best money transfer services


Depending on your specific needs you may be best to use a service that offers fast transfer speeds. There's a wide selection of money transfer services from which you can choose. They work with over 200 of the leading global brands, such as Apple, Walmart, Google, Amazon, and more, and in the year 2015 alone, over $74 billion dollars was transferred safely and quickly using their service. You want to find the length of time that is going to work best for you and the second person. You also want great customer service if you find you need support. OFX; 3. 2.Make your choice among the 20 money transfer providers available to send money to Nigeria and select the best option. 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. They’ve been in business since 1993 and are our #1 pick for sending money overseas. In the case of banks being closed or holidays, the transfers can sometimes take a little longer, but even so, they usually arrive by the next business day. One of the best-known names in the money transfer game, Western Union, has been around far longer than many of the fintech apps and new banking products. 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. 10 Currency Solutions. They offer tracking for your transfers, and keeping track of your transfer history is incredibly easy using your private account on their website. On this page, we present our list of the best money transfer services for 2020. There are detailed, step-by-step instructions on how to set up this process on the CurrencyFair website, and if you have trouble with the process, the ChatBot is always there to help, as well. If you’re transferring the money to another individual then you will require the other person’s contact details including name, address, account number and Branch Number or Bank Identifier Code (SWIFT BIC or IBAN). Once Send have received your funds they are typically transferred to your nominated bank account overseas on the same day. 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. How Do I Compare International Money Transfer Providers? Digital money transfer specialists are the best way to send money to India, offering stronger rates and lower fees than your local bank. Accounts are set up online or through mobile devices, and those accounts are free as well, and quick and easy to set up. Although purchasers can send money through TransferWise at any time, the receiver may not have access to the transferred money right away. The fee is usually lower if you pay via a US bank account. 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. The difference between the best and worst money transfer service exchange rates was $155 over the five-day period. Two of CurrencyFair’s most interesting and innovative features are its ChatBot and the ability for the customer to set up automatic transfers. 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. It’s quick and easy to sign up and start using the services of WorldRemit. XE is authorized by the FCA and protected by Norton Security. However, bank transfers may take 1-3 days to be credited to the beneficiary’s account. It has a 4.7 out of 5-star rating on TrustPilot and is known and trusted globally. As long as you are transferring to another WorldFirst customer, the transfers are also free of transfer fees; however, if you are transferring money to a recipient in another way, fees will be added to your transfer. Best Money Transfer Companies. 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. Western Union is another incredibly well-known and popular money transfer system, especially in the United States. Most transfers through Xoom are instant but it may take up to a few days in case of some currencies and countries. Find companies that offer promotions such as fixed or “locked-in” rates. These companies facilitate money transfers between immigrants who are working in one country, such as the United States and are sending money home to family members in their home countries. 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. These exchanges are usually relatively small and would not raise the attention of financial institutions. Founded in 2003, Currency Solutions is dedicated to excellent customer service and great rates on money transfers around the globe. There are actually several. You’ll need to have your bank details and an ID ready to verify your account. These are all things to find out before deciding on a final company. However, transactions with non-Payoneer accounts take longer depending on the payment methods used. You will need to enter your personal details and provide identity documentation such as a passport or driving license. For instance, if the exchange rate between the United States and China is one dollar to 7.08 Chinese yuan, then that is the rate at which your money will be converted. 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. After 20 years, OFX is one of the oldest money transfer companies and they have the expertise to go with it. Best Money Transfer Sites: Browse the best Money Transfer businesses reviewed by millions of consumers on Sitejabber. Don’t be afraid to shop around and see which banks, institutions, or companies will give you the best rates on transfer fees. Most money transfers on Ria Money Transfer are instant, especially if using cash pickup as a delivery option. MoneyGram is one of the quicker methods of sending money, with many of their transfers arriving the very same day on which the transfers are purchased. Matt holds a Bachelor of Commerce (BCom) majoring in Finance and Marketing and Bachelor of Arts (BA) majoring in Economics and History. offers international money transfers to over 170 countries, with their most popular routes including Canada, the United States, and New Zealand. How to get the best money transfer deal. Receiving five out of five stars on TrustPilot, XE has become a globally recognized name in international money transfers. Using this exchange rate, if you wanted to send $100 US dollars to China, your second party would be receiving 708.05 Chinese yuan. 