Alternatives to Venmo for Transferring Money Internationally

Q: Can You Use Venmo Internationally?

The short answer is no. You can't use Venmo to send money internationally. Venmo is a US-based company and is subject to US laws and regulations. That means they are not allowed to facilitate transactions between two parties in different countries. You cannot use Venmo for sending and receiving payments outside the US.

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Updated Jul 09, 2024

By RemitFinder

Additional Venmo Alternatives for Sending Money Internationally

When it comes to transferring money internationally, there are a lot of different options to choose from. Each method has its own set of pros and cons, and it can be difficult to decide which is the best option for you.

You may be a big fan of Venmo to send money to friends and family within the US, but unfortunately, Venmo only works in the US, and you cannot send money internationally with it.

In this article, we will explore some of the alternatives to Venmo for transferring money internationally. Keep reading for more information!

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Can You Use Venmo Internationally?

The short answer is no. You can't use Venmo to send money internationally. Venmo is a US-based company and is subject to US laws and regulations. That means they are not allowed to facilitate transactions between two parties in different countries.

In order to use Venmo, you must first sign up for an account with a valid email address and phone number. After signing up, you can then add their bank account or debit card information. Once everything is set up, you can start transferring money to others with Venmo.

You cannot use Venmo for sending and receiving payments outside the US.

However, there are certain requirements that you must meet in order to use Venmo's services. For instance, you must be 18 years of age or older and must have a valid U.S. bank account or debit card. Additionally, you must live in the United States (with a few exceptions).

Below is a summary of the requirements you must fulfill to sign up for Venmo and use it.

Must be 18 years or older
Must have a U.S. Bank account or debit card
Must have a valid U.S. address

If you don't meet these requirements, there are still some Alternatives to Venmo for Transferring Money Internationally.

What are the Alternatives to Venmo for Sending Money Internationally?

The main purpose of Venmo is to provide a payment system through which friends can transmit and receive money domestically (within the US) rather than dealing with cash.

In addition to this, Venmo may be used to make purchases with authorized merchants. With over 40 million active users, Venmo is considered simple to use and popular among a variety of demographics.

If you're looking to transfer money internationally, Venmo is not an option. The good news is that there are plenty of alternatives to Venmo that can help you send money abroad.

There are numerous good Venmo alternatives for sending money internationally.

Here are our favorite Venmo alternatives:

Wise

Online payment provider Wise offers international money transfers from 59 countries to more than 80 destinations with transparent costs and accurate exchange rates.

There is generally no FX markup on Wise's exchange rates. You can find the interbank exchange rates (also called mid-market exchange rates) that Wise charges on Google.

As a result of Wise's exchange rates being very close to the interbank exchange rates, your beneficiary will consequently get more money. With reasonable conversion fees, you may send money internationally at real exchange rates. The percentage of the total amount transferred is used to determine transfer fees. The fees increase with the size of the transfer. According to the currency listed on their price page, the percentage varies.

Here are the key advantages of Wise:

Save on hidden fees and get instant transfers
Transparent about pricing
Supports a variety of countries
Supports instant transfers for many countries

Your overall spending will depend on how you pay for your transfers. Payments can be made to Wise using bank accounts, debit/credit cards, SWIFT, and PISP. A multi-currency account from Wise enables you to hold 50 or more different currencies and convert them for a fair price. There are currently 12 million individuals using Wise worldwide, so cannot go wrong with this option.

XE Money Transfer

Using the XE website or mobile app, XE money transfer enables international money transfers in more than 60 currencies to a bank account abroad.

Exchange markup rates ranging from 0.5% to 2% are standard. The margins get smaller as the transfer amount increases. Consequently, XE is a great option for substantial bank-to-bank transactions. There are no fees for transfers of USD 500 or more.

Highlights of using XE include:

You can send up to USD 500,000 (or the equivalent in another currency). It's best to use a debit card or bank account to make the payment since there are additional charges for using a credit card.
You may be charged third-party fees since XE uses the SWIFT money transfer system.
Depending on the currencies, the bulk of transactions can take as little as a few seconds or as long as four business days.
There is a cash pickup delivery option in the XE mobile app. Your beneficiaries may choose to have the funds picked up from a particular merchant, an XE location, or a list of partners.

Remitly

The Remitly platform provides a number of pay-in and pay-out alternatives, including card payments, bank transfers, and cash services, and it facilitates international money transactions to more than 85 countries.

There are two different transfer speeds on Remitly:

Express: The quickest possible delivery of money. Payment must be made using a debit or credit card, and there are higher expenses involved. Credit card payments are subject to additional fees.
Economy: The delivery of money takes three to five business days. It is funded straight from your bank account and has lower fees.

The total transfer fees are determined by the transfer amount, delivery speed, funding method, destination nation, and mode of receiving the funds. The range of available exchange rate margins is 0.5% to 1.5%. You can see pricing by signing up with Remitly.

