Navigating the world of international money transfer services can be daunting, especially given the broad range of options available. These services, which allow users to send funds from one country to another, play a crucial role in the global economy. They facilitate personal transactions, aid in international business dealings, and support the livelihoods of many who rely on remittances from abroad. Whilst the common perception is that your trusted bank is the best option to transfer funds abroad, the reality is that this couldn’t be further from the truth. There have never been more options available to quickly and easily send money online at bank-beating exchange rates.
This article reviews and highlights the best international money transfer companies, considering various user requirements and scenarios. From our extensive research and first-hand testing, we have identified the top contenders: Currencies Direct, XE Money Transfer, OFX, Wise (formerly TransferWise), Clear Currency, and TorFX. These services have been selected for their exceptional offerings in specific categories, such as overall performance, geographical coverage, small and large transfers, and the quality of personal service.
Each of these organizations has been scrutinized using rigorous criteria, ensuring that they meet high standards of reliability, cost-effectiveness, ease of use, and customer service. The aim is to provide you with a comprehensive guide to the best international money transfer providers, so you can select the one that best meets your specific needs.
In the following sections, we delve into each of these top services in more detail, providing an objective review of their strengths and why they have made the cut in our list of top international money transfer platforms.
Quick Facts About the Best Money Transfer Companies
🕵️ Companies Reviewed We thoroughly tested 50+ global licensed money transfer providers in our extensive study. |
🥇Best Overall Company Currencies Direct |
🌐Best for Global Coverage XE |
💷Best UK & European Provider Currencies Direct |
🦘Best Australian Provider |
💱Best for Small Transfers |
Why we selected it: Established in 1996, Currencies Direct has grown to become one of the leading money transfer providers worldwide. With its transparent fee structure, competitive exchange rates, and extensive international coverage, it is easy to understand why we have selected it as the best overall service.
Currencies Direct allows you to send money to over 120 countries in more than 40 currencies. Their versatility and comprehensive services make it a top choice for various user scenarios, including individuals, businesses, and online sellers.
Moreover, Currencies Direct's platform is user-friendly, providing an easy-to-navigate interface on both web and mobile applications. Its features include the ability to set up regular payments, make forward contracts, and track the status of your transfers.
Moreover, Currencies Direct's platform is user-friendly, providing an easy-to-navigate interface on both web and mobile applications. Its features include the ability to set up regular payments, make forward contracts, and track the status of your transfers.
When considering the best international money transfer service for your needs, it's essential to weigh the pros and cons of each platform. Here we detail the advantages and drawbacks of using Currencies Direct based on our testing and research.
Cons of Currencies Direct:
Click Here To Get a Free Quote from Currencies Direct
Why we selected it: As part of Euronet Worldwide, XE Money Transfer (XE.com) benefits from a significant global presence. Its appeal lies in its vast reach, offering services to virtually every country in the world.
XE Money Transfer provides a fee-free transaction model, charging only a small margin on the exchange rate. This transparent approach makes it a popular choice among users seeking cost-effective international money transfers.
The service provides an easy-to-use platform, with a simple sign-up process and user-friendly interface. Additionally, it offers handy features such as market alerts and the ability to track and check rates.
Pros of XE:
Cons of XE:
Click Here To Get a Free Quote from XE Money Transfer
Why we selected it: OFX, previously known as OzForex, sets the bar high in terms of personal service. It assigns each user a personal account manager who can provide expert market insights and assist with transactions. This level of personalized service has earned OFX a strong reputation and our recommendation for the best personal service.
OFX does not charge any transfer fees and offers competitive exchange rates. It supports transfers in 55 currencies, covering over 190 countries.
Click Here To Get a Free Quote from OFX
Why we selected it: Wise, formerly known as TransferWise, Wise offers a competitive solution for small international money transfers. It boasts transparent fees and real exchange rates, helping users avoid hidden costs.
The service covers over 70 currencies and allows transfers to more than 50 countries. Wise's user-friendly platform includes features such as rate tracking, repeat payments, and even a multi-currency account, which can hold and convert money into different currencies.
Click Here To Get a Free Quote from Wise
Why we selected it: TorFX, a UK-based international money transfer company, takes our fourth spot for recommended services. Providing services in over 60 different currencies for both individuals and businesses, TorFX stands as a compelling choice due to its competitive pricing and personalized services.
