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Top 10 money transfer companies

With more people and businesses travelling and living across international borders, many international money transfer companies have sprung up to facilitate the easy movement of funds abroad. People no longer solely rely on their banks for their money transfer, and are increasingly using specialised international money transfer companies due to their lower costs, high transfer speeds, and a range of other benefits. If you’re new to money transfers, read our money transfer guide, if not, continue reading to find the top 10 money transfer companies.

Updated: 20/01/2021
Read time: 22 minutes
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At a Glance: Top 10 Money Transfer Providers

# Provider Exchange Rate Markup
#1 XE 0.5-2% Visit Site
#2 TransferWise 0.5% Visit Site
#3 WorldRemit 1%-1.5% Visit Site
#4 OFX 1.5% Visit Site
#5 Azimo 1.5% Visit Site
#6 Remitly 1% – 2% Compare
#7 Skrill 3.99% Compare
#8 Ria Money Transfer 0.5% – 2.5% Compare
#9 Xoom 2% – 4% Compare
#10 MoneyGram 4% – 5% Compare

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.

Money transfer services 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, to, 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 to do a money transfer?

Thanks to the focus on digital transfers, initiating an international money transfer is a straight-forward process. Here are the typical steps you’ll need to follow:

Step 1: Choose a money transfer provider
Step 2: Create your free account
Step 3: Set up your transfer
Step 4: Double-check fees and confirm
Step 5: Track your transfer

What 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 fees of the provider you are using. Below are some important considerations to make when choosing the best money transfer service for you:

Security: Make sure the money transfer service you’re looking at is registered with the appropriate financial authorities in the country they operate in and use secure encryption methods to keep your money safe.

Additionally, checking the overall reputation of a company and their reviews from previous users is a good way to check the reliability of the provider you are using.

Cost: Some money transfer providers, such as TransferWise, will offer money transfers at the set mid-market rate, adding on a set fee for their services. Others, such as XE, will add a small mark up on top of the mid-market exchange rate.

To give you an idea of what to expect, most banks add a markup of between 4 – 5%, whereas most money transfer providers usually charge exchange rate margins around 1%. The important thing to note is that all providers will charge fees or markups in exchange for their services, but making sure they are being transparent about those fees upfront and before you make your transfer is what’s key.

Speed: With a huge percentage of money being held digitally, you would think international money transfers should be as fast as sending an email – 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 can impact transfer times, for example, at the weekends.

Accessibility/Availability: It’s vital to make sure that the money transfer provider you are looking at has the availability to send money via the route you need. Currently, not all providers will offer their services to all places, so this is a huge influencing factor in your decision.

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 work great for smaller transfers, others are better for 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, what currency you are sending, the amount you are sending and how you are funding the transaction, the best service for your specific needs will vary. We’ve come up with this comprehensive list of our 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.

Let’s get started!

1. XE

XE offers international money transfers to over 170 countries, with their most popular routes including Canada, the United States, and New Zealand. The brand is well-known for using enterprise-grade security to ensure their transfer service keeps for money safe, and for having low rates.

With over 40,000 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 for sending your money abroad.

Trusted name in the industry
Providers transfers to more than 170 countries in over 60 currencies
No transfer fees
24/7 account management
Does not support card payments
Exchange rate markup can be higher than other providers

How do I send money through XE?

You first need to sign up for an account by providing your personal details such as name, address, social security number and occupation. Once the account is approved, you can set up the transfer by providing your payment details, amount to be transferred, the currency you want to send, and the recipient’s details. 

One thing to be aware of, however, is that XE only supports payments through online banking and over the phone – you cannot pay with a card or have access to cash pickup services.

Fees and exchange rates

XE charges no transfer fees, instead only applying small markup on top of the mid-market exchange rate. This margin does, however, reduce as the amount you are transferring increases. You will only know the exchange rate being offered once you are ready to transact. Normally, this margin is in the range of 0.5-2%. 

Transfer speed

Most fund transfers happen the same day. However, depending on the currency being transferred and the sender and recipient banks, it may take 2-4 days for the funds to arrive with your recipient

2. TransferWise

TransferWise is one of the best-known names in the industry, and for good reason. They are a money transfer company focused on bank-to-bank international transfers, but the service they offer is much cheaper than banks with a big focus on zero hidden fees. 

