Venmo International Transfer 101: All the Alternatives You Need to Know

Table of Contents

• Does Venmo Support International Transfers?
• Why Is Venmo Not Available Internationally?
• What are the Alternatives to Venmo for International Transfers?
• Wise
• WorldRemit
• TransferGo
• Remitly
• Western Union
• PayPal
• Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

Venmo is a great way to transfer money between friends and family, but what if you need to send money overseas? Venmo doesn't offer international transfers, but there are some alternatives you should know about.

In this article, we will discuss Venmo's transfer service as well as some of the best alternatives available.

Does Venmo Support International Transfers?

The short answer is no. Venmo currently only supports domestic transfers within the United States. However, there are a few alternatives that you can use to send money internationally.

You cannot send money overseas with Venmo as it only support transfers within the US.

No matter which method you choose, be sure to compare rates and fees before sending any money abroad. By doing this, you can ensure that you are getting the best deal possible.

Why Is Venmo Not Available Internationally?

Venmo is a US-based company and, therefore, is subject to US laws and regulations. Venmo is currently not available in any other country besides the United States. The main reason for this is that Venmo is regulated by the US Treasury Department as a Money Service Business (MSB). To operate in other countries, Venmo would need to be registered with the Financial Crimes Enforcement Network (FinCEN), which it is not.

Another reason why Venmo is not available internationally is because of the different payment systems in other countries. Venmo uses the ACH network to process payments, which is only available in the United States. For Venmo to be available in other countries, it would need to integrate with the local payment systems, which can be very complex and expensive.

Venmo is not licensed and authorized to operate outside of the US and US territories.

Venmo is working on expanding its international presence and is currently available in certain US territories, such as Puerto Rico and the Virgin Islands. Venmo is also planning to expand into Canada shortly. However, there is no timeline for when Venmo will be available in other countries.

What are the Alternatives to Venmo for International Transfers?

If you are looking for an alternative to Venmo for international transfers, there are a few options available. All these alternatives come with their own set of pros and cons, so it's important to choose the one that's best for you.

One easy way to do this is by comparing various money transfer companies on RemitFinder. We present exchange rates and other related information from numerous providers in one place to help you compare them quickly and easily.

Wise

Wise, formerly known as TransferWise, is a popular Venmo alternative for international money transfers. Wise has low fees and offers mid-market exchange rates. You can send money to more than 60 countries with Wise.

Pros:

• Transparent fees: Sending money with Wise costs a percentage of the amount you are sending (usually around 0.35%). There are no hidden fees or extra charges.
• Mid-market rates: When you use Wise, you will always get the mid-market rate for your currency conversion. It means that you won't be charged extra when you make an international transfer with Wise.
• Fast transfers: Your money will arrive at its destination within a few days when you use Wise.

Cons:

• Not available in all countries: Unfortunately, Wise is not available in every country. If you're looking to send money to a country that is not on their list of 60+ supported countries, you will need to find another Venmo alternative.
• Cannot send cash: To use Wise, you will need to have an online account with them. So, if you want to send cash by going to a physical location or agent office, Wise may not be the right option for you.

As another plus, Wise offers more than just money transfer services. You can open a personal or company bank account with Wise, along with a debit card. They pay particular attention to entrepreneurs and small and medium-sized organizations.

You can also convert and hold 56 different currencies with Wise's multi-currency account, and you can use their card in 200 different countries. Send using Apple Pay and Google Pay and withdraw anywhere. Additionally, you can obtain a UK account number, an IBAN for Europe, a US routing number, and more to receive payments in ten different currencies just like a local.

WorldRemit

If you are looking for a Venmo alternative that offers international money transfers, WorldRemit is a great option. With WorldRemit, you can send money to more than 150 countries around the world. Plus, there are no transfer fees for first-time users.

To get started with WorldRemit, all you need is your recipient's phone number or email address. You can then choose how you'd like to pay for your transfer: with a bank account, debit card, or credit card. And if you need to cancel or change your transfer, you can do so easily from the app.

