The best money transfer companies
Selecting the best-suited money transfer company for your needs is important to ensure that you get a great deal and access to the relevant transfer corridors. With so many options out there, choosing “the right one” can feel like a tricky task. This is where we come in.
In this guide we will be helping you identify the largest, most successful money transfer companies by looking at the industry accolades and awards, a number of customers, funding sources, and global markets each brand is involved with. Companies that excel in every aforementioned category are generally considered leaders of industry and worth choosing for your next money transfer.
Why choose the “largest” money transfer companies?
Although bigger does not always mean better, we believe there is a case to be made in favour of opting for the largest transfer providers operating in the remittance space.
Ideally, the money transfer company you use should offer the most flexible solutions, safest ways to send money, and supportive customer service. The companies that offer these services tend to have the most customers, more funding, and many awards. For this reason, choosing one of the bigger companies is a safe bet on receiving a reliable service.
The largest money transfer companies have got to the position they are in due to the quality of service provided to their vast customer base. Choosing to entrust your hard-earned money with the largest operators is a fail-safe choice for customers that do not have time to do mass amounts of research. To help these customers we will be providing as much information as possible about the best available options.
How to choose the best money transfer company?
In this section, we will examine the factors that contribute to a large money transfer company to make it easier for our users to identify the top companies from the vast number of available options. For each category, we will be listing which companies excel in a particular area so you can sign up for the right specialist provider and start sending money overseas.
Companies that serve the most amount of countries
The biggest money transfer companies target as many countries as possible. It increases their market coverage and improves the quality of the service. Having the option to send money to hundreds of countries offers excellent flexibility. Currently, you may only require a handful of countries for transferring money, but your needs may change in the future. Therefore, it makes sense to select a transfer provider that takes care of future needs too.
The top transfer providers are constantly adding new markets and countries to the worldwide coverage. Look for services that have grown considerably during the last few years. You can expect more of the same in the near future.
Azimo is an example of a high-quality company that offers a far-reaching global network of countries. You can send transfers to over 200 countries and multi-lingual support is offered, which is perfect for customers where English is not their first language. The service also offers flexible payout options, including cash, bank transfer, mobile wallet, and home delivery.
Companies that have received the most funding
The speed a money transfer provider improves the quality of their service somewhat depends on the funding they have available during the launch phase. The biggest money transfer companies in the world had a lot of initial funding, which means that they were able to launch with more features and better customer service.
High funding rounds indicate that the transfer provider has a lot of ambition and they are held accountable by the investors to perform well. Also, you can count on the most well-funded companies to be innovative with features you might not have seen elsewhere.
Wise is an example of a highly funded company, with $1.3B in funding over 13 funding rounds from 37 investors. They are regarded as the leading money transfer operator by many customers. They match the mid-market rate and offer a transparent fee structure that provides an amazing deal. Also, the clean user interface is simple and a solid mobile app is offered.
Companies that have the biggest customer bases
Large customer bases are a good indication that a money transfer company is doing something right. Firstly, it shows that the quality of service is great. It might be because the fees are competitive or there is a specific feature that competitors do not provide.
Secondly, companies with the most customers tend to have a wide range of features, which means the service is useful for different customer types. This typically means access to more countries, payment options, currencies, and transfer methods. Transfer providers that have the most customers also attract bigger profits and funding, which means they have the resources to improve the quality of service.
Western Union is one money transfer company that has one of the biggest customer bases worldwide with more than 150 million. They were founded in 1851, which makes them one of the oldest transfer providers around. Part of their popularity comes from the worldwide network of physical cash pick-up points and the ability to send money anonymously.
Companies that have won awards
Money transfer companies that have won awards indicate they have beaten the competition. Seeking out the companies that have won awards is a good way of choosing a service without spending hours of research. You can leverage the research of the organization that gave out the award and trust their judgment.
Note that there are different types of awards. The money transfer company of the year award is a good choice for customers that are looking for an all-rounder. However, if you have specific needs, such as access to the most transfer destinations or the best mobile apps, then look for awards in the relevant category.
Xe is a reputable company that received the “2021 Canstar International Money Transfer Outstanding Value Award”. This award looks at 30 finance categories and compares over 750 brands. Coming at the top of this list shows that Xe is a transfer provider worth considering. They have vast global coverage of over 170 countries, offer multilingual support, and provide an intuitive mobile app.
Companies that have the most employees
The number of employees working at a money transfer service indicates the company size. More employees indicate the company has more reach and resources to offer a competitive service. It might mean that the waiting time to get customer support is lower or that the time to implement a new feature is quicker.
WorldRemit is an example of a money transfer service that has a large workforce. As of 2021, they have 848 employees working for them worldwide. WorldRemit offers 150+ destination countries and competitive transfer fees. They also have flexible payment options, which include card, bank account transfer, Apple Pay, Mobile Money, and Poli.
Want to know more about money transfers? Here are our top guides:
Bottom line
In conclusion, there are multiple ways to identify the largest money transfer companies, which includes considering the worldwide coverage, awards won, number of employees, funding, and size of the customer base. We have provided money transfer examples for each category so you can choose one right away that matches your requirements.
We encourage you to continue learning about sending money by checking out our list of the Top 10 Money Transfer Companies and How to Send Money to Someone. These resources will give you more options for sending money and learning about their advantages.
Weigh up your options today by using our comparison engine
