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Send Money Online: Which is the Best Money Transfer Service?

You might be wondering – What is the best money transfer service? There are lots of options, have a look at our handy guide
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If you want to transfer money internationally, there are a lot of options out there to choose from. The last couple of years has been great for people who need to transfer money on a regular basis.

You might be wondering – What is the best money transfer service?

  • The first thing to remember is that money transfer service companies are changing their offers all the time. It pays to keep an eye on what is happening with the money transfer service you choose and make sure its rates stay competitive.
  • Another thing to consider is the frequency that you plan to transfer money. Some of the money transfer services we list below will be perfect for the occasional transfer but aren’t competitive with platforms that offer subscription services to people and companies that make frequent transfers.

There are some platforms that will allow you to send cash directly to a person at a drug store or other agent location, and some of the platforms listed below will only work if both the sender and receive have a bank account.

Which are the Best Money Transfer Companies?

Let’s have a look at some of the most popular money transfer services there are, so you can start sizing them up!

Wise ( Formerly TransferWise )

Transferwise is one of the leading services if you’re looking for the most efficient way to transfer money overseas. Founded in 2010 by two financial experts, Taavet Hinrikus and Kristo Kaamann, TransferWise has had seven runs of funding in excess of $396 million USD and continues to develop with the support of more than 23 employees and 5 board members.

Transferwise ReviewTransferwise Money Transfers -  Visit
Transfer TypeOnline Only
Fees$2 up to $400 / ~0.5% Over $400
Transfer SpeedFrom Same Day
Mobile App✔️
Min Transfer£1 / $1

Visit Transferwise

The platform works by making a bank transfer via your borderless account to TransferWise. While other money transfer services aren’t completely transparent about fee structure Transferwise got it right. You can always link to their website to see exactly what the exchange rates are.

The exchange rate is also guaranteed by TransferWise, so you know exactly how much your recipient will get. Certain banks can also guarantee exchange rates, but the rates can be much higher if you want to do that.

One interesting about Transferwise is that they use real exchange rates, also called mid-market rates. The real exchange rate is the midpoint, which is always changing, between buying and selling rates on the global currency markets.

The mid-market rate the fairest rate, and on Google, Yahoo, and Reuters you’ll find it used at an official exchange rate.

TransferWise offers a guaranteed rate for some currencies, so you can transfer the wire at the rates you’ve planned. The delivery date is certainly of the biggest concerns when using money transfer services and Transferwise works hard to make it as quick as possible for your transfer to arrive.

However, you need to note that it depends on different factors, including the countries where you are sending to and from, your payment method, the time you pay for your transfer and the security checks.

Instead of having you pay a credit card transaction fee or a bank transfer fee, you can now take a small percentage of the transaction, which helps save you money on the transfer.

Bank transfer fees in hidden fees can be up to 5% of the transaction’s cost, and TransferWise is reportedly 8x cheaper than banks, at least on some transfers.

TransferWise Pros

  • Simple Signup and Straightforward Interface: For security purposes, you will need to submit some supporting documents (valid identification, for example). It usually takes around 1-3 days for account approval and TransferWise will let you know if you’re approved.
  • Time Saver: You can set everything up online in minutes instead of waiting in line for hours at the bank or transfer office.
  • Safety: TransferWise is regulated by the UK Financial Service Authority (FSA), one of the world’s leading financial institution regulators.
  • Fair Transactions: By offering mid-market rates, TransferWise makes transferring money cost-efficient, and ensures that its clients are getting some of the best transfer rates in the market.
  • Business Payments: You can easily create your business profile with some basic information and after the verification, you can make transfers via your business.

TransferWise Cons

  • Limited Transfer: It may not be convenient to use Transferwise for large transfers as transfer fees are charged by a percentage system.
  • Limited Reach: Though the transfer system covers major regions of the world and the market’s most popular currencies, it’s still a bit inconvenient for business owners who deal with smaller markets, or emerging economies.
  • Online Focus: Limited phone contact for troubleshooting. This may or may not be a big deal for you, but it is worth knowing.

