A decade ago, the best and safest way to transfer money to someone on the other side of the globe was through your bank. Today, things have changed, and banks are no longer the best way to send money internationally. Let’s have a look at which is the best money transfer service on the market?
The rise of online-based money transfer services has made it possible for people to transfer money internationally conveniently and at lower costs. So the question is, which is the best money transfer service?
To help find a money transfer service that works best for you, we have compiled a list of 5 of the best money transfer services.
TransferWise In Top 3 Of Our The Best Money Transfer Service list
TransferWise is a top-rated money transfer service, evidenced by its user statistics. This transfer service has over 6 million customers across 59 countries. Every month, TransferWise handles transfers to the tune of about $4 billion.
Several factors make TransferWise one of the best money transfer services. First, their charges are relatively low. While their fee structure varies depending on the transfer currencies, their payments usually amount to about 1 of the total transfer amount.
Another thing you will love about TransferWise is the fact that they don’t inflate their exchange rates, which is common practice for most other money transfer services. Instead, they use the same rates posted by the government.
Users also have a wide range of options for sending money. For example, you can transfer money across the globe via direct wire transfer, direct ACH transfer, using your credit or debit card, and even using other payment processors like Apple Pay.
Many people also love that transferring money through TransferWise is quite fast. Depending on the transfer’s currency, the funds will typically reach the recipient’s bank account within 1 – 2 days. Sometimes, you can even transfer money instantly.
All in all, TransferWise is one of the best money transfer services you can use.
WorldRemit Is In The Top 3 As Well!
If you want to transfer money to as many countries as you want, WorldRemit is the best choice. With WorldRemit, you can transfer money to 150 different countries.
There are several things that you will love about WorldRemit, such as:
- They offer very competitive exchange rates.
- Their transaction fees are relatively low compared to some of the other money transfer services.
- They offer multiple ways of transferring money, including bank transfer, mobile transfer, cash pickup at their agents, airtime top-ups, and even a door-to-door service where the money is delivered to the recipient’s doorstep in cash.
- They have a payment gateway for online businesses. Their payment gateway accepts payments from multiple sources, such as bank transfers, debit and credit cards, Apple and
- Google Pay, Trustly, iDEAL, and so on.
Is Authorize.Net The Best Money Transfer Service Then?
Authorize.net is a Utah-based company that was founded in 1996. Unlike the other money transfer services in this list, Authorize does not allow people to send money directly to other people. Instead, it provides a payment gateway that allows online business owners to accept payments internationally using multiple currencies.
Some of the benefits of using Authorize.net include:
- Their payment gateway is very reliable and highly secure, with features like fraud protection.
- They allow merchants to accept payments from several sources, including mobile, online payments, through telephone, and in person.
- Their payment gateway can be easily integrated and synched with third-party tools, such as QuickBooks.
- They have an accommodating customer support team accessible around the clock via phone or live chat.
- If you are looking for an easy and convenient way to accept international payments in your online shop, Authorize.net is a great option for you.
XE Money Transfer
XE Money Transfer is a well-known and reliable international money transfer service, and it is no wonder that they have a five-star rating on http://trustpilot.com. XE Money Transfer allows the transfer of money across 170 different countries.
Several factors helped get XE Money Transfer into this list of the best money transfer services, such as…
- Sending money across the world is incredibly fast, with the option of same-day transfers.
- They do not have any transfer fees. They make money by adding a small margin to their transfer rates.
- Despite making their money from exchanging different currencies, their exchange rates are still relatively low compared to some of the other players in the market.
- They offer a high level of security, with their services secured by Norton Security.
OFX
This is an Australian-based money transfer service that has quickly grown in popularity. Despite being based in Australia, they also have offices in the United States, Canada, the UK, China, Singapore, and New Zealand.
Like XE Money Transfer, OFX does not charge users any fees to send money. Instead, they make money by adding a markup to their exchange rates. The amount of markup usually depends on the exchanged currencies, but it typically falls between 0.4 and 1.5.
Some of the benefits of sending money through OFX include:
- Support for multiple currencies. With OFX, you can transfer money in 55 different currencies.
- OFX does not have a limit on the maximum amount you can transfer. This means that with OFX, you can even transfer millions of dollars.
- OFX also has an e-commerce gateway that online business owners can use to accept their online shops.
- OFX offers excellent customer support that is available around the clock.
- The major drawback of using OFX is that they do not allow transfers of less than $1,000. Therefore, OFX is not a great option if you are looking to transfer small amounts of money.