Top 10 International Money Transfer Services: Best Ways To Send Money Online

 

Other Alternative Organizations We Considered

Xoom

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.

Pros of Xoom:

• Versatility: Xoom supports various delivery methods, providing flexibility for both senders and recipients. Depending on the recipient’s location, options can include direct bank transfers, cash pickup at a local partner location, and even home delivery of funds.
• Speed: Xoom is known for its fast transfer times. In many cases, transactions can be completed within minutes, although this can vary depending on factors such as the destination country and the chosen delivery method.
• Transparent Pricing: Xoom provides a convenient online tool that allows users to see the transfer fees and exchange rates before initiating a transfer. This transparency helps users understand the exact costs involved.
• Mobile App: Xoom offers a user-friendly mobile app, available on both iOS and Android, that enables users to send money, track transactions, and receive updates on the go.

Cons of Xoom:

• Fees: While Xoom provides a valuable service, it does come with associated costs. Transfer fees can vary depending on the payment method, transfer amount, destination, and currency. Furthermore, Xoom applies a markup to the exchange rate, which can make larger transfers more expensive compared to some other services.
• Transfer Limits: Xoom has daily and monthly transfer limits, which can be as low as $2,999 for some users, depending on their account history and transaction activity. While these limits can be increased by providing additional information, they may be restrictive for users needing to transfer larger amounts.
• Limited Sender Countries: Xoom services are available to senders in a limited number of countries, including the U.S., Canada, and certain countries in Europe.

WorldFirst

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.

Pros of WorldFirst:

• Competitive Exchange Rates: WorldFirst typically offers more favorable exchange rates than traditional banks by adding a small markup to the mid-market rate. This can result in significant savings, particularly for larger transfers.
• No Fees for Major Currency Transfers: For major currency transfers, WorldFirst doesn’t charge any fees. This feature, combined with their competitive exchange rates, can make WorldFirst an economical choice for international money transfers.
• Advanced Tools: WorldFirst offers tools like forward contracts, which allow you to lock in a currency exchange rate for a future transaction, and rate alerts that notify you when a rate hits your targeted level.
• Specialized Services for Online Sellers: WorldFirst provides unique services for online sellers, such as multi-currency accounts that make it easier to manage international sales revenue.

Cons of WorldFirst:

• Minimum Transfer Amount: WorldFirst imposes a minimum transfer limit, which is set at 1,000 units of the currency being sent. This can be restrictive for users wishing to make smaller transfers.
• Availability: While WorldFirst serves many countries, it’s not available everywhere. The service is notably absent in the U.S. for individual customers.
• Transfer Speed: Depending on the currency pair and the banks involved, a transfer with WorldFirst can take up to four business days, which is slower than some other services.

Best Options By Region and Transfer Amount

Here we present the best providers by currency corridors and transfer size:

Sending from the USA:

• Best for sending large sums of money from the US to the UK: Currencies Direct
• Best for sending small sums of money from the US to the UK: Wise
• Best for sending large sums of money from the US to Europe: Currencies Direct
• Best for sending small sums of money from the US to Europe: Wise
• Best for sending large sums of money from the US to Canada Currencies Direct
• Best for sending small sums of money from the US to Canada: Wise
• Best for sending money from the US to Europe: Currencies Direct
• Best for sending large sums of money from the US to Australia and New Zealand: Currencies Direct
• Best for sending small sums of money from the US to Australia and New Zealand: Wise

Sending from Canada:

• Best for sending large sums of money from Canada to the UK: Currencies Direct
• Best for sending small sums of money from Canada to the UK: Wise
• Best for sending large sums of money from Canada to Europe: Currencies Direct
• Best for sending small sums of money from Canada to Europe: Wise
• Best for sending large sums of money from Canada to Canada Currencies Direct
• Best for sending small sums of money from Canada to Canada: Wise
• Best for sending money from Canada to Europe: Currencies Direct
• Best for sending large sums of money from Canada to Australia and New Zealand: Currencies Direct
• Best for sending small sums of money from Canada to Australia and New Zealand: Wise

