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 or From South Africa can be a tricky prospect.

Let’s make it simple.

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

As an Important Start

For smaller amounts (below R100,000 ZAR) there are some clear leaders.

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.

Below we also cover Domestic Money Transfers

Full Disclosure: We aim to show you the good and the bad so you can make the best choice and 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 🙂 )!

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 WesterUnion (review) or MoneyGram to send and receive cash from South Africa. While WesternUnion does have incredible coverage world wide, it’s not the most affordable option.

Review of WorldRemit

So what are your alternatives for sending micro amounts in cash to South Africa?

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

Your recipient 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).

Other services that can help you save big on these transfers include WorldFirst, TransferGo, and XendPay.

Also see: TransferWise vs. CurrencyFair, TransferWise vs. WorldRemit, and Remitly vs. TransferWise

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 service wise in those areas.

Country notes (To and From)

Let’s dive in.

(For a quick overview, check out 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 (you’ll pay about £9 GBP for sending 300 GBP). Remitly comes a close second.

For smaller transfers – above £300 GBP but below £5000 GBP / R100,000 ZAR, CurrencyFair (next day transfers) and WorldFirst (slower – money arrives in 3-5 days) offer excellent rates.

For your large and extra large transfers (above £5000 GBP / R100,000 ZAR) XE and OFX offer similar rates but OFX has a physical office in London which make this an easy pick for superior customer service.

From South Africa to the UK

WorldRemit offers the best exchange rate for your ZAR-GBP transfers and the money arrives the next day (although the banks can effect this).

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
06%-1.11%
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!

Of course safety is key, but we uncover the big savings on transfer fees, chosen payout methods, and transfer speed.

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

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 🙂 )!

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 micro-amounts in cash to 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 their fees are definitely on the higher side. While they can be cheaper than your typical high street bank, they tend to charge more than most of their new-age competitors.

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 3 fee 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 TransferWiseTransferWise 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;

  • Is registered in your sending country and ideally has a physical presence (makes a huge difference in customer service)
  • Has structured their fees to help you save on these transfers. Typically, the fees should go down as the amount increases
  • Offers phone support. It’s reassuring to be able to talk to a human being when you’re trying to send significant amounts

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

Country Notes (Transfers to the Philippines from these countries)

Need a quick overview? Skip ahead to the snapshot table below.

UK

WorldRemit is our top choice for fast cash payouts and they 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.

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.

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 snapshot below.

For larger transfers ($7000 USD) 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.

As an Important Start

For smaller amounts (below $9500 SGD) there are some clear leaders.

For larger amounts especially (above $9500 SGD), 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.

Full Disclosure: We aim to show you the good and the bad so you can make the best choice and 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 🙂 )!

Jump Links

Country Notes (to and from these countries)

Snapshot

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).

Money Transfer UK to USA

5 Things Before You Send a Penny

Today I will show you the best way to cheaply, quickly and safely transfer your money to the USA.

Money Transfers UK to USAThere are literally 100s of services in the UK that say they can transfer your funds from the UK to the US.

The Reality Is;

  • Some services are cheaper for smaller amounts, some cheaper for large amounts
  • Some attract hidden fees while others proactively minimise them
  • Some are focused on online transactions while others provide telephone support if you need it (and you may need it).

The best service for you needs can be determined simply by following;

Jump Links

  1. The Amounts you are sending
  2. In the UK or the US?
  3. How You Will Fund the Transaction. (eg. Bank account or card)
  4. Bank Fees (+ Hidden)
  5. Rate Guarantees

Also see UK to the rest of the World

1. The Amounts

Some companies are designed for smaller amounts and some companies are designed for larger amounts.

Money Transfers Peer to PeerIn general, Peer to Peer (P2P) companies (wikipedia) are extremely cheap and very effective at moving smaller amounts.

There are a few reasons for this, but the biggest is that they work by pooling GBP and USD and swapping these amounts.

