Easy and Cheap Ways to Send Money and Receive Money

In the past, we did not have as many ways to send money and receive money, as today.

In order to get a real rate, we created an scenario where we send $100 USD from the United States to Mexico and paying with our bank account.

The reason the exchange rate is negative because of the additional fees these companies charge to their customers.

Every time you send money, these companies will charge a flat rate fees, in addition to lower exchange rate. This is a sneaky way to make more money because most customers focus on the flat rate fees only.

Western Union

WesternUnion.com
Western Union is a pioneer in the business of sending remittance. The company has been able to adapt to the new wave of technology companies, entering this business model.

WesternUnion has agents everywhere. Even when their fees are higher, it is easier to collect the money because the money can be collected with a passport. Many other institutions will not let you collect the money unless you have a local ID or driver license.

WESTERN UNION
Sending: Sending is easy when visiting a WU location than using the app.
Fees: WU fees are higher than its competitors. 
Payment options: Cash (on location), debit card, credit card, bank account.  
Exchange rate: WU exchange rate is the main complain from its customers.
Receiving options: Pick up, bank deposit.
Locations: WU has many locations worldwide. It is well known.

Xoom

Xoom.com
Xoom, acquired by Paypal, provides a fast and easy way of sending money. The company invested millions in advertising, trying to attract new customers from Latin America and Asia.

XOOM
Sending: Sending is easy with Xoom app. 
Fees: 4.99 USD 
Payment options: Debit card, credit card, bank account.  
Exchange rate: -2.98%
Receiving options: Pick up, bank deposit, home delivery (some countries only).
Locations: None. App only.

Ria Money Transfer

RiamoneyTransfer.com
You can usually find Ria locations in supermarkets. Its headquarter is in California. With Ria, the money is available in minutes. Their exchange rate is better than many of their competition.

RIA
Sending: Location and Ria app. 
Fees: 2.99 USD 
Payment options: Cash (on location), debit card, credit card, bank account.  
Exchange rate: %
Receiving options: Pick up, bank deposit, home delivery (some countries only).
Locations: A few locations. 

MoneyGram

MoneyGram.com
MoneyGram is almost as popular as Western Union, but with lower fees. You can send money not only from United States, but many other countries.

MONEYGRAM
Sending: Location and app. 
Fees: 3.99 USD 
Payment options: Cash (on location), debit card, credit card, bank account.  
Exchange rate: -1.68%
Receiving options: Pick up, bank deposit, home delivery (some countries only).
Locations: Many locations. 

Share Money

ShareMoney.com
Share Money will only let you send from United States. If you have a US bank account and let’s say that you cannot access your money in Mexico because you lost your debit card. With other companies you can send money to yourself, but ShareMoney will suspend your account for doing that.

You must be present in United States to send money. You can use a VPN to trick their server, but they might detect your actual location even using a VPN.

SHARE MONEY
Sending: App only. 
Fees: 3.99 USD 
Payment options: Debit card, credit card, bank account.  
Exchange rate: -1.57%
Receiving options: Pick up, bank deposit, home delivery (some countries only).
Locations: App only. 

WorldRemit

WorldRemit.com
WorldRemit is an app money transfer only. That means they have no locations. It lets you send money from almost everywhere. Most mostly transfer companies, lets you send money only from United States, Canada, and Europe; but with WorldRemit gives you one of the cheap ways to send money and receive money.

WORLDREMIT
Sending: App only. 
Fees: 4.99 USD 
Payment options: Debit card, credit card, bank account.  
Exchange rate: -1.48%
Receiving options: Pick up and bank deposit.
Locations: App only. 

Remitly

Remitly.com
Some users like this company, but I would not recommend as I tried to use it and did not work for me. Later, I received notification that my account got suspended without knowing the reason why.

REMITLY
Sending: App only. 
Fees: 3.99 USD 
Payment options: Debit card, credit card, bank account.  
Exchange rate: -1.24%
Receiving options: Pick up, bank deposit, home delivery (some countries only). 
Locations: App only. 

TransferWise

TransferWise.com
TransferWise is a smart app that lets you move money from one account to another at the actual exchange rate. It has low fees, but does not provide service in popular countries.

TransferWise money sending and receiving is fast and cheap.

TRANSFERWISE
Sending: App only. 
Fees: 2.64 USD 
Payment options: Debit card, credit card, bank account.  
Exchange rate: 0%
Receiving options: Bank deposit. 
Locations: App only. 

InstaRem

InstaRem.com
InstaRem is a cheap option for sending money and receiving money from one currency to the other. The transfer is bank to bank and they only charge you a small fee to over the costs.