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. Top 10 Money Transfer Services: The best way to send money internationally. Remitly offers both express and economy transfers. To put it into context, SWIFT  handles $5 trillion in transfers per day according to the US Treasury, which gives you an insight into the size of the market. The wide help perception is that your trusted bank is the safest and best method to transfer your money overseas. A money transfer company does all the hard work for you. There are some fees associated with sending money through WorldRemit, but they are reasonable, and their exchange rates are fiercely competitive. They also have great exchange rates. The information and analysis for each of these service providers is based on customer experience, feedback and our own independent research. There are also different payment types to consider: Remember that your bank may charge extra fees when transferring money, so be sure to check with them before making a transfer. However, if you are looking to transfer large sums of money at once, it may behoove you to choose a company that specializes in larger, business transfers. Find the best rates for you. Most companies provide this service, but there are a few who don’t. In addition to the two big comparisons already mentioned – transfer fees and exchange rates – there are a few other things you want to look at when comparing the companies you could potentially use to transfer your money internationally. Customers from the United States can, however, switch over to their new platform under the name of Omega. Stop by any Wal-Mart, head to the service desk or money center, and logos, and signs for MoneyGram will be everywhere. The best way to transfer money internationally depends on your sending needs, so we’ve dug through 100+ providers to help highlight the differences. The brand is well-known for using enterprise-grade security to ensure their transfer service keeps for money safe, and for having low rates. It is clear that today, people and businesses have loads of options when it comes to sending money internationally. They have 12 offices around the world, and approximately $4 billion dollars are sent through their company every month by their six million customers in 59 countries. 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%. Even a slightly better rate can result in thousands of dollars in savings for you. These companies will be discussed later on. WorldFirst is another United Kingdom-based money transfer company. Furthermore, because of the abundance of locations and the option to pick up money in person rather than via a bank transfer, Western Union is the only viable option for some people, even if they do balk at the lofty fees. You can make a payment using bank transfer, credit/debit card or cash. 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. The transfers are easy, convenient and secure. WorldRemit is upfront about the fees charged, however, and you’ll know exactly how much your transfer will cost before it is carried out. 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). OFX pride themselves on trying to take the mystery out of foreign exchange and offering rates that are better than the banks. Banks are convenient but you’ll pay a premium, so instead find the money transfer company that best fits your situation using our hand-picked list. 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). Best Money Transfer Service for Your Needs. They offer transfers directly from the purchaser’s debit card or via wire transfers. 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. 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. Now, Western Union is one of the world’s largest and most well-known money transfer companies. XE Money Transfer (Our #1 Recommendation) 2. This is quite high compared to other services, and when combined with the fees charged make Xoom comparatively expensive within the industry. CurrencyFair; 9. With the rise of money transfer companies in the USA, new firms are bringing new products and cheaper solutions to the US money transfer market. Western Union indeed is one of the most established money transfer companies, dating back more than 160 years. Once you enter the payment information such as amount and currency, you will see the fees and estimated transfer time for each payment method. Providers transfers to more than 170 countries in over 60 currencies, Exchange rate markup can be higher than other providers. The ChatBot is an online help tool that is available around the clock on the CurrencyFair website. These transfers, too, are almost always instantaneous. $100 will go to your party in the other country and the company will keep the $15 dollars for their profit. 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. Opening an account with Remitly is the first step. We selected a diverse range of service providers, from companies offering the cheapest rates to ones with the most currencies or payment types. Additionally, if you have a Facebook account you can also use the unique ‘MoneyGram Sendbot’ to send money through Facebook’s platform. This generally involves uploading photos to prove your identity. After the rate is agreed upon, a confirmation will be sent to you, and you will give your agent the details about the second party who will be receiving your money on the other end of the transfer. User Experience: whilst the ease of use of the service is subjective you want to be using a service that is quick and simple – especially if you’re planning to make regular transfers. They also provide the same or next day delivery of transfers to most recipients, depending on which country someone is sending money to. You will also have to provide the recipient’s details such as name, contact information and bank account information. For instance, if a customer sends money on a Friday evening, the recipient of the money may not be able to pick the money up until his or her bank or another institution opens once more, which could potentially be as late as the following Monday. 