Read our complete Transferwise Review

Visit Transferwise

XE Money Transfer

Founded in 1993, XE Money Transfer has built its reputation in the area of international money transfer services. XE offers currency exchange tools and services to customers across the globe. The company allows payments in more than 60 currencies to 170 countries from 50 countries. Some of the most popular currencies they offer include CAD, EUR, GBP, HKD, NZD, PHP, TBH, USD.

XE Money Transfers -  Visit
Transfer TypeOnline Only
FeesNo Fees
Transfer SpeedFrom Same Day
Mobile App✔️
Min Transfer€/£/$1

Visit XE Money Transfer

The feature setting XE apart from other money transfer services is that XE does not charge international money transfers fees or commissions. Plus, there’s no minimum or maximum limit on the transfer, customers can send money without going beyond the limit.

Business transfers are also available at the same time with private transfers, making the platform a huge advantage for companies to transfer money overseas, and don’t want to deal with multiple accounts.

Customers don’t have to pay for using XE services, however, in some cases, some third party charges may apply when you make payments to XE or before receiving funds transferred to your bank account from recipients. All of this depends on the banks and countries to which you send money.

XE Money processes most of the transfers instantly once it receives your money. The money transfers are usually processed within a day, although, certain transfer types may take longer.

XE also provides an anticipated date for receiving the funds from the sender. If your payment is received on time by XE Money Transfer, the date of payment given is the earliest it can process your transfer.

XE’s platform is highly responsive. Once the amount is entered and the country to which you wish to send funds is chosen, it will provide the sender with the exchange rate and the amount to be provided.

The business also provides additional analytical tools to help customers schedule transfers. XE’s website is updated with useful information, from money transfer tips, currency news to market analysis.

When it comes to making an international money transfer and sending money abroad, security is a very important consideration. XE takes its legal responsibilities seriously and offers bank-level security.

The company is regulated in most countries, including Australia’s ASIC. They work under the Australian license number for financial services from HiFX. You will also take steps to protect your sensitive data, such as your personal details and identity. To ensure that any data you provide to them is safe, the company strictly adheres to its privacy policy.

XE Money Transfer Pros

  • No Fee: No matter the amount you transfer, XE doesn’t charge any transaction fees or commissions. You can probably save a lot of money with this policy.
  • No Limit: Unlike many transfer services, XE gives you an unlimited amount you can send each month.
  • Competitive Rates: As a well-known and trusted brand, XE provides customers with highly competitive exchange rates and helps reduce your worries.
  • Helpful Customer Service: Professional customer support is prepared to help you instantly. Plus, apart from English, the currency staff at XE can speak French and Spanish, making it easier for non-speaking English customers.

XE Money Transfer Cons

  • No Card Payment: Card payments aren’t allowed, you can only pay for your transfer online or through a telephone-guided bank transfer.
  • No Cash Pickup: Bank deposit is the only choice, this is a major limitation in payout options.
  • Limited Customer Service: Customer support is unavailable at weekends.

Read our complete XE Money Transfer review.

Visit XE Money Transfer


WorldRemit is a remittance-focused online money transfer service. They are particularly good for transfers to regions like Asia, Africa and South America.

Recently the company has paired with UnionPay debit cards in China, allowing customers to transfer money at a cheaper rate to over 14 Chinese banks. Two million online users use WorldRemit and are proud to be able to easily transfer money.

World Remit Money Transfers -  Visit
Transfer TypeOnline Only
Transfer SpeedFrom Same Day
Mobile App✔️
Min Transfer€/£/$1

Visit World Remit

With WorldRemit, you can send money to over 140 different countries and you can receive transfers as a bank deposit, cash pickup, mobile credit or an airtime top-up.

WorldRemit is a low-cost alternative to traditional money transfer services. It’s convenient for you to transfer money anywhere and at any time with WorldRemit support through the website or mobile app

There is no need to line up and wait to an agent’s place, all processes online, ensuring WorldRemit charges are more competitive than many rivals and it offers cost savings for its customers.

Starting up with WorldRemit is fairly simple. You will need to answer a few questions, like most services, and depending on where the money comes from and goes to, some documents for ID and address verification may be required.

When it comes to the transfer process, WorldRemit nailed it. There are instant cash transfers for most urgent situations. Actual transfer time, however, can vary depending on many variables, such as the source of the funds.