One of the biggest selling points of TransferWise is how transparent they are with their fee-structure and exchange rates from the very onset – so you know the exact amount that will reach the recipient account even before you make the transfer. 

TransferWise has a rating of 4.6 out of 5 on Trustpilot with over 8 million people using their services, making them one of the most popular transfer providers out there.

Very transparent fees and exchange rate margins
Well-trusted and popular transfer company
Offers 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
Less support for larger transactions

How do I send money through TransferWise?

To use TransferWise, you need to create your account by providing your personal details such as address, phone, email, date of birth, bank account or credit card information, details of the recipient and the recipient’s International Bank Account Number (IBAN). Once you enter the payment information such as amount and currency, you will see the fees and estimated transfer time for each payment method. You can then make a transfer. 

Fees and exchange rates

The best thing about TransferWise is that it offers the mid-market rates (no exchange rate mark-ups), and these rates can be guaranteed for 24-48 hours. They do however charge fees for transfers, which vary depending on how fast you want the money to be delivered, the amount you are transferring, and which currencies you are using. Usually, these take the form of a percentage of the amount being transferred and are in the region of 0.5%.

Transfer speed 

TransferWise usually takes 3-5 days to transfer your funds to the recipient’s account.

3. WorldRemit

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 alone. 

They offer different methods to send money internationally such as bank deposits, cash pickups and mobile money, and 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 to over 150 countries
Quick transfer speeds (90% transfers approved in minutes)
Secure encryption system to keep your money safe
Supports a wide range of payment methods including debit/credit card and bank transfers
Range of delivery options including cash pick up, airtime top up, and bank transfer
Complex fee structure
Can have higher exchange rate markups than competitors

How do I send money through WorldRemit?

It’s quick and easy to sign up and start using the services of WorldRemit. All you need to do is enter your personal details and provide a valid proof of address for verification. You can simply scan and upload the documents. Once your account has been approved you can transfer money using a variety of payment options, including bank transfer, debit card, and cash pickup.

Fees and exchange rates

WorldRemit charges both a transfer fee and a markup on the mid-market exchange rate. Additionally, you’ll have to watch out for possible extra charges by your bank. WorldRemit is upfront about the fees charged, however, and you’ll know exactly how much your transfer will cost before it is carried out.

You may have to pay a delivery fee of between $3.99 and $24.99 depending on the currency, country, and delivery option. While WorldRemit charges a mark-up on exchange rates, these are still lower than what banks offer. Normally, the provider charges no more than 1%-1.5% mark-up.  

Transfer speed

WorldRemit offers near instant fund transfer in most cases, especially when transferring cash. However, bank transfers may take 1-3 days to be credited to the beneficiary’s account

4. OFX

OFX has more than 20 years’ experience providing money transfer services, and have handled transactions totalling over £67 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 and bank accounts in over 155 countries with over 55 currencies offered. 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 physical offices across the world helps provide cheap and fast collection and delivery of funds
User-friendly online platform and mobile app
Excellent, accessible customer support
Minimum transfer amount of $1,000
Credit cards can't be used to make overseas payments
Limited availability for same-day transfers

How do I send money through OFX?

Like most other services, you need to follow two simple steps to start using OFX: registering online and verifying your identity by providing documents such as a driving license, passport, or utility bill. Once you login, you can set up a transaction either on the phone or via their online platform. 

You can fund your account using one of the available methods depending on your country. Electronic bank transfer is available to residents of Australia, US, UK and Canada. The US and Canada residents can use wire transfers as well. Debit card transfers are available for only UK residents. Something else to be aware of is that the minimum transfer amount is $1,000, so OFX is not ideal for users wanting to send smaller amounts.

Fees and exchange rates

OFX charges no flat rate transfer fee, and the level of the exchange rate markup applied to each transfer depends on the amount being transferred and the currencies used. The larger the transfer amount, the better rates you will get, but in general, you can expect exchange rate margins of about 1.5% above the mid-market rate. 

Transfer speed

With OFX, transfers typically take between 1 and 5 days to be completed.

