Money transfer services are crucial for migrant workers, as the price of remittances can greatly impact their lives and the global economy. These services are also used by overseas travelers who value the convenience they offer. With bank wire payments often being delayed and expensive, international money transfer companies are becoming increasingly important. To be accessible to businesses and investors alike, transfers must be made more affordable. For small business owners and international investors, this is especially crucial, as they may lose up to 3% on each transaction due to bank transfer costs, risking their profitability.
The demand for money transfer services is significant worldwide. However, not all money transfer companies are equally reliable and trustworthy. As this industry is not yet well-regulated, it is important to choose a provider very carefully. To help you pick the best provider for your needs, we have compiled a Top 10 list of international money transfer services. Keep in mind that although many excellent businesses provide reasonable transfers, they all have areas of expertise. Therefore, you should consider the type of transfers you require when selecting the best firm for you.
Tranferwise
Among the “new generation” of international money transfer firms, TransferWise is currently the largest. With a $5 billion valuation, it has increased by around $1,5 billion just in the past year. The most affordable international small transfers are available from this company right now. It is ideal for remittances and other minor personal transfers due to its fixed currency conversion margin and the $1 minimum transfer size. Please take note that TransferWise does not provide discounts for transfers with huge volumes.
The business is inventive and expanding quickly, including its global reach. Additionally, it has straightforward pricing and is quite secure. It is governed by several financial agencies, including the FCA. Additionally, it’s one of the few that has a US trade license. Customer satisfaction with TransferWise is high. Both the mobile app and the internet transfers have excellent usability.
Notably, for international money transfers, TransferWise provides some of the lowest foreign exchange rates. These prices for modest transfers are unmatched. Because Western Union’s global reach is currently greater, TransferWise is currently second on the list of the top 10 international money transfer firms. This might soon change, though, given its development and popularity rates.
Western Union
The most well-known and least favored money transfer company in the world is likely Western Union. No matter the criticism leveled at this business, it deserves a spot on any list of the best firms for sending money abroad because no other business can go as far. Western Union is frequently the only choice open to foreign workers.
This company specializes in remittances and offers money transfers. It has an unrivaled global network of offices. Even in the most remote locations, the organization provides in-person cash collections and supports 145 different currencies. In places where no other foreign money transfer providers are present and even banking is severely restricted, Western Union money transfers are available.
Furthermore, transactions using Western Union are highly costly. They are the priciest in the sector. Additionally, there is not very good customer service or help in general. Thousands of people have complained about the company on websites like Consumer Affairs and BBB Customer Complaints.
The currency, destination, and transfer amount all affect how much the transfer will cost. The business is highly reliable and subject to numerous regulatory bodies. Since 1851, Western Union has been in operation. Despite hefty transfer prices, it continues to be one of the most reputable names in the sector.
OFX
Because of the wide range of services it offers, OFX is one of the most renowned international money transfer businesses today. This is an online-based business that has 115 bank accounts and 10 offices across the globe. Because of this, OFX can provide both businesses and individuals with quick and affordable international money transfers.
OFX has a $100 minimum transfer requirement and provides fairly competitive exchange rates and fees. It is suitable for minor transfers because of this. But the most crucial feature for companies and investors is that OFX provides variable margins. Therefore, your transfer will be less expensive the larger it is.
The business also has a corporate desk and provides investors and corporations with a host of beneficial services. Hedging and specific currency instructions fall within this category.
The FCA and other pertinent authorities regulate OFX, and the company has a high rate of customer satisfaction. The corporation is open and publicly traded, and all transfers are free of charge. It has an annual revenue of about $20 billion. The high volume is what enables online international transfer firms to maintain low FX rates since they are essentially currency wholesalers.
Customers have mentioned that waiting times for support can sometimes be prolonged with OFX.
Moneygram
Another well-known and remittance-focused veteran in the money transfer business is MoneyGram. This business was established in 1940 and has continued to expand and advance despite the present financial crisis. Transfers via MoneyGram are likewise fairly pricey. However, due to its extensive global reach, it is listed among the top 10 international money transfer companies. The business provides cash pickup services and accepts online payments in 58 different currencies. Keep in mind that if you do a physical transfer through a store, more currencies are accepted.
MoneyGram is a good choice for minor remittances because there is no minimum transfer amount. However, the company’s transfer costs and currency conversion rates are not exactly beneficial. Transfer fees can be as high as 10% to some farther-flung locations, like Ethiopia. MoneyGram has a lot of unfavorable customer feedback as well.
It’s crucial to remember that MoneyGram is one of the most trustworthy and legally operating international money transfer services. Additionally, it is governed by several financial agencies, including the FCA. Although these transfers are expensive, you can rest assured that they are completely secure.