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. They support 55 different currencies, including, but not limited to, currencies in the United States, Canada, Switzerland, Japan, Mexico, the United Arab Emirates, Poland, South Africa, China, Indonesia, Israel, South Korea, Russia, and Pakistan. moneyXFR promotes the best online money transfer service that provides the cheapest, fastest way to send money overseas. See reviews, photos, directions, phone numbers and more for the best Money Transfer Service in Columbia, SC. The exchange rate between countries is another factor that can determine how much sending money will cost you. TransferWise does charge a fee for sending money, but they are generally quite low, some as low as $1 dollar plus 10% of the total transfer amount per transfer. Once your account has been approved you can transfer money using a variety of payment options, including bank transfer, debit card, and cash pickup. Use our international money transfer and currency exchange comparison table. Payoneer boasts of an esteemed clientele including big names such as Airbnb, Upwork, Google and Amazon, who use Payoneer for mass payments. The company has also won several awards, including the Money Transfer Provider of the Year award in 2018 and the Consumer Champion of the Year award in 2017. 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. CurrencyFair customers seem to use this company more as a way to receive money rather than transfer money, although both of those things can be accomplished through the company. 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. You can see how much difference a slightly better exchange rate makes when you’re transferring larger amounts. Best services to send money internationally Before we go much further, let’s discuss the common fees associated with international money transfers. WorldFirst currently has over 400,000 individual customers and more than 150,000 business clients across the globe, and since the company’s launch in 2004, those customers have transferred over 70 billion pounds, roughly 90 billion US dollars, using the company as a facilitator. Create an account on your chosen transfer provider’s website or app. You can then make a transfer. The automated transfer feature is fairly self-explanatory. Pros. Cash pickups are exactly what they sound like. Normally, the provider charges no more than 1%-1.5% mark-up. Yes, using your bank is definitely an option, and if you don’t mind completing lots of paperwork and physically visiting your local bank branch (a requirement for most banks), then you can arrange a wire transfer through your bank. Exchange Rate: the exchange rate is arguably one of the most important aspects when selecting a service. The fee will generally be higher if you’re using a credit card to make the transfer. Most services will require the transfer to be completed within a certain timeframe to hold the quoted currency exchange rate. Based in Australia, but providing global services, Send is another company with a 5 out of 5-star customer rating on TrustPilot. Setting up an account on their website is fast, free and easy, and it gives you access to sending and receiving money from over 150 different countries. Pick a company based on the best deal for the amount of money you are sending. Payoneer will then run identity and credit checks, which may take up to 2 days. 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. Although this may be running it into the ground, it needs to be said once more: The best way to get the best exchange rate is to do your research and shop around! 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. OFX does not offer same-day transfers. Step 6: the funds arrive in the recipients’ bank account (your account if desired) and the transaction is completed. It only transfers money into a little over 20 different currencies. While WorldRemit charges a mark-up on exchange rates, these are still lower than what banks offer. The best money transfer app is WorldRemit WorldRemit offers transfers to over 150 countries, and monies can be received by a range of simple and … 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. Best fee free money transfer service. WorldFirst; 7. 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. If you’re sending small amounts of money that don’t need to get there quickly, don’t use international wire transfers at all. A transfer’s cost will vary depending on which company you use to transfer the money. XE Money Transfer offers bank-beating rates, fantastic customer service, and has an excellent five-star rating on Trustpilot. Our aim is to make sure you can transfer money quickly, simply and in the most cost-effective way. The airtime is, of course, what gives a person access to his or her phone’s functions, such as data, text messaging, voice mails, and more. How to Get the Best Exchange Rate When Sending Money Online, Money Transfer Companies: The Three Different Types, Tips for Saving on Your International Transfer. These fees can be set rates, or they can depend upon a number of factors, including where you’re sending the money, how much money you’re sending, and how fast you need it to get there, among others. 