How to Transfer Money Abroad in Minutes30 min read

How to Transfer Money Abroad in Minutes30 min read

Send money to your family, pay overseas vendors, or handle cross-border business transactions with the ability to transfer money abroad fast, securely, and at a low cost. 

Thanks to modern digital banks, you can now send international money transfers in minutes, instead of waiting for days. But with all these options, what is the quickest, safest, and cheapest way?

This guide covers everything you need to know from speedy money transfers to safe ways to send cash abroad, how fees are structured to which money transfer company is best to use. 

Instant processing, low exchange rates, online convenience: the best option makes sure your money arrives quickly and without any hidden cost.

Send your money abroad with unparalleled speed and security. Now, with more and more digital banks, international money transfers can be done within minutes instead of days. 

But that’s not always the case in terms of efficiency, transparency, and cost.

Choosing the right platform can mean the difference between a seamless fast money transfer and a slow, expensive process. 

From dedicated IBANs to multi-currency accounts and virtual cards, top providers ensure compliance under user-friendly tools.

Here’s a look at how banks stack up, what security features to watch for, and how companies and consumers can make the most of their international payments; no surprises attached. By the end, you’ll know exactly how to transfer money abroad instantly, without the hassle.

What Is the Best Way to Transfer Money Abroad?

Which one is best? It depends on whether you want speed, cost, security, or convenience. For most people, digital banking services represent the best compromise.

The Kingdom Bank, for instance, bundles multi-currency accounts with dedicated IBANs, so that you can make international payments unencumbered by the slow pace of traditional banks.

• Speed: Want an instant money transfer? Digital banks and fintech platforms are much faster, with the majority of them completing transactions within minutes, whereas traditional banks could take anywhere from 1 to 5 business days.
• Fees: Compare the rates for exchange and transfer. Some companies promote “free” transfers but obscure fees in the worst exchange rates.
• Security: Licensed entities such as The Kingdom Bank employ encryption, fraud detection and compliance with regulations to safeguard your funds.
• Convenience: The whole experience of opening an account online and using money transfer services for first-time customers has been made hassle-free by the 24/7 support service.

Multi-currency accounts with a digital bank are the best value in terms of speed, cost, and security for the majority of users.

How Can I Safely Transfer Money Abroad?

When transferring money internationally, security is paramount. You have underpinning issues such as fraud, data breaches and unregulated providers. 

Here’s how to ensure a secure way to transfer money abroad:

Choose a Licensed Provider: Only transact through banks or fintech sites that are regulated by financial authorities. 

As an example, The Kingdom Bank is fully regulated and subject to stringent supervision, ensuring that it complies with anti-money laundering (AML) and knows-your-customer (KYC) requirements. Always check and confirm a provider’s licensing before you sign up.

Use encrypted platforms: Real banks do have end-to-end encryption for international money transactions. 

Look for:

• Two-factor authentication (2FA) for logins.
• Compliance with PCI-DSS for the processing of card payments.
• Monitor your transactions in real-time to identify any fraudulent activities.

Avoid Public Wi-Fi While Making Transfers: Public networks can be hacked. Use a secure private connection when sending money.

Verify the recipient’s information twice: Even a one-digit error in your IBAN or account number can send your money to the wrong person. Some banks, such as The Kingdom Bank, permit you to save regular recipients to avoid errors.

Go for Insured Transfers: Deposit protection is available from certain providers. The Kingdom Bank, for instance, keeps client funds in segregated accounts, providing additional security.

Keep an eye on exchange rates: Rates change, degrading the value of your transfer. Use services that lock in the rates when you transact, to avoid surprises.

What Are the Fees to Transfer Money Abroad?

Charges change considerably, depending on the service, how much you‘re sending and where you‘re sending it to. 

Here’s what to watch for:

Some Common Charges

Transfer Fees

• Flat fees (e.g., $5–$50 per transaction).
• Percentage-based charges (for example 0.5%-2% of the sum).
• As a result, you will find that The Kingdom Bank and other digital banks often waive transfer fees for high volume users.

Marking Up the Exchange Rate

• Banks and transfer services charge a margin (1% to 5%) on the mid-market rate.
• To transfer money abroad with low exchange rates, compare providers using tools like XE.

Intermediary Bank Fees

• SWIFT transfers may also be subject to additional fees charged by correspondent banks.
• Alternative costs are how many coins are needed for these transactions; some digital banks (including The Kingdom Bank) employ different networks to cut those costs.