5. Payoneer

Payoneer provides international money transfers services in 200 countries and 150 currencies. Its marketing is largely directed at businesses and freelancers, providing an easy-to-use platform to send money abroad.

Payoneer boasts of an esteemed clientele including big names such as Airbnb, Upwork, Google and Amazon, who use Payoneer for mass payments. Payoneer is also used by eCommerce marketplaces such as Walmart and freelance marketplaces such as Fiverr but also caters for individuals wanting to send money abroad as well as large businesses.

Wide presence in 200 countries
Free payments between Payoneer accounts
Provides custom invoices and enables you to request payment from clients
Complex fee structure
Card payments can be quite expensive

How do I send money through Payoneer?

When you can sign up on the Payoneer website and create either a personal or professional account. You will need to enter your personal details and provide identity documentation such as a passport or driving license. Payoneer will then run identity and credit checks, which may take up to 2 days. Once this is done, you can start sending and requesting payments through Payoneer using a variety of payment methods including bank transfer and debit card.

To receive funds via Payoneer, you can either send another user a payment request and Payoneer will send them all the details including the payment options available to them. You will receive the payment in your Payoneer account within a few days. In case you have to receive payment from companies and marketplaces by bank transfer, Payoneer lets you receive payment in local currencies via specialised receiving accounts. The funds are then directed to your Payoneer account from these receiving accounts. 

For making payments from one Payoneer account to another, there are no fees. You can also make a payment directly from your Payoneer account to other people’s bank accounts without them needing to be a Payoneer customer, but this will attract fees and charges. 

Fees and exchange rates

Payoneer’s fee structure is quite complex as there is a different fee and exchange rate structure for different types of payments:


  • As a Payoneer customer, using their ‘Make a Payment’ option you can send and receive funds for free
  • To pay your service providers via credit card you need to pay a 3% fee, and local bank transfer and eCheck payments cost 1% 
  • To receive payment via their Global Payment Service, there is no fee for EUR, GBP, JPY, AUD, CAD, MXN, but there is a 1% fee for USD
  • To use their billing service to receive payment, you will have to pay 1% fee for payment via eCheck and 3% for credit cards

Exchange rates

  • Payoneer charge 0.5% above the mid-market rate for exchanging currency
  • To transfer money from Payoneer to your bank account in a different currency, you will have to pay 2% above the mid-market rate, and additionally, if you are making a withdrawal in the same currency, you will have to pay $1.50
  • It’s good to be aware that Payoneer offers lower fees for high-value transactions, so you can save money if transferring more money at once

Transfer speed

Most money transfers with Payoneer are almost instant. However, transactions with non-Payoneer accounts take longer depending on the payment methods used. Withdrawal from your Payoneer account to bank account may take 2-3 days. 

6. Remitly

Remitly supports transfers from 17 countries to over 50 receive countries around the world, with over 140,000 agent locations allowing for cash pickups for speedy transfers. 

Remitly is one of the most trusted names in the industry and well-known for its competitive fees and excellent optimized mobile app. It features a great range of payment options, including bank deposit, cash pickup, and even home delivery. Remitly has an overall score of 4.5 out of 5 on Trustpilot.

Recipients can collect money from any of the participating banks, which include almost all important banking networks in countries where their service is available
Different payout methods such as bank transfer, cash pick up, mobile wallet deposits, and home delivery
You can lock in the exchange rate when you place the order
Some payment methods have high fees
Low daily limits

How do I send money through Remitly?

Opening an account with Remitly is the first step. You can register by providing your personal details, email address and last four digits of your Individual Taxpayer Identification Number or your Social Security number. You also need to provide the recipient’s name, contact information and bank details. 

Once you are set up with an account, you can send money across the world through a variety of methods including bank account, debit card and credit card, which can all be selected on the Remitly website when setting up a transfer. 

Fees and exchange rates

Fees and exchange rates with Remitly are very dependent on how you’re paying for your transfer, how much you’re sending, and in which currencies. The provider often works out as more expensive than other providers, but this is offset by the amount of choice you have as a user in how to send your money. Here’s a quick summary:


The cost of transferring money with Remitly will depend on how much money you are sending, where you are sending money, and the payment method you select. Credit card payments typically invite a 3% fee but there is no fee for debit card transactions. There are also different payment types to consider:

  • Express payments: Payments are made via credit or debit cards. There is a different fee structure for different destinations, but by and large, these transfers have a fee of $6.99 and mean that your transfer arrives in minutes.
  • Economy payments: Payments are made via bank transfer. Again, there is a different fee structure for different destinations, but these transactions tend to take a few days but have no fees if the amount is over $500.

