Does Venmo Work Internationally? 5 Alternatives To It
You have been using Venmo for a while now and you are wondering Does Venmo work internationally. No, you can’t send money abroad using Venmo. Only residents of the United States can use Venmo, as it is not available internationally.
This restriction means you can only send money via Venmo within the United States to your American friends. Alternative methods, such as a bank transfer or the services we’ve included below, will need to be enrolled if you want to send money abroad.
Yet, due to the high costs associated with bank transfers, many people try to avoid doing so. The typical fee for sending money abroad via bank transfer is three to five percent of the amount being sent.
Therefore, customers prefer to seek out other convenient and free payment methods such as Venmo. Money transfers to foreign countries can also be made using a number of other contactless payment methods.
They are an alternative to wire transfers and can be used instead. However, keep in mind that there will be a conversion fee associated with the international transfer.
Alternatives To Venmo For Sending Money Abroad
Currently, Venmo is only offered domestically in the United States. For this reason, it cannot process wire transfers across borders.
You can still send money to your loved ones overseas, but you’ll have to use a different method for the time being. In contrast to the standard bank transfer procedures, these options are straightforward and simple to implement.
Keep reading if you’re looking for an alternative to sending money through a bank to your friends and family overseas. Below, we’ll go over some of the best alternatives to Venmo for international money transfers.
1. Remitly
Remitly is the best option if you need a flexible international money transfer service. Including the United States, the United Kingdom, Canada, Australia, Germany, Italy, Spain, Austria, the Netherlands, Singapore, and Sweden, it is available in a total of 16 countries worldwide.
In addition, from any of these 16 countries where Remitly is available, you can send money to more than 50 countries around the world.
Like Venmo, Remitly is dead simple to use. The interface is also quite simple to use. Two methods of sending money abroad are available.
These two are the economy and the express, respectively. Sending money overseas has never been easier than with Remitly Express. However, additional transaction fees could be incurred.
However, customers who are unwilling to pay higher fees can switch to Remitly Economy. This service charges a small fee to send money. However, the process could take anywhere from three to five days.
Typically, Remitly will waive the transaction fee if the amount you’re sending is $1,000 or more. Furthermore, the conversion rate will be higher than the express method, and it will be free of charge.
2. Wise
Wise‘s fees range from 0.4 percent to 1 percent of the transaction amount, which is much lower than the fees charged by banks for making wire transfers. It provides service to upto 59 nations and accepts almost all the currencies around the world.
When you transfer money internationally with Wise, you won’t have to worry about any hidden fees. It is the most cost-effective and transparent means of sending money internationally at this time.
3. OFX
If you need to send more money but don’t want to pay more in transaction fees, OFX is your best bet. An alternative to Venmo abroad. OFX is accessible in many countries, including the US, UK, Canada, ANZ, AU, SIN, and HKG.
One unique feature of OFX is that it can be used in these countries to send money to any of the other 190 countries it currently serves.
Additionally, the international money transfer fee is a flat $15, regardless of the total amount of the transfer. You can transfer funds in 55 distinct currencies in addition to the standard US Dollar.
4. XE
If you’re looking for a reliable digital payment option, XE is a great choice. More than 170 countries benefit from its money transfer features, and it is readily available in many locations.
More than 60 national currencies are accepted. If you make a purchase using XE, you may be charged a fee of 0.3% to 1.2% of the total purchase price. More transactions result in a lower per-transaction fee.
5. WorldRemit
WorldRemit operates in over 40 countries and offers money transfers to over 150 destinations worldwide.
Additionally, there is a flat fee for each purchase that can be anywhere from $3.99 to $24.99. The cost of the transfer is calculated according to the currency used and the total amount being transferred.
Wrap Up On Does Venmo Work Internationally?
As a popular form of digital payment in the United States, Venmo has gained widespread recognition. Money can be sent instantly and without any additional charges to loved ones.
In addition, the point-of-sale terminal allows for payment of merchandise. But can you use Venmo across borders?
Currently, Venmo does not support international transfers. You’ll have to pursue alternative strategies to achieve your goals.
In comparison to international bank transfers, the aforementioned options are much quicker and cheaper. To sum up, these strategies are an alternative to Venmo that is both cheaper and just as convenient.
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