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Say you want to send money to a relative in South America, or you bought a painting at an online auction hosted in Europe. International money transfers, such as international wire transfers (which SoFi does not offer at this time), can be a convenient way to move funds between different countries. These transfers are typically completed electronically, without any currency physically changing hands.

When choosing the best way to make an international money transfer, it’s important to consider cost, funding speed, and any limits that might apply to how much you can send. Learn the details here.

How Do International Money Transfers Work?

International money transfers work by allowing individuals or businesses to send funds from one country to another electronically. Rather than sending cash, a paper check, or a money order in the mail, it’s possible to transfer money from your bank account (or possibly another funding source) to someone else.

Completing an international transfer is usually a straightforward process. For the popular option of a wire transfer, as well as some other methods, you’ll usually need to have:

•   Your recipient’s name and address, and the name and address of their bank

•   An international bank account number, or IBAN for the recipient

•   A routing number for the recipient’s bank which, when it’s an international transaction, is a SWIFT or BIC code

•   Your bank account number and routing number

•   Funds to complete the transfer

Wiring money internationally from your bank account can be a safer option than mailing funds via a check, as there’s no risk of any physical currency being lost or stolen along the way. An international wire transfer can also be a faster method of sending money, depending on which type of transfer service you’re using.

International Wire Transfer Regulations

There are no rules on how much money you can send overseas via an international money transfer. While the federal government doesn’t limit how much you can send, there are financial regulations that govern when money transfers need to be reported.

•   Specifically, the Bank Secrecy Act of 1970 requires banks to report transfers in excess of $10,000 to the Financial Crimes Enforcement Network (FinCEN). That rule applies to individual and aggregate transfers occurring in the same business day. FinCEN uses reporting data to monitor for and detect potentially criminal activity, including money laundering.

(Worth noting: There are also rules to know if you’re thinking about opening a bank account in another country. If you maintain overseas bank accounts or investment accounts, you’ll need to file a Report of Foreign Bank and Financial Accounts, or FBAR, on FinCEN Form 114. This form must be submitted with your tax return each year.)

Back to the topic of outgoing money transfers: Know your rights. The Consumer Financial Protection Bureau (CFPB) enforces federal protections for money transfers. Specifically, consumers have the right to:

•   Have money delivered to the correct person or business

•   Be informed of the currency exchange rate and any fees or taxes the money transfer service will collect

•   Cancel a transfer within a certain time frame without being charged a fee

•   Report problems to the transfer service and have them investigated

These regulations are designed to prevent consumers from being charged unfair fees or otherwise being taken advantage of when sending money internationally.

Recommended: Benefits of Mobile Banking

3 Ways to Transfer Money Internationally

There are several options for completing international money transfers. Comparing the pros and cons, as well as how they work, can help you to decide which one might be right for your needs.

1. International Bank Transfer

Some banks may offer international transfers without any fees as part of their suite of mobile banking tools.

If this international bank transfer isn’t available, you might consider an international wire transfer at your bank if you have a checking account, savings account, or other bank account. You can tell the bank which account you’d like to transfer funds from, provide the recipient’s information, and the bank does the rest.

•   How long an international wire transfer takes can depend on your bank and the recipient’s bank. It may take anywhere from one to five business days, or more if you’re sending a larger amount of money.

•   Keep in mind that once you submit a wire transfer request, it’s very difficult to get the money back, so you’ll want to double-check your information beforehand.

•   There’s one thing to watch out for with bank transfers: international wire transfer fees. Banks can charge a fee to send the transfer on your behalf, which you’ll need to pay before the transfer can be completed. You could easily pay anywhere from $35 to $50 per transfer, depending on where you bank. (Some banks may offer free international wire transfers for certain types of accounts; check with your financial institution to see what may be available.)

Now you know the drill for international wire transfers, which can be a secure and reliable way to send funds overseas.

2. Money Transfer Services

Money transfer services can send funds internationally, and in some cases, they may arrive much faster than they would with a bank wire transfer.

•   There are money transfer services that allow you to send funds internationally online using your bank account number, credit card, or digital wallet. Others may have branches where you can schedule bank account or cash transfers in person.

•   When comparing money transfer services, it’s important to consider the banking fees. Fees vary depending on which country you’re sending funds to and how much you need to send. For example, Western Union currently charges $8 to send up to $1,000 from the U.S. to certain locations in Central and South America. Prices vary depending on how the funds are accessed as well, such as whether they will be deposited into a bank account or picked up at a Western Union location.