Click Here To Get a Fee Quote from TorFX
Why we selected it: CurrencyFair is an Ireland-based peer-to-peer money transfer service that caters to both individuals and businesses. Known for its unique exchange approach and competitive rates, here are the key features and attributes of CurrencyFair:
Pros of CurrencyFair:
Cons of CurrencyFair:
Why we selected it: WorldRemit is a global money transfer agency that is well-regarded for its broad reach and digital-first approach. Here is a detailed examination of WorldRemit's pros and cons:
Pros of WorldRemit:
Cons of WorldRemit:
Why we selected it: Remitly, a US-based digital remittance service, is recognized for its focus on simplifying money transfers, especially for smaller amounts. Here are the key advantages and disadvantages of Remitly:
Pros of Remitly:
Cons of Remitly:
MoneyGram, as one of the longest-standing money transfer services globally, is well-recognized for its extensive physical network. Here are the key features and considerations of MoneyGram:
Rank |
Score |
Company |
Methods |
Trustpilot |
Markup |
Fees |
Website |
1 |
9.6/10 |
Currencies Direct |
Bank deposit, mobile wallet deposit |
4.7/5 |
Varies |
$0.00 |
|
2 |
9.2/10 |
XE Money Transfer |
Bank deposit, cash pick-up, home delivery, mobile wallet deposit |
4.1/5 |
0.5% - 2% |
$0.00 |
|
3 |
9.1/10 |
OFX |
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country) |
4.8/5 |
3% - 5% |
$0.00 |
|
4 |
9.0/10 |
Wise |
Bank deposit, mobile wallet deposit |
4.6/5 |
0.35% |
0.5% - 2%
|
|
5 |
8.8/10 |
Clear Currency |
Bank deposit, debit/credit card |
4.8/5 |
0% - 2.2% |
$0.00 |
|
6 |
8.8/10 |
TorFX |
Bank deposit, debit/credit card |
4.8/5 |
0% - 2.2% |
$0.00 |
|
7 |
8.6/10 |
CurrencyFair |
Bank deposit, debit/credit card |
4.8/5 |
0% - 2.2% |
€0.99 |
|
8 |
8.5/10 |
WorldRemit |
Bank deposit |
4.6/5 |
0.4% - 1.6% |
$3.00 |
|
9 |
8.4/10 |
Remitly |
Bank deposit, debit card, credit card, Paysend Wallet |
4.4/5 |
0.2% - 5% |
$2.00 |
|
10 |
8.4/10 |
MoneyGram |
Bank deposit |
4.4/5 |
0.1% - 0.6% |
€3.00 |
Xoom, a service from PayPal, offers a fast and reliable method for international money transfers. It supports transactions to over 130 countries worldwide and provides several delivery options, including bank deposits, cash pickups, and even home deliveries in select regions.
WorldFirst is an international money transfer company that provides services for individuals, businesses, and online sellers. WorldFirst supports currency exchanges in over 130 currencies and serves customers in many countries worldwide.
Best Options By Region and Transfer Amount
Here we present the best providers by currency corridors and transfer size:
How We Review: Ranking Criteria Used to Evaluate Money Transfer Providers
The ranking of the services was achieved following a thorough analysis of various crucial factors. These key aspects ensure that the rated services not only fulfill the primary function of transferring money but also offer features that make them standout performers in their field. The following criteria were used:
By evaluating these key aspects, we aimed to provide a comprehensive and unbiased ranking of the best services available.
When transferring large sums of money internationally, special considerations arise. These transactions often come with higher stakes due to the larger amounts of foreign currency involved, making it crucial to understand the best practices and services available for this purpose.
For large transfers i.e. millions of dollars, even minor fluctuations in the exchange rate can lead to significant differences in the amount the recipient receives. Consequently, finding a service that offers competitive exchange rates is critical. Some money transfer services, such as Currencies Direct, specialize in large wire transfers and offer particularly competitive rates for these.
While some services charge a flat fee, others may charge a percentage of the transfer amount. For large transfers, these percentage-based fees can add up quickly. Some services, like Currencies Direct, do not charge any transfer fees, making them more cost-effective for large wire transfers.
The safety of your funds should be a top priority. Ensure the service you choose is regulated by appropriate financial authorities and employs robust security measures to protect your transactions. For instance, all of the services mentioned in this article are authorized by the Financial Conduct Authority (FCA) in the UK, among other accreditations.
Given the higher stakes involved, having access to responsive and effective customer service is essential when making large transfers. Services that assign a personal account manager, like Currencies Direct, can offer a reassuring level of personalized assistance.
If you're making a large international wire transfer but don't need the funds to be delivered immediately, you might consider using a forward contract. This allows you to lock in a current exchange rate for a future transfer, protecting you from potential unfavorable shifts in the market. Services such as Currencies Direct offer this feature.
