Pay only a fraction of the price you used to pay with our USA Money Transfer Guide.
Whether you reside in the USA and need to transfer a substantial amount abroad or need to send money to the USA from Europe (UK, Germany), Canada, Australia or Asia, we have figured out the best solutions for you. Easy, cheap and zero fee services for all your money transfer needs.
The Guide’s Topics:
- Best Company to Send money to USA
- Best way to Send money from USA
- Today’s USD Exchange Rates
- Most Popular Reasons to Send FX to USA
- Regulation and Limitations
Best Company to Transfer Money to USA
Special Offer: Our readers who are transferring money to the USA are eligible for the unique, preferential, dollar rates with Currencies Direct, one of the best known providers with many offices worldwide.
View sample rates below
- We do not guarantee the accuracy of these quotes. Exchange rate constantly fluctuate and by the the time you ask for a quote it may change.
- The quotes presented are specific to the amounts transferred. You won’t get the same rate for a smaller transfer (but, on the other hand, you will always get preferential rates which are better than Currencies Direct’s default rates).
- The offer is only valid for new clients which are currently not registered with the firm and sign up to it using this link.
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies, we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
Currencies Direct will take on any clients, regardless of where they’re located (with the exception of countries which are banned for trading). With them, you can wire money to and from a US bank account in just a couple of days.
A big plus for US customers is the fact that Currencies Direct has an office in the US and is one of the very few companies that do.
TransferWise uses a technology based on a peer-to-peer system that eliminates the bank fees from foreign exchanges by matching its users based on the currency they have and require. For the customer, this means a faster and cheaper transaction.
Azimo is a company that is more focused on remittances in general but can still take care of any kind of money transfer. The only downside is the fact that they only take clients from Europe and the UK.
Best Company to Transfer Money from USA
|Min. Transfer: £ / € 100.|
Transfer: Online or by Phone.
Why Them? Over 150,000 Active Clients.
£4.5Bn Transferred Annually. 18 Worldwide Offices.
Supported States & Currencies
Having an office in the US, Currencies Direct can send money from the USA from the following states: California, Texas, New York, Illinois, New Jersey, Ohio, Pennsylvania, Maryland, Indiana and 36 more States. The service is not available for clients from Alabama, Hawaii and Nevada.
In terms of currencies, there are over 100+ supported. Top destinations to move large amounts from the USA to (for purposes like investment, business or relocation) are: UK, Australia, South Africa, Japan, Italy, Spain, Germany, Canada and Israel. Top destinations for remittances include China, Bangladesh, India, and Mexico.
When you compare money transfer from the USA to India, you have to bear in mind that with World First the price becomes better as much as you transfer more. So for small remittances, it might be best to use companies like Transferwise where spreads are fixed.
Today’s Foreign Exchange Rates for USD
Read Our Article: The Dollar As A Global Dominant Currency
Why Send Money to a US bank account?
The US Dollar is the most popular currency in the world in terms of trading volumes. Part of that trading volume could be attributed to speculators and national banks, but a significant portion of it comes from individuals and businesses that are sending money to and from the US.
Business: Over $1.64 trillion have been exported from the USA in 2014. Over $2.37 trillion have been imported into the USA in the same year. The vast majority of international businesses, from sole traders to large corporations, deal with US Dollars and would lose substantial sums of money if they were to use bank rates.
Expats & Immigrants: The number of immigrants and expats residing in the USA passed the 40 million mark some years ago. The land of the free is a popular destination for all the right reasons: Top notch universities (43 out of the top 100 universities in the world are American), it is a top 20 country in the world (Quality-of-life Index ), a homeownership rate of almost 70% not to mention it is well paid with an affordable cost of living (LA is almost similar to Amsterdam). Many immigrants are also moving to and transferring money to Canada, which is arguably a better place for immigrants (view comparison). Read more with our Legal USA EmigrationGuide.
Real Estate: Since the world financial crisis in 2008, the US economy is growing stronger. The unemployment rate is decreasing and most cities appear to be on the right track. Those who invested in purchasing real estate in the United States back then were able to buy a house in Miami, FL, for about 55% of what it previously sold for. Since then, the property has constantly increased in value to be where it was before the crisis.
According to Forbes, the top 3 cities to look for in the US are San Francisco, New York and Los Angeles. But why these cities in particular?
San Francisco – Nearby Silicon Valley, has spurred interest in the city and secured its place as one of the country’s best performing housing markets.