Bank to bank transfers may take longer (like several days) as the company has to work with the banks to create a transfer. Weekdays will also be a factor, as most banks don’t have staff working on the weekends.

In most cases, cash delivery is also available for immediate selection. There is also instant access to mobile money and airtime top-up. You will get to learn the transfer time when you make a payment, and it should be consistent, as long as you don’t change any variables.

Overall, WorldRemit is a good choice if you want to transfer smaller amounts quickly at a reasonable cost and the perfect option if you prefer cash pickup.

World Remit Review

WorldRemit Pros

  • Straightforward and Easy-to-Use Interface: It’s simple to open an account and set up your transfer with World Remit, plus, you can do it on both mobile and desktop devices.
  • No Minimum Transfer Amount: Whether you’re sending something small for a birthday, or putting a downpayment on a car, World Remit has got you covered.
  • More Payout Options: Unlike XE, World Remit offers you cash pickup or mobile money options.
  • Secured Service: Of the concerns when transferring online, security is sure to be high. World Remit has great security and a good reputation for keeping its clients safe. The service has gained trust from numerous customers and transferred at least 5 billion USD.

WorldRemit Cons

  • Limited Maximum Transfer Amount: The maximum transfer amount with WorldRemit is $10,000 and it’s even lower for some currencies.
  • Unfixed Transfer Fee: The transfer fee is changeable, different countries will have different transfer fees.
  • Limited Transfer System: There are some places that WorldRemit is not licensed, so you may need to find another service.
  • No Business Transfers: WorldRemit is made for personal transfers, so if you are looking for a commercial money transfer solution, there are much better platforms on this list.

Read our complete World Remit review.

Visit World Remit


We can’t talk about money transfer services without mentioning MoneyGram, one of the leading companies in remittances. MoneyGram’s services include money transfers, money orders and bill payment to those who don’t have bank accounts or who don’t want to use their regular bank account.

MoneyGram ReviewMoneyGram - Visit
Transfer TypeOnline & In Branch
FeesUp to 10%
Transfer SpeedSame Day
Mobile App✔️
Min TransferNo Minimum

Visit MoneyGram

MoneyGram’s services are available in a wide range of pharmacies and supermarkets as well as small local businesses, bus stations, and check-cashing outlets, making it very convenient if you’re in a hurry.

The platform allows the transfer of money between various locations around the world. Its exceptional range includes 380,000 locations of agents, distributed across more than 200 countries, and MoneyGram allows you to use its services with no need for a bank account.

You can have your money transferred with an Identification such as a passport or driver’s license and a 10 digit number. Because the platform deals primarily with cash transfers, they also do not require a withdrawal credit card.

Transfer fees for MoneyGram vary depending on where you send your money, how much you submit, and how much you pay. If you use your bank account to make a payment, usually the charges you pay are smaller than if you pay with a credit or debit card.

Your exchange rate could be 5% above the mid-market rate, depending on where you send your transfer, how much you send and how you pay for it. If you send a large amount of money, that could mean hundreds of dollars going directly into the pockets of MoneyGram.

MoneyGram gives you the opportunity before you begin your transfer to check your exact exchange rate.

MoneyGram Review

MoneyGram Pros

  • Long List of Currencies: Using MoneyGram, you can reach anywhere as they have agents around the world.
  • Instant Transfer Available: You can send money to most places in the world in just a few minutes.
  • Various Options to Pay: MoneyGram has many options for you to pay, you can pay with cash or your card at a branch and don’t have to wait for a verification process to be completed, as opposed to other online services.
  • Various Delivery Options: Whether you send money to your recipient’s bank account, a mobile wallet or a cash pick-up location, MoneyGram can fully support your transfer with its services.

MoneyGram Cons

  • High Fees: MoneyGram is more expensive in comparison to the other online money transfer services.
  • Low Maximum: You are only allowed to transfer up to $10,000 USD online with MoneyGram, so if you want to transfer more than that amount, you may need to look elsewhere.
  • Currency Exchange: By making international money transfers from the US to MoneyGram, you usually have to send the money in US dollars and you don’t have the option to send it in a foreign currency. They will pick it up in US dollars or local currency depending on the country of the recipient. Local rates of exchange can differ, and this may add ‘costs’ to the transfer.