•   Also note the time required. Some transfers may take up to five business days. Other services (like Western Union’s “Money in Minutes”) promise a much faster timeline, whether within 24 hours or mere moments. Make sure you understand the details before sending funds.

•   There may also be limits on the amount you can send. If you’re trying to send larger amounts in a single transaction, you may be asked to split it up into several smaller transfers. Doing so could result in paying more fees to send money internationally.

It’s always wise to do your research before getting ready to use a money transfer service to make sure you fully understand the requirements, timing, and fees.

3. Person-to-Person Payment Apps

Person-to-person payment apps, such as PayPal, Wise, and WorldRemit, allow you to send funds from your bank account to someone else, sometimes almost instantly. To make an international money transfer via an app, you might just need to know the recipient’s email address, phone number, or bank account number.

Fees will vary. With PayPal, for instance, consider:

•   The current fee is 5% of the transaction amount for personal international transfers using a PayPal balance, up to $4.99.

•   There are other possible fees, such as a 2.9% funding fee for using different sources of funding, as well as currency conversion charges.

•   There may be limits on how much you can send in a single transaction or per day.

The recipient may have to pay a fee for instant availability of funds vs. waiting for the funds to transfer over a few days to their bank account.

Which Is the Best Method to Send Money Internationally?

There is no single best method to send money internationally, as some options might work better for some people than others.

For instance, you might choose a bank transfer if you don’t use person-to-person payment apps and you need to send a larger amount of money. Or you might head to an international money transfer service if you’re hoping to deliver funds in a shorter time frame and you want to avoid the wire transfer fee that your bank charges.

Again, the most important things to consider when choosing a money transfer option include:

•   How much it will cost you in fees

•   Where you can send money to, as some person-to-person payment apps (such as Venmo) don’t allow you to transfer funds to other countries

•   When the money you send is likely to arrive

•   What funding methods you can use (say, cash vs. a bank account)

You may also need to consider your recipient’s ability to receive funds. If they don’t have a bank account, for example, then you might need to opt for a person-to-person payment app or money transfer service that allows you to send cash so they can pick it up at a brick-and-mortar location.

Recommended: Guide to Depositing a Check

Tips on International Wire Transfers

When transferring money internationally, it helps to do your research first to choose the best way to move funds. Apart from that, consider how you might be affected by regulatory guidelines.

•   As noted, if you’re transferring more than $10,000 from your checking account to someone else’s, your bank is required to report that to the IRS and possibly other law enforcement entities. Even though you may be doing nothing wrong, sending large amounts could put you under scrutiny if your bank believes those transfers are suspicious.

•   If you’re receiving money via international wire transfer, it’s also helpful to know what you might pay. Banks charge fees to send wire transfers internationally, but they can also charge you money to receive them. A typical amount is $15. That’s something you’d like to know up front so that you’re not taken by surprise when a deposit you’re expecting ends up being less than the full amount.

Knowing these details can help you understand international wire transfers and use them effectively.

The Takeaway

If you need to make an international money transfer (or receive one), there are different ways to do it. These methods include wire transfers, money transfer services, and payment apps. Choosing the one that’s most cost-efficient and/or fastest might suit your needs best, so it’s helpful to shop around.

FAQ

What is the best way to transfer money internationally?

The best way to transfer money internationally is the one that allows you to get money where you need it to go in the way that suits you best, whether that means in the shortest time frame or while charging the lowest fees. With that in mind, the options for sending money internationally include wire transfers at a bank, money transfer services, and person-to-person payment apps.

What is the cheapest way to transfer money internationally?

The cheapest way to transfer money internationally may be a transfer directly from your bank, if your bank doesn’t charge for this feature. Otherwise, you may need to comparison-shop and see how money-transfer-service and payment-app fees stack up.

Is there a way to transfer money internationally for free?

Depending on your financial institution and the type of bank account you have, your bank may allow you to transfer money internationally for free. There are money transfer services that advertise that they allow you to send funds internationally without paying a fee. However, there may be limits on how much you can send (or the requirement that you send a large sum), the transfer may take several business days, and a bank account may be required for both the sender and the recipient.

Photo credit: iStock/xavierarnau

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBK0423016

You may not stop to think about money because it’s a part of our everyday life, but there are lots of fascinating facts about currency. Learning some interesting tidbits may change how you think about money and even come in handy the next time trivia night rolls around.

Read on for 21 fun facts about money.