Pros:

• Low fees: WorldRemit charges a flat fee of USD 0.99 per transaction, no matter how much you're sending. Venmo charges a percentage-based fee on all transactions that exceed USD 200.
• Fast transfers: Your recipient will receive their money within minutes when you use WorldRemit. Venmo transfers can take up to three days to process.
• Convenient payment options: You can pay for your WorldRemit transfer with a credit or debit card, bank transfer, or mobile wallet. Venmo only allows you to pay with your linked bank account or balance.

Cons:

• FX Markup may be high for certain countries: Based on our analysis, WorldRemit's FX Markup can vary between 2.06% to 9.32%. So, depending on which countries you are sending from/to, you may or may not get a good exchange rate.
• Cash pick-ups are not available in all countries: Depending on where your recipient resides, cash pickup may not be available. If that is the only option your recipient needs, you may have to go with another provider.

Despite these few drawbacks, WorldRemit is still a great choice for Venmo users looking to send money abroad. The company offers low fees, fast transfers, and convenient payment options that make it a top choice for international money transfers.

TransferGo

TransferGo is a money transfer business that provides a simple service to its customers with fast, secure money transfers. The website and mobile apps are easy to use, clean, and clear about costs and what you can and can't do.

With more than 60 countries included in its money transfer list, TransferGo has a comparatively broad customer base. Popular choices including the US, Mexico, the Philippines, Nigeria, and India are among those offered.

Pros:

• International money transfer exchange rates that are highly competitive.
• Wide range of delivery options.
• Transparent fee disclosures.
• Customer support available in multiple languages.
• Simple mobile app for money transfers on the go.

Cons:

• Lack of a wide range of payment options.
• Live support is only accessible by phone.
• Fewer countries from which you can send money.

Remitly

Remitly is one of the most popular alternatives to Venmo for international money transfers. The company offers a mobile app that makes it easy to send money abroad. Remitly has more than two million customers in 50+ countries.

Pros:

• Fast and convenient international money transfers.
• Safe and secure platform.
• Competitive exchange rates.
• Transfers can be tracked easily.

Cons:

• Fees can be high for certain transfer types.
• Limited payment methods to fund your transfer.

Western Union

Western Union is a global leader in money transfers with a whopping 500,000 agent locations in more than 200 countries. You can use Western Union to send money online, by phone, or in person at an agent location.

Pros:

• Widespread network across the world: It has a vast network of agent locations in almost every country around the world. Western Union has a network of more than 550,000 employees and services in more than 200 countries. This makes it easier for customers to manage payments made through bank deposits and cash pickups.
• Pay for transfers via Venmo in the US: You can send money from your Venmo account to a Western Union agent location in the US and have the recipient pick up the cash within minutes (in most cases).
• Customized services for individuals and businesses: Business solutions from Western Union, Easy Pay, Fast Hire, Fast Pick, and Netspend Prepaid Mastercard are just a few of the specialized alternatives that Western Union offers.
• 24/7 customer service: There are several ways to get in touch with customer service at Western Union. Email, online, and live chat are all supported.

Cons:

• Not the most affordable: Compared to other money transfer companies, Western Union's remittance lanes are often more expensive. For certain currency pairs, cash pickups also get some of the worst exchange rates.
• Variances in available channels: The several transmitting channels available on the platform are not available in all nations. For example, Western Union customers in several nations are restricted to using the service through agents.
• Facing fierce competition from newer players: Old timers like Western Union (and MoneyGram) are increasingly facing tough competition from new fintech companies and startups that are offering better rates and service.

PayPal

PayPal is one of the most popular online payment platforms in the world. If you're looking for an easy way to send money internationally, PayPal is a great option.

Pros:

• PayPal is a very popular platform, so it's likely that your recipient already has an account set up.
• Sending money with PayPal is quick and easy.
• You can send money to more than 200 countries with PayPal.

Cons:

• You may be charged a fee for using PayPal to send money internationally.
• The exchange rate may not be as favorable as other methods of sending money abroad.

These are just a few of the most popular alternatives to Venmo for international money transfers. There are many other options available, so be sure to do your research to find the best option for you.

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.