Read our complete MoneyGram review.

Visit MoneyGram


Based in Australia, OFX is a global provider of money transfer services with international offices in the United States, Auckland, New Zealand, Hong Kong, Singapore, London, and Toronto, Ontario, in addition to their Sydney headquarters office.

OFX ReviewOFX - Visit
Transfer TypeOnline & Phone
FeesUSD$0, £0, CAD$15, AUD$15, €10
Transfer Speed1-3 Days
Mobile App✔️
Min Transfer£100 / $1000

Visit OFX

OFX’s fee plan for its clients is both clear and straightforward. OFX does not charge any transfer fees but will charge you an exchange rate markup fee depending on the currencies involved. Exchange rate markup fees are highly variable, but they seem to range from 0.4% to 1.5% of the amount of funds transferred.

The platform provides a number of services to individual users, as well as a range of specialized services designed to meet businesses’ and online sellers’ needs from account creation to live exchange rate data, transfer funding, and features for small and medium-sized businesses. These features extend to money transfers via a mobile app or via phone.

Sending your money abroad with OFX is just as safe and secure as any bank. OFX has offices worldwide–it’s licensed in Australia, the UK, NZ (registered), Canada, and the US–making it one of the world’s most regulated financial firms. OFX is also obliged to comply with these countries’ global anti-money laundering laws.

Because of the restricted transfer system, distribution is dependent on normal banking hours and processing times, so you can’t expect delivery with OFX on the same day or even the next day. Usually, transactions take two to four business days. This takes OFX two days to collect the bank’s money and then two days to transfer the funds to your recipient.

OFX Review

OFX Pros

  • Reasonable Fee Policy: No transfer fee will be charged by OFX regardless of how much you send and their markups are lower, when compared to other money transfer services.
  • No Maximum Transfer Amount: OFX does not have a maximum transfer amount. This is important if you want to make large transactions for things like buying your own property or leasing or investing in opportunities abroad, like commercial real estate.
  • Different Supported Currencies: You can send funds to a large selection of countries worldwide as OFX has 55 supported currencies.
  • 24/7 Customer Support: OFX offers excellent customer service by providing a fully digital environment that can be reached easily at any time of the day. The platform has multiple offices around the world. Most problems you have with your money transfers can quickly be resolved by a customer agent in your time zone 24/7.

OFX Cons

  • Minimum Transfer Amount Needed: OFX imposes a provision for a minimum transfer of $1000. Although it is not the only money transfer company to enforce such a high minimum, it makes their service impractical to customers who only need lower amounts of money.
  • No Cash Payment or Pick Up: Bank-to-bank transfer is the only option. You will not be able to send money if your recipients are abroad unless they have an international bank account.
  • Foreign Currency Accounts Unavailable: OFX doesn’t provide foreign currency accounts (or any accounts).
  • Lack of Customer Support for Personal Financial Advice: 24/7 customer support is undoubtedly helpful but the service doesn’t extend to personal financial advice.

Read our complete OFX Review.

Visit OFX


Remitly was created in 2010 by Matt Oppenheimer with the name Beamlt Mobile in Idaho, United States. After the company moved to Seattle, Josh Hug joined as a new co-founder, and Beamlt Mobile was renamed Remitly. Today the company handles lots of money transfers and has a good reputation in the industry.

Remitly ReviewRemitly -  Visit
Transfer TypeOnline & Phone
Transfer SpeedFrom Same Day
Mobile App✔️
Min Transfer€/£/$10

Visit Remitly

Remitly is one of the largest independent digital remittance companies. It has an online transfer service that allows people in the United States, Canada, the Eurozone, Australia, and the U.K to send money to over 40 countries around the world. Their service is fast, secure and inexpensive.

The company allows its’ clients to transfer money abroad by using their online money transfer service on the web, or the Remitly app on smartphones or tablets. Remitly offers its service in England, Spain, France, Germany, Poland, Italy, Turkey, Romania, and Vietnam as well.

Transferring money by Remitly is easy, customers can choose pay via bank transfer, or with debit or credit cards.

Beneficiaries can transfer the money from their Remitly funds into their bank account in the local currency or directly into their mobile wallet on their smart device. They also can pick up cash from Remitly agent locations around the world or money delivered to their home address.

