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).

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.

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.

USFOREX Review (Now OFX) – Safety, Speed and How it Works plus Trusted Reviews from others

Sending your money overseas can be a stress faced by many Americans and foreigners living in the US.

Please see OFX Review, as USForex has changed its name.

Did you know that hidden fees and terrible exchange rates are standard when using your bank and can be avoided simply by signing up to a service like USForex?

Hopefully, but really that is only half the story!Save Money on Money Transfers to and from America with Transumo

We all know banks provide very average customer service.

And that comes at a huge cost when you are sending money globally.

This is because customer service = piece of mind. For example, five days after you sent your money and it has not arrived, who are you gunna call?

Not Ghostbusters and not your bank either… (sorry, could not help myself)

So does USForex give us what we need?

  • Excellent Service
  • Great Exchange Rates
  • Low or No Fees
  • Safety and Security

Quickly, who the heck am I?

Quinn Askeland

My name is Quinn.

I was born in B.C. Canada and have been fortunately to have travelled and lived in the US, UK, Canada and Australia.

Now after living with my wife and 2 kids in North America for 10 years, we decided to sell our house and move back to Australia (again).

More importantly to you – right now, one of my my goals is to find out who does the best job at transferring our families money and not loose a good chunk in the process. This review is designed to help you find a great service without going to all the trouble of comparing all the different services.

For the purposes of my reviews, I am only be focusing on services that have operations in the countries where you live.

There are three very good reasons for this:

1. Your money is safe, because it is covered by the regulations in the US

2. Service standards are usually highest when the service has offices in the US

3. Rates can be most competitive because of economies of scale (Basically the more USD these guys deal in – the better the rate they can offer)

USForex Review

First let me say, I am very familiar with USForex. I have been using OzForex and CanadianForex (which owns USForex) for over 10 years and they share exactly the same platform.

This review is a renewed in-depth review of USForex.

For the purposes of this review I opened a brand new account and documented everything so you can get the good, the bad and decide for yourself.

First something lest look at something very important…

Safety and Security

As I already mentioned, using USForex for your international money transfers is no less safe than using any of the local banks. The safety is also guaranteed by the recent laws that were introduced by the federal government in February 2014. Nowadays, the US regulations of this matter are compiled under the Frank-Dodd financial regulation law. Besides the law, every state has its own ways of regulating money transfer companies.

Such companies that operate oversees are required to meet certain requirement for the anti-money laundering laws among the other regulations of the other countries.

The final goal of these regulations is to make the companies fully responsible for protecting their customers. As a result, no money transfer company would actually put themselves at the risk of losing your money.

The conclusion is that the risk of losing your money is super low.

How it Works

Set-Up

The set-up process is quite easy. The website, along with the customer support service team (if required), will guide you through the whole process. Basically, there are two things that you need to do:

  1. Register Online (clicking this link will give you two free transfers – usually you get only one)
  2. Verify Identity

Registering includes these basics steps. Due to local legislation and compliance requirements, USForex needs to confirm your identity. This can be done by email or, in some cases, automatically.

In my case, I had to send the information by email. There is nothing complicated with verifying your identity. All I had to do was take a screen shot (click to see how) of my bank account online and send it as a reply to the email from the USForex customer service team member.

There was no need to include transaction details; the recent statement with name, account number, date and bank logo on it was more than enough.

After that, I just scanned my driver’s license (a photo taken with a smartphone is also valid). I also filled out a “Direct Debit” form and sent it through with everything else, but that is not a requirement.

The whole process took only few minutes and was really simple.

USForex also has electronic checking facilities and if you are lucky enough you will not need to send anything as they may be able to active your account immediately.

Sending Money

USForex offers you two options of topping up your account:

1. Direct Debit
2. US Wire Transfer

The Direct Debit requires you to fill out a special form to authorize your further transactions, but once you have set it up, it is super easy and completely free. So, the benefits of this method are obvious, the only disadvantage might be that you are limited by $25k for your first transaction and $50 for the next ones.

US Forex also offer a “penny test” for extra security. The way that it works is that they send you a small amount and wait for you to verify that you received the money.

Next, we have the wire transfer method, which allows you to transfer larger amounts, but is not free. With US Wire Transfer, you are paying a fee to your bank ($25 in my case). When you have to transfer large sum ($50k) this might be the only option for you, but it is still better than getting ripped off by the hidden fees of the banks.

Plus, US Forex offers better exchange rate as the amount increases.

Speed

Once I had the money on my US Forex account, it took only three days to reach my Australian bank account. It was easy to monitor as I received email notifications on every step of the process. (It is optional though, you can also disable the email notifications.) This was several days faster than my previous bank-to-bank transfers. Don’t forget that it may take an additional day or two for your bank to get the money to your US Forex.

