Top 10 Money Transfer Companies
Ranking | Money Transfer Company | Average markup | Get Started |
|---|---|---|---|
#1 | 🥇 Wise | 0 - 0.5% | |
#2 | 🥈 Xe | 0.4 - 1.2% | |
#3 | 🥉 Instarem | 0 - 0.5% | |
#4 | WorldRemit | 0.5 – 1.25% | |
#5 | TorFX | 1 - 3% | |
#6 | CurrencyFair | 0.5 - 0.6% | |
#7 | OFX | 0.4 - 1.5% | |
#8 | Key Currency | 1 - 5% | |
#9 | Currencies Direct | 0.5 - 1.5% | |
#10 | Global66 | 0.3 - 0.6% |
What is a money transfer company?
A money transfer company is almost always the cheapest way to send your money internationally. These companies are often able to offer lower transfer costs than banks but with the same level of security and reliability.Specialist companies will have different fees for money transfers, often dependent on the current market rate as well as extenuating factors such as where you are sending money from and the amount you are sending. Our comparison tool is designed to compare these factors as well as overall security, reliability, and accessibility to help you make the right choice for your needs.
How does a money transfer work?
Leading online money transfer providers focus on streamlining digital navigation to create a simplified user experience so every customer can benefit from a straightforward service. The steps to initiating a money transfer are as follows:
Choose a Money Transfer Provider
Create Your Free Account
Set Up Your Transfer
Double-check Fees and Confirm
Track Your Transfer
Getting the best deal: Key features to look for in a money transfer company
While getting the best price for your money transfer is important, it's also a good idea to consider a few other factors when looking for a reliable, safe money transfer service for your needs.
Ultimately, the cost of your international transfer will be dependent on how much you are sending, the exchange rate at the time, and the fee structure employed by the provider you are using. Below are some important considerations to make when choosing the best money transfer service for you:
Security
Please make sure the money transfer service you're considering is registered with the appropriate financial authorities in the country they operate in and use secure encryption methods to keep your money safe.
Additionally, it is worth learning about the reputation of a company by reading the reviews from its users. This is a good way of double-checking that their services are held to as high a standard as advertised.
Cost
Some money transfer providers, such as Wise, will offer money transfers at the mid-market rate, adding on a set fee for their services. Conversely, other companies will add a small mark up on top of the true exchange rate.
To give you an idea of what to expect, most banks add a mark-up of between 4 – 5%, whereas most money transfer providers usually apply an average exchange rate spread of 1%. The important thing to note is that all providers will charge fees or mark-ups in exchange for their services, but ensuring transparency of those fees upfront, before you make your transfer, is what counts.
Speed
With a huge percentage of money being held digitally, you might think all international money transfers will be as instant as sending an email but unfortunately, that’s rarely the case. It’s a good idea to check the estimated transfer time with each provider, bearing in mind that the day you transfer your money will impact transfer times: delivery speeds vary for weekend days and business days.
Accessibility/Availability
Make sure the money transfer provider you are looking at supports the transfer route you need. Currently, not every company offers their services to all territories or countries so this is a hugely important factor to iron out before deciding on a service provider.
The importance of comparing money transfer companies
Not all money transfer services are the same, and there is no one-size-fits-all service. While some specialize in smaller transfers, others are better suited to customers sending large amounts of money. The cost and speed of transfer can also vary considerably, as can the payment and withdrawal methods available.
Depending on where you are sending the money from and to, what currency you are sending, the amount you are sending and how you are funding the transaction, the best service will vary. Taking all of the above into consideration, we have put together this comprehensive list of the Top 10 Money Transfer Companies, together with a quick overview and their pros and cons so you can find the provider that's right for you.Very transparent fees and clear exchange rate margins
Wise is one of the best-known names in the industry and for good reason. They are a money transfer company committed to bringing increased transparency to financial services, with a big focus on zero hidden fees.
One of the biggest selling points of Wise is how transparent they are with their fee-structure and exchange rates, from the offset: Wise confirms the exact amount which will reach the recipient account, before the transfer is even made.
Wise 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.
- Very transparent fees and clear exchange rate margins
- Well-trusted and reliable brand with over 10 years experience
- Offer guaranteed rates for 24 – 48 hours
- Fast transfer times available
- No option for cash pickups
- Emphasis on online service can make troubleshooting difficult at times
- Lacking specialised support for larger transactions
Xe offers international money transfers to over 130 countries, with their most popular routes including Canada, the United States, Australia and New Zealand. The brand 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.
With nearly 50,000 reviews on Trustpilot and an overall rating of ‘Excellent’, Xe is one of our top picks for being a trusted, reliable money transfer service with low fees and some of the most competitive rates available.
