Itır İlter
Itır İlter
Marketing & Growth ConsultantAugust 29, 2023

Comparing the best ways to send funds internationally, to and from emerging markets

Learn about the different ways to send money overseas to emerging markets with international money transfer services.

Comparing the best ways to send funds internationally, to and from emerging markets

A note: Please kindly note that Cenoa does not provide investment, tax, legal or accounting advice; and this material has been prepared for informational purposes only. You should consult your own advisors before engaging in any transaction. You can find detailed disclaimers on Cenoa’s website. 

What are the options for sending money internationally to and from emerging countries?

There are many great ways to send money internationally, but emerging countries don’t always have access to every app and service. For example, Venmo, Cash App, and Zelle are very popular in the U.S., but they’re not available in most of the world. 

There are many other low cost (or fee-free!) ways to send money internationally, including PayPal, Cenoa, and Wise. Bank transfers and wire transfers are also generally reliable options, but they can come with high fees when sending money abroad.

Be sure to read the international money transfer reviews for each app or service you’re considering to make sure others have had good experiences sending their hard-earned money abroad.

What to look for when sending money abroad to an emerging market

When sending money to an individual in an emerging country like Nigeria, Egypt, or Turkey, think about what will impact you as the sender and them as the recipient. 


The primary consideration when comparing international money transfer options are the fees. Some international money sending services charge high fees per transaction, as a dollar amount or a percentage. Others charge setup fees, monthly fees, or withdrawal fees. 

Holding periods

Some worldwide money transfer services have holding periods where the funds can take days — or much longer — to reach their intended recipient. A couple of days is standard for wire transfers, but waiting much longer can be stressful and limiting.


Not all ways to send money internationally online are created equal. Look out for scams, read international money transfer app reviews, ask a local accountant for advice, and ensure all transactions are encrypted. 

Currency value and exchange rates

Many global money transfer services charge unfavorable exchange rates in order to make a profit. Slightly higher than average is normal — but vastly higher is not. Make sure you won’t be wasting money on terrible exchange rates before using a money transfer service.

Via unsplash // Rupixen

App availability in each country

Before sending money with a money transfer app, make sure both parties — the sender and the recipient — live in countries where the app is available. Some apps don’t require both sides of the transaction to have the app in order to receive money, but many do. 

Local regulations/tax implications

Consult a legal professional or accountant to learn about the regulations in your country surrounding exchange rates and international money transfers. Transfers or received funds may need to be reported in your taxes, so learn about local regulations before sending or receiving money internationally. 

Comparing the best ways to send money to and from emerging countries

The best options for sending money to and from emerging countries protect your investments and are low cost. Some international money transfer options can even help grow your funds in a secure wallet, like Cenoa.

Bank transfers or wire transfers

Bank or wire transfers are often the first avenue that people attempt when looking to send money internationally, but unfortunately banks often charge high fees to send money abroad. Wire transfers typically cost anywhere from $0-50, which can be prohibitively expensive for many users, especially if they’re sending money abroad on a regular basis.

International money transfer apps

PayPal is one of the most well-known ways to send money internationally. However, they do charge cross-border fees to send money to another country, which vary from country to country. Check your region’s PayPal fees before using them to send funds abroad. 

Wise is a newer international money transfer app. They offer transparent, low fees, and use the mid-market exchange rate. They don’t offer cash pickup, but they do offer Wise debit cards. 

Instant and free USDC transfer through Cenoa

The Cenoa Super Wallet is one of the best ways to transfer money internationally. It’s always free to use, with no setup fees, no transaction fees, and no withdrawal fees or holding periods. It’s built on the blockchain, so it’s a secure way to send digital dollars — always on par with USD — while watching your savings grow, with up to 5% yield.

Available in 50+ countries, Cenoa is a great option for sending funds internationally.