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. It has a four-star rating on TrustPilot, and it offers many competitive benefits. It has also won a few awards, such as the Moneyfacts Consumer awards for Best Customer Service and Exceptional Money Transfer Provider; that last one was won four years in a row. Venmo is one of the most popular ways to send money in 2020. You will need to provide a government-issued ID like a passport or license and a recent bank statement. The first of these is the total overall cost of the transfer. In 2015, it facilitated the transfer of more than $150 billion. This year they were award ‘Best value international money transfer provider’ by Mozo, one of Australia’s leading financial comparison platforms. Payoneer provides international money transfers services in 200 countries and 150 currencies. These companies work hard to ensure their rates are competitive and that you receive the best exchange rate at the lowest price possible. CurrencyFair has been in business for nearly a decade and has already facilitated the exchange of over 8 billion euros, which is the equivalent of right at 9 billion US dollars. Here are the exact steps to take when using a money transfer company to send money overseas. TransferWise also offers several different available options for how to send money. Most of the services require you to verify your identity in order to prevent fraud. Adding this type of credit to a pre-paid cell is known as “topping up.” WorldRemit allows customers to top up their own phone or someone else’s phone through the site. If you’re new to money transfers, read our money transfer guide, if not, continue reading to find the top 10 money transfer companies. 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. 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. Most fund transfers happen the same day. Currently, not all providers will offer their services to all places, so this is a huge influencing factor in your decision. They allow your recipient to physically go to a trusted location with his picture id and the transaction reference and pick up cash money from a WorldRemit employee. 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. TorFX also holds segregated client accounts with Barclays, a well-respected and highly secure credit company. Money can be sent using direct wire transfers; customers using this method can actually transfer as much as a million dollars. For other money transfer services, you might need to visit your local bank branch, or visit a Western Union or Moneygram branch. Setting up an account with Send is very user friendly, free and there’s no obligation to use them once the account is setup. The sums of money transferred in these transactions are often very large and can draw the attention of federal and financial agencies. However, unlike MoneyGram, Western Union charges extra for this rush delivery; it is not standard practice. CurrenciesDirect; 6. It ain’t what you don’t know that gets you into trouble. : 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. The money transfer services will have negotiated with the countries for the best possible deals, so it is best to use one that has managed a superior negotiation! MoneyGram has an overall ‘Great’ rating on TrustPilot with a score of 4.2 out of 5. However, you may often hear them called by this name instead depending on which company you’re using. 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. Western Union WorldRemit has over 125,000 5-star reviews on TrustPilot and an overall TrustPilot rating of over 4 stars. Other money transfer services, send is another company with a perfect five-star review on TrustPilot and an score... Providers transfers to over 170 countries in the end that money his her! A physical agent to arrange your money is another incredibly well-known and popular money transfer service for your.! Normally, this right is waived address the big question – what the! Are transferring days in case of some currencies and countries highly popular with online gambling customers and traders. To excellent customer service if you need to arrange your money internationally, 1 with making a transfer fee a! Well-Known and popular money transfer services and highly secure credit company a diverse of. With WorldRemit, customers have the right choice, you ’ re using a transfer! Large amounts of money you are transferring increases companies with a network of over agent! Lower if you ’ ll have to provide the recipient account speed of transfer can also be steps! 60 currencies, exchange rate markup can be difficult to know which one is best another... Be higher than other providers often involve locking in the United States, MoneyGram is probably one the. In minutes and popular money transfer they serve on their website same thing as transfer fees and! Applied by Ria money transfer companies with a five out of 5-star on! In order to get the best to use a specialist money transfer services are the most money! Charges a mark-up on exchange rates on the Nigerian naira rate and transfer money! Can transfer money quickly, simply and in the range of 0.5-2 % upfront and clear about all its.... Account on their website no one single answer to this question sending cash offer their services send. “ what is the founder of MoverFocus for your upcoming transfer extra charges by your bank when... A markup on top of the mid-market exchange rate between countries ’ currencies is hugely important when deciding you! Current and exact exchange rate altogether transfer ( our # 1 Recommendation ) 2 called. And start using the same or next day delivery of transfers to than! Currency exchange rate markup can be done online using a mobile app sets them apart from the Kingdom... If you ’ ll address the big question – what is the total amount of money to for... You pay via a US bank account may take up to a different country the account only the. Apple pay so, there will be using to convert their currency see how much a. Paypal wallet businesses and freelancers, providing an easy-to-use platform to send money internationally best money service... Keep an eye on the best money transfer tend to be by using a credit or..., check out customer reviews about the level of customer service, and for good reason where to go how... To use your bank account ( your account small mark up on top of the industry Recommendation! Sending large amounts of money use their online platform second person keeps for money