However, you need to check whether delivery options are available in your location, as local laws vary.

Remitly exchange rates and fees are based on several different factors such as where you transfer from, how much you are sending, and how are you funding it.

There are two types of money transfer service which Remitly offers to their clients: Economy and Express service. If you choose the Economy transfer, you deposit money from your bank account and it normally will be taken three to five days to arrive at the destination. The fees are lower than the Express service.

The other option Remitly offers is Express Transfer.

The Express Transfer option requires your debit or credit card and the fees are higher. Sometimes you will need to pay a card processing fee. On the plus side, the beneficiary can receive the money within minutes, which makes it a great option for sending money in a hurry.

Remitly uses bank-level security and offers good customer support. Overall it is a good option for both personal money transfers, or for businesses that don’t want to use banks.

Remitly Review

Remitly Pros

  • Great Value: Remitly is easy to use and has an excellent website, as well as mobile applications so you can move money on the go.
  • Huge network: A beneficiary can collect their money from any participating bank in the countries where Remitly is available. Cash can be picked up by bank transfer (depending on the country), home delivery, and mobile wallet deposits.
  • Easy Processing: SMS/ text message alerts help to track transfer processing.
  • 100% satisfaction guarantee: Remitly will refund you their fees in case you are not satisfied with its services.

Remitly Cons

  • Costs: Remitly is not the cheapest provider, exchange rates can be higher than the mid-market rate, and fees may also be higher than other platforms.
  • Limits: Monthly and daily limits on how you can send.
  • Locations: Some locations will have limited services, the local regulations may limit how you can send and how the beneficiary receives money.
  • Small Amounts Cost More: If you transfer small amounts, the fixed fees can be expensive.

Read our complete Remitly review.

Visit Remitly


CurrencyFair was created in 2010 by ex-pats and former bankers, who wanted to transfer money internationally. CurrencyFair’s head office is in Ireland, and the company also has offices in the U.K and Australia. It was one of the first platforms to develop peer-to-peer money transfers.

Currency Fair ReviewCurrencyFair - Visit
Transfer TypeOnline & Phone
Fees£2.50 Flat + 0.4% Markup
Transfer Speed1-2 Days
Mobile App✔️
Min Transfer€8

Visit CurrencyFair

Working with the peer-to-peer system means that you offer the option to use the exchange rate you elect and wait for another CurrencyFair user to accept your exchange rate. Then the company will set the rate you both get, and lock in the transfer costs.

They try to match your needs to the client’s need so the transfer becomes cheaper and easier. When you use this system CurrencyFair charges 0.15%, which is extremely low for an international money transfer.

If there is no other customer that wants to accept your rate, CurrencyFair will match your rate with the best available rate. On average, this rate is 0.35% below the mid-market rate, but there is no guarantee of this, it is just an average.

CurrencyFair offers money transfer between 18 different currencies. You can send money from and to over 150 countries with CurrencyFair, and it is recently expended into Asian markets.

The company has staff who can speak a variety of languages, like English, German or French to support customer transactions. It also has local accounts in nearly all the supported currencies, which means that transferring your money into other countries will be inexpensive when compared to a bank.

CurrencyFair charges you a small flat fee of around €3 to payout your money into the account bank of your choice.

Depending on where the money is being transferred, the money should take one to two days to arrive at the destination. The best time to transfer money is in the morning, as most banks’ cut off times for international transfers are in the early afternoon.

To exchange and transfer money via CurrencyFair, customers can use CurrencyFair’s website or the CurrencyFair app, which is available on iOS and Android.

You can sign up CurrencyFair to make a personal or business account, and use your bank account as a source of funds. Businesses can use the platform for international payments and receive money.

CurrencyFair Review

CurrencyFair Pros

  • Peer-to-peer: CurrencyFair offers peer-to-peer matching on the exchange rate, with a super low fee for the transaction.
  • Fees: Low transfer fees and the platform has an excellent review on Trustpilot.
  • Funding options: CurrencyFair accepts bank transfers and debit card cards for sources of funds.
  • Good for small transfers: CurrencyFair is a good choice for sending small gifts or dealing with small overseas purchases due to its eight Euro minimum exchange, and no maximum.

