A few years ago Transumo first set out uncover the best money transfer companies by country.
Sick of paying high fees – our main goal was quite simple – we wanted to inform about the options beyond traditional banks where you lose 3.5% – 5% of your funds ever time you make a transfer.
At first the differences between services were minimal although there were some, so we showed the differences.
Most importantly, you did not end up using a bank. Apart from saving a bunch of money – telephone, online services and tools to make trades ensured you were miles ahead.
And that gap is widening.
Best Choice 2016
It is OFX!
Cost wise, most services are quite similar. You can expect they to charge around 1% for larger amounts over $10k down to about 1.8% for their minimum. (Banks are about 3.5% plus fees usually charged by your bank and the receiving bank which often amounts to up to 5%)
Service Weekend Deals Live Currency Converter Fee Free Transfers
OFX Yes – 24/7 Yes Over $10k
World First 24/5 No All
TorFX 24/5 No All
There are two point of difference that makes OFX stand out for us and we think most people will agree.
- Ultimate Transparency – By having the actual rate you will get right on their home page (without logging in) all the cards are on the table. We encourage you to compare.
- Being able to transact 24/7 – on weekends is a huge benefit for most people.
- The physical location of offices can matter a whole lot. We have discussed at length the advantages of having the money transfer company in your own country for service and security reasons, but it is especially helpful if you move to that country and they can still serve your interests there too.
Paying a fee of $15 for amounts below $10,000 is a negative but lets face it $15 is not a lot, on $5000 (£2500) for example it amounts to 0.3%. Click here, we have negotiated the first two transfers free.
However if you are transferring amounts less than $5k regularly and really want to squeeze every cent out of your transactions – perhaps one of the others is better.
There are many other differences between the services, but in our opinion they are more minor.
Alerts for example is important and something all three offer which can be extremely helpful.
Where OFX clearly wins the day in our opinion is that you can transact on weekends and also you can see exactly the rate you will get without logging in.
We expect other service provider to catch up in time, meantime just choosing one in your country will put you miles ahead.