International payment methods: A complete guide to sending money abroad in 2025

In our highly globalized world today, cross-border interactions are common—whether sending money abroad, purchasing products from global merchants, or making transactions from foreign countries. In 2023 alone, cross-border payments reached a total value of $190.1 trillion¹. This number is projected to increase to $290.2 trillion by 2030. However, traditional methods of international payments often face challenges like a lack of interoperability, leading to bottlenecks in processing and delays in payment transfers.

In this article, we look at both traditional and innovative international payment systems. We go through their unique offerings, fees, security protocols, and other features to help you choose which payment suits your needs.

What are international payment methods?

Credit cards, wire transfers, international checks—these are among the most widely used international payment methods for decades. They connect the global economy and enable financial transactions among individuals and businesses worldwide.

With the increased demand for secure payments and fund transfers for cross-border transactions, other international payment options were developed. Today, we can easily pay for global purchases or remit money to other countries through online payment platforms, money transfer apps, crypto wallets, and other innovative payment methods. These newer solutions offer faster, more convenient, and often more cost-effective ways to make international transactions compared to traditional methods.

Types of international payment methods

International money transfer services

Money transfer services allow you to send money across borders, even in areas without traditional banking services. You simply deposit funds to an agent or money transfer service provider and the funds are made ready for pickup in a partner location or deposited directly to the recipient’s bank account.

BOSS Revolution

Launched in 2008 by the IDT Corporation, BOSS Revolution was initially developed to provide reliable but affordable international calls to immigrants. Seeing the demands of dispersed families and the emerging needs of a global workforce, it launched new services, including international mobile top-ups and money transfer services.

Every year, BOSS Revolution facilitates the cross-border transfer of an average of $4.5 billion. It’s well-known for its accessibility, affordability, and transparency. With BOSS Revolution, you and your recipients don’t need to have a bank account to send or receive money. For both parties, you just need the complete name, phone number, email address, and/or residential address. If a recipient cannot receive the funds via bank deposit, you may choose other payout options, including cash pickup in partner locations, home delivery, mobile wallet, or direct-to-debit.

The only downside to this service is that you can only send a maximum of $2,999 per transfer. Still, the low fees and instant transfers make it a reliable money transfer service provider for those who regularly send money abroad.

Wise

Formerly TransferWise, this multi-currency digital account and money transfer service was launched in 2011 to give people a cheaper, fairer, and simpler way to make international money transfers. The founders, Taavet and Kristo, sought to provide individuals and businesses a more efficient way to manage multiple currencies. 

Wise users can hold over 40 different currencies in their digital wallets. They can use their funds to pay for products or services, receive payments, or send money to people. For cross-border transactions, Wise facilitates transfers through local accounts, further lowering transfer fees. 

However, money transfers through Wise primarily rely on bank transfers or card payments, which may limit accessibility for individuals without bank accounts or access to payment cards. Additionally, Wise does not support cash pick-up options, which could be a drawback for some users.

WorldRemit

Disgruntled with the hefty fees agents were charging for money transfers, Ismail Ahmed launched WorldRemit in 2010. Ahmed knew firsthand the struggles faced by people who regularly needed to send money back home, including high transaction fees, poor exchange rates, and slow transfers. WorldRemit was designed and developed to ease these challenges.

Serving over five million customers worldwide, WorldRemit ensures secure transfers as it’s regulated by the Financial Conduct Authority in the UK. It offers four payout options and home delivery in some locations. When you send through WorldRemit, your recipient can get the funds through bank transfer, mobile money, cash pickup, or airtime top-up.

The requirements for users are quite strict. Since WorldRemit adheres to global regulatory bodies, you must undergo verification with ID proof and a selfie image to register an account. You’ll also need a bank account or a debit/credit card to send money abroad. Moreover, bank transfers and home deliveries are limited to certain countries only. In some countries, only airtime top-ups are allowed. 

Xoom

Xoom is a PayPal service dedicated to sending cash abroad through options like pickup, delivery, bank deposit, mobile wallet top-up, or direct-to-debit. Since it’s part of a bigger ecosystem, it offers a bit more security than other money transfer service providers. However, transfer fees can be steep depending on the card issuer and transfer amount. Add to this the low exchange rates and currency conversion spread, which contribute to significant transaction fees.

*Transfer fees vary depending on the transaction type, payment method, payout option, currencies, and countries.

Bank wire transfers

Bank transfers, facilitated by banking institutions and their intermediaries, are a traditional way of sending money abroad. While the workflow for international transfers tends to be lengthy, bank transfers are still the preferred method for large or business-critical transactions that require high security. 

SWIFT

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) serves as a global financial infrastructure for tens of thousands of banking and financial institutions in more than 200 countries worldwide. With SWIFT, banks can communicate seamlessly and expedite international money transfers involving different currencies.

For international payments, SWIFT GPI processes high-speed cross-border payments within 30 minutes and SWIFT GO enables consumers to quickly send cross-border payments straight from their bank accounts. If your bank adopts SWIFT solutions, you may be able to access these services through your bank app or website.

SEPA

In 2008, the Single Euro Payments Area (SEPA) was created to facilitate credit transfers within the EU. Today, it consists of 36 countries including non-EU countries. Through SEPA, consumers can make cashless payments through credit transfers or direct debits. However, these are limited to payments in euros within the SEPA region.

SWIFT and SEPA are basically network infrastructures that don’t deal with consumers directly or have fixed transfer fees for cross-border payments. Fees are determined by the banks or financial institutions facilitating the transactions.

