If you need to transfer money overseas to friends, family, or for business purposes, don't just use your bank out of habit. While banks still offer one of the most secure ways to transfer money abroad, they are hardly the cheapest or fastest. Instead, consider a specialist money transfer company. You'll find better rates, modern services, and faster turnarounds.
This guide lists the leading money transfer companies and their particular merits. Read on to find out more about our top picks, how to choose one for your needs, and your alternatives.
The Best International Money Transfer Providers
| Name | Score | Visit | Transfer Speed | Fees | Number of Regulators | Support | Disclaimer | |
|---|---|---|---|---|---|---|---|---|
 | 9.2 | Visitwise.com | 1 - 3 days | 0.4% | 5+ | Phone | ||
 | 8.9 | Visittorfx.com | 1 - 3 days | No fees | 3+ | Dedicated Account Manager, Email, Phone | ||
 | 8.6 | Visitxe.com | 1 - 2 days | £/$1.99 - 2.99 | 6+ | Email, Live Chat, Phone | ||
 | 8.9 | Visitcurrenciesdirect.com | 1 - 3 days | No fees | 3+ | Phone, Email, Dedicated Account Manager | ||
 | 7.7 | Visitremitly.com | 1 - 5 days | 0.7 - 1.5% | 4+ | Email, Live Chat, Phone | ||
 | 8.2 | Visitglobal66.com | 1 - 3 days | 1% | 2+ | SMS, Email | ||
 | 8.1 | Visitinstarem.com | 1 - 3 days | $0 - 20 | 4+ | Email, Live Chat | ||
 | 8OFX | 7.0 | Visitofx.com | 1 - 2 days | No fees | 3+ | Email, Phone | |
 | 8.0 | Visitcurrencyfair.com | 1 - 2 days | $/£3 - 5 | 3+ | Email, Phone | ||
 | 6.5 | Visitwesternunion.com | 1 - 5 days | 6+ | Email, Live Chat |
Money Transfer Companies Compared & Reviewed
Here's a quick summary of the leading providers;
| Best For | Cost of a $1,000 Transfer | Average Markup | |
|---|---|---|---|
| WorldRemit | Cash deliveries | $4 | 0.4% - 1.2% |
| Wise | Small transfers | $8 | 0% |
| Xe | Large transfers | $0 | 0.4% - 1.2% |
| Remitly | Wallet transfers | $0 | 1% - 2.5% |
| Instarem | Transfers to Asia | $10 | 0.25% - 1% |
| CurrencyFair | Cheap transfers | $0 | 1% - 3% |
| Key Currency | Transfers to the UK | $3 | 0.45% |
| PayPal | Fast transfers | $10 | 3% - 4% |
| Western Union | Customer service | $0 | 0.4% - 7% |
| MoneyGram | Cash payments | $1.99 | 1% - 5% |
Despite being in business for a little over a decade, WorldRemit boasts a global presence. Thanks to its vast network of providers and agents, the company can offer a variety of delivery options and has been recognized as an industry leader.
WorldRemit’s most outstanding feature is its accessibility: users are free to choose from a variety of payment methods, including payment apps like Apple Pay, and delivery methods, including cash delivered to the recipient’s door. WorldRemit also offers a convenient mobile wallet.
Advantages and Disadvantages of Using WorldRemit
- Flexible deliveries
- Low fees
- Extensive reach
- Hidden fees
- Low transfer limits
- Poor customer service
How to Send Money with WorldRemit
Step 1: Head to the WorldRemit website and get a quick quote for your transfer. If happy with the terms, sign up for an account and send in the required documents for ID verification. Note that the company may contact you for further documentation, so regularly check your emails.
Step 2: After verifying your identity, choose your delivery method and begin filling in your transfer details, which may include the recipient’s address or phone number.
Step 3: Choose your payment option and complete the transfer.
Senders can pay for their transfers through bank transfers, credit and debit cards, or payment apps, including Apple Pay and Trustly. There are options to top up the airtime of the recipient, have the transfer delivered in cash, or deposit it to their bank account.
Transfer times largely depend on the payment, delivery method, and currency. Bank transfers may take up to 3 working days, but the majority are completed within the same day. Similarly, the majority of cash pickups, mobile money, and airtime top-ups take only minutes to arrive.
Additionally, WorldRemit is an ideal option to send money from the USA to Nigeria. For further information, you can check how to send money to the USA in the most efficient way.
