Online money transfer businesses are booming as 2021 comes to a close. With the globalisation of the past twenty years or so, people have been seeking new ways to transfer money abroad. The traditional banking systems are still slow and expensive to use.
Because the money transfer industry is now so attractive, everyone is getting in on the action. Even Meta (FKA Facebook) have started their own money transfer service. If you've been keeping up with the money transfer field over the past decade, you will be familiar with the great success of Wise (FKA TransferWise). They are one of the first of the current crop of money transfer startups and are now publicly listed.
The good news is that if you want to transfer money online today, there are plenty of excellent options available, even if you don’t have any prior knowledge. They require low fees and provide the best possible exchange rates. Choosing the best money transfer company for you will depend on exactly what you need, along with the reputation of the services.
Below you can find the top 10 best online money transfer sites for international transfers, based on rating for online money transfers by MoneyTransferComparison, which is an authority on the subject.
#1 Wise (FKA TransferWise) – Best for Innovation
Wise (FKA TransferWise) was started by two friends back in 2011. They were receiving payments from abroad and realized how much money they lost on transfer fees. They decided to create their own service to solve this problem for others like them. In doing so, they initiated the era of the international money transfer startup.
Since then, they have grown from strength to strength, and today they are publicly listed. While Wise was started in Europe, it has become hugely popular around the world and in the US in particular. Other services are favoured by those looking for human interaction, as Wise does everything online. For most people in 2021, online-only services are ideal.
Wise is an innovative company and we can expect them to come up with new ways of sending money that will further change the market. If you want to be along for the ride, they are the best choice for you.
#2 OFX – Best for Big Transfers
Wise is the best recent startup and should be considered by everyone sending international money transfers. However, OFX takes the title as the best money transfer service for major international transfers. They turnover more than $20 billion in transfers every single year and, like Wise, are publicly listed.
OFX has 115 bank accounts open around the world so as to minimize transfer fees when possible by using local transfers. They have iOS and Android apps which work fairly well, along with their website on which you can do almost everything.
One of the few disadvantages is that for some currencies you may have to make a phone call, which in 2021/22 feels hopelessly outdated. That said, they have availability 24/7, and the ability to phone them if you have any concerns is comforting for many people worried about their money transfers.
#3 PayPal – Best for Fast App Transfers
WHether or not you've used it, you have certainly heard of PayPal. PayPal is the most popular and useful app for international money transfers. With PayPal, you are not just sending money to bank accounts overseas. You can use your PayPal account for purchases or even to send quick transfers to friends.
PayPal is free if you are sending money to a merchant. However, when sending money internationally, they do charge significant fees based on the size of the transfer. Still, they are used widely by sites which pay out money to international workers in the gig economy and are incredibly convenient.
#4 TorFX – Best for Handheld Guidance
TorFX is an excellent company for those who don’t want to do everything themselves online. They are known for their excellent guidance from a staff of over 100 traders. You can contact them at any time to help you with choosing the best options for your money transfers.
TorFX is great for businesses who want to carry out big transactions. They will identify the tools and strategies to get the most out of your money transfers. Their excellence in the industry has been recognized through a number of expat awards as well as by Moneyfact as the best international money transfer company of the year from 2016 through 2020.
Their disadvantages include the fact that they don’t operate in some U.S. states and are not great for small transfers. If these issues don’t concern you, they are a reliable choice.
#5 WorldRemit – Best for Immediate Transfers
WorldRemit is an excellent company that allows you to send money to over 145 countries. They charge relatively low fees and will give you good exchange rates, but it is in their immediacy that they excel. Although all of the companies on this list will provide a quick service, with WorldRemit most payments are instant. In rare cases, it may take up to 24 hours.
You can pay from just about any type of bank account or from debit and credit cards. However, you do need to sign up for a free WorldRemit account before sending money overseas.
#6 Payoneer – Best PayPal Alternative
Many people see Payoneer as a basic PayPal copycat. However, this is far from the truth. While Payoneer is the best PayPal alternative, there are reasons you might use it as your first choice.
The most significant reason is that it provides multi-currency accounts, letting you receive and use money in different currencies. This helps you avoid having to deal with exchange rates if you want to use your account to transact.
For merchants using Amazon, it is particularly useful, especially considering that Amazon does not do business with PayPal. You can run your business through your Payoneer account, receiving payments from Amazon sales and sending refunds when necessary.
#7 XE – Best for Low Rates
For international travelers, XE may be most recognizable as the app that provides live exchange rates. However, XE is far more than a simple information provider. XE is actually a growing international money transfer company that is becoming increasingly popular due to its low rates.
Like many of the other companies on this list, they do not take a fixed fee. Rather, they take a small markup on their exchange rates. These markups go down for higher transfers. They are transparent about these fees, and are therefore not equivalent to the extra fees traditionally hidden by banks in their exchange rates.
XE has also made a name as one of the most secure companies in the money transfer field. With enterprise grade security systems, as well as 24 hour support in case of emergency, you are always covered.
#8 Remitly – Best for Remits to Developing Countries
If you are working in the US and sending money home to a developing country, you will know just how much of an impact high fees and bad exchange rates have on your remits. Remitly is geared specifically towards people sending remits abroad from the United States. They charge low fees and facilitate a range of ways to receive money.
Remitly allows you to use an express service if you need to get the money abroad immediately. However, they do charge an extra fee for this sercivce. If there is no rush, it is best to use their economy option which will take 1 to 3 days.
Remitly has an excellent app that is easy to use. They have 140,000 agents around the world from which you can pick up transfers in cash.
#9 Skrill – Best for Gambling
Skrill is an international payment system that, in addition to dealing with currencies all over the world, facilitates the buying and selling of cryptocurrency. You can create a personal or business account on their mobile app or website and immediately start sending money. They give you the option to choos what kind of transfers you want to make, including from banks, bitcoin, debit and credit cards, and e-wallets.
Skrill allows you to make transfers directly into online gambling accounts, which makes it extremely popular among people who enjoy gambling online. It is also a great option if you want to dip your toes into the world of cryptocurrency.
Their fee structure is very confusing, however, and you can end up paying much higher markups than with some of the other companies on this list.
#10 Azimo – Best for Transfers from Europe
Azimo is becoming one of the better known international money transfer companies, especially for people receiving regular transfers from Europe. While they do offer transfers from Canada and Australia, these aren't quite as competitively priced. You cannot send transfers via Azimo from the United States, but you can ask clients to pay through Azimo or have transfers sent from your foreign bank accounts through Azimo.
Azimo builds fees into their margins on exchange rates. The good news is that for transfers to the US, these margins are incredibly low. If you are transferring from the UK, for example, you will get margins of just 0.25%. Azimo uses local accounts across the world for transfers rather than actually sending money overseas. Therefore, there are no fixed fees the majority of the time. That said, if you pay via credit card, you will be charged a hefty 2.99%.
Actually receiving the money is easy as well, with cash pickups available at a large range of agents and the ability to receive money straight into your bank account and into digital accounts as well.
The above 10 online international money transfer companies are considered the best going into 2022. While they all offer excellent services, one or another may stand out to you depending on what you need.
You can trust all 10 of these companies to provide services that are transparent as they are all compliant to regulatory agencies. The international money transfer industry has really boomed over the past decade, leading to this great crop of companies to choose from.
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