In effect they don’t transfer your money at all, they just swap your money, which means they can pass the savings on to you.

This works extremely well until the amounts rise to certain point where they use banks to assist them.

Non-P2P money transfer companies also pool and swap your money to some extent, but the big difference is that their cost structure. This enables them to become more competitive as the amounts increase.

This means the percentage they add to the exchange rate reduces, while the P2P companies can often need to increase the percentage costs as they start needing to actually move money.

P2P or non-P2PEffect on % of Fees as Amounts IncreaseSign UpTelephone or Phone Service
P2PIncreaseEasy initially for smaller amountsTend to focus on online
non-P2PDecreaseCan immediately send larger amountsBoth

Other Important Factors

P2P services are designed from the outset to be great for smaller amounts (Approx. less than £4000/ $7000 USD) and as part of this they also made it easy as possible to sign up quite easily when the amounts are lower.

However as the amounts get to certain thresholds they can tend to ask for more ID and other information in order to meet regulatory requirements.

Unfortunately for a small minority this can mean you start out using them just fine, then if you increase the amounts you send you may find that they freeze your account because until they get more ID or information to satisfy regulatory needs. (We discovered this my reading and analysing hundreds of negative reviews mostly on Trustpilot, although we must say this is a small minority.)

Conversely because the non-P2P services started out just competing with the banks they expected to move larger sums. As a result they tend to get all the compliance stuff out of the way up front. This means it can be harder to sign up initially, but there is less chance of there being any hiccups when transacting.

Another potential advantage of using a non-P2P services is that they often have “dealers” or “account managers” actually in the US and the UK. For larger amounts this can be a huge advantage because each bank in each country is different when it comes to how the funds can be sent and also the daily limits and fees they charge. We have found from personal experience that being able to get information on this can save a lot of time, stress and even some bank fees.

P2P services on the other hand tend to more online focused with less physical presence which for smaller amounts is perfect – keeping costs low and with less need for one-to-one assistance anyway.

Here is a video we made you might also find helpful;

Two of the biggest P2P providers are compared here –  CurrencyFair V TransferWise

Leading services like OFX are often the cheapest and best ways to send money internationally for amounts more than £4000.

2. In the UK or the US?

Your residency – UK or USA makes a very big difference.

If you are in the UK where the Financial Conduct Authority (FCA) regulates money transfer companies – everything is pretty straight forward. Skip to the next section

However if you are in the US, the money transfer company you want to use needs to be registered with the Financial Crimes Enforcement Network (FinCEN) as a money service business as well as licensed as a money transmitter in the state where you reside.

Due to this only a handful of companies can actually help you if you are in the US. Fortunately they are very good and we have included the best and biggest in our comparison chart below.

3. How You Will Fund the Transaction

All money transfer services allow bank transfers, and these tend to be cheap especially if the money transfer service operates a local bank account in the USA and the UK. (more about Bank Account Networks in the next section)

There are two possible downsides when it comes to bank transfers. They tend to be the slowest way and not all money transfer company services not guarantee rates which can be a big problem which we talk about below.

4. Bank Account Networks (+ Hidden Fees)

If your money transfer service has a local bank account in the UK and the US generally your bank will not tend to charge you any often unexpected fees.

Fees can range from £15 to $50 and be charged at both ends and are usually hidden in the fee structures of the banks you use.

In addition to these fees, banks can often also add on fees depending on the method you use to fund the transaction.

5. Rates Guarantees

Some money transfer services only lock-in the exchange rate after they have your funds. The flip side of this is that this removes a lot of risk from their business and so they may offer even better exchange rates.

Others will guarantee the rate they offer you for 24 or 48 hours which means you can have the money sitting in your bank account possibly earning a small amount of interest and wait for a favourable time or exchange rate.

