Have you ever needed to send money to family or friends abroad? Have you had to pay for goods or services from a small business in another country? If so, you will know that it can be quite a hassle to find a reliable and cheap money transfer service. This is why we have put together a list of the top 10 best money transfer services.
What is a Money Transfer?
A money transfer is a way to send money from one person to another. There are many different ways to do this, but the most common is through a bank or an online service. When you send money via a bank, you will need to have an account with that bank. The recipient will also need to have an account with the same bank.
Key features to look for in a money transfer company
There are many money transfer companies out there, so how do you choose the best one for you? Here are some factors to consider:
- Reliability: You want to be sure that the company you are using is reliable and has a good reputation. Many companies out there claim to be the best, but not all of them deliver on their promises.
- Convenience: You want to be able to send money quickly and easily, without any hassle.
- Fees: Some companies charge high fees for their services, while others charge very low fees. It is important to compare the fees of different companies before choosing one to use.
- Customer service: Be sure that you will be able to get help if you need it and that the company is responsive to customer inquiries.
- Security: Make sure it is registered with the appropriate financial authorities in the country they operate.
- Cost: Remember all providers will charge fees in exchange for their services. Ensuring transparency of those fees upfront, before you make your transfer, is what counts.
- Speed: As the world gets ever more connected, the need to send money to family, friends, and businesses abroad has increased. There are a number of different ways to do this, but which is the best?
- Accessibility: You want a service that is easy to use and is available when you need it. For example, hours of operation, method of transfer, and considering location.
Why Do Money Transfer Providers Charge Fees
When sending money to family, friends, or small businesses, it is important to compare the costs of different money transfer providers. Some common fees charged by money transfer providers include:
Service fee: It is often the percentage of the amount being sent.
Transaction fee: A flat fee charged per transaction.
Exchange rate fee: A fee charged for converting the currency of the sender into the currency of the recipient.
Additional fees: Certain providers may charge additional fees, such as for international transfers or expedited service. To avoid paying high fees, it is important to compare the costs of various money transfer providers before making a transaction.
Top 10 Best Money Transfer Companies
1. Wise: Formerly TransferWise has a rating of 4.6 out of 5 on Trustpilot, and with over 12 million people using their services, they are one of the most popular transfer providers out there. With TransferWise, you can send money abroad with the real exchange rate, and there are no hidden fees.
Pros: Transparent fees and clear exchange rate margins, well-trusted and reliable brand with over 10 years of experience. Offer guaranteed rates for 24-48 hours, fast transfer times available
Cons: No option for cash pickups, and emphasis on online service can make troubleshooting difficult at times
Transfer speed: 3-5 days
2. Xe Money Transfer: is well-known in the industry, having carved a name for itself as a trusted authority in the foreign exchange space, over the last 30 years of trading. They offer the ability to track transfers, set up recurring payments, and send money to multiple recipients at once. Xe Money Transfer also offers competitive exchange rates and low fees, making it a convenient and affordable option for those looking to send money abroad.
Pros: Trusted name in the industry with over 3 decades of experience. It enables money transfers in almost 100 currencies to more than 130 countries.
Cons: Card payments are not supported, the exchange rate is offered only for the time of transfer, and limited payout options
Transfer speed: 2-4 days
3. Instarem: Is known for its fast, convenient, and affordable money transfer services. The company has been in business since 2014 and has helped millions of people send money to loved ones around the world.
Pros: Low fees and bank-beating exchange rates, sophisticated data encryption and strict security protocols, rewards scheme for repeat customers, on-the-go availability with mobile access
Cons: Limited available currencies, account verification can take up to 24 hours, credit card payments not supported
Transfer speed: 5 days
4. World Remit: Is known for its low fees, fast transfers, and excellent customer service. The company has an A+ rating with the Better Business Bureau and is a member of the Financial Services Compensation Scheme.
Pros: Worldwide presence in over 130 countries, with 70 currencies available, quick transfers in minutes.
Cons: More complex fee structure and higher cost than some other providers, particularly for larger amounts. World remit imposes a maximum sending limit depending on the country, and it’s $9,000 from the US
Transfer speed: 1-3 days
5. Paypal: is accepted for checkout on many sites around the internet and is becoming more commonly accepted at brick-and-mortar establishments.
Pros: secure means of sending payment, diverse financing options, extensive online and in-person payment solutions, additional merchant support features
Cons: popular target of phishing, poor customer service, and disputes can delay refunds
Transfer speed: 1-3 days
6. TorFX: is known for its excellent customer service, great rates, and fast transfers. The company has an A+ rating with the Better Business Bureau. And a member of the International Currency Exchange Association. They have a dedicated team of currency specialists who are always on hand to help with any inquiries you may have.
Pros: fee-free transfer service, no hidden costs, over 60 available currencies, flexible transfer options including spot and forward contracts, no maximum transfer limits, ideal for customers sending large money transfers
Cons: larger minimum transfer threshold, less favorable exchange rates for smaller transfers, a bank transfer is the only payment method
Transfer speed: 1-3 days
7. CurrencyFair: was founded in 2009 by two Irish entrepreneurs, Sean Morrison and Brett Meyers. To date, CurrencyFair has processed over $5 billion in customer transfers, saving customers millions of dollars in bank fees. Available in over 150 countries and offers support in 18 languages.
Pros: very competitive exchange rate margins, low transfer fees, easy-to-use mobile app, it allows you to transfer money to 157 countries in the world
Cons: in Africa, the Middle East, and Asia, users cannot open a CurrencyFair account, only 20 currencies are supported
Transfer speed: 1-3 days
8. OFX: is a global money transfer company with over 20 years of experience. They offer competitive exchange rates and have a commitment to providing excellent customer service. OFX has offices in Australia, Canada, the United Kingdom, and the United States.
Pros: competitive exchange rates, wide banking network with numerous physical offices across the world, intuitive online platform, and mobile app
Cons: minimum transfer amount of $200 per transfer and $1,000 per year, payment via bank transfer only
Transfer speed: 1-5 days
9. Currencies Direct: It is classified at level 1 credit rating by Dun & Bradstreet Corporation. This means the company is a low-risk organization.
Pros: services available in 10 different languages; English, French, Spanish, Portuguese, Italian, Norwegian, Swedish, Deutsche, Chinese and Korean, alerts available for tracking target exchange rates, over 60 currencies available, no fees for larger transfers
Cons: limited pay-out options: Currencies Direct only support bank-to-bank transfers to overseas recipients; there is no option to arrange airtime top up or cash transfers,
limited African currencies: Customers sending money to Africa may be disappointed by the lack of currencies available
Transfer speed: 2-3 days
10. VertoFX: The VertoFX business model is an ambitious one and this review will take a closer look at how effective the company has been at solving the various problems that face businesses making foreign currency transfers.
Pros: useful business products like multi-currency accounts, mass payments, and eCommerce tools, send and receive instant payments globally through a single API or the online platform, dedicated account manager for 24/7 support
Cons: not suitable for personal transfers, certain features are available to US and UK customers only
Transfer speed: no guaranteed transfer speed
The bottom line!
There are many money transfer companies out there, but which one is the best for you? It depends on your needs. If you need to send money internationally, you will want to choose a company that has a good reputation and offers competitive rates. If you are looking for a way to send money that’s convenient and easy to use, you will want to choose a company that offers a mobile app. The best money transfer company for you is the one that meets your needs. I hope this list was able to help you find the top best money transfer companies. Visit Hubtrak for more business ideas and insights.