Home 2018-03-17T11:26:42+00:00

Best Money Transfer Providers in 2018

We’re registered customers to all these companies and have done the research for you

World First
Min Transfer: $1,000
Transfer Fees: $0, $10
Exchange Rate Markup: low
Speed: 1-4 days
Currencies: 25 (send), 44 (receive)
Learn More
GO TO World First
Min Transfer: £50
Transfer Fees: £0
Exchange Rate Markup: low
Speed: 1-4 days
Currencies: 18 (send), 46 (receive)
Learn More
Currencies Direct
Min Transfer: £100
Transfer Fees: £0
Exchange Rate Markup: low
Speed: 1-2 days
Currencies: 19 (send), 30 (receive)
Learn More
GO TO Currencies Direct
Min Transfer: £5
Transfer Fees: €3
Exchange Rate Markup: low
Speed: 2-5 days
Currencies: 15 (send), 18 (receive)
Learn More
GO TO currencyfair

How to Compare Money Transfer Services

Choosing a right company and its services is essential when it comes to international money transfers. It may depend on your specific circumstances. Cheap, fast, secure… no matter what you’re looking for, we have appropriate choice for everyone. But before you start to dig, here are the most important criteria you should keep in mind:

Remember security is always your top priority as you don’t want to lose money just to save some fees. Luckily, all the companies we round up are government-regulated.

  • Transfer Fees

Transfer fees directly reflect the extra amount you need to pay when you set a deal. For example, if you send 5,000USD from America to New Zealand through World First, then you need to pay 5,010USD in total. Here 10USD is your transfer fees.

Transfer fee is only one part of your total costs. Sometimes a company providing you less transfer fees may not be the cheaper one.

The typical type is a small flat fee like currencyfair charging £3, regardless how much you transfer. Some companies such as TransferWise use a percentage of transfer amount as their fees. The rest including HiFX, Currencies Direct and TorFX waive all transfer fees.

  • Exchange Rate

Exchange rate is the rate at which your currency will be exchanged for another.

The markup based on mid-market rate is the other main way money transfer providers earn profit. This varies depending on providers and exchange amount. It’s likely that you can save money from 2% to 4% if you choose a right one to deal with.

An average markup on exchange rate tends to be 1%-2% for most international money transfer services. Here are some providers standing out from others.

TransferWise – real mid-market rate (0% markup).

currencyfair – less than 1% markup on exchange rate (0.7% on average).

  • Speed

In general, the faster speed a company offers, the more fees it charges.

You can expect various speed offerings,

Instant (money arrives in minutes or hours): e.g., worldremit/Xoom/Western Union

Same day or next day: e.g., Currencies Direct/TorFX/World First/fc exchange

2-5 days: e.g., currencyfair/TransferWise

  • Amount Limits

Money transfer services usually request you to meet their minimum amount to start.

It varies from small to big depending on providers.

A decent minimum amount such as £50 or £100 can benefit the majority of customers. However, some companies set an extremely high minimum amount at $1,000 (World First, OFX).

Money transfer companies rarely set a maximum transfer amount as they prefer you to send as more money as you can. That said, Currencies Direct and TorFX still keep a low maximum amount at £25,000.

  • Paying and Receiving Options

Local or swift bank transfer is the only payment method for many companies. That said, there are some providers like HiFX and worldremit accepting payment through debit or credit card besides that. The giant Western Union even allows you to pay in cash.

Convenience is one of main reasons to choose a provider. In this point, you have to estimate your own circumstances in order to make the right decision.

  • Ease of Use

A good company should provide excellent user experience of its services.

Sign up is simple for most companies, and only takes you a few minutes to complete. Some (e.g., currencyfair/TransferWise) also let you register for an account using social media account. However, the approval processing may vary depending on the provider. Once you submitted valid documents such as ID, proof of address, nearly all providers approve you the same day or the next. But you’ll need to wait for a week or longer to get approved by moneycorp.

A friendly web or mobile app is another merit. Although not all companies have mobile app, some do, especially in this mobile era. Those who opt for the best apps for sending money on the go, they should look at worldremit and TransferWise.

  • Customer Services

Whether you occasionally make small transfers or regularly send money abroad in large amounts, customer support always matters.

Standard approaches to customer concerns include telephone, email and live chat. World First is the best in the business, providing all the ways to be contacted, plus a dedicated representative to serve you. This is because few companies can offer such plenty of options as World First does.

The other criterion to determine a good company is whether it’s service is 24/7 or NOT. World First, worldremit and OFX stand out in this field.

Money Transfer Services Comparison Table

Service Transfer Fees Exchange Rate Speed Free Quote
World First $0; $10 low 1-4 days
HiFX £0 low 1-4 days
Currencies Direct £0 low 1-2 days
currencyfair €3 low 2-5 days
OFX $0; $15 medium 1-2 days
worldremit varies $3.99-$25 low 1-3 days
TorFX £0 medium 1-2 days
TransferWise varies 0.7% avg. low 1-4 days
fc exchange £0 medium 1-2 days
Xoom varies high 1-2 days