A same-day money transfer allows you to send funds abroad that will arrive with your beneficiary within 24 hours. It's the same as any other overseas money transfer, but quicker. Also, some providers are able to offer instant transfers.
However, fast transfers usually cost more than regular transfers thanks to high fees and poor exchange rates.
What are my options for same-day overseas transfers?
Three main ways exist to transfer money overseas on the same day:
Digital money transfer services
Companies like OFX and TorFX specialise in foreign currencies, making them some of the most cost-effective transfers. These services are found online and typically have no physical offices.
You'll need to visit a provider's site and initiate the transfer online using a debit card, credit card or bank account.
To use this option, visit your nearest agent location to start your transfer. The funds can then be collected by your recipient at a branch in their country of residence.
Major US banks make it possible to send international money transfers. However, while transfers within 24 hours are possible to select countries and currencies, funds sent to other destinations could take as long as five days to arrive.
Visit your local bank branch or the bank's website to initiate a transfer, just be sure to check the processing time.
Does PayPal offer same-day international money transfers?
Yes. You can use your established PayPal account to send personal payments in minutes to friends and family abroad. If you don't have a PayPal account, you can set one up in minutes if you have online access to your bank statements. This is because PayPal deposits small amounts into your account, and you're required to verify your account based on the deposits.
Fast. Same-day international transfers allow you to get funds to loved ones and businesses overseas as quickly as possible.
Convenient. Initiate a transfer online, through an agent location or at your bank.
Potentially costly. Same-day transfers typically attract higher fees and weaker exchange rates than regular transfers, so prepare to pay extra to send your funds.
Potential delays. The funds will typically be delivered to your recipient's PayPal instantly after sending, but to get the money to their bank account could take up to 5 business days.
What should I look out for with same-day transfers?
You'll typically receive a weaker exchange rate and pay higher transfer fees with same-day transfers, so carefully review the full details of your transfer before you hand over any money. Be aware that some transfer providers — for example, your bank — will not always be able to offer a same-day transfer to your destinations.
Using a transfer provider that offers cash pickup is the most reliable way to send funds overseas almost instantly. But if you have a little extra time, you may be able to get a better deal by sending a bank-to-bank transfer. Be sure to compare money transfer services to find out more about which provider will work best for you.
Frequently asked questions
The two largest providers of same-day international money transfers are Western Union with more than 500,000 locations and MoneyGram with more than 350,000 locations.
Fees vary widely depending on where you're sending your money, the currency you're sending, how much you're transferring and the transfer provider you choose. Fees range from $0 to more than $80.
You'll also want to factor in the exchange rate when choosing a provider, especially if you're sending a large transfer.
Yes. You'll be provided with a receipt or transaction reference number that you can use to monitor the progress of your funds, in most cases online.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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