Costs, Fees, and Exchange Rate
While there isn’t a reference chart for the fee structure, it's known that fees depend on the currency pairs and transfer methods.
Exchange Rate Markup | 0.5 – 1.25% |
|---|---|
Fixed Fee | Varies |
Established a little over a decade ago, Wise enjoys a grand global presence today with offices in over 20 key locations. Its user base has been on a steady rise, along with its reach and revenue. Two pillars of success define their approach: simplicity and transparency.
Besides the ability to convert at mid-market rates and provide low fees, Wise offers great products for converting and storing currency. The most notable of these is the Wise multi-currency debit card users can get for as little as $6. Users can access it in 200 countries with very small ATM fees.
Advantages and Disadvantages of Using Wise
- No exchange markup
- Wise multicurrency debit card
- Great user interface
- Only supports bank deposits
- Not suitable for large transfers
- Occassional account closures
How to Send Money With Wise
Step 1: Head to the Wise webpage and use the calculator to get a quote for your transfer.
Step 2: Set up an account by submitting the required documents to verify your identity.
Step 3: Fill in the details of your transfer and pay for your transfer.
Senders can opt to pay their transfer via bank transfer, credit/debit card, or wire transfer — note that all methods come with different fees. Bank deposit is the only form of delivery. The transfer times depend on the payment methods and the popularity of currencies involved: Credit and debit payments only take up to 3 hours, while bank and wire transfers may take up to 3 business days to be completed.
Costs, Fees, and Exchange Rate
Wise is one of the rare providers that use the mid-market rate for international transfers and features a straightforward and transparent fee structure. Users can find information regarding all fees involved with transfers from each supported currency and get the breakdown of costs prior to the transfer.
Exchange Markup | 0% |
|---|---|
Fixed Fee | From $0.28, depending on the currency and transfer type |
Variable Fee | From 0.41% Depending on the currency and transfer type |
After being a reliable exchange convertor for years, Xe moved into the business of international money transfers in 2015. Today it can power transfers around the globe and is celebrated for its impressive reach.
With offices in key locations, Xe collects industry stars from around the globe to bring the most accurate market analysis to its customers. The company’s expertise in the field is unmatched, and it offers a great opportunity for those who wish to get informed about currency markets with historical charts, local interest rates, and rate alerts.
Advantages and Disadvantages of Using XE
- Multilingual services
- Low fees
- Global reach
- Poor customer service
- Long delivery times
- Limited transfer types
How to send money with Xe?
Step 1: Head to Xe’s website and get a quote for your transfer. You can switch to the convert tab to check the mid-market rate and compare.
Step 2: If happy with the terms, sign up for an account and send the required documents for identity verification.
Step 3: Choose a payment method and send in your transfer.
Senders can pay for their transfers via credit/debit card, bank transfer, or through e-transfer (Interac). Xe supports bank deposits for all currencies and has cash pickup services for selected countries.
The transfer times largely depend on the currency pairs. Popular currencies, like GBP to EUR, may take only minutes, while less frequently used currencies, like EUR to FJD, may take up to 3 days.
Costs, Fees, and Exchange Rate
Exchange Rate Markup | From 0.4% to 1.2% |
|---|---|
Bank and Wire Transfer | Varies |
Credit Card | Up to 5%, 2.99% for US Users |
Debit Card | Varies |
The US-based remittance provider is among the largest money transfer companies globally. It serves over 2 million customers worldwide and executes over $6 billion in transfers annually.
Besides offering fast transfers for reasonable fees, Remitly is particularly strong in mobile money deliveries. It partners with over 20 digital wallet providers worldwide to provide swift and convenient transfers. Besides wallets, recipients can choose from a variety of delivery options.
Advantages and Disadvantages of Using Remitly
- Simple and straightforward user interface
- Ability to lock in an exchange rate
- Flexible delivery options
- High transfer fees
- Limited destinations
- Daily and monthly transfer limits
How to Send Money With Remitly
Step 1: On Remitly's website, enter the country you are sending money from and your destination. You will be asked to enter your contact information to set up an account after.
Step 2: Enter the amount you wish to send, choose between Express and Economy if applicable, and decide on the delivery method. After this, you have to fill in your personal information, including your date of birth, name, and address.
Step 3: Choose your payment method, double-check your details, and finish the transaction.