Quick Comparison Table

Service NameP2P or Non P2PTotal Fees Cost RangeWays to Fund TransactionsLocal Bank AccountsRates GuaranteesTop Choice (our opinion only)
BankNA3% to 7%NANoNAEnriching bankers 🙂
TransferWise
Best Money Transfer Company Below $7000
P2P0.5% to 1.5% as amounts increaseBank, Credit and Debit CardsUSA and UK24 or 48 hrsSmaller amounts where Rate Guarantee matters
CurrencyFairP2P0.3% to 1.5% as amounts increaseBankUKNoSmaller amounts where Rate Guarantee does not matter
OFX
Best Money Transfers Above $7000
Non2.0% to 0.5% as amounts increaseBankUSA and UKYesLarger amounts with great support both sides of the pond.
XENon2.0% to 0.5% as amounts increaseBank??Larger amounts with online focus.

Top Services Summaries

TransferWise

In our review, we found TransferWise to be an excellent way to transfer money from the UK to the US.

Based in the UK, it is also registered with most states in the US (not Nevada and Hawaii) so transferring money in either direction is made possible.

They use the the mid-market rate which typically banks and other providers do (this can be a hidden cost that we try hard to make everyone aware of) which is often the largest fee.

Instead they charge a competitive and very transparent fee which you can see before you commit to anything. 

It’s easy to sign up and fantastic in its simplicity with guaranteed rates you lock in for 24 or 48 hrs.

Although there is an additional fee, they also support Visa, MasterCard and some Maestro cards that have a 16 digit card number. Your card must have also been issued in the UK to send money from the UK.

However, it is focused being great online and more of a self-service option, so if you like speaking to a human especially before you signup or want to transfer larger amounts, non-P2P services may be better. However they do have an extensive FAQ and you do have the ability to call TransferWise customer support if ever you need.

CurrencyFair

In our review for CurrencyFair we found that CurrencyFair (especially with its first transfer free) is a dissevered leader in world of money transfers.

As a P2P provider the exchange rates and fees are extremely competitive. To achieve some of the best exchange rates in the business they require funds up front.

Payments to CurrencyFair are limited to bank account transfers for UK residents.

While they support transfers from the UK to the US, they do not support residents of the USA which may be a consideration.

OFX

Our review of OFX (and from personal use) show that for larger amounts, OFX is hard to beat because of its inexpensive cost structure, mix of telephone and online services.

After you have signed up they have a solid online platform with knowledgeable staff in North America and the UK which means they can step you through every aspect (if required) including your dealings with banks.

While they do sometimes charge a $15 fee, these fees are free for the UK, the USA and indeed anywhere in the world if use the link.

XE

In our review of XE, we found they are an efficient, secure and inexpensive way to transfer funds abroad.

There is no transfer fee, but like others the company does charge a small margin on the exchange rate. The key is to make sure the rate you get is competitive which you can get after you login.

They have a wide coverage across the globe. For smaller amounts (less than $7000 USD) they may not be your best choice, especially if you are happy to do everything online. For larger amounts they are great choice particularly if you are in North America with their network to back you up.

Top 6 UK Money Transfer Companies

To and From – Australia, USA, Canada, India, Pakistan and the EU

Because Britain is a financial powerhouse there are a bewildering number of options to transfer your money internationally.

Money Transfer UK

The trick is choosing the right one!

Here we make it simple.

To or From the UK – Simply choose the OTHER country (Click for info below)

For larger amounts especially (above £4000), we found the country you are transacting with makes a big difference in who you should use.

Cost, speed and surprisingly service – is important in the world of international money movement, so we dig deep.

But we also look at safety and security, for obvious reasons.

Best Below £4000

If cost is your main priority and you are happy doing everything online, we found P2P services do best when the amounts are relatively small (less than £4000). Save yourself some time and check out CurrencyFair V TransferWise which are leaders in the UK and indeed worldwide.

Best Above £4000

Above £4000 and P2P has some shortcomings, meanwhile the non-P2P companies tend to shine for a number of reasons.