Surprising Things You Probably Didn’t Know About Money

Maybe you already know only two non-Presidents grace the front of U.S. bills (Alexander Hamilton on the $10 bill and Benjamin Franklin, the $100 bill). But did you know our paper currency isn’t really made out of paper? And that no living person can appear on a U.S. coin or dollar bill? It’s true! Here, learn more intriguing money facts.

1. Each Dollar Amount Has Its Own Lifespan

Money doesn’t last forever, but some dollar bills have a longer life cycle than others.

According to the U.S. Currency Education Program, a $10 bill has the shortest lifespan while a $100 bill has the longest. Here’s the estimated lifespan of the different denominations:

•   $1: 6.6 years

•   $5: 4.7 years

•   $10: 5.3 years

•   $20: 7.8 years

•   $50: 12.2 years

•   $100: 22.9 years

2. A Banknote Can Be Folded 4,000 Times

Our currency is pretty durable. The Bureau of Engraving and Printing, the sole producer of U.S. paper currency, says it would take 4,000 double folds, forward and backwards, for a dollar bill to tear. It might be because paper money isn’t actually made of paper. It’s actually a blend of 75% cotton and 25% linen with tiny blue and red synthetic fibers of various lengths evenly distributed throughout the bill.

3. There’s a Reason US Dollars Are Green

Dollar bills weren’t always green. Colonial money for example, was tan with black or red ink. It wasn’t until the Civil War the government started using green ink to print paper money where it got the name greenbacks. The color was selected because the ink didn’t fade or easily decompose, which protected against counterfeiting.

4. A Coin Can Last Around 30 Years

Coins stay in circulation for about 20 to 30 years, which is when they become too worn to use. At that time, the Federal Reserve takes them out of circulation and melts them down to use for other purposes.

Recommended: How Do Federal Reserve Banks Get Funded?

5. The Highest Bill Denomination Issued by the US Was $100,000

Printed in 1934 and featuring President Woodrow Wilson, this $100,000 bill was a gold certificate currency that was never intended for public use, such as being deposited into a checking account. Instead, it was meant only for official transactions between Federal Reserve Banks. The last time this banknote was printed was in 1945, and it can’t be legally held by collectors.

6. A Penny Costs More to Make than It’s Worth

A recent report says it costs almost 3.1 cents to make a penny as of 2023. Why the increase? Part of the rise could be the higher prices of copper and zinc, both of which are used to make pennies.

7. Money Is Dirtier Than You Think

Both paper currency and coins can carry viruses and bacteria that can live on the surfaces and easily transfer to your skin or onto other objects after touching it. Research has found physical currency can change hands up to 110 times a year or almost twice a week. One recent study found banknotes made with cotton or linen fibers, such as U.S. dollar bills, present increased areas for germs and the capacity to retain moisture, which can make it an easier place for bacteria to thrive.

8. The Dollar Sign Was First Used in 1785

Here’s another fun money fact: The official adoption of the dollar sign in the U.S. can be traced back to 1785, when it evolved from the Spanish symbol for pesos. It’s believed the $ originated from the abbreviation PS, which was used to indicate Spanish pesos in the Americas. Gradually the “S” came to be written over the “P,” eventually morphing into the dollar sign we know today.

9. Martha Washington Is the Only Woman to Appear on a US Bill

America’s first First Lady, Martha Washington, is to this day, the only woman to have her likeness appear solo on a U.S. paper currency note. Her image appeared on the $1 Silver Certificate, first issued in 1886 and discontinued in 1957. It was the country’s second-longest issued paper money.

10. America Isn’t the Only Country that Uses the US Dollar

Besides the United States and its five inhabited territories, 11 countries in the world also use the U.S. dollar, the world’s reserve currency, as their official currency: The British Virgin Islands, Timor-Leste (or East Timor), Bonaire, Ecuador, El Salvador, Federated States of Micronesia, Marshall Islands, Palau, Sint Eustatius, Saba, and Turks and Caicos.

Recommended: Examining the Value of the U.S. Dollar

11. You Can Make Your Money Crisp by Ironing It

Ready for a surprising money fact that involves a little bit of fabric know-how? If you’ve got a creased, crumpled, or wrinkled dollar bill, you can make it look new by pressing it with your iron. As mentioned earlier, U.S. dollars are 75% cotton and 25% linen, so it’s actually fabric. To iron the money, dampen the dollar bill slightly with a spritz bottle, sprinkle water by hand, or use the spray function on the iron itself. Set the iron to a low heat, put a towel under the bill and another on top of it, then iron the money in a circular motion. Set aside to air dry. Presto! You should have a nice flattened bill, ready to stick in a gift card or slide into an ATM en route to your savings account.