New York – It is New York, nothing special happening. Is just keeping the image of the city where everyone wants to leave at least a short period of their lives.
Los Angeles – The Chinese have invested close to $5.9 billion in recent years and specialists predict that more money will come from other investors as well.
Thinking Of Relocating To The US?
If you consider moving to the USA and live there as an expat, you may find the following information helpful.
Advantages Of Moving To USA:
- Low Inflation: 0.7% currently, which does not fluctuate a great deal.
- FAFSA: United States student loans, although burdensome because of tuition costs give those who want to attend university the opportunity to do so. This has produced a 40% rate of Americans holding college degrees.
- High Hourly Minimum Wage Rate: $7.25 USD per hour.
Disadvantages Of Moving To USA:
- Expensive Education: The average university tuition per year is 10,000 USD.
- Expensive Health Care: On average, the U.S. citizen who is not eligible for Obamacare has to pay 3,000 USD per month in health insurance that does not include dental and vision.
- High Cost of Living: Average rent in the USD is 2,000 USD per month. The average salary is 35,000 USD per year. Combined with rent and salary, there is not much left for the quality of life in the generations graduating university trying to start families.
How expensive are U.S banks for overseas money transfers?
The USA has embraced the ideals of capitalism more than any other nation on Earth. Most businesses aim to maximize profit in any way they can. No entity does this more efficiently than America’s banks – allow us to demonstrate.
Take Bank of America, for example – let’s say you need to send 10,000 CAD for a down payment on a Montreal condo. As of April 1, 2019, at 12:56 am GMT, they were charging a rate of 0.7882. This transaction will cost you 7,882 USD – now, that might not sound bad, but compare that to 0.7468, the worst rate on offer at internationalmoneytransfers.org.
Go with them, and you’ll only have to commit an average of 7,468 USD. That’s more than a 400 USD difference – enough to buy a piece of furniture for the new place.
How to Send the Money
1. Have the following details ready (your currency dealer can assist you, but it will make the transfer quicker):
- Name of the person sending the money.
- IBAN number of the receiving account.
- Routing Number / BIC number of the receiving account.
- Amount sent.
- Purpose of the transfer, and the relation between transferring individual and recipient.
- Name of account holder on the other end.
- SWIFT code (BIC) of the recipient.
Please note: Due to compliance with Anti Money Laundering laws, the process of setting up a verified account is somewhat similar to the one banks have when they take on new clients. That means that clients from some regions (outside the EU) will have to supply multiple documents in order to register. Even though it may strike that this method is not the easiest way to send money to the USA, it is most certainly the cheapest way to do so.
2. Receive a free quote (either through the online system with default rates or via telephone where the rate is somewhat negotiable).
Once you have compared it to the bank, and to other companies you’ve tested, and you feel content with it, you can accept it. At that moment the currency exchange rate is locked, and you have to transfer money domestically to the company via bank wire. When they receive it, they will exchange your money to or from USD, and send it to its global destination.
Our Company Recommendation:
Regulations and taxes on USA Money Transfers
The US Dollar (US$) is the most widely traded currency in the world. It is free floating, fully convertible, and free from any exchange controls. However, foreign exchange regulations are set at a state level and must be done through a financial institution in the state in which you are trading.
The Federal Reserve System
The USA is divided into 12 territories or districts, each with its own Federal Reserve Bank. The Board of Governors of the Federal Reserve System (the Fed) oversees the financial system at a national level. Also at a national level are the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency, which monitors the banking sector, as well as the US Securities and Exchange Commission (SEC), which regulates capital markets.
There are no transfer restrictions on money going in and out of the USA. However, each of the 12 districts has specific regulations, and any foreign exchange companies must be verified in their district or state. Thus, corporations such as Moneycorp – which is only registered in Florida – can offer foreign exchange only in Florida, New Mexico, Indiana, Wisconsin and South Carolina. Other corporations, such as Currencies DIrect, are registered with the majority of states, can offer its services to 90% of USA residents.
Taxation on foreign income
US residents are taxed on any foreign income. Non-residents are taxed only on income originating in the USA. Double tax treaties are in place to avoid double-taxation.
Biggest banks in the USA
- JPMorgan Chase
- Bank of America
- Wells Fargo
- U.S. Bancorp
- The Bank of New York Mellon
No matter if you are doing business or have friends in the United States, you can rest assured that sending money to the USA is not going to be a hassle. So, start worrying about other things because you now know how to transfer money to the US with zero fees.