Want to send money abroad to friends or family? If you are a Venmo user and hoping to make a transfer through it, Venmo yourself or another account, it is important that you first know that does Venmo work internationally or not. While there are hundreds of upsides to using Venmo, there are certain limitations to international transfers.
Does Venmo Work Internationally?
Venmo, one of the top payment platforms officially owned by PayPal, is the fastest way to transfer money. The digital wallet has shone for approximately 83 million people using the Venmo app to date.
You can pay for bills, groceries, rent, split the necessities, borrow money from Venmo, and cut the unnecessary hassle off your shoulders with Venmo. Many retail stores accept Venmo payments, and you can easily track all the payments made via Venmo through their user-friendly application.
Venmo is a United States-based company and hence deals with US bank accounts and contact information to transfer money. Therefore, both the sender and the recipient must be US residents and have official US bank accounts to work their way around money transfers. All in all, Venmo does not work internationally.
Why Isn’t Venmo a Choice for International Transfers?
Now that we are clear that Venmo does not work internationally, the options do not end here. While several other authorized companies are helping you make international transfers through their specialized platforms, please make sure to look into each of them to get the best available exchange rate and transfer fee.
Some of the reasons for Venmo not supporting international transfers are the extensive legal procedures attached to such transfer such as:
- Currency exchange rates
- Know Your Customer regulations
- Anti-Money Laundering
- Cross-border payments
What Are Some Venmo Alternatives For International Transfers?
Venmo said a big No to all these formalities and did not bust itself in the storm of such legalities making simple money transfers challenging for Venmo users. Therefore, here is when you need to lay an eye on Venmo alternatives for international money transfers.
One of the Venmo alternatives assisting you with international money transfers is the WorldRemit. Founded back in 2010, it has always provided customers with full flexibility for online money transfers across different regions of the world.
The exchange rate of WorldRemit varies with the country you are sending money to and the market fluctuations. Typically, WorldRemit charges you between $3.99 to 24.99, depending on the currency.
You can transfer money internationally through WorldRemit via mobile wallets, airtime top-up, pickup agents, and, most importantly, bank accounts. Approximately 130 countries support money transfer options through the WorldRemit with fast transactions and reliable service.
Tired of the old-school banks and their strenuous procedures of sending money abroad? Wise, formerly known as the TransferWise, allows you to send money at the real exchange rate, and that too without any of the hidden fees. It is yet another safest option you can look into, specializing in international money transfers.
Wise charges the fees depending upon where you want to send money, but please note that it does charge a small commission between 0.25% and 1.00% of the total transfer value.
It does not add any markup on the exchange rate and allows you to hold and convert money in around 54 countries. Whether it is a personal or a business money transfer, Wise has marked its name through its services. Not only this, but you can also spend in the local currency with your Wise debit card.
Remitly is yet another international payment platform trusted by several customers worldwide. You can send money in 16 countries via Remitly, and it offers instant delivery to the recipient. However, Remitly allows you to fund such transfers through a credit card, making it a bit expensive.
Remitly charges between 0.50% and 2.00% of the international money transfer value. It is the best option for cash transfers and offers you pay-in and pay-out options.
One of the exciting features of Remitly is that if the money is not delivered on time, you are refunded all the transfer fees back without question. Although it offers complete transparency to the customers, it facilitates the transfer from 17 countries worldwide. Moreover, you can also send up to $10,000 in just a single transfer.
Digital remittance Revolut allows you to send money to various nooks of the world in a much more convenient and affordable way. Send and hold cash in 30+ countries using Revolut and get great prices with the limit and stop orders. To top off, it offers full transparency to the customers who wish to send money abroad.
It offers multi-currency accounts, and you can connect all your bank accounts with Revolut and get the real exchange rate to know how much you need to pay for the transfer.
Revolut protects your private accounts from unauthorized login attempts and fraudsters on the internet. The platform also authorizes all your information to comply with the rules and regulations they are bound to, so make sure you do not attempt to provide false details.
TransferGo is yet another solution allowing you to send money to over 160 countries with high speeds, low fees, and no hassle. So, get rid of the traditional bank transfers and opt for the digitally revolutionized platforms that have been quite a breather for the people in today’s age.
The transfer fee varies with the transfer type, but typically it is £0-£0.99 for The Next Day delivery. The conversion rate is around 0% to 2.2% which remains the same.
TransferGo has a multilingual customer support service to cater to customers’ queries from every corner of the world. It supports international transfers and provides them with solutions in a professional way. Countries, where you can send money include Belgium, Poland, Nepal, Monaco, Mexico, Germany, China, Hong Kong, and several others.
PayPal, one of the largest and most renowned financial institutions supported by various countries to transfer money to friends and family. You can even use PayPal at gas stations or use it to buy visa gift cards online. It supports international transfers in over 200 countries, and the transfer fees typically vary with the currency and amount you are sending.
PayPal has a fixed fee structure and conversion fee you must know of. It charges 5% of the total amount for personal international transfers through PayPal balance.
You can also transfer money internationally using a debit card or a credit card. However, here, PayPal charges a 2.9% funding fee in addition to the fixed costs depending upon the currency. Countries where you can send money via PayPal, include the Philippines, Nigeria, the UK, Canada, South Africa, Mexico, Colombia, Ghana, and others.
Get the exchange rates in real-time with the XE money transfer as it guides you on the delivery times, too, with full transparency to move your money in the quickest way possible. Send money in over 130+ countries and 98+ currencies in just a few minutes.
The fees vary with the amount you are sending. It is generally 0.3% to 1.2% of the transfer amount talking in terms of the mid-market exchange rate.
You can transfer up to $1000 through the bank account. Countries it supports the international transfer include Canada, India, Australia, Arab Emirates, Philippines, Thailand, Mexico, Africa, Japan, Singapore, Switzerland, Norway, Israel, Poland, Colombia, and many more.
OFX is available in 190 countries with the bank beating rates and transfer as fast as possible. A suitable Venmo alternative allows you to send money in 50+ currencies. All you need to do is open a free account at OFX, send your funds using an electronic bank, and track the transfer seamlessly.
It charges a $15% flat fee and a little margin on the exchange rate if the transfers are below $20,000.
Send money with OFX to Australia, Europe, India, Hong Kong, Singapore, Canada, New Zealand, Japan, Denmark, China, Taiwan, Germany, Saudi Arabia, France, etc. OFX saves you all the money you have to pay otherwise through banks.
OFX has additional exchange rate perks, such as it allowing you to lock in a great exchange rate and make a transfer later through their Forward Exchange Contract feature. Moreover, the Limit Order targets an ideal exchange rate and completes the transaction.
Other Venmo Alternatives
Some of the other Venmo alternatives to transfer money internationally are listed below:
- Currencies Direct
- EQUAL Money
Before You Go!
International transfers require much attention when talking about exchange rates and transfer fees. So, it would be best to compare rates and countries you are eligible to send money in before you dive into choosing any alternatives since Venmo does not work internationally. However, you can explore Venmo to PayPal or Venmo to Cash App money transfer for the time being.
While Venmo is not a choice for international transfers, several alternatives fit just right as an alternative. If you are not physically situated in the United States or do not have a US phone number, then Venmo isn’t the perfect fit if you are searching for transferring money to another country.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.