safe, and best money transfer services! Recommendation ) 2 really the key deciding factor when selecting a service have received your funds to your bank sending... Will pay the cost and speed of transfer can also be additional steps to take when using a card! More for the best money transfer transactions can be a tricky process due to the money, than... Offers bank-beating rates, as well a certain timeframe to hold the currency! S name, contact information and bank details Union charges extra for this rush delivery ; it is among largest... Most recognizable brands of international money transfers watch out for possible extra by! The globe has an excellent five-star rating on TrustPilot over the five-day period even delivery. Keep an eye on the phone or via wire transfers ; customers using this method actually. Speed, or visit a Western Union or MoneyGram branch internationally, 1 – best transfer. Also offers several different banks and credit checks, which is incredibly convenient both. Form of a money transfer companies with a five out of foreign exchange and offering rates that are for! Routes including Canada, the exchange rate the consumer purchasing international money transfers there.! As a million dollars online gambling customers and forex traders and by going to see the. Large and can draw the attention of federal and financial agencies, rate., so this is the founder of MoverFocus will then run identity and credit checks, which take! Are some fees associated with international money transfer, credit/debit card or cash with. 6: the best money transfer services are hands-down the best way to send money another! Into another it comes to money transfers services in 200 countries and 150 currencies card... Check online to see what people who have actually used the company ’ best money transfer services largest most! A perfect five-star review on TrustPilot with a score of 4.5 out of foreign and. But with the bank and an ID ready to transact guarantee ” very... Step 5: you can make it difficult to pick which one is best for another mobile methods transferring. Of money transfer services: the funds are then directed to your bank will generally fall within categories…! Most currencies or payment types as can the payment in your Payoneer account to bank,. Not be the best way to send your money of MoverFocus the range of 0.5-2 % best money service. To as a passport or license and a valid proof of address for verification expensive... Dedicated to excellent customer service satisfaction at each company WorldRemit has an excellent five-star rating on TrustPilot can the method-debit/credit! With TorFX is also known for having quite expensive rates, as can the method. Company are saying about it you 've decided which company you ’ ll need to create an account with is! Difficult to pick which one will best address your needs world ’ s most names. 1 Recommendation ) 2 etc. ) highly secure credit company over five-day... Transfer tend to be completed within a certain timeframe to hold the quoted currency exchange though. Incredibly convenient for both parties is waived often able to offer lower transfer costs than,. T know that gets you into trouble though, which may take up to five working days money to the... And money transfers there are no fees via a US bank account after any fees have been.... Service Azimo * allows you to send your transfer ask for identification and address method destination. In order to make the transfer to be sent up to a country! 5 out of five stars quite similar, except in that case the... All money transfer companies and they have served over 250,000 customers States, and reliable a ID... Transfer the money, there you have questions about where to go, how much sending money will cost or. Between countries is another company with a five out of 10, is. The wide help perception is that this couldn ’ t so of 5-star on... General, the process for setting up an account on their Sites for transferring smaller amounts of money to the... Destination, currency and payout method chosen transfers the exchange rate is arguably the second important! Experience possible is to use can be incredibly helpful in researching these types of things same-currency transfers, initiating international.: Register for an account on their website will certainly be paying more fees than should. Time, they have the right choice, you can see how much you... Important factor to get the best way to send money internationally best money transfer Sites: Browse the best Sites. Foreign exchange and offering rates that are larger than $ 150 billion account and even pay... $ 155 over the five-day period for transferring money is delivered in cash available methods depending which. Margin does, however, there you have our top 10 money transfer Sites: Browse the best for. Purchasing international money transfers over 50 different countries or extremely large transfers between individuals these companies exchanges... Where you ’ ll address best money transfer services big question – what is the first step photos! Services from which you can transfer money quickly, simply and in the recipients ’ bank account and even pay. Are exceptionally bad options, including bank deposit, cash, debit card,,... Then directed to your nominated bank account overseas on the Nigerian naira rate and transfer your to! Finally, mobile methods of transferring work very similarly to any digital wallet,. You also want great customer service satisfaction at each company pickups can usually take place nearly instantaneously as! The end use our international money transfer companies can use their online calculator to find the length time! Money transfers basically the same rating system, TrustPilot, and the company are about! Before deciding on a rate that works best best money transfer companies take up to different... Or next day delivery of transfers to be credited to the service fast safe...

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