Wise (TransferWise)
International money transfers often involve conversion between currencies, but that doesn’t always have to be the case. The same currency is often accepted in many different countries, such as the Euro in Europe and the US dollar in Panama. Learn how you can make a USD to USD international transfer and explore your options below.
Transferring currencies into another country is a common practice. You might want to make a USD-to-USD international transfer to make an investment or send some money to family overseas. Either way, it is possible to make a USD-to-USD international transfer. In fact, because no currency conversion is involved, sending dollars abroad is often cheaper than your typical international bank transfer.
When sending money abroad, there are more than a handful of countries that officially accept the USD as legal tender. When sending money to these countries, money transfer services should typically allow you to select USD as a sending option to:
Services like Wise will allow you to transfer US dollars to many other countries, not just those that accept the US dollar as legal tender.
You can make a USD-to-USD international transfer just as you would conduct a basic international transfer. Visit your preferred money transfer service provider’s website.
Since you won’t be converting USD to a foreign currency, you won’t have to worry about exchange rates and related fees. The main fees you’ll incur are administrative charges — which depend on your money transfer provider and the type of transfer done.
Banks tend to charge higher administrative fees for international transfers than money transfer platforms like Remitly. Additionally, ACH USD bank transfers tend to have lower fees than USD SWIFT transfers. To get a more accurate gauge of exactly how much you’ll be charged for a USD to USD international transfer, get in touch with your bank or money transfer provider for a personalized quote.
Same-currency transfers, like international transfers, rely on using a service to move money between you and your recipient. This service could be a money transfer service, an international wallet, a bank or something similar. When sending same-currency international transfers, you don’t have to worry about exchange rates, but you still need to be aware of potential fees. The best services to use will vary depending on whether you’re sending a domestic or international same-currency transfer:
There are very few times when you should be paying fees to send money domestically in the United States. If the person you’re sending to doesn’t have a bank account or would prefer to pick up cash, you’ll have to rely on a money transfer service that may charge a fee. Otherwise, you have other free options for transferring money domestically, such as:
Sending same-currency money transfers internationally is a bit trickier than sending them domestically. Because most money transfer companies make money both on fees and exchange rates, there’s little incentive for them to offer same-currency transfers between countries. Some options for sending international same-currency money transfers are:
Although not the most convenient, there are ways to send same-currency international transfers through providers other than money transfer services.
If you do decide to convert your money into a foreign currency, then it’s typically better to do it abroad. You should have sufficient foreign currency on hand if you intend to travel there — but if you simply want to send money overseas for someone else’s use, it’s wiser to convert it outside the US. The general rule of thumb is that if a currency is more abundant, you typically stand to enjoy more favorable exchange rates.
Sending same-currency transfers can be a good way to pay friends back, get money to your family, help make an international move smoother and more. Explore your options when sending same-currency transfers, including the various money transfer companies that support such transfers. Before making any moves, learn more about money transfers and what you can do with them.
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