So, I’ve been digging into ways to handle my overseas spending and payments without getting ripped off by those pesky FX markups and wire fees. After some solid research, here’s what I’ve found: Wise is still the go-to choice for many. They’ve got fees that range from 0.4% to 1.5%, depending on the amount and corridor, and there might be some additional swift fees. Plus, they support over 50 currencies. They’ve been in the game for ages, so most folks trust them. The only catch is that both you and the person you’re sending money to need to have a Wise account or a bank account, which can be a bit of a hassle.
Then there’s Revolut, which is pretty similar to Wise. They offer good rates and have a decent app. But here’s the thing: there are monthly exchange limits on the free tier (1,000£/month), and some users have reported their accounts being frozen, especially if they’re dabbling in crypto.
Now, here’s something interesting I stumbled upon recently: Oobit. They’ve teamed up with Phantom wallet for crypto payments. All you need to do is send USDC or stablecoins, and the recipient can spend it anywhere Visa is accepted. The best part? The fees are under a dollar, regardless of the amount you’re sending. And the cherry on top: the money arrives in seconds, not days. And it works in over 50 countries!
If you’re looking for options for cash pickups in developing countries, then Remitly and Worldremit are the way to go. The fees range from 2 to 4 dollars, depending on the corridor you’re sending money to.
Now, let’s talk about the big players: Paypal. Sure, they work internationally, but man, those fees are brutal. You’re looking at a 5% international fee plus a 2.5% to 3% FX spread. And let’s not forget about Venmo. It’s great for sending money within the US, but it’s a no-go when it comes to international transfers.
So, what’s your game plan for handling international payments? Are you sticking with the tried-and-true Wise, exploring the world of Revolut, diving into the crypto realm with Oobit, or opting for the cash pickup convenience of Remitly and Worldremit? The choice is yours!