Senders are limited to bank transfers and card payments for depositing, but delivery options are versatile. It's possible to opt for bank transfers, cash pickups, digital wallet deliveries, home deliveries, and even sending money to the recipient's debit card directly. Supported wallets include GoPay, EcoCash, and Orange Money. Senders can accelerate their transfers by choosing the express option, and there isn't much difference in price.
Fees and Exchange Rate
Exchange Markup | From 1% to 2.5% |
|---|---|
Fees | From $1.99 to $5.99 |
Instarem is set to unseat competitors with a great UI, low-cost operations, and transparency. The operator may fall short in its reach, but strong ties make it one of the most competitive agents to serve in Asia. If you would like to learn more, we created the following guide on how to send money to China. The provider has developed a highly-appreciated reward system, where clients collect points whenever they complete transfers using the platform. After they achieve a certain amount, they can redeem these points and get discounts on transfer fees.
Advantages and Disadvantages of Using Instarem
- Competitive exchange rates
- Good customer service
- Low transfer fees
- Limited coverage
- Limited deposit options
- Long verification times
How to Send Money with Instarem
Step 1: Check the online calculator to get a quote. If happy, sign up for an account and verify your mobile phone and ID by submitting the required documents.
Step 2: After your account is verified, begin arranging your first transfer by filling in the required details.
Step 3: Pay and complete your transfer. You can begin tracking it through your account.
Depending on the originating country, you can use bank transfers, debit cards, or some country-specific payment methods like POLi of Australia. All transfers are deposited to the recipient’s bank account. In some cases, users can get instant money transfers, but in some extreme cases, it can take up to 5 days.
Costs, Fees, and Exchange Rate
Exchange Markup | 0.5% |
|---|---|
Transaction Fees | Varies Between 0.5%-0.25% |
CurrencyFair has limited coverage in comparison but has perfected and streamlined its services in the countries and currencies it serves. Distinguished by its tailored services and low-cost, the Irish operator is set to unseat competitors. The provider has versatile services in terms of currency conversion. By listing your offering in the marketplace, you can find buyers for your currency at your desired rate. Or if you get a desired rate but are not ready to make the payment yet, you can still convert your currency and store it in a multi-currency account.
Advantages and Disadvantages of Using CurrencyFair
- Competitive exchange rates
- Low fees
- Excellent customer satisfaction
- Countries in the Middle East and Africa can’t open accounts
- Limited coverage
- Limited deposit options
How to Send Money with CurrencyFair
Step 1: Set up a free account. You can sign up for a personal or business account.
Step 2: Apply for account verification by submitting a photo-ID scan and proof of address.
Step 3: Set up your first transfer by entering the details of your recipient.
CurrencyFair only supports bank transfers, and transfers may take anywhere between 1-5 business days.
Costs, Fees, and Exchange Rate
Exchange Markup | 0.45% on Average |
|---|---|
Transaction Fees | Fixed Fee $3 |
The UK-based currency broker has established a significant presence in Spainand specializes in facilitating specific transfers between the two countries. With the help of its many currency experts and various FX tools, the broker is reliable and convenient when sending money to the UK. The firm is renowned for its in-depth market analysis for those who’d like to get knowledgeable about currency fluctuations. Coupled with the personalized service of a broker and a variety of FX tools, Key Currency offers valuable features catering to complex exchange needs.
Advantages and Disadvantages of Using Key Currency
- Specialized services
- Dedicated account manager
- Competitive exchange rates
- No mobile app
- Lack of fee transparency
- Limited deposit options
How to Send Money with Key Currency
Step 1: Request a free quote or set up a free account by filling out contact information along with the purpose of your transfer.
Step 2: A representative will call you promptly to talk about your options. Get a quote for your transfer and fill in your recipient’s details.
Step 3: Pay and complete your transfer.
Key Currency only supports bank transfers. Regions involved in the transfer and the sum affect the transfer times. Transfers within the SEPA region usually take 1-2 days, while other regions may take up to 5 days.
Costs, Fees, and Exchange Rate
Exchange Markup | Varies |
|---|---|
Transaction Fees | 0% |
A pioneer in digital payment solutions, PayPal has been a fixture in the remittance, e-commerce, and online payment solutions industries. The fintech giant has not been successful in keeping its fees and charges competitive for international transfers — yet the sheer convenience of the service helps maintain its edge against the competition. Once the account is up and running, international transfers take only a matter of minutes.
Advantages and Disadvantages of Using PayPal
- Flexible depositing options
- Very safe
- Swift transfers
- Very pricey
- Complex fee structure
- High currency conversion fees
How to Send Money with PayPal
Step 1: Head to PayPal's website and sign up for a free account. The process is fully automatized and doesn't take too long.