- Trusted name in the industry with over 3 decades of experience
- Enables money transfer in almost 100 currencies to more than 130 countries
- 24/7 account management
- No transfer fees and competitive exchange rates
- Card payments not supported
- Exchange rate offered only for the time of transfer
- Limited pay-out options
Instarem is a digital payment solutions company based out of Singapore, serving global markets across multiple continents. With tailored services for personal and corporate clients, the company is well positioned to facilitate a range of payment types, but is only suitable for customers sending AUD, CAD, EUR, HKD, GBP, INR, MYR, SGD, and USD. Through their fast and secure mobile platform the company is able to offer safe, verified transactions to more than 55 countries around the world.
- 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
- Limited available currencies
- Account verification can take up to 24 hours
- Credit card payments not supported
WorldRemit allows you to make transfers in over 90 currencies to 150 countries around the globe, with over two million people using their services to make a transfer last year. The company offers different methods to send money internationally such as bank deposits (visit the Canada deposit insurance corporation), cash pickups and mobile money, they are known for being able to process most transfers within minutes with low fees and an upfront exchange rate. WorldRemit has an average rating of 4.4 out of 5 on Trustpilot with over 4 million customers globally.
- Worldwide presence in 150 countries, with 90+ currencies available
- Quick transfers in minutes
- Support for different payment methods such as credit card, debit card and bank transfers
- Fees and exchange rates displayed up-front with no hidden fees
- More complex fee structure and higher cost than some other providers, particularly for larger amounts
- WorldRemit impose a maximum sending amount of $10,000 per transfer
Another industry-leading money transfer company is TorFX, who offer transparent foreign exchange services at a far more competitive rate than banks. With a near-perfect customer rating of 4.9 out of 5 on Trustpilot, TorFX is widely regarded as a trustworthy and efficient provider of personal and business transfers. Their round-the-clock customer support means every customer has a direct line to an expert Account Manager who can walk them through each step of the transfer process. This service provider is highly recommended for anyone sending large amounts of money abroad.
- 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
- Larger minimum transfer threshold
- Less favourable exchange rates for smaller transfers
- Bank transfer is the only payment method
Very reputable peer-to-peer international money transfer provider that offers a minimal percentage mark-up. With CurrencyFair you can send money internationally in just a few steps and it is an affordable money transfer provider for all transfer sizes.
- 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
- In Africa, the Middle East and Asia, users cannot open a CurrencyFair account
- Only 20 currencies are supported
OFX has more than 20 years’ experience providing money transfer services, and have handled transactions totaling over CA$103 billion to date with an average Trustpilot score of 4.4 The company has a very wide disbursement network, with offices in London, San Francisco, Auckland, Hong Kong, Toronto, and Sydney. With OFX you’ll also benefit from 24/7 customer service and low fees and exchange rate markups.
- Competitive exchange rates
- Wide banking network with numerous physical offices across the world
- Intuitive online platform and mobile app
- Minimum transfer amount of $200 per transfer and $1,000 per year
- Payment via bank transfer only
Founded in 2015, this UK based service provider is able to offer highly competitive, fee-free international money transfers due to lower operating overheads than the big banks and currency brokers. Key Currency is passionate about providing first rate customer service and competitive, up-to-date foreign exchange data, to ensure users get the best deal for their transfer needs. The company is best suited to those needing assistance with transferring large amounts of money overseas and business currency exchange.
- Rated 4.9 out of 5 by customers on Trustpilot
- Personalised customer experience, with exoert representatives on hand
- Bank-beating exchange rates
- No transfer fees for personal or business
- Not available to customers in the USA
- Bank transfer only; customers must send funds to a segregated client account
Starting out in the remittance industry in 1996, Currencies Direct is a long-standing brand name known within the sector for providing bank-beating rates and flexible cross-border payment services. Popular routes include transfers to Australia, Canada, the USA and South Africa, with more than 60 currencies available to customers making Personal or Business payments overseas.
- 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
- 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
Why do money transfer providers charge fees?
The fact is, money transfer providers need to make a profit for their business to keep running - and those profits are found in the fees or markups applied to each money transfer arranged through them. This is why you'll rarely (if ever) find a money transfer service for the exact mid-market exchange rate (the rate banks use to trade between themselves) on any particular day - most providers will mark up the exchange rate to cover their costs, or will add a set fee onto the mid-market rate when calculating your money transfer.
This is why we'd always recommend being wary of providers that advertise 'no fees' or 'zero commission' - many times, this simply means there are hidden fees that you're not being told about.
Are there any other ways to send money abroad?
The cheapest way to send money internationally is almost always going to be by using a money transfer provider, as listed in this review.
An alternate method is to transfer money directly using your bank. This is a more convenient option for some as you don't need to set up and verify another account through your provider and instead can arrange to wire money directly from your bank account to the recipient.
Bear in mind, however, that this convenience does come at a cost. Banks typically add a 4 - 5% markup on the exchange rate, compared to the average 1% markup money transfer providers charge.
Summary
So, there you have our top 10 money transfer companies. All of the names in this list have strong reputations in the industry and offer various services to their users. It's always important to remember, however, that the best service for one transfer might not be the best for another.
To ensure you're getting the best deal for your transfer, take a minute to use our free money transfer comparison tool that will instantly compare your options to find you the best company.