Receiving Fees

• The recipient’s bank may charge an incoming international money transfer fee.

How to Reduce Fees

• Take the help of Multi-currency Accounts: Maintains balances in foreign currencies to prevent you from converting again and again.
• Batch Payments: Businesses can also save by making multiple international payments in one batch.
• Haggle over rates: High-volume senders (e.g., businesses) can often secure better terms with providers like The Kingdom Bank.

For the fastest way to transfer money abroad without high fees, digital banks are typically the most cost-effective.

How Quickly Can You Transfer Money Abroad?

Transfer speeds vary by method, destination, and provider. Here’s what to expect and how to transfer money abroad instantly when it matters most:

Instant or Near-Instant Transfers (Minutes)

• Digital Bank Transfers (SEPA, Faster Payments): Funds sent anywhere within the EU or UK are delivered in seconds.
• Virtual Card Payments: Instant online purchase or vendor payment.
• Cryptocurrency: Near-instant but subject to network congestion.

Same-Day Transfers (Hours)

• SWIFT (Priority): Some banks allow you to pay for high priority processing.
• Domestic Transfers in the Major Currencies (USD, EUR, GBP): Frequently settled within hours.

1 to 3 Business Days

• Regular SWIFT Transfers: The standard when sending money internationally beyond instant networks.
• Conventional Bank Wire Transfers: Processing via more banks between the sender and the recipient bank = slower.

3 to 5 Business Days

• Exotic Currencies or Distant Destinations: Transporting some currencies less widely traded (e.g., THB, ZAR) may take more time.
• Compliance Holds: Big sums, or unusual trades, might get you an extra layer of scrutiny.

How to Transfer Money Abroad in Minutes

• Go through local payment networks: SEPA (Europe), ACH (US), or Faster Payments (UK) are all faster than SWIFT.
• Pre-Fund Your Account: If you maintain a balance in the target currency, you can avoid conversion delays.
• Choose a Digital-First Bank: Providers like The Kingdom Bank optimize routing for fast money transfers.

Can I Transfer Money Abroad Online?

Most international financial transactions today can be done online with a few clicks. 

Here’s how:

Step-by-step Online Transfer guide

• Open an Account

• Digital banks like The Kingdom Bank allow how to transfer money abroad online with minimal paperwork. Validation usually takes only several minutes.

• Fund Your Account

• Deposit by bank transfer and credit card or with bitcoin, if available.

• Add a Recipient

• Enter the recipient’s IBAN, account number, or email (for internal transfers).

• Select Currency and Amount

• Choose from multi-currency accounts to save the cost of conversions.

• Review Fees and Exchange Rate

• Confirm the total cost? before completing.

• Authenticate and Send

• Use 2FA or biometrics to authenticate your transfer.

• Track Your Transfer

• There is a real-time feature on most platforms where you can track your international payments.

Advantages of Bank Transfers Through the Internet

• Available 24/7: No need to come to our branch.
• Lower Fees: Savings from the digital providers are passed on to the users.
• Faster Processing: Automated systems have eliminated lags.
• Make Regular Payments: Set up a schedule to send money regularly, like for salaries or subscriptions.

Who Can Benefit from Online Transfers?

• Individuals: Send money abroad to your family or business partners
• Freelancers/Remote Workers: Get paid in a variety of currencies.
• Businesses: Handling payroll, payments to suppliers, or moving money internationally.

For easy ways to transfer money abroad, online platforms are the clear winner.

The Best Platforms to Transfer Money Abroad

An optimal provider would offer a good mix of speed, security, and cost. 

What makes The Kingdom Bank stand out:

• Multi-currency accounts with dedicated IBANs.
• Runs on time or same day transfers via specialized payment networks.
• Competitive exchange rates and low fees.
• 24/7 support for a glitch.

From sending money overseas for personal reasons to making large international payments for business, digital banking solutions have made the sending and receiving of money (and the fees associated with them) less painful. 

When you choose a regulated, technology-enabled provider, you can send money abroad in minutes; safely, affordably, and without any unnecessary delays.

How Do Banks Compare When You Transfer Money Abroad?

Traditional banks often charge high fees and apply unfavorable exchange rates for international money transactions. 

Yet digital-first institutions tout speed and low cost. 

