This paper explores the role of types and the intensity of transnational ties for migrants' well‐being from a global perspective. Based on a literature review, two competing hypotheses are formulated—transnational resources versus transnational stress—according to which transnational ties have either a positive or a negative effect on migrants' well‐being. Drawing on data from a large‐scale survey of Peruvian migrants worldwide, this paper examines the strength and direction of the relationship between Peruvian migrants' transnational ties and poor well‐being, the latter measured as depression/loneliness as a principal concern. While the multivariate regression results do not support the transnational resources hypothesis, partial support is found for the transnational stress hypothesis: more intense transnational ties are positively associated with poor well‐being. Our study points the importance of considering transnational ties in research on migrants' well‐being and indicates the relevance of developing adequate measurements and longitudinal research designs to explore the causal relationships between migrants' well‐being and transnational ties.