Nowadays everyone should know where to look for the best international money transfer service. We live in a globalized world and you might need to send or receive money from abroad in a multitude of situations.
For example, you might need it to send gifts to family or friends worldwide. You also might want to buy something from another country as it’s very easy and affordable due to the rise of eCommerce.
In addition, you might need to use some money transfer services when planning a vacation abroad. This is when you’ll need to plan in order to get the best foreign currency exchange rate.
It’s an important step if you plan a frugal trip as you might lose quite a bit of money during the exchange. Using the best international money transfer provider will allow you to exchange currency without overpaying.
How to Get the Best International Money Transfer Services for Cheap
The secret to affordable currency exchange and cross-border money transfer services lies in not going to your bank.
Banks charge a fee for every transaction and they also offer quite bad exchange rates. A single international transfer via your regular bank might cost over 3% of the transfer volume.
For some exotic currency pairs, for example if you plan to send money to Central Africa, you might lose over 10%!
Luckily, there is now an alternative to bank money transfer services that can easily fit into your frugal lifestyle.
Online money transfer companies, also called FX (foreign exchange) companies, offer the same services for a fraction of the cost. Making a transfer via this provider should cost no more than 1-3%.
This industry is rather new and the competition within it is fierce. Therefore, you should start by studying the best money transfer services rating to help choose the best company for you.
Top 5 of the Best International Money Transfer Services in 2021
One of the industry veterans and giants, Moneycorp is currently growing extending its reach in the Americas. This company was founded back in 1979 and it has evolved and changed greatly since then.
Its innovative approach to business allowed Moneycorp to embrace the digital transformation necessary to become the best international money transfer company in 2023.
Currently, Moneycorp has one of the widest coverage ranges in the online money transfer industry. It supports 120 currencies and has multiple offices in Europe, the US, Canada, South America, Australia, Hong Kong, and the UAE.
The company has almost £40 billion in annual turnover. This only proves that Moneycorp is one of the most popular money transfer services providers worldwide.
It has also won multiple awards and has consistently high customer review ratings. In addition, Moneycorp has the highest D&B rating in the industry.
The smallest transfer you can make with Moneycorp is £50 or the equivalent in other currencies. The company charges no fees and offers some of the lowest foreign currency exchange rates. High-volume transfers are usually cheaper as the rates are even better.
Another very important advantage is that Moneycorp is regulated by the Financial Conduct Authority in the UK and its counterparts in other countries.
This industry is new and therefore online money transfer services aren’t well-regulated yet. However, these financial authorities ensure that the customers’ rights are protected and that the operation is 100% legal.
2. XE Money Transfers
Founded in 1993 and owned by the giant Euronet since 2015, XE Money Transfers merged with HiFX in 2019. This made the company one of the biggest providers n online money transfer services with presence worldwide.
It accepts clients from all over the world and supports over 60 currencies. XE has offices in the UK, the USA, Canada, Australia, and New Zealand. Its international branches constantly increase their reach.
This company offers one of the best online platforms if you need to send or receive payments from multiple countries regularly.
XE Money Transfer services are varied and the company charges no fees for worldwide transfers. The exchange rate you get will depend on the size of the transfer. The company is regulated by the FCA and similar authorities in Canada, Australia, and New Zealand.
According to customer reviews on TrustPilot, this company has a very high rating of customer satisfaction. It improved greatly after the merger with HiFX and its re-branding. Positive feedback from customers also notes that the company offers highly accurate currency quotes.
The platform is almost fully online-based and focused on private clients instead of businesses. Corporate clients can use the XE money transfer services as well as dedicated currency dealer guidance and hedging tools.
The XE web platform is very easy to use, which makes it one of the best international money transfer solutions for private clients. However, the mobile app isn’t the best according to reviews.
3. Currencies Direct
Another industry veteran, Currencies Direct has just completed a £135 billion dividend recapitalization. This could only be accomplished for a business that’s highly successful and has a great promise for growth. Currencies Direct definitely matches this description.
