Money transfer services are in hot demand right now. Customers realize that banks and entrenched financial institutions are no longer the de facto authority when it comes to sending money abroad. Traditional systems of international money transfer remain popular with folks, but a slew of disruptive FinTech enterprises are now making their way to market. The top 10 online money transfer services feature a combination of established market players and new entrants. These companies are evaluated on their merits; exchange rates, transactions processing speed, paperwork requirements, and reputation. This extensive guide into the top 10 online money transfer services is designed to make it easier for customers to pick the best selections time and again.
#10 – OFX
OFX is a leading provider of Forex services for international money transfers. This online operation offers tight margins for bigger trades, and is best suited to the Australian market. This large publicly traded entity has an online platform rating of 90% by Money Transfer Comparison, and an overall rating of 90.8%. This company transfers an estimated $20 billion in forex annually.
#9 – Currencies Direct
Currencies Direct is a reputable provider of online money transfer services. It offers tight margins for bigger trades, making it a cost-effective way to send and receive funds from abroad. Currencies Direct is also located at multiple offices around the world, and it has been an industry-leading authority in online money transfers since 1996. Businesses can also benefit from using the services provided by Currencies Direct thanks to FX rate alerts, mass payment options, and a variety of Forex trading options. This money transfer service has an overall rating of 95.2%.
#8 – Moneycorp
Moneycorp is regarded by many as a top online provider of international money transfers. It has an overall rating of 92.8% and an online platform rating of 92%. What’s great about this company is that it offers competitive forex rates, especially for people using referrals. It is far easier to register online with this online money transfer service than many other companies. All regular money transfers are free of fees.
#7 – WorldFirst
WorldFirst does not have any maximum transfer limits for online transactions. Additionally, it also features highly competitive exchange rates and it’s ideal for bulk payments and forward contracts for businesses. This company was also awarded the Most Convenient FX brokerage courtesy of Finder Money Transfer Awards 2017. Limit orders are available, and there are weekly updates on Forex market exchange rates.
#6 – XE Money Transfer
XE Money Transfer allows clients to transfer funds of $5,000 + without any fees (typically $5). XE does not levy any fees or commissions on transfers, and there is no minimum transfer limit. It also allows multiple payment options for clients. The transfer methods available to customers include bank account to bank account, telephonic transfers, and online transfers. Transfer options include forward contracts, one-off payments, and market orders. Transfers can be concluded within 3 – 5 days. Multiple currencies are supported, and clients can send money to linked bank accounts through ACH or wire transfer options.
#5 – WorldRemit
WorldRemit is a highly reputable online money transfer service. The first transfer fee with this company is free, and it has partnered with 30,000+ agent locations globally. There are also no minimum transfer amounts associated with this online money transfer service. The minimum transfer amount is $1 and the maximum transfer amount is $9000. Clients can transfer funds via bank account to bank account options, cash, or online. Transfers are typically processed within 1 hour. Highly responsive customer support is available by email and telephone. There is no live chat option, and government ID is required, however there is plenty of flexibility across a global network.
#4 – Currency Transfer
Currency Transfer requires a minimum transfer amount of £5,000 and transfers are concluded within 1 – 2 days. There is no online fee for this service. This company promises rates that are 85% better than high street banks. There is 100% transparency of transfer rates, and transfers can be booked 24 hours a day 5 days a week. This online money transfer service provides live bookable rates, personalised service, spot and forward contracts, and free transfers. It does not do cash transactions, transfers under £5000, offer travel money, or make payment by credit card or debit card.
#3 –Bank of America money transfers online
Bank of America allows registered members to send money online, provided they are a customer of the bank. By hovering over the transfer tab and clicking on send money to someone, all that’s required is their account number at a participating bank. Once the details of the transaction have been entered, the transfer will be processed in approximately 2 business days. The process of sending money through Bank of America is rather lengthy, given all the regulatory requirements – a Social Security number and ID verification. This option is best for current customers, but the forex rates are not necessarily the best that are available in the market.
#2 – Global Reach
Global Reach is a highly ranked online money transfer service. It has an editorial rating of 90.6% and it accepts international clients from all over the world, except for the USA. Established back in 2001, this company offers 138 currencies and has a stellar 96% rating on TrustPilot. Among the many advantages of this company is its £5.5 billion in annual trades, well over a dozen years in operation, and £0 in wire fees. This company was known by 4 unique names around the world including Travel FX, Smart FX, Corporate FX, and Private FX. These merged into a company known as Global Reach back in 2012. Today this company boasts billions of pounds sterling in annual transfers with thousands of clients. It has been awarded multiple times by the Sunday Times, and has a credit level rating of AII from Dun & Bradstreet.
#1 – TransferWise
TransferWise is an industry-leading authority with an online platform rating of 99%. Not only does it offer incredible fixed rates starting from as low as 0.5%, it makes sure that all transactions can be processed fully online. In fact, customers needn’t worry about making a phone call throughout their entire transaction. This company was the brainchild of Skype and PayPal founders, and it has an incredible rating from thousands of satisfied customers. It currently boasts multiple awards, with offices across the UK, US, Australia, Estonia, Japan, Ukraine, Hungary and beyond. It is also fully regulated by the FCA of the UK. Besides for being transparent and affiliated with large trading volumes, it is credible, secure, and an innovative provider of online money transfer services.