Sending money internationally should not cost a fortune. Yet most people overpay without realizing it, because the fees are hidden in places you would not think to look. Here are five practical ways to keep more of your money when sending it across borders.
1. Compare the real exchange rate. The biggest hidden fee in international transfers is the exchange rate markup. Banks and legacy providers advertise “zero fee” transfers but quietly mark up the exchange rate by 2-4%. Always compare the rate you are offered against the mid-market rate on Google or XE.com. The difference is pure profit for the provider — and pure loss for you.
2. Avoid sending small amounts frequently. Many providers charge a flat fee per transaction on top of percentage-based fees. If you send $100 weekly instead of $400 monthly, you pay four times the flat fee. Batch your transfers when possible.
3. Use digital-first providers. Traditional banks have branches, tellers, and legacy systems to maintain. That overhead gets passed to you. Digital providers like Shaheen Money operate with dramatically lower costs and pass those savings directly to customers.
4. Send to mobile wallets when available. Bank-to-bank transfers involve more intermediaries than bank-to-wallet transfers. In markets like Kenya (M-Pesa), the Philippines (GCash), and Pakistan (JazzCash), mobile wallet delivery is often faster and cheaper than bank deposit.
5. Consider stablecoin-based transfers. Platforms that use stablecoin infrastructure as their payment rails can offer significantly lower fees because they bypass the correspondent banking network entirely. If your provider supports it, this is often the cheapest option available.