2026 Guide to Sending Money Home | Compare Wise, Remitly, Western Union & More
Are you losing money every time you send funds overseas? Most people are. The average immigrant in America loses $200 to $500 annually to unnecessary transfer fees and poor exchange rates—money that should be reaching family back home. With the global remittance market exceeding $700 billion yearly, transfer companies profit enormously from people who don’t know better options exist. This guide reveals exactly how to keep more of your hard-earned money while ensuring your loved ones receive funds quickly and safely.
Where Your Money Actually Goes
Transfer companies make money two ways—and only one is obvious. Understanding both is crucial to protecting your wallet.
The Visible Cost: Transfer Fees
This is what companies advertise—$5, $10, or a percentage like 1.5%. It’s designed to look reasonable. But it’s often the smaller expense.
The Hidden Cost: Exchange Rate Markup
Here’s where companies really profit. They give you a worse exchange rate than the actual market rate (called the mid-market or interbank rate). This markup—often 1% to 5%—silently takes money from every transfer. On $1,000, a 3% markup costs you $30, even if the ‘fee’ was only $5.
Real Numbers: $1,000 Transfer to India
| Service | Fee | Rate | Recipient Gets | True Cost |
| Wise | $6.50 | 83.00 (mid-market) | ₹82,460 | $6.50 (0.65%) |
| Remitly Express | $3.99 | 82.10 | ₹81,771 | ~$18 (1.8%) |
| Xoom | $4.99 | 81.80 | ₹81,323 | ~$25 (2.5%) |
| Western Union | $5.00 | 80.50 | ₹80,123 | ~$40 (4.0%) |
| Bank Wire | $45.00 | 79.50 | ₹75,923 | ~$130 (13%) |
The takeaway: A bank wire costs $123+ more than Wise for the same transfer. Over a year of monthly transfers, that’s nearly $1,500 lost.
Top Money Transfer Services Ranked
1. Wise — Best Overall Value
- What you pay: 4%–1.5% fee, zero exchange markup
- Transfer speed: 1–2 business days (instant to some countries)
- Best for: Regular senders who want the absolute best rates
- Limitation: No cash pickup option
2. Remitly — Best for Speed & Cash Pickup
- What you pay: $0–$3.99 fee + exchange markup
- Transfer speed: Minutes (Express) to 3–5 days (Economy)
- Best for: Urgent transfers, cash pickup, mobile money
- Coverage: 100+ countries, excellent in Latin America, Asia, Africa
3. WorldRemit — Best for Africa & Mobile Money
- What you pay: $0.99–$4.99 fee + small markup
- Specialty: M-Pesa, MTN Mobile Money, Airtel Money
- Best for: Sending to Africa, mobile wallet transfers
- Coverage: 150+ countries
4. Xoom — Best for PayPal Users
- What you pay: $0–$4.99 fee + 1–3% exchange markup
- Special features: Bill payment, mobile reload, PayPal integration
- Coverage: 130+ countries
5. Western Union — Best for Remote Cash Pickup
- What you pay: $5–$25+ fee + 2–4% exchange markup (expensive)
- Advantage: 500,000+ agent locations worldwide
- Best for: Cash pickup in remote areas only
- Warning: Use as last resort due to high total costs
Best Options by Country
- Mexico: Wise (best rate) or Remitly (cash at OXXO/Elektra)
- India: Wise (lowest cost) or Remitly Express (fastest)
- Philippines: Remitly (instant GCash) or Wise (best rate)
- Nigeria: Wise or Remitly (competitive NGN rates)
- Kenya/East Africa: WorldRemit (instant M-Pesa)
- Guatemala/El Salvador: Remitly or Xoom
- Brazil: Wise (PIX instant transfers)
5 Ways to Save More on Every Transfer
- Pay via bank transfer (ACH): Avoids the $1–$5 card fees
- Send larger amounts less often: $500 once beats $100 five times
- Set exchange rate alerts: Wait for favorable rates on non-urgent transfers
- Use new customer promos: Most services offer fee-free first transfers
- Compare before every transfer: Use Monito or CompareRemit—rates change daily
Protect Yourself from Scams
- Never send money to strangers requesting wire transfers
- Verify recipient details carefully before confirming
- Be suspicious of urgent requests—scammers create fake emergencies
- Download apps only from official app stores
- Save all confirmation numbers and receipts
Start Saving Today
Every dollar saved on transfer fees goes directly to your family. For most people, Wise offers the best overall value with mid-market rates. Need cash pickup? Remitly is your best bet. Sending to Africa? WorldRemit excels at mobile money. Compare your options and keep more of what you earn.
Your family deserves every dollar. Stop overpaying on transfers.
