Managing your finances across borders can feel complicated, but sending money to yourself doesn’t have to be. Whether you’ve relocated to another country, are traveling abroad, or own financial assets in multiple nations, transferring funds efficiently and safely is crucial.
While moving money between personal accounts at the same bank is straightforward, sending money to yourself overseas may present unique challenges. Thankfully, advances in digital tools and money transfer services have made the process much simpler, more cost-efficient, and reliable.
Here’s everything you need to know about transferring money to yourself internationally—with practical methods, tips, and answers to common questions.
2 Simple Ways to Access Your Money Abroad
1. Use a Money Transfer App
Money transfer apps like Remitly have revolutionized how individuals move money across borders. These apps are designed to be user-friendly and fast, making international transfers more accessible to everyone.
How It Works
- Download and Sign Up: First, download the app and create a free account. You’ll need to input some basic information, like your name and email address, and set up a secure password.
- Set Your Sending Country: Add the country from which you’ll transfer money and link your bank account in that region.
- Choose Your Receiving Country: Select the country where you’ll receive funds and input the necessary banking details for that location.
- Enter the Amount: Enter the money you want to send and choose the currency. Most apps provide live exchange rates, so you’ll know exactly how much your recipient account will receive.
- Final Steps: Select your payment method, review the details for accuracy, and confirm your transfer.
Why It’s a Great Option
- Efficiency: Transfers are faster than traditional banking routes. Many apps provide instant transfers if you use a debit card.
- Cost Savings: Online money transfer services often have lower fees compared to legacy banks.
- Flexibility: Apps like Remitly offer delivery options, including direct bank deposits, digital wallets, and cash pickups.
Pro Tip: While many transfer apps handle currency conversion automatically, it’s still wise to monitor exchange rates to ensure you get the best deal.
2. Use ATM and Credit Card Withdrawal Services
For short-term stays abroad, withdrawing money from your existing account using an ATM or credit card is a practical solution.
How It Works
- Use your primary debit card at local ATMs to withdraw cash in the local currency.
- Many ATMs in global destinations are connected to international payment networks such as Visa, Mastercard, and Cirrus, ensuring seamless withdrawals.
- Credit cards can also be used for transactions abroad, though they often incur a small foreign transaction fee.
Benefits Over Traditional Transfers
- Convenience: Withdraw cash anytime without needing a money transfer.
- Fewer Fees: While some banks charge fees for international transactions, these are generally smaller than wire transfer surcharges.
Important Notes:
Always notify your bank before traveling to avoid account freezes due to suspicious activity. Also, check if your bank partners with overseas institutions to provide fee-free withdrawals.
How to Receive Funds Transferred to Yourself
Once your transfer is initiated, how you access your money depends on the delivery method you select. Here are some common ways to receive funds internationally.
Bank Deposit
This straightforward option allows you to transfer money between personal banking accounts in different countries. Simply provide the receiving bank’s name, your account number, and routing information.
Digital Wallet Deposit
For tech-savvy users, digital wallets such as Apple Pay, Google Pay, or international options like Orange Money offer a seamless way to receive funds. From paying for groceries to splitting travel expenses, digital wallets are an easy cashless solution.
Cash Pickup
For travelers in regions with limited banking infrastructure, cash pickups provide a useful alternative. Many money transfer apps enable pickup at thousands of partnered locations, such as grocery stores, pawn shops, and bank branches. Remember to bring valid photo ID and your transaction number when collecting cash.
Tip: If using cash pickup services, confirm with local partners about their operating hours to avoid inconvenience.
FAQs
How much does it cost to send money to yourself?
Transfer fees vary depending on factors like the provider, destination country, and transfer amount. Apps like Remitly display fees and exchange rates transparently upfront, so you’ll always know the total cost before confirming the transaction.
If you’re using an ATM or credit card abroad, your bank may charge an international withdrawal fee. Be sure to check with your financial institution to compare costs.
How do exchange rates affect my transfer?
Exchange rates fluctuate based on global market conditions. When transferring money between currencies, the rate determines how much your recipient account will receive. Money transfer apps often use competitive exchange rates compared to legacy banks or on-the-ground currency exchanges.
What information do I need to transfer money internationally?
You’ll generally need the following information for an international transfer:
- The recipient (your own) bank account details, including account number and bank name.
- Identification like a passport or residency document for compliance purposes.
- For cash pickup, bring the transaction reference number and ID.
Can I use peer-to-peer apps like Venmo or Zelle?
While P2P apps like Venmo and Zelle are excellent for domestic transfers, they’re limited to U.S.-based bank accounts. For international transfers, services like Remitly or Wise are better options.
What are the transfer limits?
Most apps impose daily or monthly limits to ensure regulatory compliance and safeguard against fraud. These can vary by provider. For example, higher limits are often available for verified users who submit additional identification.