Remember that your bank may charge extra fees when transferring money, so be sure to check with them before making a transfer.

Exchange rates

The exchange rate markup above the mid-market rate will depend on the currencies and amounts that you are sending, but in general, the provider charges a rate of between 1% and 2% above the mid-market rate.

Transfer speed

Remitly offers both express and economy transfers. With express transfers, you pay with a debit/credit card and have to pay an additional fee for the transfer to arrive with the recipient within minutes. Economy transfers do not attract this extra fee but tend to take between 1 and 3 days to arrive.

7. Skrill

Skrill is a payment service that is highly popular with online gambling customers and forex traders. It boasts of a clientele of over 120,000 online merchants worldwide and markets itself with a focus on providing quick transfers and ability to transact with cryptocurrencies in addition to regular money transfers.

Skrill has a score of 4.7 out of 5 on TrustPilot and is popular for its modern and user-friendly website and app, making international money transfers easy to navigate.

Available in 200 countries
You can make transfers to online gambling accounts
Send money easily to a phone number or email address linked to a bank account
You can buy and sell cryptocurrency
Fast transfer speeds
Modern, user-friendly interface
Complex fee structure
Can be more expensive than other options

How do I send money through Skrill?

Skrill offers both personal and business accounts, and you can register for either one of these on their website or by downloading their app on your Android or iOS device. Once you provide your personal details, it will ask you to set up a security pin and fund your account using bank transfer, bitcoin, debit/credit card, or e-wallets like Neteller, Klarna, Trustly and Klarna. 

The provider will ask for identification and address proof for verifying personal accounts. If you have registered for a business account, you will need to provide a variety of documents including ID, proof of company address, details of shareholders and business partners and certificate of incorporation. 

Once your account is set up, it’s easy to navigate Skrill’s payment options both online and on their app and to make transactions to and from a very wide range of payment and withdrawal options. 

Fees and exchange rates

Skrill has a very complex fee and exchange rate structure, and the amounts you will pay can vary considerably depending on the payment method you use. Any currency conversion will cost you 3.99% above the mid-market rate, which is more than with a lot of other providers, but this is offset a little by the fact that there are no transfer fees for international transfers.

Something to watch out for is that there are quite a few administration fees you can end up having to pay in certain situations, such as a €25 fee for reversing transfers, or a €5 inactivity fee if you make no transfers over the course of twelve months.

Transfer speed 

Skrill usually takes 2-3 business days to transfer funds to the recipient account. If you wish to withdraw your funds to your bank account, the process happens instantly.

8. Ria Money Transfer

Ria Money Transfer has been in business for over 30 years and enables money transfers to more than 149 different countries from the US, Australia, UK and Spain. It lets you send money either via its vast network of 397,000 cash transfer and payout agent locations, or online, and has a strong reputation for providing a reliable remittance service to people all over the world.

Ria Money Transfer is a trusted provider with excellent reviews online, and years of industry experience to help them serve their customers best.

Global reach with over 350,000 agent locations
Home delivery available in some locations
Payments made using debit/credit card are delivered instantly
High cost of transfer for some locations especially when payments are made using cards
Low limit when transferring money online ($7,999 per month)

How do I send money through Ria Money Transfer?

To start using Ria you will need to create an account by providing your personal details and a valid ID. You can make a payment using bank transfer, credit card or debit card. You will also have to provide the recipient’s details such as name, contact information and bank account information. This can all easily be done both online and by going to see a physical agent to arrange your money transfer.

Fees and exchange rates

With Ria Money Transfer, the transfer fee you’ll pay depends on a variety of factors including the destination, payment method and how the recipient will receive funds (cash pickup or bank). You can make a payment using bank transfer, credit/debit card or cash. 

You can use their online calculator to find out the fees you will pay. For example, if you are transferring money from the US to Canada and you make a transfer from your bank account to the recipient’s bank account, you will pay $3 as a transfer fee. 