Step 2: Click on 'Send & Request' and enter the phone number or email address of the recipient. Enter the amount and currency you wish to send money in.
Step 3: Choose a payment method, double-check your details and send the transfer.
Much of PayPal's appeal lies in its simplicity. You can easily link your cards or bank account for transfer, and send your transfer directly to the recipient's phone number or email address. They don't have to have a PayPal account, they can simply follow the steps in the message or email they receive to set one up and access their funds.
Costs, Fees, and Exchange Rate
Exchange Markup | From 3% to 4% |
|---|---|
Transaction Fees | 1% |
Founded over 170 years ago, US-based Western Union is one of the biggest household names in the remittance industry. It began focusing on money transfers in 2006, and today it has over 500,000 locations across the world where you can send and receive money. Western Union offers a range of tailored services, including business money transfers, prepaid credit cards, and cash collection in over 200 countries.
As an established service, Western Union boasts an extensive customer service network. It's possible to get support through phone, email, and live chat. The service is swift and knowledgeable, making it an excellent choice for those who require assistant for their money transfers.
Advantages and Disadvantages of Using Western Union
- Extensive transfer network
- Variety of deposit and delivery options
- 24/7 customer service
- Long transfer times for bank transfers
- Unfavorable exchange rates
- Varied accessibility
How to Send Money with Western Union
Step 1: Visit the Western Union website and click on the 'Send Money' link. Select your recipient's country and enter the amount you wish to send. After you choose a payout and deposit option, you will be able to create an online account using your contact information. You can initiate your transfer online and pay at a branch location.
Step 2: Enter the recipient's details and payment information.
Step 3: Check your recipient’s details and pay for your transfer. You can use your MTCN number to track your transfer online.
Western Union allows you to deposit your funds through card payments, bank transfers, or in person. Depending on the availability, you can have your transfers delivered to a branch location at your destination, to your recipient's doorsteps, mobile wallet, or bank account. Provided that local availability allows, the cash transfers only take seconds to complete.
Fees and Exchange Rate
Exchange Markup | From 0.4% to 7% |
|---|---|
Transaction Fees | Varies by transfer method |
Based in Texas since 1940, MoneyGram currently offers money transfers to and from over 200 countries and territories around the world, with over 350,000 active agent locations. It provides a range of remittance services, from bank transfers to cash pickups and mobile wallet deposits, as well as a rewards programme for members. With a huge network of agents and supported countries, MoneyGram offers one of the most comprehensive money transfer services on the market.
Advantages and Disadvantages of Using MoneyGram
- Extensive agent network
- Fast transfers
- Low transfer fees
- Unfavorable exchange rates
- Low upper limits
- Lack of flexibility in payout options
How to Send Money with MoneyGram
Step 1: Locate and visit a MoneyGram branch location.
Step 2: Fill in your transfer details including the recipient information and amount.
Step 3: Provide your government-issued ID, and pay for your transfer. If it's a cash delivery, end the 8-digit transaction number to your recipient so that they can collect their funds.
With over 400,000 branch locations spread across the US, it's very easy to locate a close-by MoneyGram branch location. Alternatively, senders can fund their transfers via bank transfers or card payments. The delivery methods vary by location, for some destinations like India it's only possible to send cash deliveries.
Costs, Fees, Exchange Rate
Exchange Markup | From 1% to 5.05% |
|---|---|
Transfer Fees | Starting from $1.99 |
What Are Money Transfer Companies?
New ways of transferring funds abroad are popping up daily to challenge the high street banks. Companies of the sort are often associated with lower costs, quicker delivery times, and flexibility in transfer methods, and offer versatile digital products.
Currency Brokers
Brokers typically specialize in moving large sums abroad and have a variety of FX tools on offer, including limit orders and forward contracts. They usually don’t ask for additional transfer fees and assign a dedicated account manager to walk users through the process of arranging the exchange rate and finding the best option for their needs.
Money Remittance Companies
Remittance providers are usually quick, cheap, and convenient. They typically boast a solid online presence and specialize in moving your funds in the quickest and cheapest way possible.
Money Transfer Apps
Some providers offer a versatile mobile app, like Wise or PayPal, while some operate app-only, like Google Pay. These services specialize in completing your transfers on the go, and while they offer the kind of convenience unique to their proposition, they may lack sophisticated services.
