, providing a SWIFT code if any.
  • Confirm that your payment details are correct and send the transfer.

CurrencyFair

CurrencyFair

4.4

• Service details:
  CurrencyFair is an online cross-border payment service that was established in 2010 in Ireland. Today, the platform can send money to more than 150 countries, including the United States and many European territories.
   
• Security and safety features:
  • Customers’ funds are kept in a separate account from that of the company.
  • Two-factor authentication for improved account security.
  • Secure connection with encryption via SSL.
  • Customer checks through identity verification.
  • Automatic account log out to prevent unauthorised access.
  • Six-digit PIN for account security.
     
• Best features:
  A detailed and easy-to-use website; fast and reliable transfers; strong security features; mobile apps on the App Store and Google Play; and support from real multilingual people via phone or email.
   
• CurrencyFair Europe-to-USA transfer fees:
  • €3 flat fee or currency equivalent.
  • Around 0.45% margin for currency exchange.
     
• CurrencyFair USA-to-Europe transfer fees:
  • €3 flat fee or currency equivalent.
  • About 0.45% margin for currency exchange.
     
• Transfer time:
  Same-day transfers on EUR, USD, and other major currencies.
   
• How to transfer money using CurrencyFair (step-by-step):
  • Set up your transaction by specifying the amount and currency.
  • Add the personal and bank details of the recipient.
  • Choose a deposit method.
  • Send the money.

TorFX

Torfx

4.4

• Service details:
  TorFX is a market leader when it comes to the provision of payment services and currency exchange. The company was created in the United Kingdom in 2004 to help people save time and money on their international money transfers.
   
• Security and safety features:
  • TorFX is authorised by the FCA.
  • The company operates segregated accounts for its clients.
  • Certified with the highest level of creditworthiness by Dun & Bradstreet.
  • Know Your Customer and other anti-money laundering measures.
  • Uses TLS encryption for clients’ data security.
     
• Best features:
  A detailed and user-friendly website; free quotes; fee-free transfers; offers an Amazon gift card worth 50 GBP to anyone who refers a friend; and excellent services that have attracted multiple awards.  
   
• TorFX Europe-to-USA transfer fees:
  • No fees.
  • Charges competitive exchange rates for amounts over $2,000 or its currency equivalent.
     
• TorFX USA-to-Europe transfer fees:
  • No fees.
  • Charges competitive exchange rates for amounts over $2,000 or its currency equivalent.
     
• Transfer time:
  Usually within 24 hours.
   
• How to transfer money using TorFX (step-by-step):
  • Register an account online in minutes.
  • Secure an online exchange rate.
  • Choose a payment method to send TorFX the funds.
  • Leave the rest for the company to handle.

OFX

OFX

4.1

• Service details:
  OFX has been providing reliable online money transfer services to people since 1998, when it was founded in Sydney, Australia. It is one of the oldest international money transfer service providers. With OFX, you can check exchange rates, send money to many countries, and track your transactions.
   
• Security and safety features:
  • OFX is regulated by more than 50 banking networks.
  • It provides secure transactions and prevents fraud.
  • OFX is ASX-listed, meaning that the company is on the Australian Securities Exchange.
     
• Best features:
  Easy-to-use platform; supports recurring transfers; provides 24/7 technical support from humans, and has mobile apps on the App Store and Google Play.
   
• OFX Europe-to-USA transfer fees:
  • A flat fee may apply; you will see it before making a transfer.
     
• OFX USA-to-Europe transfer fees:
  • Free transfers from the USA.
     
• Transfer time:
  Normally within one business day.
   
• How to transfer money using OFX (step-by-step):
  • Collect the name and bank details of the recipient.
  • Login to your OFX account or create a free online account.
  • Get a live quote for the amount you want to transfer.
  • Enter your details and those of the receiver.
  • Send the money and OFX will complete the transfer.

Comparing International Money Transfers

Some people might still find it confusing to choose an international money transfer service from the list we have provided. That is why we recommend comparing them to find the one that meets your needs the most as well as costs you an amount you can afford to pay.

The smartest way to compare international money transfer service providers is to select each of them and try to answer this simple question: “When I shall have paid all the fees for sending this amount of money from Europe to the United States (or in the opposite direction), how much will I have left? And what will the receiver get in cash?” Your answer to this question will give you a clear picture of the most beneficial service provider.

What to Consider Before Sending Money Between the US and Europe 

Here are several factors to take into consideration when you want to send money to Europe from the United States or vice versa:

• Country and currency: Only countries in the SEPA or Eurozone use the euro as their currency. Some European countries, like the United Kingdom and Denmark, use different currencies. Therefore, when sending euros, pounds, or any other currency to and from the USA, ensure to check the current exchange rates.
   
• Payment method and fees: The money transfer service you want to use will charge you a fee, which can also depend on your payment method. You could use a bank transfer, debit card, credit card, or any other supported payment method that will be beneficial to you.
   
• Transfer speed: International money transfers can take from seconds to days due to several factors, which include fraud prevention, holidays, and time differences. So, consider using the fastest service.
   
• Collection method: Also think about how the money will be delivered to the receiver. The options include having them pick it up at a cash pickup point; receiving it in their bank account; or directly into their mobile money transfer app.
   
• Tax regulations: Different tax regulations in Europe and the United States may affect your transfer. Whether you or your recipient will pay a tax depends on several factors, like how much money you are sending, where you got the money from, and how it is going to be spent.

Conclusion

Europe and the United States are among the most popular destinations for cross-border payments. In this article, we have shown you the easiest and cheapest ways to send money between these top commercial destinations. Kindly note that information about the fees for the services listed in this post was taken from their respective websites in July 2022. Therefore, always check the current rates whenever you want to use them to send money abroad.