With the world becoming increasingly globalised, it isn’t any wonder that we find ourselves making international payments more often than we used to. But not all money transfer services are the same, and it can be difficult to understand the differences between one service and the next.
So what are the best money transfer services out there? Well, it really depends on what you want to accomplish. Most services will focus on helping a particular type of customer, so it is useful to think ahead about what you’d like to do, and how often you’d like to do it.
Below, I’ll outline some of the services that I think are best for a particular use. Then, to conclude, I will list all the money transfer services that we have reviewed and include our scores for each; so you can compare the differences in your own time.
Best for everyday consumers
Our pick: TransferWise (review). The market leader in peer to peer payments, TransferWise is an innovative service led by an energetic founding duo, including one of the first employees of Skype. The service facilitates transactions at the mid-market rate, and they charge a low transparent fee. It has received a lot of praise from its customers and is supported financially by many well-known investors.
Best for expats
Our pick: CurrencyFair (review). Headquartered in Ireland, CurrencyFair is an expat-centric payment platform focusing on major currency corridors. They employ a technology-focused workforce who are attempting to make the payment process as efficient as possible. Its cost structure is in line with the other peer to peer market leaders, and they are constantly building additional functionality for the benefit of their users.
Best all rounder
Our pick: XE Money Transfer (review). A service with a lot of experience in foreign exchange. XE Money Transfer provides their customers with a personalised experience and can facilitate transfers of almost any amount. They make payments into over 170 countries around the world and funds are transferred at competitive rates. Their online platform is robust, and advanced tools can be accessed by speaking with their dealer desk.
Best for low cost transfers
Our pick: OrbitRemit (review). OrbitRemit is a relatively small money transfer service located in New Zealand. It only offers its services to residents of a select number of countries, however, in our assessment, it is the lowest cost provider in the market. If you can access their service and they make payments to your required destination, it’s an excellent choice for the budget conscious.
Best for business
Our pick: OFX (review). As a publicly listed company, OFX is one of the market-leading money transfer services in the world. They aim to provide truly global business money transfer solutions. While not the cheapest service available, the breadth of services offered by OFX is second to none. A thorough solution for small and medium businesses conducting trade internationally.
Best for large values
Our pick: WorldFirst (review). A reliable service to transfer large amounts abroad. Competitive rates, advance foreign exchange tools, and a broad selection of international offices, allow the company to provide a consistent experience to its customers. WorldFirst offers a high-quality online platform which facilitates transfers, as well as provides access to market research and commentary.
Best for small values
Our pick: WorldRemit (review). A fast and flexible service, transferring to over 140 countries around the world. Established by a former consultant to the United Nations, the service is suitable for payments of up to £35,000. The company’s online platform is simple, easy to use, and allows delivery of funds by a variety of methods. Its fee structures are much more competitive than traditional remittance services.
Best for speed and flexibility
Our pick: Western Union (review). If you want to get money somewhere quickly to all corners of the globe, it’s hard to go past Western Union. Payments can be initiated online with a credit card and be picked up by another party at one over 500,000 locations worldwide – almost in an instant. It is not a particularly cheap service and payments are limited to a maximum of £4,000. However, it is fast, there is no doubt about that.
Best international money transfer services: The complete list
If you haven’t already found the best money transfer service to suit your needs, you can use this list to filter through the options available, as reviewed by us.
|wdt_ID||Service||Ave. cost||Speed||Countries||Our score||Review|
|1||CurrencyFair||0.45%||2-4 days||157||5 stars||Read review|
|2||XE Money Transfer||0.54%||2-4 days||220||4 stars||Read review|
|3||WorldFirst||1.11%||2-4 days||243||4 stars||Read review|
|4||OFX||1.20%||3-5 days||226||4 stars||Read review|
|6||OrbitRemit||0.43%||1-3 days||43||4 stars||Read review|
|7||Ria Money Transfer||3.06%||1-3 days||158||2 stars||Read review|
|9||WorldRemit||1.35%||1-3 days||132||4 stars||Read review|
|10||TransferGo||0.84%||1-3 days||56||3 stars||Read review|
|11||TorFX||2.12%||2-4 days||176||3 stars||Read review|
|12||Currencies Direct||1.79%||2-4 days||188||3 stars||Read review|
Depending what you’re trying to do, there are a number of services out there that can help you do it. In this post, I’ve listed a range of services I consider to be the best money transfer services for a particular use. If you still haven’t had any luck finding the right service for your needs, perhaps it’s worth taking a look at our post on how compare money transfer services.