Here’s how they stack up:

Multi-Currency Accounts for Flexibility

With a multi-currency account users can hold, receive, and send money internationally in all major currencies (EUR, USD, GBP, etc.) without performing constant conversions. It works great for freelancers, expats, or even companies with clients around the world. 

Some providers even add the feature of interest-bearing savings within these accounts, allowing users to earn passive income on idle funds.

Dedicated IBANs for Seamless Transactions

With a personal or business IBAN your payees know right away that the payments are for you and the chances of them delaying or refusing your payments are significantly minimized. 

Unlike shared IBANs (which can be found in certain fintech apps), dedicated IBAN provided by licensed banks such as The Kingdom Bank ensures complete transparency and compliance; essential when it comes to transferring large sums or regular payments.

Virtual and Physical Cards for Global Spending

Cards that are virtual and that can also be linked to multi-currency accounts make it possible for consumers to pay internationally online without disclosing their bank account information. 

With any luck, following your trip you’ll still have some money left on the ones that charge the least foreign transaction fees (some banks actually do release physical debit cards with minimal foreign transaction fees which are great for travelers or if you have a distributed workforce).

Real-Time Tracking and Notifications

They are now an even better option for transferring money internationally thanks to real-time updates on the status of international money transfers, from start to finish. 

Exchange rates are trackable, users can estimate when delivery will be done, and can get alerted; tasks that are tedious when doing wire transfers the traditional way.

Competitive Exchange Rates and Low Fees

If you are not careful, the markups hidden in the currency conversion can add 3-5% to the cost. Top digital banks disclose fees upfront and use interbank or near-interbank rates, ensuring clients transfer money abroad without high fees. 

Some even offer a break on the transfer fee for premium account holders or high-volume users.

Is It Safe to Transfer Money Abroad via Apps?

Security is the paramount issue when transferring money overseas. While apps and online banks make things easier, not all offer the same safeguards. 

Here’s how to evaluate a secure way to transfer money abroad:

Regulatory Licensing and Compliance

Banks with good reputations are regulated by strict financial licenses. For instance, The Kingdom Bank is authorized by well-known regulators, that comes with ensuring that funds are segregated and protected. 

Always check for:

• Banking licenses (such as the International Banking Act).
• Cross-border transactions are secure with SWIFT membership.
• Anti-money laundering (AML), know your customer (KYC).

Fraud Prevention and Encryption

Leading platforms use:

• Data encryption is provided via end-to-end encryption.
• For logins and transactions, two-factor authentication (2FA) is required.
• AI-powered fraud detection to identify unusual activity.

Dispute lessening and support for charge backs

If a money transfer goes awry or the money goes astray, the reputable services provide:

• Customer support 24/7 via chat, phone or email.
• Fast resolution of disputes over any erroneous transaction.
• Protection for qualified losses (provider dependent).

User Ratings and Transparency

See what independent ratings sites (say, Trustpilot) have to say about:

• Transfer rates (are they true to their “instant money transfer” promises?).
• Fees buried in fine print (Are the exchange rates reasonable?).
• Responsiveness during issues.

Avoid providers with ambiguous wording and/or too many complaints about delayed international payments.

What Documents Are Needed to Transfer Money Abroad?

The documentation required varies according to the nature of the transfer (personal or business) and the amount. 

Here is a general checklist:

For Personal Transfers

• Government-issued ID (passport / national ID / driver’s license).
• Proof of address (utility bill, bank statement, or lease agreement).
• Recipient information (name, address, account number and SWIFT/IBAN).
• Reason for transfer (e.g., supporting family, schooling, buying real estate).

For Business Transfers

• Company formation documents (certificate of incorporation, memorandum of association).
• Proof of business address (rental agreement or utility bill).
• Details of beneficial ownership (for AML purposes).
• Invoice or contract (if paying a supplier or vendor).
• Tax identification number (TIN) (in respect of certain jurisdictions).

High-Value or Recurring Transfers

Banks may require additional documentation for transfers over $10,000 (or equivalent), such as dollar amount:

• Source of funds (bank statements, salary slips, or investment proofs).
• Transaction details (for confirming that they’re in line with your profile).

Many digital banks, including The Kingdom Bank, allow how to transfer money abroad online with eKYC (electronic Know Your Customer) processes. Upload documents securely through their portal to accelerate approval.

Can Businesses Use Services to Transfer Money Abroad?