  • Become cheaper
  • Signup is upfront (meaning smooth sailing for you and your money)

For these larger amounts, we also found the country you are transacting with makes a big difference in who you should use as we will explain.

Money Transfer Services in the UK

Service NameMin AmountPhone/ Online ServiceLocationsFees + ConditionsSpecial OffersTransfer $5000 to UK (see *Note)Transfer $50000 to UK (see *Note)
My BankNoneOnline/ Phone/ BranchUK£15 + bank at other sides feeNone£2,610.04£26,100.40
TorFX Full Review£100Online/ PhoneUK, AustraliaNo FeesClick here to get all transactions free £2,735*£27,428*
OFX - Full Review
Best Money Transfers Above $7000
£100Online/ PhoneUK, Australia, US, NZ, Hong Kong , Canada£7 fee or transfer £3000 or more and it’s free. *See Offers >>No Fees when you register now£2,753*£27,612*
World First - Full Review£100Online/ PhoneUK, US, AustraliaNo Fixed FeesClick Here for no fees for ever£2,750*£27,551*
Transferwise - Full Review
Best Money Transfer Company Below $7000
NoneOnline FocusBased online. 50+ Supported Countries Including AUS, CAN, UK and USPrice depends on route (eg. AUD>USD is 0.7%)Click for very competitive rates£2,766*£27,598*
Currencyfair - Full Review8 EurosOnline/ PhoneAustralia, UK, Ireland£2.50Check rates and get your first three transactions free
TransferGo - Full Review£0Online/ PhoneUK, EuropeFrom £0, 3 levels based on speed of delivery.Use promo code "transumo" for zero fee on first transfer

* Important Note About Rates:

These rates are the average of two major comparison services in the UK.

However despite seeming to have real time rates – each service usually offers a different rate depending on the amount transferred as currencies fluctuate along with the world currency markets each tick of the clock.

By the time you have registered with a company or even just logged onto their website, the rate they 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 also a much better deal than banks

In this group you will find five providers that are top shelf. They also happen to be some of the largest in the industry – which is no accident.

Of course, any of these will be a much cheaper and better way to move money internationally compared to a bank.

That said, some may be better options depending on the country you are transferring with.

Australia

There is no shortage of choice between Australia and the UK.

The trick is to get the best for needs.

All the suggestions in the table above are recommended because they all have offices in both countries (with the exception of CurrencyFair which is Irish). This not only means they are regulated in those countries, but that they have local bank accounts in Australia and the UK – this generally means low or no fees from the banks!

Customer service wise all are top notch too but having offices in both these countries means that you are more likely to deal with someone in your timezone. Most importantly – they will have a good appreciation for any issues you might face when sending or receiving money from the local banks in those countries.

Cost wise, because of the volumes all these money transfer companies deal in between these two countries they will be able to provide the best rates.

Online or offline support can also be a deciding factor which we discuss below.

USA

Due to onerous state-based regulations in the USA few companies have offices in both countries. OFX is a standout and our recommended choice if you are in the USA.

Customer service is the key here. Although most calls will be routed to their Toronto staff during business hours, knowledge of American banks and how the operate in terms of sending and receiving your money can be super helpful.

Additionally if you are in the USA or plan to become a resident, knowledgable support during sign up can make a big difference to things running smoothly.

Use the link above in our table to get the $15 fee removed for OFX.

You might also appreciate our 5 Things to Know for UK to USA

Canada

With offices in Toronto and London, OFX is our top choice in terms of service and having local bank accounts for sending and receiving funds.

Canadian banks tend to be particularly changeable in terms of the maximum amounts you can send. In Canada, there is also many ways you can fund the transaction with their own associated costs and limits and this changes between each bank… if all this sounds confusing – it is – which is why we recommend OFX who has the local knowledge to guide you.

Use the link above in our table to get the $15 fee removed.

India

Sending money to and from India is best done through a full service money transfer company that can hand hold your money through the process. For this TorFX’s proactive telephone oriented (with online options) makes the most sense to ensure everything runs smoothly.