CurrencyFair Cons

  • Time: There is the risk that you won’t find a matching exchange rate, and your transfer will sit there until you make a change.
  • No Credit Cards: CurrencyFair does not accept credit cards, cheques, cash or bank drafts.
  • Unique System isn’t Perfect: For people that are in a hurry, the peer-to-peer matching system may not be ideal.
  • Banks only: Limited payout options.

Read our complete CurrencyFair review.

Visit CurrencyFair


TransferGo is an online international transfer platform and offers low-cost, fast and secure global money transfers. TransferGo is similar to most other money transfer companies that are active in the online marketplace.

TransferGo ReviewTransferGo - Visit
Transfer TypeOnline & Phone
Fees0% to 2.2%
Transfer SpeedFrom Under 30 minutes
Mobile App✔️
Min Transfer€/£/$1

Visit TransferGo

To get started, you sign up for an account with the platform, enter the amount that you want to send and to what destination country. Payment can also be made by a debit or credit card which is required in the following currencies GBP, EUR, PLN, NOK, SEK, and DKK. The money will be delivered to a bank account which you select.

The unique point of TranferGo’s model is that the transfer will come from a bank that is located in the beneficiary’s home country. That is why they can provide a lower fee than traditional banks charge, and the time for processing funds usually takes one working day.

There are varying speeds of payment are available in TransferGo services, such as Express transfers which you can pay by SOFORT, debit or credit card.

Express transfers offer same-day delivery for £2.99. You can choose Today transfers which offer next day delivery for £1.99. For Standard, it takes three to five days working day to reach the destination account.

TransferGo’s fee and exchange rate are much lower than traditional banks. The company charges a small flat fee of £0.99 and plus the exchange rate.

The average amount that clients pay is between 1.30% of the total amount transferred for small amounts of money ($1,000 USD) and 0.60% for larger amounts of money ($100,000 USD).

When comparing TransferGo to other currency transfer companies, its fees and exchange rate are good. Its rates are not too far from mid-market rates, especially for the large amounts of money transferred.

You can make a fast transfer and send money from a bank account or debit, credit card to the recipient’s banks from over 30 countries to over 47 countries.

TransferGo does not have a minimum transfer value and its online platform is limited to a maximum transfer amount of £25,000. TransferGo has a good reputation on Trustpilot and its security is on par with the rest of the industry.

TransferGo Review

TransferGo Pros

  • Good Reputation: TransferGo is a top choice of reviews on Trustpilot.
  • Ease of Use: Transfer and send money easily with competitive exchange rates and fees.
  • Open Fee Structure: Total fees are shown before making transfers.
  • Convenient: TransferGo is available as app on iOS and Android.
  • Simple to Use: You can make small payments without full identity verification.

TransferGo Cons

  • Banks Only: You can only send money to a bank account.
  • Service Area: TransferGo is not available worldwide or to United States customers.
  • Amounts Matter: It does not have the best rates for sending large amounts of money.

Read our complete TransferGo review.

Visit TransferGo

Best Money Transfer Service for Your Needs

It is clear that today, people and businesses have loads of options when it comes to sending money internationally. Depending on what you want to do, there will be a best money transfer service for your needs.

It is important to assess all of the fees that will be applied to an international money transfer before deciding on the right platform for you. Also keep in mind that as the amount of money you need to send rises, your options will change.

Be sure to keep an eye out for special offers from the companies that are listed above, as they often create attractive pricing offers to attract new clients. There is no rule that says you have to use the same platform every time, so make sure you get the most for your money!


Nicholas is an experienced Finance Journalist who has written for a number of prominent online publications. He grew up in Ann Arbor, Michigan with a father that would read him the Wall St. Journal along side of other bed-time fare. He has traveled extensively, and been lucky enough to study a changing global economy in person. Nicholas spent many years in the Southern Cone of South America, sometimes in the middle of the countryside where livestock starts its journey to all points of the globe. Today he is thoroughly bemused with the stance that Central Banks have taken in the wake of the 2008 meltdown. There is no telling what will come out of the global financial system next, but he is glad that he lives somewhere that gold can be bought and sold readily!