In terms of exchange rates, these are determined by where you’re sending money to, and which currencies you are using. In general, the exchange rate margins applied by Ria Money Transfer tend to be between 0.5% and 2.5%.

Transfer speed

Most money transfers on Ria Money Transfer are instant, especially if using cash pickup as a delivery option. However, bank transfers may take between 2 and 5 days.

9. Xoom

Xoom lets you send money to an overseas bank account, send cash for pick up, or have cash delivered to the doorstep in over 70 countries. The provider also allows you to make phone top-ups in 35 countries, and the wide range of services they offer is one of the reasons they have such a strong reputation in the money transfer industry.

Xoom is a PayPal service and has a TrustPilot rating of 4.5 out of 5 online. It’s a great choice if instant money transfers are a high priority for you, but it’s worth noting that the quick transfer times do come at a higher cost.

Wide network covering 159 countries
Multiple payout options
Quick transfers
High fees compared to some other providers
Exchange rate isn't clear until you sign up with the service

How do I send money through Xoom?

To send money using Xoom, you first need to register for an account by providing your personal details. You will need to provide a government-issued ID like a passport or license and a recent bank statement. Then, you provide the recipient details and select the payment method-debit/credit card/bank transfer. 

Their online platform is easy to navigate, and on it, you’ll be able to select a variety of payment options and delivery methods in drop-down menus.

Fees and exchange rates

The transfer fees you’ll pay when using Xoom depends on factors such as the payment method used, where you are sending your funds and the amount being sent. The fee is usually lower if you pay via a US bank account. 

Fees, in general, are quite high if you pay using debit/credit card (around $11 when sending $200), but in some instances, such as when you are transferring a larger amount using your bank account, the fee is waived. 

On top of these fees, Xoom also applies an exchange rate margin usually in the range of 2% – 4% when transferring into a different currency. This is quite high compared to other services, and when combined with the fees charged make Xoom comparatively expensive within the industry.

Transfer speed

Most transfers through Xoom are instant but it may take up to a few days in case of some currencies and countries.

10. MoneyGram

The final member of our top 10 is one of the industry’s most recognisable names. MoneyGram is a payment transfer service that launched all the way back in 1940, so they have more than 80 years’ experience providing money transfer services across the world. It is among the largest money transfer companies with a network of over 350,000 agent locations.

With MoneyGram you know you’re getting a secure, reliable service, although the company’s fees to tend to be higher than some of the newer providers on the market. MoneyGram has an overall ‘Great’ rating on TrustPilot with a score of 4.2 out of 5.

Wide network coverage spanning 200 countries
Different payout options
Fast transfers
Often more expensive than many other providers
Variable fees

How do I send money through MoneyGram?

Setting up your account with MoneyGram is similar to other services: you simply visit their website to open a free account, providing personal documentation such as a passport or a driving license. Once your account has been approved, you just need to enter the recipient details and set-up your transfer. 

With MoneyGram, you can send money online or in-person at one of the agent locations (which you can often find at Post Offices if you’re in the UK). Additionally, if you have a Facebook account you can also use the unique ‘MoneyGram Sendbot’ to send money through Facebook’s platform.

Fees and exchange rates 

The transfer fees charged by MoneyGram depend on the payment method, destination, currency and payout method chosen. For example, if you intend to send $1000 to India, you will need to pay no fees for bank transfer, $3.99 for debit/credit card, and $7 for cash deposit at your selected location.

While the fees charged on MoneyGram are pretty reasonable, they do charge a much higher exchange rate margin than many other providers – often as high as 4% or 5%. So if you’re looking for the best value way to send money across currency zones, you may want to consider other options.

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 with zero additional fees. Most providers will mark up the exchange rate to cover their costs (such as WorldRemit, Remitly, and XE), or will add a set fee onto the mid-market rate when calculating your money transfer (such as TransferWise).

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.

Choosing the best money transfer company for you…

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 a variety of services to their users to make money transfers simpler and more cost-effective. It’s always important to remember, however, that the best service for one transfer might not be the best for another.

In order to ensure you’re getting the best deal for your transfer, take a minute to use our free money transfer tool at the top of this page to instantly compare your options to find you the best company.