At the moment it’s one of the best international money transfer companies with an almost unmatched global reach. Currencies Direct has multiple offices in the UK, the EU, South Africa, India, and Singapore. It supports 39 currencies and the minimal transfer starts with $100 or equivalent.
Currencies Direct has no fees from anywhere and offers favorable exchange rates for different types of transfers. Its annual turnover is around £7.5 billion and TrustPilot customer rating is 4.8 out of 5.
Overall, this is a company you can definitely trust to provide affordable and speedy money transfer services no matter where you are.
Note that Currencies Direct also offers expertise in foreign real estate. This can be very helpful for those of you who want to invest in property abroad or for expats.
The company is regulated in the UK (FCA), Canada (FINTRAC), South Africa (SARB), and the USA (FinCEN). However, the company’s money transfer services are unavailable in some American states.
Many clients commend friendly personal dealers and the great help they offer with efficient currency management.
The company also has very good and flexible exchange rates. Due to this it can be a good option for both private clients sending small remittances and big global businesses.
4. OFX Money Transfer
A company that comes from Australia, OFX Money Transfer currently offers one of the best multi-currency accounts in the industry. It’s definitely the best international money transfer company for small businesses and global entrepreneurs.
This type of account can also be very handy for expats and digital nomads who travel a lot. Overall, the versatility of its money transfer services is the main reason why OFX is currently one of the industry leaders.
The company has dozens of offices, including at least one in all the most prominent business hubs worldwide. Moreover, it has 115 bank accounts worldwide.
Therefore, the vast majority of payments can be settled quickly, efficiently and for a very affordable price. To sweeten the deal, you can make speedy money transfers via OFX using your debit or credit card.
The company is publicly traded and completely transparent. It’s regulated by the ASIC (Australia), FCA (UK), FINTRAC (Canada), and FinCEN (USA). This means that you can be completely sure that your money is safe and you won’t be defrauded when using OFX money transfer services.
The company charges no wire fees whatsoever and offers exceptionally good foreign currency exchange rates. In the majority of cases, there won’t be any receiving fees either.
The minimum transfer amount is the equivalent of $100. The company trades over $20 billion annually and has very good feedback on customer review platforms.
5. Wise (TransferWise)
No doubt the biggest and most well-known provider of international money services is TransferWise, recently rebranded into Wise. Not only is this a mammoth of a fintech valued at around $5 billion.
The company has also just chosen Morgan Stanley and Goldman Sachs to lead its IPO. This has been a long time coming and it will undoubtedly propel Wise further beyond the reach of any competitors.
This is the best international money transfer company for all private customers and everyone who needs to make small transfers frequently. The company uses fixed foreign currency exchange margins.
It’s almost impossible to find a better offer for small payments. The minimum transfer amount is only $1 and fees are very low. On average, a transfer via Wise will cost you around 0.5%.
The company has multiple offices in European countries, Malaysia, Singapore, the USA, Brazil, Australia, and Japan. It’s regulated by the world’s topmost financial authorities including the FCA, FINTRAC, and FinCEN to name a few.
Wise is also completely transparent and you can be sure that your money is safe. In addition, it has one of the highest customer satisfaction ratings in the industry.
In Conclusion: How to Save Money Using the Best International Money Transfer Company
If you want to live frugally, it’s important to save money whenever you can. Reducing the cost of money transfer services definitely counts. No matter what reason you have to make the transfer or even just exchange currency.
Going about it wisely will allow you to minimize the costs and therefore grow your savings fund by a little.
It’s hard to choose the best international money transfer company because there are many great options. You should compare quotes and terms from leading companies to pick the best one for your personal situation.
Start taking back control of your money by grabbing your copy of the Money Saving Starter Guide today.
This is a collaborative post
Last Updated on 11th January 2023 by Emma