Absolutely. Contemporary digital banks offer businesses tools for efficiency, compliance, and scalability. 

Here’s how digital banking enhances easy ways to transfer money abroad for companies:

Batch Payments and Payroll Solutions

Relying on international money transfers not from one business to the other but as a group, you as company can:

• Upload non-existent payment document files (csv / excel) for mass payouts.
• Auto payroll for remote teams in local currencies.
• Scheduling recurrent transfers (i.e. monthly vendor payments).

Foreign Exchange (FX) Hedging

Although floating exchange rates can decrease gains. 

Banks for your (small) business, also exist, and they offer:

• Forward exchange contracts to hedge future transactions.
• Limit orders to transfer amount at best target rate.
• Aggregate amounts in multiple currencies to minimize the cost of conversion.

Dedicated Business IBANs and Virtual Cards

• Different IBANs per department (e. g. one for payroll another for supplier payments).
• Virtual cards with limits for team spending.
• Expense management integrations (like Xero, QuickBooks).

Custody and Settlement Services

Among the application, for areas such as forex, crypto or e-commerce some banks can offer:

• Safe keeping of digital assets.
• Settlement in real time for high frequency transactions.
• Escrow service in big deals

Access to APIs for smooth integration

Using the bank’s API, tech-savvy businesses connect their ERP or accounting software to the bank’s:

• Automated reconciliations.
• Instant payment initiation.
• Personalized reporting.

Example: A freelance agency using The Kingdom Bank could run payroll to contractors in 50+ countries via batch uploads, or a crypto exchange might utilize custody services for client funds.

How to Transfer Money Abroad Without Hidden Fees?

Hidden fees (such as bad exchange rates, fees from intermediary banks, or “service charges”) can add up and make sending money internationally much more expensive than you think. 

Here’s how to avoid them:

Compare Exchange Rates (Not Only Fees)

Some companies provide “no fees,” but they hide fees in the exchange rates, which can be as high as 2–4%. Always check:

1. The mid-market rate (Google or XE.com). Calculate the total cost (fees + FX markup) to find the best platforms to transfer money abroad.
2. The rate the provider is offering.
3. The full price (fees + exchange rate markup).

For example, The Kingdom Bank shows the live rate and full amount to be deducted before you confirm.

Pick the Suitable Transfer Method

Beware of In-between bank fees

Charges are sometimes added to SWIFT transfers from correspondent banks. 

To minimize these:

• Holding funds in the recipient’s currency avoids conversion fees. For example, if you frequently transfer money abroad to family or business in the UK, keep a GBP balance in your The Kingdom Bank account.
• Choose “OUR”(sender pays all fees) if you don’t want the recipient to be surprised.
• Choose providers that have direct banking relationships to minimize intermediaries.

Make the most of Multi-Currency Accounts

Keeping the money in the recipient’s currency avoids conversion charges. 

To illustrate:

• A US freelancer paid in EUR can keep funds in a EUR account, and only convert when needed.
• An importer from China can keep his CNY to pay his suppliers directly.

Get Your Custom Quote for Large Volumes

Whether you regularly send money abroad (say $50K+/month), inquire about:

• Get tiered fee discounts.
• Priority routing for faster settlements.
• Dedicated account manager to help you.

Always ask for the fee breakdown before you confirm the transfer. The safe way to send money overseas is that you know what it costs right up front.

By following these steps, you can transfer money abroad with low exchange rates and keep more of your hard-earned money.

The Fastest Way to Transfer Money Abroad

So, what are the easiest ways to transfer money abroad? When it comes to sending money online abroad through the best money transfer sites, you have various options.

• Multi-currency accounts with competitive FX rates.
• Dedicated IBANs for seamless payments.
• Real-time tracking and 24/7 support.
• Transparent pricing, no concealed surgeries.
• Desirable regulatory compliance for peace of mind.

For those more interested in an instant money transfer, The Kingdom Bank also excels in this regard by blending the reliability of a traditional bank along ‎with the agility of a fintech. 

By shopping around, understanding fees, and using modern tools, transferring money overseas is now something anyone can do in minutes; without the hassle (or heft) of traditional banking.

About The Author

The Kingdom Bank Finance Team

This article was prepared by the finance team of The Kingdom Bank. Our team has deep expertise in global banking, fintech, digital assets, and offshore banking, and closely monitors developments in investment, digital finance, and international markets, providing our readers with reliable and strategic analysis.

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