You might also like our 4 Things to Know for UK to India

Pakistan

Sending money between Pakistan and the UK is best done through a full service money transfer company that will ensure your money is travelling well at each step of the way. TorFX’s has a telephone oriented service which will help ensure you funds arrive in a timely way with least stress to you at much lower costs than the banks.

The EU

Germany, France, Spain and other EU countries can easily look after your needs through the UK office which is by default regulated in the Europe as well.

Other

Amounts less than £4000

We have included two Peer-to-peer (P2P) providers (CurrencyFair and TransferWise) because when it comes to transferring smaller amounts they are hard to beat in terms of cost.

For larger amounts (above £4000) , we have included three traditional money transfer companies (TorFX, OFX and WorldFirst) who become very competitive cost wise but also have other advantages that may suit your needs better.

Money Transfer Cost Factors

Important Factors

1. Costs

For most people, cost is a great motivator and banks have been the only game in town for way too long.

We exposed costs and fees, but to cut long story short paying 3% minimum and often 4 or 5 or 6% (with the various fees included) to a bank is typical.

By comparison you can expect to pay no more than 2%.

As money transfer companies have grown, some newcomers have undercut the older kids on the block and if your motivation is purely cost driven it is worth exploring a little more.

Bottom Line 

The P2P services (Currencyfair and Transferwise) tend to be the cheapest on amounts below £4000/€5000/$7500. Amounts above that tend to make the more established companies hard to beat (OFX, TorFX, Worldfirst) and some of their services are geared to larger amounts of money as well.

2. Service

One reason for transacting via money transfer service providers is that their level of service is awesome. 

This is particularly important when say – the receiving bank delays payment or something else seems to have gone wrong or you simply want someone who is helpful and knowledgeable to explain something.

Generally all five are standouts in this regard, although there are some important differences that may make all the difference.

Online or Phone?

All five services here, leave a good initial impression online, but there are some very big differences when it comes to signing up and making transactions.

The big question is: Would you prefer to mostly speak to someone or use an online platform?

Some services are web-based focus and allow you to perform transactions end-to-end by yourself, some are much more telephone-based. All have a combination of both.

TorFX – Mostly telephone for signup and booking transfers, although they seem to be continuously improving online.

OFX and WorldFirst – Mix telephone support with online transfers, alerts and advanced online tools. OFX telephone support is also 24/7.

TransferGo – In terms of top level support, TransferGo earns top shelf ratings in the review sites. This is limited to 7:00 AM to 4:00 PM GMT, Monday through Friday.

TransferWise and CurrencyFair – Tend to focus on enabling you to do it all yourself online but do have solid telephone support. Better for smaller transfers.

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

3. Speed

Money transfer companies are heralded as the fastest means of completing international transfers. This is because they have banks in multiple countries, which means that in most cases, they can receive and release funds in local currencies promptly. When banks transfer money, they, on the other hand, need to deal with international banks and which is relatively slower due to the checks and measures involved in the same.

4. Safety and Security

A major concern for anyone transferring money to distant lands by means as intangible as transactions in the virtual world, security would be a concern.

Is my money in safe hands? Is my banking information handled discreetly? Are these transactions safe?

Such queries are common and understandable. Fortunately establishing and running such a service in an organized, legal fashion is no easy business. Any company wishing to operate as such needs to meet a series of tough regulations in order to set shop. This accounts for the handful of service providers available for international money transfers in UK.

It’s safe to say that the service providers operating in UK are able to do so because their regulation is overseen by critical national agencies that counter money-laundering, fraud, terrorism-financing, and so on.

Since meeting the expectations of such national bodies isn’t a cake walk, money transfer service providers are usually backed by larger, established businesses. They are obviously very keen to ensure security of transaction for their entire business is contingent upon it.

If you are still dubious, you can seek information regarding the security measures in place with the service provider you are using. They can give you a technical run-down of how your money and bank details are safe with them.