 

Sending from the United Kingdom and Europe:

• Best for large sums of sending money from the UK to Europe: Currencies Direct
• Best for small sums of sending money from the UK to Europe: Wise
• Best for large sums of sending money from the UK to the US: Currencies Direct
• Best for small sums of sending money from the UK to the US: Wise
• Best for large sums of sending money from the UK to Europe: Currencies Direct
• Best for small sums of sending money from the UK to Europe: Wise
• Best for large sums of sending money from Europe to the US: Currencies Direct
• Best for small sums of sending money from Europe to the US: Wise
• Best for large sums of sending money from Europe to Australia and NZ: Currencies Direct
• Best for small sums of sending money from Europe to the US: Wise

Sending from Australia and New Zealand:

• Best for large sums of sending money from Australia to the UK: TorFX
• Best for small sums of sending money from Australia to the UK: Wise
• Best for large sums of sending money from Australia to the US: TorFX
• Best for small sums of sending money from Australia to the US: Wise
• Best for large sums of sending money from Australia to Europe: TorFX
• Best for small sums of sending money from Australia to Europe: Wise
• Best for large sums of sending money from New Zealand to the UK: TorFX
• Best for small sums of sending money from New Zealand to the UK: Wise
• Best for large sums of sending money from New Zealand to the US: TorFX
• Best for small sums of sending money from New Zealand to the US: Wise
• Best for large sums of sending money from New Zealand to Europe: TorFX
• Best for small sums of sending money from New Zealand to Europe: Wise

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:

1. 1. Cost-effectiveness: The cost of sending money is an important consideration. This includes both the transfer fees and the exchange rates offered. Services that offer competitive rates and low or no transfer fees were given higher rankings.
2. 2. Global Reach: The ability of the service to transfer money to a broad range of countries and in various currencies was considered. Services with a broad reach were given priority.
3. 3. Speed of Transfer: How quickly the recipient can access the transferred funds is critical, particularly in urgent situations. Services that offer faster transfer times scored higher.
4. 4. ase of Use: The simplicity of initiating and completing a transfer is important for user experience. Services with intuitive platforms, whether online or mobile, were favored in the ranking.
5. 5. Security: Money transfer providers must ensure that the user’s funds are secure during the transfer process. Services with robust security measures in place received higher rankings.
6. 6. Customer Service: The availability and quality of customer service were considered. Services that offer 24/7 support, multiple contact methods, and a reputation for resolving customer queries effectively were given higher rankings.
7. 7. Versatility: The flexibility of the service in meeting various customer needs (individual, business, online sellers, etc.) was considered. Services that offer features like rate alerts, scheduled transfers, and the ability to handle both small and large transfers were favored in the ranking.

By evaluating these key aspects, we aimed to provide a comprehensive and unbiased ranking of the best services available.

Transferring Large Sums of Money Internationally

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.

1. Competitive Exchange Rates:

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.

1. Transfer Fees:

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.

1. Security:

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.

1. Customer Service:

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.

1. Forward Contracts:

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.

1. Regular Payments:

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.

1. Regulatory Oversight:

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.

1. Secure Technology:

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.

1. Fraud Prevention Measures:

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.

1. Customer Funds Segregation:

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.

1. Transparency:

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

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.

1. Currencies Direct:

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.

1. XE Money Transfer:

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.

1. Wise (formerly TransferWise):

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.

1. Clear Currency:

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.

1. OFX:

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:

1. Registration:

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.

1. Initiate 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.

1. Review and Confirm Transfer:

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.

1. Payment:

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.

1. Transfer Processing:

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.

1. Confirmation:

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

 

 

Costs of Money Transfer Companies

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

 

In Conclusion: The Right Service for Your Needs

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.

Frequently Asked Questions:

1. What is a money transfer service?

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.

2. What are the Advantages of Currency Brokers Over Banks?

Specialist currency brokers offer several key advantages compared to traditional banks for sending money internationally. Here are some of these advantages: