Are you searching for the world’s best international money transfer? A reputable, well-regulated, money transfer company with excellent support and superb bank-beating rates that will make sure you are getting a cheap international money transfer paying the absolute minimum fees? You have definitely landed in the right place because on InternationalMoneyTransfers.org we have been covering this very aspect for 5 years by now!
Whether you are an individual, a corporation, an organization, a small business or an online seller… whether you are looking for the money transfer companies in UK, or searching for the best international money transfer services in Australia, you will find what you came to find, and sooner than expected. Our website offers a variety of money transfer comparison and reviews – all clear to understand and newbie-friendly.Start off below by reading our specific guides based on your location.
The best money transfer companies in the world
View our in-depth articles for the best money transfer companies foreach location.
- Best money transfer companies UK
- Best money transfer companies Australia
- Best money transfer companies USA
- Best money transfer companies Canada
- Best money transfer companies Spain
- Best money transfer companies France
- Best money transfer companies Ireland
- Best money transfer companies Hong Kong
- Best money transfer companies UAE
Popular Money Transfer Services Reviews
|Company Name + Review||Accepting Clients From|
|World First Money Transfer Review||Clients accepted globally, except U.S and some regions in Canada.|
|Currencies Direct Money Transfer Review||Clients accepted globally, except U.S (only serving specific states).|
|Global Reach Money Transfer Review||Client accepted globally, except for U.S.|
|TorFX Money Transfer Review||Clients accepted globally, except U.S (only serving specific states).|
|MoneyCorp Money Transfer Review||Clients accepted globally expect parts of the Middle East and Asia.|
|Currency Solutions Money Transfer Review||Clients accepted from UK, Canada, and Brazil.|
|TransferWise Money Transfer Review||Clients accepted globally.|
|CurrencyFair Money Transfer Review||Clients accepted globally, other than USA.|
|Payoneer Money Transfer Review||Clients are accepted globally but only for RECEIVING PAYMENTS.|
Popular Money Transfer Comparisons
- HiFX Vs. World First
- CurrenciesDirect Vs. WorldFirst
- Transferwise Vs. World First
- CurrencyFair Vs. TransferWise
- TransferWise Vs. PayPal
- Transferwise Vs. Payoneer
- Transferwise Vs. World Remit
- Payoneer Vs. PayPal
How International Money Transfer Work
International Money Transfer Comparison – 2021 Updated
We are making our utmost efforts to ensure that we recommend only the best international money transfer services out there, both online and offline. We constantly compare dozens of money transfer providers but only include companies that comply with the following requirements:
- They have been in the business of sending money abroad for at least five years.
- They trade at least hundreds of millions of pounds annually.
- They have at least 85% positive client reviews online.
- They allow clients to send payments through an online platform, via email, and over the phone.
- They deal with more than 20 different currencies and are able to transfer money to all the popular destinations.
- They have offices in at least two countries.
- They offer dedicated account managers to provide guidance on currency movements.
- They offer cheap foreign exchange rates for international wires and charge no fees to enable savings of at least 50% in costs compared to banks.
6 Things To Monitor for International Money Transfers
You have decided to make an international money transfer, so here are some easy tips to ensure your currency transfer stays on the straight and narrow. These are all considerations we have made before recommending the cheapest companies. It’s not only because their wire fees are the lowest and exchange rates are the cheapest; it’s because we understand the industry and the concerns of our readers.
The below tips are the cornerstone of smart international money transfers. Don’t overlook those, because it will cost you money in the long run! Additional information to be found on this guide – transfer money abroad by apps-for-money-transfer.com.
1. Your own strategy:
This is something that may sound straightforward, but it is often overlooked by customers. The most important thing to monitor when making a foreign currency wire payment abroad is to have a clear goal in mind.
Many customers decide to move money abroad without actually thinking deeply about why they’re doing so, as long as it’s cheap. They are actually not searching for the best companies in the market but rather making an arbitrary call.
Some easy questions that should be answered even before considering a foreign currency provider are:
- Is the transaction a one-off or the first of many?
- Does the transaction have to be done immediately, or can it be done at a later date with a potentially better exchange rate?
- Is a simple spot transaction the most appropriate solution, or will an FX forward rate be more suitable?
The simple and easy solution is to stick to large brand name companies, such as the ones featured on this website, that have all the required capabilities.
2. Additional charges:
Any currency transfer to a bank account abroad is likely to involve a commission fee based on the size of the transfer or sometimes a flat standard rate.
For customers, a key consideration is what those charges can add up to if they’re not agreed upon beforehand. Depending on where and in what currency the money is being sent, there will invariably be a range of associated fees, including bank charges that can become unmanageable rather quickly if you’re planning on doing multiple transactions in a short period of time.
One easy example is ‘transfer speed’. For an additional charge, customers can reduce the time it takes for their payment to reach its destination. Unless specifically determined or agreed upon beforehand, the currency provider may select the fastest—and most expensive—delivery time, thereby increasing the amount paid in charges.
The simple and easy solution is to stick to cheap money transfer services like those compared on our website. We have already inspected their fee structures and have verified that they are favourable for the client.
3. Honeymoon Rates:
Some of the best-known payment providers out there will often offer attractive promotional deals that provide ultra-competitive money transfer exchange rates—but only temporarily. For holidaymakers, some companies will offer a fixed exchange rate to allow customers to receive the same rate when going on holiday as they do when coming back.
These types of deals can be enticing, but customers should consider whether they are suitable or advantageous given their specific circumstances and objectives. Remember that many offers and promotions come with extensive terms and conditions, which are also a good idea to read through before making a large monetary commitment to any deal. Make sure that for each and every large transfer, you compare money transfer companies.
The simple and easy way to avoid that is stick to reputable companies that have tens of thousands of satisfied clients, such as the money transfer services featured on this website.
4. Quoted rates:
This may be a bit of an obvious one, but customers should monitor global currency fluctuations on a regular basis and have a strong understanding of the difference between retail rates and interbank rates.
Retail rates are typically more expensive than interbank rates, with the actual differences varying immensely between various currency exchange companies. Customers should pay attention to the interbank market and note how their currency exchange provider determines the rate being quoted to them. This will help determine how competitive their currency provider is and how they compare to others.
The simple and easy solution for that is to view the roughly expected rates we have listed on our website and to compare them in real time with your bank or current broker.
This is rarely a huge issue when it comes to simple one-off currency transfers, but it is still a point well worth thinking about when sending money abroad.
Sending money to a G20 country is typically easier and less cumbersome than sending money to less developed countries. Customers are not obligated to carry out various Know Your Customer (KYC) checks as part of anti-money laundering legislation, but their currency provider is. Therefore, it may be a good idea to deal through a fully regulated currency provider, especially when receiving money from a country designed as ‘high-risk’ or ‘medium-risk’ by regulatory agencies such as the FCA, NFA, and FSMA.
This will ensure that your money is segregated and that the company handling your money is in control of its compliance and risk management operations.
The simple and easy solution for that is to stick to our top-recommended company choices. We have already checked the regulator’s database to make sure each company is operating legally.
6. Online reviews:
One final thing that may be of great help to customers aiming to get the most out of their foreign currency transactions is online reviews.
The more online reviews a company has, the more likely it is to be genuine and offering a reliable service. However, that doesn’t mean that if a company has bad reviews, it is unreliable.
Ideally, customers should find it easy to communicate with their provider, and as an indicator of best practise, they should be accustomed to receiving regular information relating to the provider’s services, offers, policy changes and any upcoming product changes. A strong relationship with your provider can also help to reduce the number of fees, charges, and commissions being paid.
There are, of course, occasional exceptions, but the bottom line is that if a currency provider doesn’t do right by its customers, it will not have customers for long. Reading the experiences of other customers may provide that little bit of additional information required for you to make your decision.
The simple and easy solution to that is to read through the variety of reviews we have on our website, with the best currency brands, like WorldFirst, TransferWise, Payoneer, and Currencies Direct, as well as side-by-side comparisons like TransferWise vs. PayPal and TransferWise vs. CurrencyFair.
The Currency Transfer FAQ
What is Commercial FX
Commercial FX companies are an alternative to the traditional banking system’s wire transfers. Similarly to banks, they are connected to financial messaging systems like SWIFT, allowing them to send money internationally between bank accounts.
What differentiates foreign exchange companies and banks is essentially pricing and service. Banks have high transfer fees, sizable spreads, and do not allow private clients direct access to the FX trading rooms; commercial FX firms are basically currency wholesalers: As such, they use smaller spreads, charge no fixed fees on international wire transfers, and enable clients to receive guidance and support directly from a licensed currency dealer.
What’s a Dedicated Dealer?
The top currency firms will offer another advantage in the form of a dedicated dealer. For large transfers, like property purchase, luxury payments, emigration, or business, there’s a certain level of complexity involved. It’s not only a matter of trading the currency at the price, but also at the right time, where conditions are most favourable. These companies will offer you impartial expert advice with the hope of saving your money.
Your dedicated currency dealer will:
- Weigh in the different options that you have, by educating you about different type of contracts that allow you to lock future price with today’s rates, or watch the exchange rates on your behalf and notify you once the rate has reached a certain point.
- Provide you with his expert opinion on currency trends. He will explain his forecast and reasoning, and can potentially save you thousands by telling you to lock the rate at the right time.
- Help you execute the payment itself, including options like regular payments (for things like salary, pension, mortgage). He will optimize the payment plan so the least amount of fees (including recipient banks’ fees or taxes) will be incurred.
What Does It Take to Sign Up?
When you choose to work with a currency firm, you firstly need to sign up. It is advisable you’ll do that using our website, because some of our partner links provide clients with benefits (example: with Moneycorp our link saves all fixed transfer fees which are usually incurred by the company).
We only recommend companies where this process is as hassle-free and seamless as possible.
It’s absolutely easy for UK-based, European, New-Zealander or Australian clients to get verified accounts, but International money laundering laws make it a tad more difficult in other regions of the globe. American clients might need to send more documents, as does middle-eastern and east-Asian clients, but they are happily accepted by the majority of these firms. Transferring currency from regions like India, Pakistan, or Africa is virtually impossible with our recommend companies.
How Does The Process Look Like
Once you are registered with any firm, you are able to receive quotes for your international money transfer inquiry. You can get it directly on your online payment platform, or via telephone. It’s recommended you’ll use the phone for large transfers because you may be able to get a better foreign currency than the default price stated on the online system. If you are on the market to compare exchange rate spreads, and get the absolute cheapest quote, you can sign up with multiple companies and test their offering in real-time.
If you like the price you have received, you could book the transfer immediately. Either through the online payment system, or by verbally agreeing to the price offered to you by telephone. At that moment, your price is locked, and you are able to transfer money to fund the transaction in up to 5 days. One option is to pay the due amount by credit card or credit (optional only in some companies like World First). That makes the deal more expensive and ill-recommended unless the amount transferred is very small. The other option is to locally wire the funds to a domestic bank account that will be communicated to you. That company owned bank account will be a safeguarded account dedicated only for client funds.
Once the funds have reached the company’s domestic bank account, your transferred will be automatically wired to its destination as you specified, and you will receive a confirmation. In most popular destinations should take no more than 24 hours to receive the cross-border payment.
How Do You and These Companies Make Profit?
International currency transfers incurs fees derived from the Buy/ Sell currency rates. The prices you see on places like Yahoo! Finance’s currency converter are the mid-market rates between bank transactions (where banks trades currencies with other banks). The retail price is completely different than that. Banks can charge markups that are high as 5% of the lump sum transferred, in addition to a fixed fee, while commercial currency transfers use tighter margins (usually around the 1-2% but could be much lower for high-volume transfers). That 1-2% represents their revenues (while it’s definitely not all-profit).
We drive in profits by referring clients to the foreign exchange companies listed on our site. Getting to a company through our affiliated links will not incur any additional fees. On the contrary, in many cases you can save money by using our partner links because it would induce extra perks. Our choices are well elaborated, and we only work with companies which have proved themselves as market leaders in the currency industry. You are welcomed to read the detailed reviews we have created for each of the companies to learn more about them.
What Do We Do?
What we do
InternationalMoneyTransfers.org provides information on international money transfers. We don’t handle currency exchange, send money overseas, or receiving payments from abroad ourselves. We don’t provide individual financial advice. We try to help our audience to make an informed choice on what is the cheapest ways to move money between different countries. Nothing more, nothing less.
We strive to make InternationalMoneyTransfers.org into a global leader in the comparison of international money transfers. We want this website to be your Go-To Destination for any information you may require about international money transfers – whether it’s which money transfer companies to use to conduct your transaction, or other information you require relating to international transfers. Our biggest advantage over our competitors is our exclusive money transfer rate deals you can find on the site. All of our recommended providers offer improved rates to clients who sign up through our referral links (over clients who sign up directly through their website). We hope to get even better currency exchange rate deals for our clients while improving our content.