If you need to make large transfers regularly, some services allow you to set up automatic payments, so you don't have to initiate each transfer manually. This can be a convenient feature for transactions like mortgage payments or tuition fees.
In conclusion, when transferring large sums of money internationally, it's crucial to consider the exchange rates, fees, security measures, and features of different companies. By thoroughly researching your options, you can ensure that your funds are transferred safely, efficiently, and cost-effectively.
Click Here To Get a Free Quote From Currencies Direct
Safety and Security of Online Money Transfers
In the digital era, safety and security form a crucial part of online transactions, particularly in the case of money transfers where sensitive financial information is involved. Understanding the safeguards that reputable services employ can help users feel confident about the security of their transactions.
A key indicator of a money transfer service's safety is its regulatory status. Reputable services are registered and regulated by financial authorities in the countries where they operate. For instance, Currencies Direct and OFX are authorized by the Financial Conduct Authority (FCA) in the UK. These authorities ensure that the companies adhere to strict financial standards and conduct practices for the protection of consumers.
Most companies employ advanced encryption technology to protect users' personal and financial data. This technology converts sensitive information into coded text, which is extremely difficult for unauthorized parties to decipher. Secure Sockets Layer (SSL) encryption is a commonly used protocol for this purpose.
To combat fraud and money laundering, money transfer services implement robust verification procedures for new users, often requiring proof of identity and address. They also monitor transactions for any suspicious activity and have protocols in place to handle any potential security threats.
Regulated money transfer services keep their customers' funds separate from their operational funds. This means that even if the company faces financial difficulties, customers' funds remain safe.
Reputable services are upfront about their fees and exchange rates and provide clear information about the transfer process and timing. This level of transparency helps avoid any hidden costs or surprises, contributing to the overall trustworthiness of the service.
While these measures significantly enhance the safety of online money transfers, users also have a role to play. Maintaining strong, unique passwords, being wary of phishing attempts, and only using trusted networks to initiate transfers can further help protect their financial information.
In conclusion, reputable money transfer services place a high priority on safety and security, employing a combination of regulatory oversight, secure technology, fraud prevention measures, and transparency to protect their users and ensure the secure processing of transactions.
Click Here To Get a Free Quote From Currencies Direct
Industry accreditations act as a seal of trust, ensuring that a money transfer service abides by the required regulatory standards and best practices for secure and transparent transactions. They lend credibility to service and indicate a strong commitment to maintaining customer trust and delivering excellent service. Let's delve into the accreditations that our top-rated services have earned.
Currencies Direct is fully authorized by the Financial Conduct Authority (FCA) in the UK and is licensed as a money transmitter by the Department of Financial Services (DFS) in the United States. These accreditations assure that Currencies Direct operates under stringent financial regulations for the protection of customer funds.
XE Money Transfer is authorized by the FCA in the UK and is a registered Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada. These recognitions vouch for XE's commitment to maintaining robust compliance with financial regulatory standards.
Wise is authorized by the FCA in the UK and is registered with the Financial Crimes Enforcement Network (FinCEN) in the US. It is also regulated by different bodies in the various countries it operates, such as the Australian Securities and Investments Commission (ASIC) in Australia, demonstrating Wise's adherence to global financial regulatory requirements.
Clear Currency is also regulated by the FCA in the UK and is an HM Revenue & Customs (HMRC) registered Money Service Business. These accreditations affirm Clear Currency's commitment to maintaining high standards of financial compliance.
OFX is registered with FinCEN in the US and is also an authorized payment institution regulated by the FCA in the UK. In Australia, it is regulated by ASIC. These multiple accreditations underline OFX's commitment to operating under rigorous financial regulatory standards across multiple jurisdictions.
The aforementioned accreditations are vital indications of a money transfer service's commitment to customer protection, regulatory compliance, and transparency. These elements contribute significantly to a service's credibility and trustworthiness.
Click Here To Get a Free Quote From Currencies Direct
Process of Transferring Money Online
The process of transferring money online involves a series of steps that allow for the secure and efficient movement of funds from one party to another across different geographical locations. Here is a general outline of the steps involved when using \online money transfer services:
To start using an online money transfer service, you first need to create an account. This process usually involves providing some basic information about yourself, such as your name, address, and contact details. Following regulatory requirements, you may also need to provide proof of identity and address, and sometimes details about the purpose of your transfer.
Once your account is set up and verified, you can initiate a money transfer. This involves entering details about the transfer, including the amount you wish to send, the currency of the transfer, and the recipient's details. The recipient's details usually include their name and bank account information, but could also include their address and contact information, depending on the service and the recipient's location.
Before you finalize the transfer, you will have a chance to review the details. This will include the exchange rate and any fees associated with the transfer. Make sure to double-check all information, including the recipient's details, to avoid any mistakes. Once you've reviewed and confirmed the details, you can submit the transfer.
Next, you will need to pay for the transfer. The payment method can vary depending on the service. Common options include bank transfers, debit or credit cards, and sometimes digital wallets. Some services may allow you to "lock in" an exchange rate at this stage, which means that the rate won't change between when you initiate the transfer and when the funds are delivered.
After you've paid for the transfer, the money transfer service will convert your money into the recipient's currency at the agreed-upon exchange rate. The service will then send the money to the recipient, either into their bank account or to a location where they can pick up the cash, depending on the service and the options you chose.
Once the transfer is complete, the service will usually send you a confirmation, often via email. This confirmation may include a reference number that you can use to track the transfer if necessary.
Keep in mind that the specifics of the process can vary depending on the money transfer service you choose, the countries between which you're transferring money, and the specific options you choose for your transfer. Nonetheless, this general process will apply in most cases.
Click Here To Get a Free Quote From Currencies Direct
Using specialist services entails certain costs that users must be aware of to manage their financial transactions effectively. These costs are primarily composed of transfer fees and exchange rate markups. Understanding these components can help users choose the most cost-effective service for their needs.
Transfer Fees:
The transfer fee is the cost charged by the money transfer service to facilitate the transfer of funds. These fees may be a fixed amount per transaction or a percentage of the total amount being transferred. For instance, while services like Currencies Direct and OFX typically do not charge transfer fees, others like Wise employ a percentage-based fee. Note that some providers may market their services as "fee-free," but they often recuperate their expenses through the exchange rate offered.
Mid-market Rate:
The mid-market rate is the median rate between the buy rate and sell rate on the global currency markets. It's often referred to as the 'real' exchange rate since it doesn't include any profit margins.
Buy Rate and Sell Rate:
The buy rate is the rate at which a foreign exchange dealer (such as a bank or money transfer service) is willing to buy a currency, while the sell rate is the rate at which they are willing to sell that currency. The difference between these rates forms their profit margin.
Markup/Margin:
An exchange rate markup or margin is added by the service provider to the mid-market rate, enabling them to make a profit. For example, Wise uses the real mid-market rate for their transactions, while other providers like XE Money Transfer apply a markup.
When evaluating the cost-effectiveness of a money transfer service, both the transfer fee and the effects of the exchange rate need to be considered. A service with low transfer fees may offer less favorable exchange rates, and vice versa. To find the most cost-effective option, it's essential to calculate the total cost by considering the upfront fee and the resultant amount in the recipient's currency after the application of the exchange rate.
Factors such as the countries involved, the transfer amount, the payment method, and the payout method can all influence these costs. Therefore, it is advisable to compare the total costs of different services for a specific transfer requirement before making a final decision. This ensures the best value for money is achieved.
Click Here To Get a Free Quote From Currencies Direct
While we have reviewed and recommended five top-tier international money transfer companies, it is essential to remember that the best service for you will depend on your specific needs. Factors such as the amount of money you're transferring, the countries you're sending money to and from, and the level of service you desire can all impact which platform will best serve you.
Our #1 recommended service is Currencies Direct.
A money transfer service is a business or financial service that allows individuals or companies to send money from one location to another. This can be domestically within the same country, or internationally between different countries.
These services typically involve accepting money from the sender, transferring the sum via a secure system, and ensuring the funds are accessible to a specific recipient at the target location. The transferred money can be used for various purposes, such as personal remittances, business transactions, or payments for goods and services.
These services operate through various means, including physical branches, online platforms, or mobile apps. The modes of delivery can include direct transfers to bank accounts, cash pickup locations, or digital wallets.
The cost of these services varies depending on factors like the amount of money being transferred, the countries involved, the exchange rates, and the speed of delivery. The key features users look for in a money transfer service are cost-effectiveness, security, speed, convenience, and reliability of the service.
Specialist currency brokers offer several key advantages compared to traditional banks for sending money internationally. Here are some of these advantages:
Currency brokers generally offer more competitive exchange rates than traditional banks. Banks often add a substantial markup to the mid-market rate, which is not the case with many brokerages. This means you could save money on each transaction.
Banks often charge high fees for international transfers. In contrast, currency brokers frequently offer lower fees, and some even provide fee-free transfers for certain amounts or corridors.