INSTAREM
Sending: App only. 
Fees: 0.00 USD 
Payment options: Bank account.  
Exchange rate: -0.02%
Receiving options: Bank deposit. 
Locations: App only. 

TransFast

TransFast.com
With TransFast, you can send money to 50+ countries and in different currencies. Like most money transfers, TransFast is cheaper when sending money with your bank account and waiting 2-3 days for the transaction to clear. If you want instant delivery, they will charge you around $5.51 for $100 USD to Mexico when using debit card or instant bank withdrawal.

TRANSFAST
Sending: App only. 
Fees: 0.00 USD 
Payment options: Cash (on location) debit card, credit card, bank account.  
Exchange rate: -1.02%
Receiving options: Cash pick up and bank deposit. 
Locations: App only. 

Sigue

Sigue.com
Sigue is popular in some US states. Their local franchise is being in business since 1996. Their app is working, but the online option for sending money is not.

SIGUE
Sending: Location and app. 
Fees: Unknown USD 
Payment options: Cash (on location) debit card, bank account .  
Exchange rate: Unknown %
Receiving options: Cash pick up, bank deposit. 
Locations: A few locations and app. 

XE

XE.com
XE is one of the top currency transfer brokers. They manage a big number of clients around the world. They can move money from any major currency to anywhere.

The money transfer at XE is different than your regular remittance company. XE is used mostly by business professionals than regular mom and pop sending money home. XE is for international bank transfer.

XE
Sending: App only. 
Fees: $0.00 USD 
Payment options: Bank account .  
Exchange rate: -1.20%
Receiving options: Bank deposit. 
Locations: App only. 

USend

USend.com
When trying USend, it took us more than two days to send the money. After all, the remittance had to be canceled.

USEND
Sending: App only. 
Fees: $4.99 USD 
Payment options: Debit card, credit card, bank account.  
Exchange rate: Unknown %
Receiving options: Cash pick up, and bank deposit. 
Locations: App only. 

Small World

SmallWorldfs.com
With Small World, you can practically send money from almost any major country in Europe and the United States I did not find an option to send money from other major countries like Canada.

Small World
Sending: App only. 
Fees: $3.99 USD 
Payment options: Debit card, credit card, bank account.  
Exchange rate: -1.35 %
Receiving options: Cash pick up, and bank deposit. 
Locations: App only. 

AirTM

You deposit or send money using their app. You can withdrawal the money by sending the money with Western Union, MoneyGram, ATM card, etc.

AirTM is a good alternative to sending and receiving remittance. They support 163 countries. Keep your money in AirTM and withdrawal the money in any currency whenever you need to.

AIRTM
Sending: App only. 
Fees: $0.60 USD 
Payment options: Cash (on location), debit card, credit card, bank account.  
Exchange rate: Unknown %
Receiving options: Cash pick up and bank deposit. 
Locations: App only. 

Paypal

Paypal
With Paypal, you can move funds from one person to the other or from bank to bank. Paypal is support in many countries. One way to withdrawal the money, it’s by using Paypal’s free debit card, purchasing online, or sending the money to your bank account.

Case scenario: While visiting the Dominican Republic, I was in need of pesos. I had a local bank account with Banco Popular. From my Paypal account, I sent money using my US bank to my Dominican bank.

Paypal is good for paying for online purchases, but not a very good alternative for sending cross border money to your family because Paypal’s fees are greater than most remittance companies.

PAYPAL
Sending: App only. 
Fees: $0.30 USD 
Payment options: Debit card, credit card, and bank account.  
Exchange rate: -2.9 %
Receiving options: ATM and bank deposit. 
Locations: App only. 

Venmo

Venmo.com
Venmo is a digital wallet. It is perfect if you are overseas and need to borrow money from your friends and family. They can pay you with Venmo and you can transfer the money instantly into your bank account which you can withdrawal at any ATM.

VENMO
Sending: App only. 
Fees: $0.25 USD 
Payment options: Debit card, credit card, and bank account.  
Exchange rate: 0.00%
Receiving options: ATM and bank deposit. 
Locations: App only. 

Rappi

Rappi.com
Rappi is only available in some South American countries. Rappi is mostly a food and grocery delivery service, but if you happen to be in one of those countries; you can charge your debit or credit card to get cash delivery to your home or hotel. The credit card transaction will not look as cash advance, but as a purchase.

RAPPI
Sending: App only. 
Fees: $1.00 USD 
Payment options: Debit card and credit card.  
Exchange rate: 0%
Receiving options: Cash delivery. 
Locations: App only. 

CONCLUSION

All in all, new apps and other technologies are making things easy to send money and receive money. Read the fine print and discover what exchange rate you will pay. The larger fees come in the form of exchange rate conversion when sending money and receiving money.

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