Digital wallets

Digital wallets are virtual accounts that can be used to store funds for daily transactions. They’re often used for online and in-store purchases. A recent McKinsey report reveals that approximately 7 in 10 US and European consumers use digital wallets for faster checkouts.²

PayPal

PayPal is one of the most widely accepted digital wallets for personal and business transactions. It connects to bank accounts and credit cards for seamless transactions, both domestic and international. 

With PayPal, you can keep a balance in your wallet and use it for online shopping or money transfers. It also has high transfer limits of up to $60,000 for verified accounts. However, the fees for international transfers typically include a fixed fee and a percentage-based fee, plus a currency conversion spread of up to 4%.

Payoneer³

Since it was established in 2005, Payoneer has grown from one cozy New York office to over 25 global offices serving millions of customers worldwide. It has become a trusted platform for B2B payment transactions, e-wallet services, and cross-border payments.

Payoneer’s fees for international transfers⁴ depend on the currencies involved. If there’s a need to exchange currencies to make a payment, additional charges may apply. While Payoneer serves almost two hundred countries worldwide, a one-time registration fee of $29.95 may apply in some countries and territories⁵. You’ll have to check their site if you and your recipient can sign up for a free Payoneer account or if you will have to pay the registration fee.

Revolut

Revolut is a robust platform for international money management. You can hold multiple currencies in your account and use them to pay for purchases online and in-store. Most importantly, you can register a savings account that earns up to 4.75% interest.

For international money transfers, Revolut allows users to send money to recipients in more than 160 countries. The transaction fees typically include bank transfer fees and exchange rate fees that vary depending on the currency, location, and other factors. You’ll need to open a Revolut account to use its services. That standard account, which can be used to send money abroad, is free, but access to other services comes with fees from $9.99/month. You’ll also need a valid government-issued ID and a selfie for account verification.

Cryptocurrencies

Cryptocurrency isn’t as commonly used as other payment methods, but there are still users who prefer using their crypto wallets. This payment method is also worth exploring for fast borderless transactions. Note that cryptocurrencies are volatile and limited in acceptance.

Bitcoin Wallet

The Bitcoin Wallet provides users with complete control over their funds and transaction fees. Users can adjust the fees for every transaction based on the urgency of the transaction. Since it’s decentralized, users don’t have to worry about their funds getting frozen or lost during the transaction.

However, the wallet supports only Bitcoin and fees can spike. Another disadvantage is that the wallet can be complex to use for beginners.

OneKey

OneKey is a user-friendly crypto wallet that can be used to keep and trade Bitcoin, Ethereum, Solana, Tron, and other major cryptocurrencies. It can also be used to manage other digital assets such as NFTs.

Like Bitcoin, the transaction fees can be adjusted depending on the transaction speed. The downside is that OneKey can only be used at the OneKey Store or with merchants supporting OneKey payments.

Coinbase Wallet

With its broad ecosystem, Coinbase can support multiple cryptocurrencies and provide diverse applications. With a Coinbase wallet, you can buy different cryptocurrencies using your bank account, credit or debit card, and other payment methods. You can also send crypto to other individuals accepting the currency for goods or services, regardless of the wallet they’re using.

How to choose the best international payment method

With the global payments industry growing steadily⁹ and offering more choices than ever, you must weigh the pros and cons of different options to ensure you’re getting the best value and service for your needs.

When choosing international payment services, consider the transfer fees, the speed of transfers, the currency exchange rates, and other fees that may be charged. Evaluate their security features to ensure that your money stays safe during the transfer process.
Also, consider the ease of use for both you and your recipient. International payment platforms that provide multiple options for payment and payout would be most convenient.

Advantages and disadvantages of international payment methods

All of the international payment methods we discussed have their advantages and disadvantages. The right method to use would depend on your specific needs.

International money transfer services

Bank wire transfers

Digital wallets

Cryptocurrencies

BOSS Revolution: A cost-effective alternative for international money transfers

At BOSS Revolution, we simplify international money transfers with our user-friendly app, transparent pricing, and reliable service. 

With low fees and no hidden costs, BOSS Revolution ensures that you always know how much you’re paying upfront. Our service supports transfers to 50+ countries and dozens of currencies. Transfers are fast and ideal for urgent needs. Plus, the app allows for easy mobile account top-ups.

When compared to competitors like PayPal and Wise, BOSS Revolution often offers lower fees and greater simplicity, providing a cost-effective alternative for international payment platforms.

Summing up

With the many options for overseas payments, international transactions are now easier, faster, and more convenient. However, each method has its own advantages and disadvantages. Traditional bank wire transfers are secure but slow. Crypto wallets give you full control but are volatile. Digital wallets are convenient but may come with hidden fees.

For reliable international payments, money transfer services like BOSS Revolution balance speed, security, and convenience. Most transfers are completed within minutes and at the lowest rates possible. If you regularly need to send money abroad, consider downloading the BOSS Revolution app.

Sources: all third party information obtained from applicable website as of December 30, 2024

1. https://www.foley.com/insights/publications/2024/08/cross-border-payments-market/

2. https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters/state-of-consumer-digital-payments-in-2024

3.https://www.payoneer.com/about/

4. https://payoneer.custhelp.com/app/answers/topics/c/3706

5.https://payoneer.custhelp.com/app/answers/detail/a_id/30809/

6.https://www.payoneer.com/about/pricing/

7.https://payoneer.custhelp.com/app/answers/detail/a_id/33930/~/what-is-the-status-of-my-payment%3F-%28receiving-accounts%29

8.https://www.payoneer.com/

9. https://www.mckinsey.com/industries/financial-services/our-insights/global-payments-in-2024-simpler-interfaces-complex-reality

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.