Money transfer providers specialise in helping their clients make international payments as cheaply, quickly and efficiently as possible around the world. This contrasts with banks, which offer a much wider range of financial services, of which international payments is just one. By using a money transfer provider, you get access to their specialised focus, global currency expertise and customer support set up specifically to help you transfer funds internationally.
Money transfer services are able to keep their costs down because they have lower overheads than the banks. They have taken full advantage of technological innovation; setting up online businesses that are available 24/7 and require less costly on-the-ground infrastructure to do business. As a result, they can charge a fraction of what banks have traditionally charged.