Remitly provides excellent promotional rates for first-time customers. You can also receive referral bonuses if you recommend Remitly to your friends.

Paysend

Paysend is a versatile and rapidly expanding money transfer platform that facilitates credit and debit card payments to an incredible network of nearly 100 receiving countries through a variety of pay-out options. Paysend is a true specialist in international card payments.

For the majority of card-to-card and card-to-Paysend-wallet transfers, Paysend levies a fixed fee in addition to an exchange rate margin of 0.50% to 2% of the international money transfer amount.

Revolut

You can send money in more than 30 different currencies to more than 100 different countries with the smart financial platform Revolut. You can hold 30 different currencies in your account with Revolut for no additional cost, which is helpful for making international payments.

When exchanging foreign currencies, Revolut employs interbank (or mid-market) exchange rates; for the majority of currencies, there is no markup on these prices. However, there can be a slight markup on weekends. Plan your transfer during the weekdays if you don't want to pay the markup.

Payments sent to non-Revolut accounts in the SEPA (Single Euro Payments Area) region of Europe or to Revolut customers around the globe are free of charge. There are fees associated with international transfers to recipients who do not use Revolut for payments made outside the SEPA zone.

Without paying any exchange costs, you can send up to 1,000 GBP each month via Revolut. If you have a standard account, going above the limit could result in a 0.5% penalty. Increase your membership to premium or metal to get free international transfers and unlimited transfers.

Before the payment is completed, charges for transfers to cards are computed in real-time online or on the Revolut app. The amount being sent and the destination will determine the fee. The duration of the transfer can range from a few milliseconds to two working days, depending on the recipient nation and the currency being sent.

With more than 18 million clients, Revolut has established itself as a global leader in the banking industry.

Additional Venmo Alternatives for Sending Money Internationally

Sending money internationally with some of the aforementioned money transfer companies is a great option as you will likely get highly competitive exchange rates and pay low fees. However, there are additional options you could use.

These may not be ideal in many scenarios, but on a case by case basis, could be useful. At the very minimum, you should be aware of these Venmo alternatives in case you end up needing them. We present these additional options below:

Bank Transfer

Whilst you could definitely use your bank to send money overseas, it is not a recommended option. This is because banks tend to charge very high fees for international money transfers, and provide an inferior exchange rate. In the end, you may end up losing money to fees and hidden costs that come with bad exchange rates.

Sending money with your bank can be convenient though since you already have an account with them, and it's generally pretty easy to send money abroad from your bank's website or mobile app.

PayPal

PayPal is another possible method for transferring money internationally. It is quick and easy to use, and you can send money to anyone with an email address. PayPal also offers a mobile app so you can transfer money on the go. Fees vary depending on the amount of money you are sending and whether you are using your bank account, debit card, or credit card to fund the transfer.

PayPal's fees can be up to 5% of the transfer amount. Plus, you will get an exchange rate that includes PayPal's FX spread. This also hits your pocket as a hidden fee on top of the transfer fee you will need to pay regardless.

Overall, PayPal can be a possible option for transferring money internationally, but just be mindful of the pitfalls.

Sending money overseas with banks or PayPal often result in lower payouts due to inferior exchange rates and higher fees.

Google Pay

Google Pay is a free service that allows users to send and receive money quickly and easily. You can use Google Pay to send money to friends and family, as well as businesses.

When it comes to international transfers, you can send money from the US to your friends and family in India and Singapore using Google Pay. Google has partnered with Western Union and Wise to add international money transfer capability within Google Pay.

In the future, Google may expand their coverage of supported countries and currencies further, but for now, if you are a US resident, you could send money to India and Singapore residents with Google Pay.

To use Google Pay, all you need is a Gmail account. Once you have a Gmail account, you can link your bank account or credit card to Google Pay and start sending and receiving money. As long as you need to send from US to India and Singapore, you are good to go.

Apple Pay

You cannot send money internationally using Apple Pay, but you can make purchases outside the US with it. The virtual debit card associated with your Apple Pay account can be used to make purchases outside the US. Even though this is not the same as sending actual money, but it could be a way to help a family member or friend overseas by making an international purchase for them using your Apple Pay virtual debit card.

You can use Google and Apple Pay services for limited international money transfer and overseas transactions.

Conclusion: There are Many Alternatives to Venmo

While Venmo is an excellent option for transferring money domestically, there are plenty of other choices available when it comes to international money transfers. Choose the right platform for your needs by considering factors like fees, transfer times, and supported countries.

In the end, the best platform for you will depend on your specific needs and preferences. Compare different options before making a decision so that you can be sure you're getting the best possible deal.

Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

RemitFinder is an online service that helps you track remit exchange rates. By checking and comparing the latest remit exchange rates, you can get the best exchange rate for your money transfers. RemitFinder, thus, helps you to get the best return for your hard-earned money.

Find the cheapest rate to transfer your hard-earned money - visit our site or download the app on Google Play or Apple App Store now.