What to Look For in a Money Transfer Company?
Having a myriad of options is a blessing and a curse as it is not always easy to differentiate good service from bad, and having your money at stake just adds to the pressure. Our guide should help you to find the right provider to suit your needs and these are some extra tips to help with your search.
How Do I Compare Providers?
While there are some obvious points to consider, such as security and reliability, the best provider will ultimately depend on your particular needs. To ensure they cover the most basic requirements, it’s necessary to read your chosen provider’s fine print on data privacy and legal compliance. A provider must be regulated by their respective authorities to keep your transfers safe and, ideally, have a series of measures in place to protect against unauthorized access.
After ticking all the necessary boxes, there are a few points to consider to compare their services.
How urgent is the transfer?
Is it a one-off transfer or do you wish to transfer money regularly?
How much is the amount?
How stable is the currency?
Understanding Different Services
For complex transfers, such as with very large sums and regular payments, it makes sense to opt for a service with specific FX tools, such as,
Forward contracts: These allow senders to lock in an exchange rate for a set period of time, so they are protected against market volatility.
Limit orders: Allow senders to choose a desired exchange rate, and the provider will complete the transfer automatically as the rate is achieved.
Some providers offer custom quotes and tailored services for specific requirements, such as buying a property, business investments, or overseas payments. When in need of transferring funds for such specific purposes, it makes sense to opt for a bespoke service as they will help avoid legal trouble and inform you about tax implications.
Making the best out of one-off or infrequent transfers will depend on the urgency and amount of the transfer. Providers charging transfer fees tend to offer more favorable exchange rates and some, like Wise, manage to keep fees very low. Credit or debit payments are often the quicker forms of payment but also the costliest, so if your transfer is not urgent, you can save by choosing the cheapest way of transfer and sacrificing the speed.
Why Do Money Transfer Providers Charge Fees?
Money transfer companies, at the end of the day, are businesses that need to make a profit to keep their operations running and cover their costs. There are different ways in which providers charge for their services:
Transfer fees: Based on a percentage markup or flat fee.
Exchange rate markup: Refers to the profit margin providers put on top of the mid-market rate, which tends to be smaller than that of high street banks. To calculate the exchange markup, take the difference between the mid-market rate and the provider’s rate and divide it by the mid-market rate.
Note that there are also third-party fees, which are charged independently of the providers, and depend primarily on the payment methods.
Are There Any Other Ways to Send Money Abroad?
High street banks are generally the first method that comes to mind when it comes to international money transfers — but they are made redundant with rising competition. Besides being much costlier, bank transfers take quite a bit of time. Due to security checks, bank transfers are typically released after 3-5 business days, with times depending on the sum, time of the transfer, and currency pairs. They are typically the slowest way to transfer funds abroad.
Using a Money Transfer Company vs a Bank When Sending Money Internationally
Money transfer companies offer solutions to unfavorable situations that come with bank transfers, so they tend to be faster, cheaper and more flexible.
Banks | Money Transfer Companies | |
|---|---|---|
Safety | Regulated by the likes of FCA and PRA in the UK, the Federal Reserve in the US, and the highest levels of anti-fraud protection and data encryption | Regulated by FCA and the highest levels of data encryption |
Exchange Markup | 2%-5% | 0%-3% |
Fixed Transfer fees | USD 15-50 on average | USD 0-30 on average |
Personal Guidance | It’s unlikely for customers to contact a currency expert for their transfers | Customers can get dedicated account managers to help find the best options |
Accessibility | Bank transfers only work if both parties have an account | Cash pickup/delivery is a common service among remittance companies |
Speed | Bank transfers may take up to 5 days | Remittance companies can complete the transfer in minutes |
Money Transfer Companies vs Digital Wallets
Digital wallets, like PayPal, have many unique benefits to them — they are almost instantaneous, allow for storing funds, and are very convenient as they come with a sleek app. Here’s how they stack up against money transfer companies:
Digital Wallets | Money Transfer Companies | |
|---|---|---|
Speed | In minutes | Can go up to 2 days |
Service Versatility | Allows storing currency, but doesn’t offer different transfer and contract types | May present a range of delivery and conversion options, and a dedicated broker |
Accessibility | Wallet-to-wallet and wallet-to-bank transfers are possible. | Variety of delivery/deposit options, including wallets and cash transfers. |
Transfer Fees | Can go up to 6% of the spread | No-fee option and competitive rates |