Xoom
Another outstanding source of remittances is Xoom. It supports 79 different currencies and allows you to send transactions of any size to 131 different countries. Because it provides less expensive remittances, Xoom won a spot on the list of the top 10 international money transfer firms. It is a service that is generally user-friendly and has a very good mobile app.
The only countries from which you can currently send money using Xoom are the USA and Canada. It’s also a highly well-liked service for quick personal transfers within those nations. These exchanges happen quickly and at a very low cost. The cost of sending money internationally with Xoom rises as the transfer amount climbs. Because of this, it is a useful service for remittances but not for substantial investments.
Payoneer
Payoneer’s functionality and the kinds of transfers you can send with it are rather limited. But it strikes such an excellent mix between cost and uses that it merits a spot among the top ten global money transfer businesses. Also important to note is the company’s ongoing expansion and development. It just disclosed a $3.3 billion agreement with SPAC: Betsy and its IPO. Payoneer already provides very reasonable exchange rates and transfer costs. The most recent news indicates that things will soon improve even further.
The company, which is well-liked by online retailers, ex-pats, travelers, etc., offers money transfers with a truly global reach. No worthwhile high-volume discounts exist. It’s not the best for huge transfers because of this. It’s a great option for quick and affordable small- to medium-sized transfers, though. Payoneer is already used by 5 million people, and most user ratings are favorable.
One of the best aspects of Payoneer is that it makes it simple for independent contractors to withdraw money they receive from clients using a Mastercard. For SMEs who need to accept payments from various nations, a solution is a suitable option.
AirWallex
One of the international money transfer businesses focusing on the eCommerce market is AirWallex. This organization, which offers safe and fairly priced transfers, is well-known throughout the world. Please be aware that using AirWallex as a private client to send minor amounts is not possible. However, because it is safe and subject to regulation by numerous agencies, including FINTRAC, FCA, ASIC, and the HK Customs and Excise Department, online merchants can considerably profit from this service. The organization offers excellent exchange rates.
50 currencies are now supported by AirWallex. Business clientele from China, Singapore, Hong Kong, Australia, and Europe are welcome. The fees are quite minimal, and there is no minimum transfer amount. Online, there aren’t many client testimonials for this business. Those that do exist, nevertheless, are mainly advantageous. AirWallex was newly established in 2015. However, it was able to establish a strong reputation for dependability within its industry. It is also renowned for having a top-notch app. The business has eight offices and more than 300 people now, and it is expanding fast. Its annual revenue has surpassed $3 billion, and it is actively planning to enter the US market.
Currencies Direct
Another international money transfer business that predominantly serves wealthy clients is Currencies Direct. For investors and business owners, it provides some useful services. Offering knowledge of international real estate ventures is one example of this.
The corporation has 22 offices throughout the world and a $7.5 billion yearly revenue. For transfers involving a lot of money, it provides some of the best exchange rates. It also provides a multilingual customer care service that is quite effective and welcoming.
With Currencies Direct, there are no transfer fees and a $100 minimum transfer requirement. The FCA, SARB, FINTRAC, and FinCEN are in charge of regulating it. It supports 39 different currencies and has a Level 1 D&B grade.
Moneycorp.
One of the international money transfer businesses that are expanding and getting better today is Moneycorp. It has announced joining Shortlist to offer straightforward and inexpensive payments for independent contractors. This serves as a helpful reminder that the company, although a veteran of the sector (established in 1962), thrives on innovation. With a current annual revenue of close to $40 billion, Moneycorp takes pride in serving extremely wealthy clients.
This is one of the top ten enterprises for investors and corporations to use for international money transfers. The organization provides a variety of extra services, including currency expert advice, along with discounted prices for large transfers. Keep in mind that Moneycorp has received multiple honors and has the best D&B rating in the sector.
Moneycorp can be used for minor private payments as well because the minimum transfer is a mere $50. The best rates, however, are reserved by the provider for clients who conduct numerous transactions. Several European nations, the US, the UAE, Hong Kong, Brazil, and Australia are home to the company’s offices. It is governed by several agencies, including the FCA, ACPR, and FINCEN. Over 90% of all customer evaluations are favorable, and it supports 120 different currencies.
WorldFirst.
One of the pioneers in the internet money transfer business is WorldFirst. This business has recently received a significant makeover. It was bought by Alibaba Group, and with this significant infusion of cash, it was able to rise quickly. WorldFirst now provides the best FX margins in the whole sector. It’s one of the best options for transferring a lot of money at a set margin. The business also provides a wide range of beneficial services for eCommerce retailers as a result of its tight relationship with Alibaba.
Overall, WorldFirst is among the top 10 international money transfer services since it is incredibly difficult for businesses and individual investors to find a more affordable and dependable alternative. Since the minimum transfer size is $1,000, it’s not the ideal choice for minor transactions.