Recommended: How to Write a Check

12. The Oldest Currency Still in Use Is the British Pound

The British pound dates back to 775 AD and was called the pound sterling, when Anglo-Saxon kings used silver pennies, or sterlings, as money. Today, this foreign currency is the fourth most traded in the foreign exchange market, after the U.S. dollar, the euro and the Japanese yen.

Recommended: Here’s What You Can Do with Leftover Foreign Currency

13. 13. There Are 1.2 Billion $2 Bills Still in Circulation

The first $2 bills were printed in 1862. Although they originally featured Alexander Hamilton, they were later redesigned to feature Thomas Jefferson. The bills are still in circulation (1.2 billion of them in fact) and are considered to be the rarest currency denomination in the U.S. Some people believed $2 bills were bad luck and would rip off the corners of the bill to “reverse the curse,” making them unusable.

14. The First Universal Credit Card Was Introduced in 1950

Credit cards originated in the U.S. back in the 1920s, but were issued by individual firms, such as oil companies and hotel chains, to their customers, specifically for purchases made at company outlets. It wasn’t until 1950 when Diners Club founders Ralph Schneider and Frank McNamara issued a card that could be used at a variety of establishments. The Diners Club card sparked the modern credit card era. Others soon followed, such as American Express, which debuted their card of this type in 1958.

Recommended: 10 Credit Card Rules You Should Know

15. There’s an ATM on Every Continent on Earth

One interesting money fact involves how we access it. There are more than 3 million cash machines around the world today. You can get or deposit cash at ATMs in the most remote of places including in the most remote of places including Easter Island and McMurdo Station in Antarctica!

16. The Secret Service Originally Fought Counterfeiting

Today we typically think of the U.S. Secret Service as protection for certain political leaders, including the President and Vice-President and their immediate families. But the agency was founded for a very different reason. By the end of the Civil War, fake money was a significant problem, with nearly one-third of all U.S. paper currency in circulation being counterfeit. As a result, the financial stability of the country was in jeopardy, so in 1865, the Treasury Department established the Secret Service to suppress the counterfeiting. They didn’t start protecting the President until 1901, after the assassination of President William McKinley.

17. Most Americans Hoard Their Spare Change

One landmark survey by MyBankTracker.com found 55.5% of people do nothing with the loose change they’ve accumulated. Interestingly, 60.3% of the male respondents said they’re more likely to leave their extra coins untouched compared to 51% of the female respondents.

Another survey from Coinstar, conducted a few years ago, found that people estimated they had about $28 in change at home but typically took $56 in change to Coinstar machines.

Recommended: 7 Tips to Managing Your Money Better

18. Only 8% of the World’s Currency Is Physical Money

Interesting money fact: With mobile banking and electronic payments becoming more and more common, people are earning and spending money without having to even touch it. Economists estimate only 8% of the world’s currency is literal cash with the rest existing on computer hard drives in electronic bank accounts.

19. Coins Didn’t Always Say “In God We Trust”

The original American penny, reportedly designed by Benjamin Franklin, features a motto he popularized, “Mind Your Business.” The message wasn’t literally telling people not to be nosy. Instead, it was meant as a literal instruction about business and commerce, to keep focused on your livelihood.

20. US Airports Make Big Money from Loose Change

According to the Department of Homeland Security, airline passengers leave behind thousands of dollars in coins each year at U.S. airport screening checkpoints. In 2023, the most recent year studied, the Transportation Security Administration collected almost $1 million in unclaimed money (mostly coins) from passengers who emptied their pockets while going through the security line. These funds get deposited into a special fund so that collection and spending can be easily tracked. After a period of

21. This Century Is Transforming Money

Online banking has recently transformed how people manage their personal finances, and technology continues to alter how money is handled.
New ways to pay for things continue to rise in popularity, including mobile payment technology like Venmo, PayPal and Google Pay.

Approximately 42.6% of people worldwide use mobile or digital wallets.

The Takeaway

Learning fun facts about money reveals that there’s more to it than its face value. Finding out some fascinating money trivia might even change the way you think about it. These facts can enrich your understanding of the history of our currency system, how it’s evolving, and its place in the global market.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Photo credit: iStock/bob_bosewell

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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.