Transfer services often execute transactions faster than banks. While banks may take several days to process international transfers, many brokers offer same-day or next-day delivery of funds.
Many brokerages allow you to initiate transfers online or via a mobile app, making it easy to send money anywhere, anytime. Some also offer additional convenient options such as cash pickup.
Brokers often provide upfront information about the exchange rate, fees, and the amount the recipient will receive. This level of transparency is not always available with bank transfers.
Some currency brokers offer features like rate alerts, scheduled transfers, and the ability to hold and manage money in multiple currencies. These services can provide flexibility and control that is often not available when using banks for international transfers.
In summary, currency brokers and dedicated money transfer services can offer a more affordable, faster, and more convenient way to send money internationally compared to traditional banks. However, the best option for you may depend on your specific needs and circumstances. Always compare different services before making a decision.
How long does it take to transfer money online?
The duration of an online money transfer can vary significantly depending on several factors including the international money transfer company used, the countries involved, the payment method, and the recipient's bank processing time.
Here is a general guideline for some common scenarios:
Some money transfer services offer instant transfers, especially for domestic transactions or transfers within the same financial institution. However, "instant" can sometimes mean within a few minutes to a few hours.
Many online transfer services offer same-day or next-day service for certain country pairs and certain amounts. For example, Wise often processes transfers within the same day, and sometimes within a few hours, although this can depend on factors such as the currencies involved and the time of day.
In general, a typical international money transfer might take 1-3 business days. This includes the time for the sending bank to process the transaction, the money transfer service to convert and send the funds, and the receiving bank to deposit the funds into the recipient's account.
In some cases, an international wire transfer could take longer, possibly up to 5 business days or more. This can be due to factors such as stringent security checks, the specific countries, and currencies involved, or delays at the receiving bank.
Given these variables, it's always best to check with the specific money transfer service for an accurate estimate of transfer times for your particular transaction
What is the maximum amount of money you can transfer online?
The maximum amount of money you can transfer online greatly varies depending on the service provider and certain regulatory constraints. Here's a general guide based on the most common service providers:
These limits can be influenced by several factors, including the verification status of the sender's account, the relationship between the sender and the recipient, the destination country, the source of the funds, and regulatory requirements.
What are the implications of exchange rates in money transfers?
The implications of exchange rates in money transfers are significant and multifaceted. Here are some key points to consider:
Impact on Value: The exchange rate directly impacts the value of the funds being transferred. If the sender's currency is strong against the receiver's currency, the recipient will receive more of their currency for each unit of the sender's currency, and vice versa.
Cost of Transfer: Money transfer services apply a markup or margin to the mid-market rate, the "real" exchange rate without any markup. This margin serves as their profit. So, a service may offer a seemingly low fee but compensate for it by applying a high markup to the exchange rate, increasing the overall cost of the transfer.
Fluctuations: Exchange rates fluctuate continuously due to a range of factors, including economic indicators, geopolitical events, and market sentiment. These fluctuations can affect the value of the transfer, particularly for large amounts or regular transfers over a long period.
Planning Transfers: Understanding exchange rates can help in planning transfers. For instance, if the sender's currency is expected to strengthen against the receiver's currency, it might be worth delaying the transfer if possible.
Locked-In Rates: Some money transfer services offer locked-in rates, where the exchange rate is fixed at the time of initiating the transfer. This feature can protect against adverse exchange rate movements between initiating the transfer and when it's executed.
Can I track my money transfer?
Yes, tracking a money transfer is typically an option offered by most money transfer services. The process varies depending on the service used, but usually involves the following steps:
Transaction Confirmation or Receipt: Upon initiating a transfer, the service provider usually provides a transaction confirmation, often via email. This confirmation contains important details about the transfer, including a unique transaction ID or reference number.
Online Tracking: Most money transfer services offer an online portal or mobile app where users can log in to view their transaction history and status. By entering the transaction ID or reference number into the designated tracking tool, users can monitor the progress of their transfer.
Email or SMS Updates: Some services provide updates through email or SMS at various stages of the transfer process, such as when the funds have been sent when they have been received by the intermediary or partner institution, and when they have been deposited into the recipient's account.
Customer Service: If there's a need for more detailed information or if there are any issues or delays, users can contact the service's customer support for assistance. Support might be available via phone, email, live chat, or through social media channels, depending on the service.
What are the Common Reasons for Sending Money Abroad?
There are myriad reasons why individuals or businesses may need to send money abroad. Here are some of the most common ones:
Summary of the Top Recommended Money Transfer Services: