Top 6 German Money Transfer Services

To and From – UK, Europe, US, Canada, and Australia

Money transfers to and from GermanyInternational money transfers to Germany or from Germany can be a tricky prospect with many great options to choose from.

Let’s make it simple.

The key is to choose the right service to match your needs.

For example, some services are better for smaller amounts while others are far better for larger amounts. To help with this we divide up who does what best and explain why. This is a great start but there is more as you will see.

Let’s dive in.

Disclosure: This post contains affiliate links which often saves you money! 🙂 For more information, see my disclosures here.

Jump Links

Country Notes (to and from these countries)

Snapshot Table

Important Factors

Sending Cash Below €300 EUR

In the past, services like Western Union (review) or MoneyGram may have been your only way to send cash from Germany. These days there are less expensive services which also have excellent customer service for sending money to family or friends.

Sending cash into Germany however is still somewhat limited (simply because most people are happy to receive money into a bank account) and in this case Western Union or RIA may be your best options.

If you can send money to a bank account, see our next section which will almost certainly be cheaper and easier too.

If you really need cash, RIA is generally a little cheaper than Western Union, but Western Union agent locations are integrated pretty much everywhere (including PostBank and many agent outlets). Here is their agent locator.

Best Below €7000 EUR

Review of TransferWiseFor the majority of people sending amounts below €7000 where a bank account can be used to receive the money, TransferWise (review) is our top pick due to its combination of competitive fees, extremely transparent fee structure, great service and smooth online experience.

But depending on your needs, others may be better.

For example, CurrencyFair (review) will generally be the least expensive in this category due to its P2P business model and it does also offer more control over your money.

WorldRemit (review) is also a strong choice if you need the ability to send cash and still want a first rate service for sending money to a bank account.

You might also like: TransferWise vs. WorldRemit and TransferWise vs. CurrencyFair.

Best Above €7000 EUR

For larger transfers, being able to speak on the phone can be critical to ensure transfers run smoothly. This is due to money laundering laws in Europe and worldwide which mean that as amounts increase (above €7000 EUR) banks and money transfer companies need to do more to comply with regulations. Generally this just means you need to provide more ID and companies designed to handle larger amounts tend to do this at the outset. However banks (particularly the sending bank) often have their own set of rules like daily limits which can complicate things. This is why services with strong telephone support are so important in this category and a money transfer service can be extremely helpful in the whole process.

Review of OFXFor english speaking service we recommend OFX (review) is the best option. TorFX (review) is also a standout if you prefer to do everything on the phone.

If you would much prefer to speak in German, XE (review) is our top choice.

All three score highly in all important aspects for this category including great online services, low costs and telephone support.

Country Notes (To and From)

For a quick overview and to save money, don’t miss the snapshot table below.

UK

From the UK to Germany

Sending cash can be expensive by Western Union will be able to get it done.

Review of WorldRemitFor slightly larger amounts (or even small amounts to a bank account), you will save a bundle (below €7000 EUR/£5000 GBP), TransferWise and WorldRemit are good options.

For your larger transfers from the UK to Germany, OFX and TorFX offer great rates and robust phone support.

From Germany to the UK

If cash is required in the UK, Western Union may be your best bet just simply because of its network of locations. It will also most certainly be more expensive than sending to a bank account.

Review of TorFXFor amounts below over €7000 EUR/£5000 GBP TransferWise is hard to beat especially if you consider TransferWise started in the UK so there are some service benefits.

For those large and extra large transfers OFX is generally recommended or TorFX if you prefer having a dedicated customer service person allocated to your transfers.

They’re all registered in the UK (regulated by the FCA) and licensed to handle large transfers in the UK and across Europe.

Rest of Europe

For your EUR-EUR micro transfers, WorldRemit lets you move money with zero fees. The money arrives in your recipient’s account the next day.

For countries that don’t use the EUR (like Sweden), CurrencyFair and TransferWise offer great rates.

US

From the US to Germany

For affordable next day transfers, TransferWise offers low fees and a relatively fast service.

For your larger transfers – $7000 USD/€7000 EUR and above – OFX offers excellent rates and is regulated by the FCA in the US and also has physical North American offices for their “dealers”.

From Germany to the US

For amounts below over €7000 EUR TransferWise is a winner.

Looking to transfer a large amount (€7000 EUR and above) – OFX is our top pick. Being regulated in the UK and US is also a great bonus along with 24/7 telephone support.

Canada

From Canada to Germany

While TransferWise’s fees are low, the money takes a bit to arrive in Germany (3-5 days). So if fast transfer isn’t a priority, you can save big with TransferWise.

For your larger CAD-EUR transfers to Germany, you can’t beat OFX’s rates and customer service. They also have an office in Toronto which can be very helpful.

From Germany to Canada

For your EUR-CAD transfers below €7000 EUR from Germany, TransferWise offers the best of speed, cost, and service (fees as low as €4 for sending €300-€500 EUR).

CurrencyFair is even more affordable for your smaller transfers (€7000 EUR and below).

For large transfers (above €7000 EUR) to Canada from Germany, OFX has affordable rates and great customer service.

Australia

From Australia to Germany

TransferWise is great for those smaller transfers (below $9500 AUD/€7000 EUR).

OFX is a fine choice for larger transfers (above $9500 AUD/€7000 EUR).

Both have offices in Australia which can be helpful.

From Germany to Australia

For smaller transfers, TransferWise is great below $9500 AUD/€7000 EUR.

OFX is once again our top pick for larger transfers (above $9500 AUD/€7000 EUR).

Both have offices in Australia which can be helpful.

Snapshot

Service Name

Countries

Service

Regulated (see Safety below)

Size of amount ideal for

Fees

Offers

TransferWiseUS,
Europe
Online/
phone
USA,
Canada,
Australia,
UK
Small
amount
0.6%-2%
of the
transfer
amount,
no mark
up on
exchange
rate.
See exactly what you pay here and compare
WorldRemitUK,
Europe,
US,
Canada,
Australia
OnlineUKSmall
amount
Flat fee
ranging
between
$3.99 and
$24.99 USD
3 free transactions, use code ‘3FREE”
CurrencyFairUK,
Australia,
South Africa
OnlineIreland,
Australia
Small
amount
Fixed
fee + %
of transfer
amount
Get your first 10 transfers fee free
TorFXUK, AustraliaPhone/ OnlineUK, AustraliaLarge AmountMargin on
the exchange (no transaction fees)
Click here to get all transactions free
XEUK,
Europe
OnlineUK, US,
Canada,
Australia
Large
amount
No flat
fee; only
charges a
margin on
the
exchange
rate
(0.3-1.2%)
XE charges no transfer fee
OFXUS,
Canada,
Australia
Online/
Phone
US,
Canada,
UK,
Australia
Large
amount
Flat
($15 USD)
fee +
margin on
the exchange
rate for
all amounts
below
$10,000 USD
OFX may charge a fixed fee of $15, however if you click here you can avoid these fees all together.

 

Important Factors

Cost

Cost is a huge deciding factor when you’re choosing the right money transfer company for your specific needs (and the reason we suggest you steer clear of international transfers with your bank).

Typically, transfer fees vary based on the amount, chosen speed, funding method, and the target currency.

TransferWise and OFX have the very low costs especially when you take into consideration that they both guarantee the rates you lock in while waiting for you fees to arrive.

Another important aspect people often miss is that both services maintain a huge network of local bank accounts as part of their back end infrastructure. Generally you will not have any thing to do with these accounts, but they mean that your bank accounts at either end of the transaction will not hit you with unexpected and often quite expensive fees.

Service

Of course, online or by phone – great service always appreciated but this is one area that is super important.

The range of services offered and especially customer support if help is needed are particularly important.

For smaller transfers generally an online focused service can be ideal – helping to keep costs low and also provide a seamless (sometimes even enjoyable) experience.

When larger transfers come into play so do more regulations and with that potential snags in the smooth flow of funds. This is why we recommend services that have strong telephone support!

Speed

Everyone wants their money to arrive as fast as possible. Typically this comes at a significant cost.

The lowest cost options are generally the slowest, simply because of the time it takes banks at either end to transact.

To speed things up, some services (like TransferWise) enable you to optionally fund transactions with a debit card or credit card. Unfortunately in each case these options attract additional fees from the card operators which they need to pass on.

That said, if you are transacting within Europe and the UK, transaction times can be just a day or two even for least expensive options. Between Germany and North American or Australasia and you need to add an extra working day or two on to this.

Safety & Security

Is your money safe with a currency transfer company?

Absolutely.

All currency transfer companies are licensed financial institutions and are required to adhere to the same legal provisions applicable to banks.

They also use industry-leading encryption to protect your money and your personal data online (on their website and mobile apps) as well as conduct regular audits to prevent financial crimes (such as fraud and money laundering.

Top 7 South African Money Transfers

To and From – UK, Europe, US, Canada, and Australia

Money Transfers To and From South AfricaInternational money transfers to South Africa or from South Africa can be a tricky prospect.

Let’s make it simple.

The key is to choose the right service to match your needs.

For example, a very important thing often missed is that for relatively smaller amounts (below R100,000 ZAR) there are some service which are clear leaders.

however for larger amounts (especially above R100,000 ZAR), we found the country you are transacting with makes a big difference in who you should use.

Cost, speed and especially service all need to be taken into account.

Last but not least, we cover safety and security!

Let’s dive in.

Below is Domestic Money Transfers

Disclosure: This post contains affiliate links which often saves you money too! 🙂 For more information, see my disclosures here.

Jump Links

Country Notes (to and from these countries)

Snapshot Table

Important Factors

  1. Costs
  2. Service
  3. Speed
  4. Safety and Security

Sending cash below $300 USD / R5000 ZAR

A decade or so ago, you’d be limited to services like Wester Union (review) or MoneyGram to send and receive cash from South Africa. While Western Union does have incredible coverage world wide, it’s not the most affordable option.

Review of WorldRemit

So what are your alternatives for cash?

WorldRemit (review) and Remitly (review) offer easy, fast (in minutes), and affordable transfers from many countries around the world to South Africa.

In both instances those in South Africa can collect their remittance from any Mukuru network outlet, which are integrated into the post office, banks, convenience stories, shopping malls, or stand-alone collection branches.

Best Below $7000 / R100,000 ZAR

Review of TransferWiseIf you’re sending slightly larger amounts and cash transfers aren’t a priority, TransferWise (review) is our top pick due to its combination of competitive fees, extremely transparent fee structure, great service and smooth online experience.

However as we said at the outset, this may not suit everyone.

For example, as with small transfers, WorldRemit can still provide low fees for your transfers in this category but it is hard to beat CurrencyFair (review) if lowest costs are your main priority.

You might also like: TransferWise vs. CurrencyFair or TransferWise vs. WorldRemit

Best Above $7000 / R100,000 ZAR

Review of OFXBased on our in depth analysis and first hand experiences over many years in multiple countries, we recommend OFX (review) for your large and extra large transfers to South Africa.

Unfortunately, at this time OFX does not offer transfers from South Africa, but WorldRemit, TransferWise, and CurrencyFair do.

CurrencyFair is likely to be the least expensive, with WorldRemit our top choice into North America and TransferWise our top pick into Australasia and Europe simply because of their relative strengths (like physical offices) in those areas.

Country notes (To and From)

For a quick overview and to save money, don’t miss the snapshot table below.

UK

From UK to South Africa

For cash transfers “in minutes” to South Africa from the UK, WorldRemit is a very competitive option. Remitly comes a close second, but the free transfers you can get from WorldRemit (see table below) make them an easy recommendation.

For smaller transfers below £5000 GBP / R100,000 ZAR, CurrencyFair is most likely the lowest cost option but TransferWise is our overall top choice due to combination of excellent platform, fantastic transparency of fees and just genuinely going out of their way to make life better when it comes to money transfers.

For your large and extra large transfers (above £5000 GBP / R100,000 ZAR) its is hard to beat OFX especially with its customer support people in London and 24/7 telephone service.

From South Africa to the UK

Unfortunately services out of South Africa are somewhat limited. However WorldRemit offers excellent exchange rates and they are generally excellent. The offer of free transfers also makes it easy to recommend them (see table below).

Europe

From Europe to South Africa

For smaller amounts quickly, the best way to send Euros to South Africa “in minutes” is via WorldRemit (both cash and bank transfers), with fees ranging between €3-5 EUR for sending €300 EUR.

Remitly also offers instant transfers, but their fees are higher (3x) than WorldRemit and they only support bank-to-bank and card-to-bank transfers from Europe (Germany, Spain, Italy, etc.).

Review of TransferGoFor sending €1000-€5000 EUR, TransferGo (review) and TransferWise are excellent service providers, with fees averaging around €12 EUR for sending €1000 EUR (bank-to-bank and card-to-bank transfers only).

For your larger EUR-ZAR transfers, XE has low rates and service and great service.

From South Africa to Europe

For sending micro amounts to Europe (€250 EUR/R5000 ZAR/$300 USD), Skrill (review) is a competitive option. Your funds are processed on the same day (although it can take longer to arrive), with fees averaging around R12 ZAR/€0.60 EUR/$0.8 USD.

For slightly larger amounts – €5000 EUR/R100,000 ZAR/$7000 USD, CurrencyFair’s rates are excellent. However, their service is slower for these transfers (3-5 days) due to the banks at either end.

US

From the US to South Africa

WorldRemit offers the best of speed, convenience, and affordable fees. You’ll pay as low as $5-$10 USD for sending $300-$1000 USD for sending cash in minutes to your recipient’s bank account in 2 days.

TransferWise is a close second, with fees ranging between $18-$25 USD for sending $1000-$3000 USD to your recipient’s bank account (next day transfers).

For your larger transfers, OFX offers great rates and exceptional customer support.

From South Africa to the US

XendPay offers the most affordable rates for sending micro amounts from South Africa to the US (fees are R250 ZAR/$14 USD for sending R5000 ZAR/$300 USD).

For amounts over $1000 USD, CurrencyFair offers big savings with an excellent deal on exchange rates.

Canada

From Canada to South Africa

The cheapest way to transfer money from Canada to South Africa (micro amounts) is via WorldRemit. They offer instant cash transfers (in minutes) and fast bank transfers (2 days) with fees averaging around $7 CAD for sending $300 CAD.

For amounts over $1000 CAD but below $9000 CAD/$7000 USD, WorldFirst offers affordable bank transfers (completed in 3-5 days). Remitly also offers cash payouts, but their fees are 2x higher than WorldRemit and WorldFirst.

For your large and extra large CAD-ZAR transfers, you can’t go wrong with OFX.

From South Africa to Canada

Review of CurrencyFairSending money to Canada from South Africa?

XendPay lets you move money in 2 days, while CurrencyFair offers better rates and slightly slower transfers (3-5 days).

Australia

From Australia to South Africa

For your instant micro transfers to South Africa from Australia, WorldRemit and Remitly are your best bets. WorldRemit sends your cash in minutes while Remitly offers instant bank transfers, with their fees ranging between $5-$7 AUD for sending $300 AUD.

Both WorldRemit and Remitly are great for your instant transfers above $1000 AUD but below $9000 AUD/$7000 USD too.

If instant transfers or cash payouts aren’t high on your list, you can save big with CurrencyFair (bank transfers completed in 2 days).

Looking to send a large amount? OFX’s rates and phone support are unmatched from Australia.

From South Africa to Australia

Review of SkrillSkrill offers fast bank transfers for your micro amounts from South Africa to Australia (next day transfers) with very low fees.
For your slightly larger amounts (below $9000 AUD/R100,000 ZAR/ $7000 USD), CurrencyFair offers a great ZAR-AUD rate and affordable fees.

Snapshot 

Service Name

Countries

Service

Regulated (see Safety below)

Size of amount ideal for

Fees

Offers

TransferWiseUS,
Europe
Online/
phone
USA,
Canada,
Australia,
UK
Small
amount
0.6%-2%
of the
transfer
amount,
no mark
up on
exchange
rate.
See exactly what you pay here and compare
WorldRemitUK,
Europe,
US,
Canada,
Australia
OnlineUKSmall
amount
Flat fee
ranging
between
$3.99 and
$24.99 USD
3 free transactions, use code ‘3FREE”
CurrencyFairUK,
Australia,
South Africa
OnlineIreland,
Australia
Small
amount
Fixed
fee + %
of transfer
amount
Get your first 10 transfers fee free
RemitlyUK,
Europe,
Canada,
Australia
OnlineUKSmall
amount
Flat
fee +
margin
on the
exchange
rate
Click here
WorldFirstUK and
Canada
OnlineUK, Canada,
Australia,
Hong Kong,
Singapore
Small
amount
No fixed
fee |
only
margin
on the
exchange
rate
In UK? click here

In Australia or another country? Click here

XendPaySouth
Africa
OnlineUKSmall
Amount
Unique
“pay what
you want”
model |
for your
first £2000
GBP, you
can pay a
small fee
or no fee
at all
None
XEUK,
Europe
OnlineUK, US,
Canada,
Australia
Large
amount
No flat
fee; only
charges a
margin on
the
exchange
rate
(0.3-1.2%)
XE charges no transfer fee
OFXUS,
Canada,
Australia
Online/
phone
US,
Canada,
UK,
Australia
Large
amount
Flat
($15 USD)
fee +
margin on
the exchange
rate for
all amounts
below
$10,000 USD
OFX may charge a fixed fee of $15, however if you click here you can avoid these fees all together.

 

Important Factors

1. Cost

You can save big on your international transfers to South Africa if you go with dedicated money transfer companies instead of relying on your bank (who tend to charge exorbitant fees).

But which currency transfer company can pass on the most savings to you?

First, you need to understand how remittance companies structure their fees. Essentially, their transfer fees vary based on the target currency, amount, payout method, transfer speed as well as the funding method.

So based on your specific needs, you need to shop around for a service that gives you the most savings based on your priorities for a transfer.

Typically, instant transfers and cash payouts are more expensive than simple bank-to-bank transfers.

Another aspect to note is whether a particular service favours one currency corridor over another. For example, while TransferWise is usually the cheapest for bank-to-bank transfers from pretty much anywhere, but we noted WorldRemit offers better rates for your transfers to South Africa.

2. Service

Scope and quality of service are other important factors for zeroing in on a money transfer company of your choice.

For example, if frequent micro cash transfers are a priority for you, you need to go with a service whose strength lies in this area (so they can pass on the savings to you).

But, let’s say, on an off-chance you need to send a larger amount (above $7000 USD), you need to opt for a service whose systems and rates are geared to handle such transfers.

Essentially, avoid keeping all your eggs in one basket and take advantage of the strengths of all the currency transfer options available to you.

3. Speed

Your choice of remittance company may change based on how fast you need your money to arrive.

If you need to send funds instantly due to an emergency, go with a service that offers that bundles in savings based on cost and speed. But typically, faster transfers are more expensive.

If urgent transfers aren’t a priority, go with a service that combines relatively faster bank transfers (next day or two-day transfers) with affordable fees.

4. Safety & Security

Currency transfer companies are registered financial institutions who are required to adhere to the same regulations as banks. So rest assured, your money is absolutely safe with them.

Other than that, they also employ state-of-the-art digital encryption protocols to keep your money and personal data safe when you transact online or on their mobile app. Money transfer companies also conduct regular audits to make sure a transfer meets their scope of service as well as to prevent financial crime (fraud, theft, or money laundering).

Domestic Transfers

New to South Africa and looking for the best options to move money within the country?

Here are the top three ways:

  1. Sign up for a challenger bank account (for example, with TymeBank – you can open a bank account online in 5 minutes, get a Visa debit card, and set up a savings pool) and move money fee-free or at a very low cost (great for small transfers)
  2. Eventually, you’ll need a high street bank account since most digital/challenger bank have daily/monthly money transfer limits. Most major banks in South Africa allow account holders to send money to your recipient’s phone number linked to a bank account. They can either spend this money from their account or withdraw it from an ATM with a transaction-specific pin. (great for both small and large transfers)
  3. Domestic postal orders are another way to transfer funds within the country. You need to address the postal order to a person or a company and your remittance can be redeemed at either a bank or a post office (great for both small and large transfers)

Top 7 Philippine Money Transfers

To and From – UK, Europe, US, Canada, and Australia

Money Transfers to the PhilippinesInternational money transfers to the Philippines can be a tricky prospect – simply because they are so many to choose from – which ones can you trust?

Let’s make it simple.

In the next few minutes you will find the best service for YOU!

For example, safety and savings on fees are important but how the money is delivered and transfer speeds can also be very important.

It all starts with choosing a service designed for the amount you are sending.

Disclosure: This post contains affiliate links which often saves you money! 🙂 For more information, see my disclosures here.

Jump Links

Country Notes (Transfers to the Philippines from these countries)

Snapshot Table

Important Factors

  1. Costs
  2. Service
  3. Speed
  4. Safety and Security

Sending Cash Below $300 USD / ₱15000 PHP

A decade ago you’d be limited to rely on services like WesternUnion (review) or MoneyGram to send cash to family and friends in the Philippines. After all, these money transfer giants have been around for a while and have over 500,000 agent locations all over the world.

Review of WorldRemitBut they are expensive compared to many services that have better options.

Now services like Azimo, Small World, WorldRemit (review) make it easy, fast and cheap to send micro cash amounts to the Philippines.

These services support a number of payout methods, including fast cash transfers, while keeping transfer costs low.

In this category WorldRemit is our top pick, offering a great range of services to the Philippines and it helps that they offer some free transfers – see snapshot below.

Apart from great customer support, WorldRemit enables next day cash pickups, bank transfers, mobile airtime top up (Globe/Sun Cellular/Smart/Cignal-TV/Smartbro/SmartGold) and even mobile money (GCash, PayMaya, Coins.ph).

Best Below $7000 USD

For smaller transfers of $7000 USD and below, Remitly (review) and TransferWise (review) are great options.

Review of TransferWiseHowever TransferWise is an all-star for your bank-to-bank and card-to-bank transfers from 60+ countries to the Philippines, bundling the best of fee structure and customer service.

With TransferWise as expat you might also love their Borderless Account (review), including a prepaid MasterCard debit card, a multicurrency wallet, international bank details in major currencies (USD, CAD, GBP, EUR, AUD, and NZD) as well as the ability to pay and get paid local in many countries.

Need cash pick up or super fast transfers?

Remitly is a great option, specialized in fast and affordable transfers for immigrant workers from these 16 countries: UK, US, Australia, Canada, Ireland, Germany, France, Italy, Spain, Austria, Belgium, Finland, Netherlands, Norway, Singapore and Sweden.

Lowest fees

TransferWise is very hard to beat for bank transfers with WorldRemit also offering excellent fees for transfers to the Philippines (both micro and small amounts).

You might also like: TransferWise VS WorldRemit and Remitly VS TransferWise.

Best Above $7000 USD

Review of OFXFor large transfers to the Philippines OFX (review) is our top pick with XE (review) offering excellent exchange rates as well.

If you’re sending large and extra large amounts to the Philippines, we recommend going with a service that;

  1. For safety, is registered with regulators ideally in your sending country or major countries like the UK and the USA.
  2. To keep costs low, has structured their fees so that they reduce in percentage terms as the amount increases.
  3. To make sure things go smoothly, offers great phone support. (This is particularly important for larger amounts where issues with banks like daily transfer limits can happen and require assistance to make things easy)

Both these services are very strong in all these important elements!

Country Notes (Transfers to the Philippines from these countries)

For a quick overview and to save money, don’t miss the snapshot table below.

UK

WorldRemit is our top choice for fast cash payouts partly because they maintain a massive network of partners like M Lhuillier, Banco de Oro, Cebuana Lhuillier, Metrobank, LBC Bank, PS Bank, Palawan Pawnshops, Bank of Commerce, CIS Bayad Center, TrueMoney and many more.

The reason we have chose them as our top pick is that they are very competitive on fees and you can get the first 3 transfers free simply using the link in the snapshot table below.

WorldRemit are also have fast transfers and high customer service standards.

For transfers to a bank account (not cash) our top pick is TransferWise who have no markup on the exchange rate (this makes them a stand out) and transparent fees, but they are limited to bank-to-bank or card-to-bank transfers. 

For larger transfers, OFX is our top choice for you and your recipient in terms of fees and because of their strong presence in the UK (including telephone support if required).

Europe

For cash payouts, it is hard to go past WorldRemit who maintain a massive network of partners including many banks like M Lhuillier, Banco de Oro, Cebuana Lhuillier, Metrobank, LBC Bank, PS Bank, Palawan Pawnshops, Bank of Commerce, CIS Bayad Center, TrueMoney and many more.

They are very competitive on fees and you can get the first 3 transfers free simply using the link in the snapshot table below.

Review of RemitlyRemitly however could be the best choice for you if you as they speak 11 languages and can chat online in English, French, and Spanish 24/7.

For transfers to a bank account, TransferWise is our top pick for smaller amounts because of their competitive transparent fees. They also speak Spanish, German, Italian, French, Portuguese and Hungarian.

For larger amounts of $7000 USD/€ 6000 EUR and above XE is a strong option with multilingual staff providing support in English, French and Spanish.

US

Most remittances to the Philippines are sent from the US, which means there are a huge number of options to choose from.

For transfers below $7000 USD / ₱15000 PHP WorldRemit is our top pick offering fast transfer “in minutes” with super low fees even when sending money in cash or to a bank account. You can also get the first three transfers free when you use the link in the table below.

For larger transfers ($7000 USD / ₱15000 PHP) OFX is your best bet as they’re regulated in the US and have offices in New York to ensure good customer service (if required).

Canada

If you want to send cash “in minutes” to the Philippines from Canada, WorldRemit offers excellent rates. You can also get the first three transfers free when you use the link in the snapshot below.

If instant transfers or cash transfers aren’t a priority, TransferWise offers an excellent mix of affordable rates, fast transfers and great customer service.

For those large transfers over $7000 USD/$9500 CAD OFX are ideal options as they’re regulated and have offices in Toronto which can be a huge advantage if you need phone support.

Australia

WorldRemit is our top choice if you want to send cash “in minutes” to the Philippines from Australia. They are very competitive on total fees and as great introduction you can get the first three transfers free when you use the link in the snapshot below.

If instant transfers or cash transfers aren’t a priority, TransferWise wins the day with an excellent mix of affordable rates, online platform, fast transfers and great customer service.

For those large transfers over $7000 USD/$9500 CAD – OFX is our preferred option as they are head quartered in Sydney and regulated in Australia.

Snapshot Table

Best for
transfers
from

Service

Regulated
in

Big or
small
amount?

Fees

Offers

TransferWiseCanada,
Australia,
Europe
Online/
phone
USA,
Canada,
Australia,
UK
Small amount06%-1.11% of
the transfer
amount, no
mark up on
exchange rate.
See exactly what you pay here and compare
WorldRemitUK, US,
Canada,
Australia
OnlineUKSmall
amount
Flat fee ranging
between $3.99
and $24.99
USD
3 free transactions, use code ‘3FREE”
AzimoUK and
Europe
OnlineUK,
Netherlands
Small amountNo fixed fee |
Only currency
conversion fee
Azimo
Small WorldUK and
Europe
OnlineUS, Canada,
various
countries In
Europe
Small
amount
Flat fee +
margin on the
exchange rate
(0.1% – 2.25%)
Small World
RemitlyEuropeOnlineUKSmall
amount
Flat fee +
margin on the
exchange rate
You can see what you will pay (desktop) or get the App for mobile – iOS or Android.
XEUK, USA,
Europe,
Canada,
Australia
Online/
phone
UK, US,
Canada,
Australia
Large
amount
No flat fee; only
charges a
margin on the
exchange rate
(0.3-1.2%)
XE charges no transfer fee here
OFXUK, USA, Canada,
Australia
Online/
phone
US,
Canada, UK,
Australia
Large
amount
Flat ($15 USD)
fee + margin on
the exchange
rate for all
amounts below
$10,000 USD
OFX may charge a fixed fee of $15, however if you click here you can avoid these fees all together.

 

Important Factors

1. Cost

WorldRemit VS TransferWiseCost is one of the most important filters for choosing the right currency transfer service for your specific needs.

While your bank may seem like the safest choice for your international transfers, you’ll end up being saddled with hefty fees and slow transfers.

Important factors that determine your transfer costs include your target currency (if you opt for payouts in pesos, transfer costs are lower), transfer speed, and payout method.

The right transfer company passes on the savings to you while making sure you have an easy-breezy transfer experience.

For your transfers to the Philippines, Azimo, Small World, WorldRemit, TransferWise, and XE help you save on fees while offering flexible transfer options.

2. Service

Scope and quality of service are also major factors for choosing a currency transfer company that fits your needs.

OFX VS TransferWiseWhile you may be tempted to go with a single service for all your transfers, there are many drawbacks to keeping all your eggs in one basket.

This is because some transfer services are better structured for fast cash payouts, while others are optimized for affordable bank transfers. Again, some services are exceptional for small amounts, while others offer big savings and extra support for those large transfers.

In our experience, TransferWise is excellent for bank transfers from anywhere, WorldRemit is great for your fast and affordable cash payouts, while XE and OFX are ideal for your large transfers are their telephone support becomes more important.

3. Speed

Transfer speed is also an important factor that determines which service you should opt for.

Typically, instant transfers are funded with a debit or credit card and tend to be more expensive than bank-to-bank transfers. However, Azimo, Small World, and WorldRemit keep their fees really competitive, whether you instant fast cash payouts, cash card top ups, mobile top ups, or bank transfers.

Transfers funded by bank accounts and sent to a recipient’s bank account are typically slower (taking 3-5 days). However, TransferWise is known for being a game changer and usually processes these transfers on the same day and which means the money often arrives in just a couple of days.

4. Safety and Security

Is your money safe with currency transfer companies?

Absolutely.

Remittance companies and money transfer providers are licensed financial service providers and they’re required to follow regulations such as the FCA (UK) and the CFPB (USA).

All money transfer companies make it a priority to protect your money and data with industry-leading encryption procedures on their website and apps. They also conduct regular audits to make sure the transfers are in line with their scope of service as well as to rule out criminal activities (like fraud and money laundering).

But we do recommend exercising a bit more caution when you’re sending large amounts. For instance, make sure the service you choose is registered and ideally has has a physical presence in the sending country.

Happy Transfers!

Top 7 Singapore Money Transfers

To and From – UK, Europe, US, Canada, and Australia

Money Transfers To and From SingaporeInternational money transfers To or From Singapore can be a tricky prospect.

Let’s make it simple.

If you are in Singapore or overseas the key is to choose the right service to match your needs.

For example, some services are better for smaller amounts while others are far better for larger amounts.

To help with this we divide up who does what best and explain why. Fortunately Singapore has some great options, but it is clear some some services are better than others.

Let’s dive in.

Disclosure: This post contains affiliate links which often saves you money! 🙂 For more information, see my disclosures here.

Jump Links

Country Notes (to and from these countries)

Snapshot Table

Important Factors

  1. Costs
  2. Service
  3. Speed
  4. Safety and Security

Sending Cash Below $400 SGD / $300 USD

Based on our research and use cases, we found that there are limited options for sending cash to and from Singapore.

But one service does shine!

In many countries the post office or a Western Union (review) outlet was the only real option available, now innovative services like WorldRemit (review) are great a alternative.

Review of WorldRemitWorldRemit is our top choice in this category offering cash pick up in many countries. They also have low fees and enable the sender and receiver to use their mobile phone to send money and be notified when it has arrived.

Right now they also have “3Free” campaign which gives you the first three transfers free. Check out the review or snapshot below.

Western Union (review) may not be the cheapest, but as the largest money transfer company in the world, they have over 500,000 agent locations around the world and still might be your only option.

Best Below $9500 SGD / $7000 USD

Review of TransferWiseTransferWise (review) offers low fees, a transparent fee structure, and service coverage to send money to and from Singapore. We also consider them our top pick because of their exceptional customer service and smooth online experience.

In addition to transfers, for expats there are some awesome extras when you opt into their Borderless Account (review) which can make them indispensable, including a multicurrency wallet, access to more currencies, the ability to pay and get paid like a local, a prepaid MasterCard debit card (great for traveling and online payments), and international bank details in major currencies (USD, CAD, GBP, EUR, AUD, and NZD).

Other services that offer excellent services for Singapore are CurrencyFair (review), InstaRem (review) and WorldRemit (review).

See the snapshot below to see why you might choose one of these.

Also see: TransferWise VS CurrencyFair and TransferWise VS WorldRemit.

Best Above $9500 SGD / $7000 USD

Review of OFXOFX (review) and TorFX (review) are our top choices for large transfers to and from Singapore.

Most Important

The reason some services shine above $9500 SGD ($7000 USD) is partly as a result of anti money laundering and counter-terrorism laws. These laws effectively mean that any financial institution transferring your money internationally needs to do additional checks (mostly ID). Services designed for larger amounts typically deal with these requirements when you sign up while services that deal with smaller amounts tend to make it easier to sign up initially but this can result in frozen accounts and other issues which are best avoided.

Telephone service (not just a great online platform) also becomes far more important because the banks at each end of the transaction need to deal with the same regulations and having a money transfer service that can assist with this (if required) can be very helpful.

Review of TorFXLarge amounts call for some extra caution so make sure that

  • Ideally the service is regulated in your sending country. OFX and TorFX for example, are regulated in Singapore by the Money Authority of Singapore.
  • They offer phone support. It’s always reassuring (and occasionally needed) to be able to speak to a human when a large amount of money is being sent between banks. OFX and TorFX are both standouts in their telephone support. OFX even has a physical office in Singapore.
  • Their fee structure is suited to large transfers. For example, their percentage fee goes down as your amount increases. Both OFX and TorFX both have fee structures designed to reduce in percentage terms as amounts increase.

Country Notes (to and from these countries)

Let’s dive in.

(For a quick overview, check out the snapshot table below. )

UK

To Singapore

For same day cash pickups for your recipient in Singapore, Western Union offers fast and efficient service, with fees ranging between £14 – £18 GBP for sending £200 GBP.

If you don’t need cash payouts, CurrencyFair and TransferWise offer affordable fees for same day bank-to-bank and card-to-bank transfers (between £2 – £4 GBP for sending £200 GBP)

For comparison, we found PayPal to be expensive for GBP-SGD transfers. Typically, you’ll pay about £14 GBP for a transfer of about £200 GBP.

XE and OFX offer similar exchange rates for those large transfers. But you may save a bit more if you opt for TorFX.

From Singapore

To send cash from Singapore, try WorldRemit although the countries are limited compared to the (usually more expensive) Western Union.

CurrencyFair usually has the lowest fees for transfers to the UK and the money arrives in just a couple of days.

However for overall excellence our top pick is TransferWise for amounts below $9500 SGD.

For larger transfers from Singapore to the UK, OFX is your best bet in our books with TorFX awesome for those who prefer to transact on the phone.

Europe

To Singapore

TransferWise offers the best rates for amounts below $7000 USD/€ 6000 EUR – you’ll pay as low as €5 EUR for a 1000 EUR transfer, including currency conversion fees (5-8x cheaper than banks)

XE and OFX offer relatively similar fees (which are very competitive) for EUR-SGD transfers above $9500 SGD / € 6000 EUR. If you are fluent in English, OFX is our top pick here. But if you are fluent in French or Spanish XE is likely the best option.

From Singapore

For transfers below $9500 SGD, TransferWise proves to be an excellent option for Singapore to Europe money transfers especially since they have a great footprint in Europe.

For those larger transfers from Singapore, OFX’s fee structure and service works out really well (and they’re regulated in Singapore as well).

US

To Singapore

If you’re looking to save big on smaller (below $9500 SGD) USD-SGD transfers, InstaRem and WorldRemit are great options. Your money will arrive in 2 days and you’ll pay as little as 50c in transfer fees with InstaRem for a micro transfer of $300 USD. When funded with a debit or credit card and sent via WorldRemit, fees are $4 USD.

But you get the best deal (low fees and fast transfers) with TransferWise – same day transfers cost $5 USD when funded with a debit card. For next day transfers, expect to pay about $8 USD for sending $300 USD.

Now, for those larger transfers, OFX is hard to beat due to its dedication to the US which means they have phone support from North America if you need it.

From Singapore

For SGD-USD transfers, TransferWise wins the day again for smaller transfers, while OFX is your best bet for amounts over $7000 USD/9500 SGD as they are regulated and have physical offices in both countries all helping to ensure excellent fees and a smooth transfers.

Be sure to use the link in the snapshot table below to avoid the $15 fee (if applicable).

Canada

To Singapore

For smaller transfers ($300 – $1000 CAD), TransferWise is the cheapest and fastest option with fees ranging between $1 CAD (for 2-day transfers; funded with a bank transfer) and 7 CAD for same day transfers (funded with a credit card).

WorldRemit is a close second, while OFX wins hands down for those large transfers ($7000 USD/$9500 CAD) with an offices in Toronto and Singapore.

From Singapore

InstaRem offers the best rates and lowest fees for your bank-to-bank transfers to Canada. For transfers $400-$1000 SGD, expect to pay as little as $2 SGD and your money arrives in 2 days.

For faster (next day) transfers, TransferWise’s fees can range between $3 SGD and $12 SGD, depending on your funding method.

OFX once again is your best bet for amounts over $7000 USD/9500 SGD as they are regulated and have physical offices in both countries all helping to ensure excellent fees and a smooth transfers. Just be sure to use the link in the snapshot table below to avoid the $15 fee (if applicable).

Australia

To Singapore

The fastest way to get your money to a Singapore bank is likely with TransferWise – same day transfers funded with a credit or debit card.

For those larger transfers, OFX and TorFX offer excellent rates as well as winning customer support.

From Singapore

TransferWise wins the day again for smaller outbound transfers from Singapore to Australia with transparent and affordable fees as well as fast transfers (next day transfers).

If you’re looking for extreme savings on fees and can wait 2-4 days, CurrencyFair is likely your best option.

OFX is an easy choice as they are headquartered in Sydney with an office in Singapore. As usual they offer the excellent rates for larger SGD-AUD transfers  ($7000 USD/$9000 AUD and above) especially when you use the link in the table below to avoid the fixed $15 fee.

Snapshot

Service Name

Countries

Service

Regulated (see Safety below)

Size of amount ideal for

Fees

Offers

TransferWiseUSA,
Canada,
Australia,
Europe
OnlineUSA,
Canada,
Australia,
UK
Small
amount
06%-1.11% of
the transfer
amount, no
mark up on
exchange rate.
See exactly what you pay here and compare
WorldRemitFrom
Canada,
USA,
Australia
OnlineUKSmall
amount
Flat fee ranging
between $3.99
and $24.99
USD
3 free transactions, use code ‘3FREE”
CurrencyFairUK to
Singapore,
Singapore to
Australia
OnlineIreland,
Australia
Small
amount
Fixed fee + % of
transfer amount
Get your first 10 transfers fee free
InstaRemUSA to
Singapore,
Singapore
to USA
OnlineAustralia,
Europe,
India, UK,
Singapore,
Hong Kong,
USA
Small
amount
0.25%-1% of
the transfer
amount, no
mark up on
exchange rate.
Click here
TorFXUK,
Australia
Online/

phone

UK, Europe,
Australia
Large
amount
No flat fee; only
charges a
margin on the
exchange rate
AUS/NZ and Asia – Get a quote online or by phone

UK and Europe – Get a quote online or by phone

OFXUK, US,
Canada,
Australia
Online/

phone

US, Canada,
UK,
Australia,
Singapore
Large
amount
Flat ($15 USD)
fee + margin on
the exchange
rate for all
amounts below
$10,000 USD
OFX may charge a fixed fee of $15, however if you click here you can avoid these fees all together.

 

Important Factors

1. Cost

Cost is one of the leading factors that can sway your decision to choose one money transfer service over another. And, it’s one of the biggest reasons we recommend you look beyond your trusted high street bank for those international transfers.

Typically, a money transfer service makes money by charging transfer fees as well as a margin on the exchange rate. Their fees depend on a number of factors including the amount, target currency, funding method, as well as the payout method.

Generally services are aimed at smaller or larger amounts and their fee structures reflect this. For services aimed at smaller amounts, there are usually more options to fund the transfers and receive the money along with services that are focused on efficiency and doing things online.

For services aimed at larger amounts, the fees tend to reduce in percentage terms as amounts increase and they also have excellent phone support if it is required.

2. Service

The quality of service is another factor that can make or break your currency transfer experience.

For smaller transfers, a stellar currency transfer service offers an easy-to-use online interface, great support while setting up your transfer, and proactive troubleshooting in case of unexpected hold ups.

Some services recommended above (for example, TransferWise, InstaRem and WorldRemit) are aimed at people who are comfortable doing everything online but they also have great customer service, where other services can tend to struggle.

For larger amounts, speaking to a human may be really helpful although doing most things online is usually par for the course.

3. Speed

Sometimes you may need your remittance to arrive instantly, while in other cases you may have the wiggle room to wait a couple of days.

Transfer speed is another important filter for choosing the right transfer service for your needs.

Moreover, the transfer speed also determines your transfer fees. So the right service should give you the best of both worlds – fast transfers with affordable fees.

4. Safety and Security

“Is my money safe with a currency transfer company?” – we get this question a lot.

Assuming you use a well known one, our answer is: probably better than a bank.

Money transfer companies are licensed financial service providers and are required to meet many regulations similar to your high street bank with a few extra requirements that enables them to move money internationally.

Moreover, they use industry-leading encryption to keep your money and data safe online as well as conduct regular checks to rule out illegal activities like fraud and money laundering.

But to be most confident, make sure a currency transfer service is registered with a major regulator and ideally has a physical presence in your sending country so you’re never left hanging if your transfer hits a snag.

Happy Transfers!

Top 7 India Money Transfer Options

Domestic and International

including the UK, US, Canada, Australia, and Europe

There’s a lot of options when it comes to sending money in India or home to family from other countries.

Let’s make it simple!

>> Skip down to international transfers.

Full Disclosure: There are links contained in this page which are affiliate links (and while not costing you anything) do earn us a commission. We often also get the opportunity to provide you with discounts and limited time offers as part of using the link – see snapshot below. If you use these links thank you for supporting our mission to make money transfers simple (and cheaper 🙂 )!

For domestic transfers sending, if you are in India there are an incredible number of options. To determine the best option for you, start by answering the following questions.

  • Do I need to send a large or a small amount?
  • Does the money need to arrive in cash? (many people in the rural areas don’t have access to bank accounts)
  • How fast do I need the money to arrive?

For micro amounts, ₹5,000 INR/$70 USD and below, instant transfers via apps (GooglePay, WhatsApp Pay) and mobile wallets (PayTm, PhonePe) are fast and convenient. The apps are linked to your registered bank account and you need to set up a universal pin code for your transfers (UPI code). You can send money by simply selecting your recipient’s phone number and all transfers are instant with very low fees (free or below ₹5 INR). 

For smaller domestic transfers, ₹10,000 INR/$140 USD and above, most banks offer instant transfers with very low fees (usually free if you’re sending to an account with the same bank; ₹5-₹10 INR if it’s a different bank). 

Both apps and banks use the IMPS (Immediate Payment Service) method for these transfers. 

For larger domestic transfers, ₹200,000/$ 2,000 USD banks are again a better and safer option. (The apps and mobile wallets have a limit on transfer amounts, and larger transfers may be flagged, leading to unnecessary delays.) 

These transfers are done via the RTGS (Real Time Gross Settlement) system and take a couple of days to arrive. 

If your recipient needs a cash payout, opt for an Instant Money Order via India’s registered postal service. The money arrives instantly and your recipient can collect it from the local post office. 

Jump Links (International)

$300 USD = ₹20,000 INR, $7000 = ₹500,000 INR

Transfers to India from the UK, Europe, US, Canada, and Australia are typically hassle free because India is a popular currency transfer corridor.

But the challenge is choosing the right service from your location to get the best deal in terms of transfer fees, speed, and customer service.

Another important factor to consider is safety and security, which we also cover below.

Country Notes (to and from these countries)

Snapshot

Important Factors

  1. Costs
  2. Service
  3. Speed
  4. Safety and Security

Sending Cash Below $300 USD / ₹20,000 INR

If you’re sending smaller amounts to friends and family, you may need the money to arrive in cash.

Typically, Western Union (link to review) was the number one choice for decades because their agent locations are so easy to find (over 500,000 locations around the world). However, Western Union’s fees can be relatively high and transparency is not awesome. In addition to this service standards earn them 3.5/5 on trustpilot which is significantly lower than many of their competitors.

But good news! 🙂

Review of RemitlyNow new services like TransferGo (review) (from the UK and Europe) and Remitly (review) (from the US and Australia) make it easy to send cash to India in as little as 30 minutes – with low fees and little to no hidden fees.

If you’re sending cash from the US and don’t need urgent transfers, RIA works pretty well.

If sending cash isn’t a priority but you’d still like to send a micro amount, PayPal (international) is an easy, fast and reliable option (though rarely the cheapest).

Best Below $7000 USD / ₹20,000 INR

Review of TransferWiseIf you’re transferring amounts below $7000 USD and prefer bank-to-bank transfers, TransferWise (review) is an excellent option. Their affordable rates, transparent fee structure, and service coverage to send money to India they are hard to beat.

Another option to send money with affordable fees is CurrencyFair (review) – their P2P structure keeps transfer costs super low and often fee-free for popular corridors.

Other affordable and reputable options include InstaRem (review) and WorldRemit (review).

Also see TransferWise vs CurrencyFair and TransferWise vs WorldRemit

Best Above $7000 USD / ₹20,000 INR

Review of OFXFor those large transfers, OFX (review) is our top pick with XE (review) highly recommended if OFX does not work.

If you are in Australasia, Europe or the UK – TorFX (review) is a standout for exception customer service.

A couple of things to remember for those large transfers:

  • Choose a service whose fees go down as the amount increases
  • Excellent customer service, including phone support can be essential in the slight chance they are needed to help out
  • Registered and regulated in your sending country provides added layers of safety and service (even better if they have a physical presence)

Review of TorFXKeeping costs low and trusting there are no hidden fees is important but even more so as the amounts increase. The three mentioned are solid performers in all the important areas and they also get regulatory checks for larger amounts (like ID) out of the way from signup which usually means smooth, stress free transfers.

Country Notes (to and from these countries)

Need a quick overview and offers to save money?

To get the lowest fees do not miss the snapshot below.

UK

Review of TransferGo - Money Transfer ServiceIf you want to send cash “in minutes” from the UK to India, TransferGo is a great option. You’ll typically pay about £2 GBP in fees for a small transfer of £200 GBP (compared to £5 GBP for Western Union’s fees).

WorldRemit is great for same-day bank-to-bank transfers.

But if you want even lower fees and instant transfers or cash payouts aren’t necessary, TransferWise’s rates are hard to beat. CurrencyFair also comes a close second.

For those large transfers, XE and OFX are great options as they’re both regulated in the UK (although XE does provide better exchange rates).

Europe

Review of XETransferWise has a great footprint in Europe and offers affordable transfers to India. However, you can only send money to a bank account and the funds take a few days to arrive.

For “instant transfers” to your family in India, Remitly and TransferGo and recommended due to their low costs, speed and coverage of India and Europe.

Looking to send a larger amount ($ 7000 USD/ € 6000 EUR)? XE has great coverage in Europe and offers excellent rates.

US

If you’re looking for an affordable option that can be transferred “within minutes” to India from the US Remitly (review) is a solid choice.

If cash payouts and instant transfers aren’t a priority, InstaRem (review) is another good option, with very low fees and transfers completed in a day or two.

For those large transfers, you can’t beat OFX’s exchange rate and fee structure.

Canada

TransferWise is our service of choice for amounts below $7000 USD/$9500 CAD, with transfer fees ranging between 0.6% – 2% of the transfer amount (expect to pay about $70 CAD – $100 CAD for transferring $9000 CAD, depending on your finding method), compared to 3-5% charged by other services and banks).

For amounts over $7000 USD/$9500 CAD, OFX and XE are great options, with little difference in exchange rates and fees (they’re also both regulated in Canada) with our top pick in OFX.

Australia

For instant micro-transfers from Australia to India, Remitly offers excellent rates.

For same day transfers to your recipient’s bank account, WorldRemit is our service of choice. TransferWise and CurrencyFair are close seconds with affordable fees and transfers completed within a couple of days.

For those large transfers ($ 7000 USD/$ 9500 AUD and above), XE and OFX offer affordable rates, but XE’s rates are slightly better.

TorFX is also an excellent option if you’re looking for exceptional phone support for setting up your transfer.

Heads up: XE, OFX, and TorFX are all regulated in Australia, but only OFX and TorFX have offices in Australia. For large amounts, this can be a huge difference in customer service.

Snapshot

Service Name

Countries

Online /Phone

Regulated (see Safety below)

Size of amount ideal for

Fees

Offers

TransferWise (review)USA,
Canada,
Australia,
Europe
OnlineUSA,
Canada,
Australia,
UK
Small
amount
0.6% – 2% of
the transfer
amount, no
mark up on
exchange rate.
See exactly what you pay here and compare
WorldRemit (review)UK, USA,
Canada,
Australia
OnlineUKSmall
amount
Flat fee ranging
between $3.99
and $24.99 USD
3 free transactions, use code ‘3FREE”
CurrencyFair (review)UK and
Australia
OnlineIreland,
Australia
Small
amount
Fixed fee + % of
transfer amount
Get your first 10 transfers fee free
Remitly (review)USA,
Australia,
Europe
OnlineUKSmall
amount
Flat fee +
margin on the
exchange rate
You can see what you will pay (desktop) or get the App for mobile – iOS or Android.
TransferGo (review)UK and
Europe
OnlineUK,
Lithuania
Small
amount
Fixed fee +
margin on the
exchange rate
(up to 3%)
TransferGo (opens a new tab use promo code “transumo” and all delivery options will cost zero on first transfer)
XE (review)UK, Europe,
Canada,
Australia
OnlineUK, US,
Canada,
Australia
Large
amount
No flat fee; only
charges a
margin on the
exchange rate
(0.3-1.2%)
Fee free transactions
OFX (review)UK, US,
Canada,
Australia
Online/phoneUS, Canada,
UK, Australia
Large
amount
Flat ($15 USD)
fee + margin on
the exchange
rate for all
amounts below
$10,000 USD
No Fees if you Register through Transumo

 

Important Factors

1. Cost

Cost is an important part of choosing a transfer service that’s right for you and the number one reason we recommend looking beyond your bank.

Typically, transfer fees vary based on the currency corridor, pay out method, how you fund your transfer, as well as transfer speed.

Making a choice based on what’s important for you makes the transfer process smooth and effortless.

2. Service

Apart from cost, a money transfer company’s features and scope of service, including track record of customer service, is another important consideration.

Typically, online only services are great for people who are comfortable handling all aspects of money transfer online or only want to send small or micro-amounts.

But if you need more assistance, especially when you’re sending large amounts, phone support plays an important part.

Service track record is also an important measure of how much support you can expect if you ever hit a snag with your transfer (for example, transfer delays, unexpected account suspensions, producing additional documents).

In our experience, TransferWise is known for exceptional customer service if you ever hit a bottleneck and OFX is great for phone support for larger transfers.

3. Speed

How fast you want the money to reach is also an important filter for choosing the right service.

And heads up: speed also determines your transfer fees.

In most cases, you’ll be required to fund your transfer with a credit or debit card for same day or instant transfers.

Services like TransferWise build these card fees into their transfer fees, but your card provider may charge you extra if you go with WorldRemit and Remitly. But if you want to send money home urgently, it’s well worth paying a premium rate (that’s still lower than your bank).

4. Safety and Security

All money transfer companies are licensed and regulated financial institutions and are required to adhere with many rules similar to banks.

Part of this means they often conduct regular audits to rule out fraud and money laundering, employ industry-leading encryption protocols to protect your data and money online, as well as conduct detailed verifications to stay within the scope of service and serve their customers better.

For sending small amounts, we recommend checking whether the money transfer company is registered in your sending country. For larger amounts, our suggestion is to opt for a service that also has a physical office in your sending country (this often also translates to excellent phone or in-person support with your transfers).

CurrencyFair Review – Safety, Rates and Peer-to-Peer Transfers Uncovered

Did you know that peer-to-peer money transfer services like CurrencyFair can (possibly) save you a bundle of money?

Peer-to-peer is the latest when it comes to moving your money internationally but is it any better?…

Please check out our most recent CurrencyFair Review

Questions I will answer in this review.

  • Is peer-to-peer actually safe?
  • Are the rates better than other money transfer services?
  • What is the service like?
  • How do you sign up?
  • What does a transaction actually look like?

Watch this video to see me save $1000.

First – What the heck is peer-to-peer?

Simply put: Peer-to-peer money transfers are when you and someone in another country swap money.

For example, lets say you (Peer 1) have £1000 in the UK and you want to transfer that to Australia.

Fortunately, at exactly the same time someone else in Australia (Peer 2) has exactly the right amount of Aussie dollars that they want to transfer that to the UK to get £1000.

All you do is swap.

The advantages are huge, no fees, no dealing with banks charging exorbitant fees and giving you a bad deal (the spread) on the exchange rate.

You simply transfer the £1000 to their bank account in the UK and the do the same in Australia.

Of course, finding someone with exactly the right amount of money at exactly the right time and being able to trust that person is where things fall apart.

However a company like CurrencyFair make a pool of funds available in many countries at all times and if its not perfect, they make up the difference.

This means you can (theoretically) save a ton of money on international money transfers.

It also means that all the systems in place ensures things run smoothly.

But is CurrencyFair safe?

All money transfer companies and banks need to meet the requirements of financial regulators in the countries where they physically operate.

This usually means a lot of paperwork, hoops to jump through and bags of cash in banks in which they operate.

In a nutshell the best way to quickly determine how safe the company really is – is to look at the countries where they have offices.

CurrencyFair has offices in the Australia, Ireland and the UK. Australia’s financial regulator for example is considered very tough.

This does not mean you cannot send money from other countries or to other countries, simply that by virtue of operating in Australia, Ireland and the UK, CurrencyFair needs to operate within the guidelines of the regulators of those countries.

Are the rates better than other money transfer services?

Most people and even businesses still use a bank.

You probably know that banks charge an arm and a leg but if not …..

Comared to banks using CurrencyFair is an excellent way to save money, but are they better than comparable services like TorFX, Worldfirst and UKForex/OZForex that I have been using for years?

First let me say, whatever you do – do not believe the comparison sites rates.

Checking their rates is pointless!

If you read the fine print you will find that the rates shown are updated a regular intervals – but never in sync with the market which fluctuates second-by-second 24/7.

There is a very good reason for this – you can’t actually see the rate you are going to get until you log into their system.

How do you sign up?

The sign up steps are actually pretty fun.

You can start by seeing how much you will save on a bank… click the link at bottom of this page for the same form shown here.

CurrencyFair Signup and Comparison with Bank

Simple Signup

The process of signing up is two steps.

Step 1

Step 1 CurrencyFair

 

Step 2

Step 2 Activate Account

Step 3

Information Required by CurrencyFair

The system used by CurrencyFair in Step 3 is excellent and easy and makes it really easy to upload the information they need. All you need is a scanner or phone with a camera and then simply upload them.

What does a transaction actually look like?

How CurrencyFair Works - Transfer Platform

The Bottom Line

 

Extremely good service although I have not yet had a problem to test their service standards.

Sign up was simple and I love their platform for uploading document requirements (that all money transfer services require) – top marks.

Safety and security are as good as a bank or other money transfer service given that they are regulated inAustralia, UK and Ireland.

Rates and Fees are incredibly good. All money transfer companies easily beat the banks by at least a couple percent, but with CurrencyFair I was able to get rates close to the mid-market rate or 0.3%.

Usually 1% to 1.5% is considered very good.

Yahoo currency - midmarket snapshot

This snapshot of the midmarket rate was taken at exactly the same time as the trading screen above. The difference in exchange rates are as good as it gets.

Also see the latest on Currencyfair Fees

Pros

  1. Sign up was very easy
  2. ID check system is the leader in the industry (this is usually the hardest part)
  3. Security is assured by virtue of being regulated in Australia, UK and Ireland
  4. The exchange rates I got were actually better than

Cons

Unfortunately if you are a resident of the US, due to the regulatory requirements (each State has its own requirements making it expensive and challenging) you cannot use CurrencyFair. Fortunately there are one or two great alternatives.

The only other possible negative: For some people, the level of control you have when you are making a transfer is pretty awesome. For me personally, I love this, but for many others the options of choosing “Better Requested” or “Best Available” or even choosing your own rate may be overwhelming.

CurrencyFair is a very solid choice if you want to get the best rates.

Should You Transfer AUD Now? – October Update 2014

Just over one month ago I wrote my second post about transferring Aussie dollars now or later.

Today, we will look at my results if I had taken my own advice and more importantly look at what we should do next!

As you may know, I have saved thousands of dollars with a simple approach to charting. To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction.

Part of the 10% I saved is very easy – just by choosing a money transfer company that was right for my needs was the start. But the majority of this gain came from just being a little bit careful in when to send you money.

Results from last month

AUD/CAD AUD/USD AUD/GBP results

 

If you moved $20,000 to all three destinations one week after my short term recommendations you would have saved $570 or 2.85% in total!

You will notice however I got one wrong – that is to be expected. Like last week I only got 2 for 3 but charting trends is not an exact science we just simply seek in minimise the downside and potentially increase the upside. This is why I am sending a hypothetical $20,000 for all three currency pairs and then averaging them out by adding them all together to show the results.

From now on to be even more scientific, I will focus on what happened just one week later.

The question is after all – Should you send money now?

In addition to the week timeline, if I say WAIT – I will be providing a trigger point. For example, in this post I give specific instructions what to do.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional.

Having said that I took my advice from last week and saved a bundle on the CAD to AUD! – I do put my money where my mouth is.

So, should you SEND NOW or WAIT?

 

Should you SEND NOW or WAIT for the following currencies:

  1. AUD to US dollars – AUD/USD is 0.875
    • My recommendation: WAIT (short term – 1 week) but send below 0.865
  2. AUD to British pounds – AUD/CAD is currently 0.546
    • My recommendation: WAIT (short term – 1 week) but send below 0.535
  3. AUD to CAD dollars – AUD/CAD is currently 0.988
    • My recommendation: WAIT (short term – 1 week) but send below 0.97

Here is my video which explains my reasoning behind these calls.

It is only my second one and I am working on getting being concise, informative and according to my wife, “sound a little more upbeat”… which believe me I am! Last weeks post showed how someone could have easily saved 4.9% just by following my advice the charts showed – this week 2.85%.

Summary

This month it was really tough to be confident. In general it looks like the Aussie dollar is trying to strengthen across the board so in some ways I am happy to see that they all seem to warrant a WAIT call. By waiting we are of course taking a risk of losing some money, but I am happy to accept that downside given the (slightly this month) greater potential for upside. Managing downside risk is only good if you follow through of course – for this you need to leave your emotions on the table and just act based on what you know.

You can get the latest analysis and charts for AUD sent to your inbox as soon as they are published each month.

Thanks for reading!

 

Should You Transfer AUD Now? – September Update 2014

Want to transfer Aussie Dollars to US Dollars, GBP or CAD?

It can be challenging to know when you should put the trigger.

Interest rates, reserve bank meetings … the list goes on but worst of all – conflicting forecasts and emotions can all conspire against you to make a wise decision.

Aussie Transumo ManHowever if you want to transfer Aussie dollars abroad, timing can make a significant difference to the amount that arrives.

Transumo’s motto is, “Money Transfers Made Simple”. We want to remove the emotions and indecision and replace those feelings in the form of confidence.

To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction.

In it I show the most important step is where using some simple charts to work out when it was a good time to send money.

The problem with this is, the charts change continually!

So, I have decided to show you what the charts are telling me right now if I wanted to transfer Aussie dollars to USA, UK or Canada.

To make it simple, I will say WAIT (if you can) or SEND NOW for each currency. I will assume you have a time on your side. If you need to transfer money in the next week – you need to transfer money in the next week so you should not worry too much about long term trends.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional. 

I hope this makes my position clear – This is just my opinion based on what I see in the charts and I have saved many many thousands of dollars following them with my own money.

Basically, this is what I would do and in some cases am doing. I hope it helps in making your own decision.

Scroll below for;

  1. Aussie dollars to British pounds (WAIT)
  2. Aussie dollars to US dollars (SEND NOW)
  3. Aussie dollars to Canadian dollars (WAIT)

Sending AUD to GBP?AUD to GBP 2yr Sept 2014

The two year chart shows the Aussie dollar has been struggling against the pound until this year and more recently it appears the Aussie battler may have turned the corner.

The three month chart is going to really helpful to see what is happening most recently.

AUD to GBP 3 month chart September 2014The three month chart shows we are in a pretty clear uptrend against the pound.

Interestingly, we are also at the top end of the channel created with the two parallel lines – so if I had to move my money in the next few days now would not be a bad time given that little spike up recently.

On the other hand, if I could wait I probably would.

Lets check the five day chart just to make sure.

AUD to GBP 5 Day Sept 2014I know what you are thinking.

It might just keep going … and it might, but the 3 month chart tells us that it could come back to earth or 56 pence pretty easily. That is why if I had a short term need to transfer some money I would probably do it now and be happy for the extra 1p or 2%.

Longer term though, I think it is pretty clear:

Send AUD to GBP? – WAIT

 

(Short Term – SEND NOW)


 

The current trend line is pretty clearly looking like the Aussie is battling back pretty hard, but it is actually the GBP that is losing steam. I will be watching the three month channel really closely though and any downside move through that bottom trend line would mean I would send some money. Also, the current trend is not even 2 months old – so while this could be something great my confidence is not.

Send AUD to USD?

AUD to USD 2 year chart September 2014

What is that song I hear everywhere, “like a roller coaster”

The roller coaster is one of those where you really wish you had not just had lunch. Long term it looks down, but just like a roller coaster you have no idea when things will change but you can be sure it probably will not be for long.

Maybe the three month chart will help a bit more:

AUD to USD 3 month September 2014

Nope.

Nothing inspires me either way as to the long term direction – I just hope this ride is over soon.

The five day chart will likely be of little use to us because it really will not mean much in the big picture here, which is that up or down, it is very unclear.

AUD to USD 5 Day Chart 2014

No point in putting trend lines on the chart given what we just saw. We are all about the long term and I just put the five day chart in to make sure longer term trends are either still in place or if we need to be on the look out for a change.

This five day chart tells me little.

The only thing I can possibly glean from all this is the long term trend that the Aussie dollar appears to be weakening long term. Based on the two year chart I think it more likely will will see another leg to the downside.

Longer term though, I think it is not clear, but the Aussie is more likely to devalue further against the American dollar. Therefore if it was my money, I would have to at least send some now.

Send AUD to USD? – SEND NOW


 

Send AUD to CAD?

AUD to CAD 2 Year Chart September 2014This chart reminds me of trying to help my three year old recently draw a W – except her version looked nothing like a W. Of course, I told her it was an excellent W and hoped that maybe one day before Uni she will draw one.

Experienced professional people will tell you something magical happens with a W formation – but I am sceptical and like simple trends. A W is supposed to mean a solid base has been formed and the move will be to the upside from here.

I would prefer to focus on the most recent channel which started in March and tells me a break through $1.00 or $1.02 will likely mean a pretty significant move – easily 6c or so based on the past moves over the last couple years

So now the three month chart has got me pretty excited!

AUD to CAD 3 Month September 2014

So close to 1.02 but clearly still stuck!

I don’t put much stock in the 5 day chart, but it always like to check. What if it is $1.03 now? If is was this might mean it has finally broken through and the people who believe in W are right.

AUDCAD5day5Sept2014Ahhhh – So close yet possibly so far away.

This is perfect example of why charts are so useful. Try as the Aussie might the Loonie is holding strong at 1.2!

So what does this mean?

Short term, you should probably send some Aussie dollars to Canada. Long term all bets are off and so if you can I would wait.

Therefore:

Send AUD to CAD? – WAIT

(Short Term – SEND NOW)


 

Final Word

The Aussie dollar is in a super interesting balance right now – poised to go higher possibly on the British pound but less convincingly on the Canadian dollar.

Looks like the pound could easily continue to lose more value here I recon.

The Canadian dollar is a fine balance, last week against the Aussie the charts were telling the opposite story then they are now – this makes me think waiting (if possible) is a good idea. If you have a short term time frame, sending Aussie to Canada now would probably prove to be a good move.

Sending Aussie dollars to American dollars is very unclear but because of the longer term – two year chart I am suggesting that sending some now might be a good idea.

OFX V TorFX V World First – Australian Money Transfer Companies Compared

Are you tired of banks taking you to the cleaners?

Its no secret that Aussie banks have had it pretty good for a long time. Now you can fight back!

Banks V Australian Money Transfer ServicesUntil recently if you are a resident in Australia you have had little choice outside of the big 4 banks when it came to international money transfers. Banks charge an arm and a leg no mater which way you slice it. Apart from exorbitant fees and uncompetitive exchange rates, if you have ever used a bank you have already found out that the receiving banks also charge a fee.

Many individuals and businesses are now starting to realise the potential of using a third party service or money transfer service and are discovering they can save thousands by using such a company.

The good news is in the past couple years some of the best money transfer companies have set up shop here in Australia.

Money Transfer Services in Australia

Service NameMinimum Amount ($AUD)Phone/ Online ServiceLocationsFees + ConditionsOffersTransferring $5000 to UK (see *Note)Transferring $50000 to UK (see *Note)
My BankNoneOnline/ Phone/ BranchAustralia$20 + bank at other sides feeNone£2,610.04£26,100.40
TorFX Full Review$250Online/ PhoneUK, AustraliaNo Fixed FeesClick here to get all transactions free £2,735*£27,428*
OFX
Best Money Transfers Above $7000
$250Online/ PhoneUK, Australia, US, NZ, Hong Kong , CanadaUnder $10,000 it is $15. See Offers >>See how you can qualify for no fees here£2,753*£27,612*
World First - Full Review$2000Online/ PhoneUK, US, AustraliaNo Fixed FeesClick for no fees for ever£2,750*£27,551*
Currencyfair - Full Review8 EuroOnline/ PhoneAustralia, UK, Ireland$4Check rates and get your first 10 transactions free
TransferWise
Best Money Transfer Company Below $7000
NoneOnline/ PhoneBased online. 41 Supported Countries Including AUS, CAN, UK and USPrice depends on route (eg. AUD>USD is 0.7%)Click for very competitive rates£2763*£27,637*

* Important Note About Rates:

These rates are the average of two major comparison websites in Australia. You should know – It is not possible to give exact real time rates because each service will offer a different rate depending on the amount you transfer and as currencies fluctuate second by second. 

By the time you have registered with a company or even just logged onto their website, the rate they can offer will have changed.

We have included the rates here simply as a way to clearly show that the services are very similar in what they offer and a much better deal than banks. 

If you wish to maximize savings check out our “3 Secrets to Money Transfers” PDF, but simply by choosing one of these services over a bank will save you between 2 and 4%.

Now Aussies are saving lots of money as a result… check out this post on a popular Australian forum.

FlyingSolo Forum About Sending Money Overseas

 

OFX was the first in Australia and has actually been around for over 10 years saving Aussie individuals, export companies and small businesses, as well as tens of thousands of expats and backpackers a lot of money. Originally an offshoot of Macquarie Bank and now listed on the ASX, OFX is still a great choice, but now they have some big competition.

WorldFirst and TorFX also offer services similar to OFX but they are different in important way, more about that in a moment.

Peer-2-Peer (P2P) now make it even cheaper to move smaller amounts of money.

What is the big differences and who should you choose?

Some services are mostly online and allow you to perform transactions (for smaller amounts) by yourself, some are much more telephone-based, which can be better for larger transactions as regulations and banks tending to make it more difficult.

All services are a combination of online and telephone.

TorFX – Very telephone oriented and you get assigned your own personal account manager. This can be very helpful for larger amounts or businesses where things can get more complex and need some hand holding from time to time.

OFX and WorldFirst – Good mix of telephone support with online transfers, alerts and advanced online tools.

TransferWise and CurrencyFair – Both are P2P and focus on you doing it online which works best for smaller transfers (less than $10,000 AUD).

Some have 24/7 customer support, while others tend to be focused around operating during business hours in the countries where they have offices.

Lets look further at what matters to you.

Apart from cost, we researched what matters to Aussies and found out what is important:

  1. Trust and Security
  2. Speed of transaction
  3. Ease
  4. Countries you can transact between

1. Trust and Security

Finding a service you can trust is a big part of what this website is all about.

This page is all about identifying the right service for your needs in Australia and one size does not fit all. That said, if you are using a bank now regardless of who you choose you will probably save hundreds if not thousands of dollars.

Upfront Disclosure

You should know we earn a commission on some of the services on this website. We also recommend services where we have no relationship as well – quite simply, if they are better for your needs we will suggest you use them. The reason we do this, is we want to be known as the trusted source for information and advice on money transfers.

You should also know, there is no additional cost to you regardless of who you choose.

Security

The reality is that money transfer companies have an onerous amount of regulations they need to meet to operate in Australia. This is a big part of the reason why money transfer companies have been slow to set up shop in Australia and you can count one hand the services that operate.

All money transfer companies in Australia are regulated by ASIC, the Australian Securities and Investment Commission and AUSTRAC which is Australia’s anti-money laundering and counter-terrorism financing regulator.

We could bore you with all the technical details these companies employ to be secure, but its probably more important to see that to achieve registration is not a trivial undertaking for these organisations and so they are usually backed by companies who are large and focused just on one thing getting your money from country A to country B. They take security very seriously – it is after all how their entire business is able to work.

They also have to meet all the regulations of the other countries in which they operate.

2. Speed of transaction

It is hard to beat money transfer companies when it comes to speed. The reason for this is because they have banks in many countries around the world. In most cases this means that they can receive and pay funds in the local currencies. Typically this is faster than a bank who has to deal an international bank and all the checks and balances associated with international transactions.

3. Ease

currency specialists can help you

Some services are designed for you to do everything online and some actively want you to pick up the phone. Others are a hybrid, they would rather you use their online service (to save money) but are available 24 hours by phone to help you.

One of the truly great things about using a money transfer service is the level of service. Because they have operations globally they can also pick up the phone 24/7 usually. This means if you have any issues at all it is usually pretty easy to get help. By comparison, bank hours in Australia are generally 9.30 to 4.30 Monday to Friday.

The service decision is down to choice, if you want to speak to someone choose a phone based service. If you would prefer to just quickly and efficiently send some money, a web based service may be better.

4. Countries you can transact between

In general if you are sending money from Australia all the companies mentioned are a great choice because they have operations in Australia.

If you are sending money from Canada, USA or UK to Australia we recommend services with operations located in those countries if possible because of the slight better service you should get.

All companies have a list of countries they cannot send money to but these are few and far between.