Service

Rates and fees of the money transfer companies are impressive, but service is where they completely take over the banks. Us Forex provides not only 24/7 online transactions, but phone based ones as well; it can be really convenient at times. You can call any time and expect the answer on the other end.

Online transactions can also have its benefits. US Forex gives you an opportunity to observe each step of your transactions and request email alert every time something is done. Compared to the banks that always give you the worst rate possible, you can save plenty of money by monitoring the “live rate”.

It was one of the greatest benefits for me; I managed to save a lot of extra money with such level of control and communication. To be exact, I saved $1220 on a $20,000 transaction following my own advice.

If you feel too lazy to watch the rate all day, you can easily save money simply by using money Transfer Company like US Forex.

Rates and Fees

Saving money is definitely something that makes me happy, but what really excites me is not giving it to my bank.

The fixed fee is one of the best parts of the US Forex; it ensures that there are no hidden fees on the other end. But, what makes it truly awesome are the exchange rates that can save you thousands of dollars in the end.

There is a simple logic behind the US Forex exchange rate – “the more you transfer, the better the rate”; that is how it was explained to me.

I compared the mid-market rate and the rate I was offered by US Forex on my online transaction and the difference was 0.9%. Keep in mind that the rate improves for larger amounts. As for the banks, the difference is somewhere between 2% and 4%; this can be a lot when transferring big amounts. To be precise, you save minimum of 2% on every transaction that is $400 per $20,000 transaction.

Trusted Reviews from Others

Before giving my full endorsement I like to make sure I am not the only one having a good experience. There are loads of review sites out there the key is know which ones to trust.

Better Business Bureau – BBB.org is an organisation the registers complaints and reviews and is a great place to start. The only thing I could find here was a complaint saying that they did not get a $50 gift certificate. The complaint was also resolved, but most importantly no mentions of bad customer service or bad rates mentioned.

Reviewcenter seems to be the most comprehensive site for USForex with 104 reviews.

Here are their results:

USForex Reviews

Compared to Xoom which is a leader in the industry (usually small amounts) with over 6000 reviews – They got 4.4/5 and 90% of users recommend their service, which is pretty awesome but in my opinion there is a big difference between 96% and 90% wanting to use the service. That presumably means 4% or 10% would not recommend it.

The Bottom Line

From my previous experience with the company I was expecting a great rate, awesome service and fast transactions and I have to say I was not disappointed.

USForex has stood up to my high expectations so far.

Other reviewers also agree with my assessment.

What could I possibly complain about?

Well it would be better to avoid the paperwork, but that is just US legislation and there is probably nothing USForex or any other service can do about that and in the end it is to our benefit anyway I figure.

Anyways, it is not a big of a deal if you consider all the other benefits.

Overall, I was very pleased with USForex and will continue to use them personally.

If you feel like sharing your experience saving money or asking any questions, please do not hesitate to comment below.

Thanks for reading!

 

Should You Transfer USD Now? – October Update 2014

Want to move US Dollars from the States to CAD, GBP or AUD?

Transferring money overseas can be challenging – news, market commentators, forex analysts and changing economies can be sources of confusion for someone who simply wants to know if they should transfer US Dollars to the UK, Canada or Australia.

Transumo Man with US FlagI have shown how I saved $2500 or 10% in one transaction  by using simple chart analysis.

But I understand even simple chart analysis can be a challenge to get right so I will show weather you if you should WAIT or SEND your US dollar NOW for the CAD, GBP and AUD.

I will also provide some guidelines if I indicate WAIT as to what you do in the coming weeks.

Finally I will show on a monthly basis if my analysis and the charts have been correct and you can get the latest monthly analysis and charts sent to your inbox as soon as they are published.

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.

Scroll down to see if you should SEND NOW or WAIT for the following currencies:

  1. US dollars to Canadian dollars
    • My recommendation: SEND NOW (short term) – Long Term WAIT
  2. US dollars to British pounds
    • My recommendation: WAIT (see notes for when to exit)
  3. US dollars to Aussie dollars
    • My recommendation: WAIT (see notes for when to exit)

 Should You Send USD to CAD Now?

USD to CAD 2yr Chart 1 October 2014Based on the two year chart the US dollar is strengthening against the Canadian and is pretty clearly in a long term uptrend.

The question is, should we sit tight or send our money now – I have found the three month chart is usually the best indicator when shown within the context of longer and shorter term trends.

USD to CAD 3 month chart 1 October 2014

Based on the 3 month chart, the trend is pretty clear. Interestingly the trend is at the top end of the channel right now so it looks as if you want to move your money now now will be a good opportunity to do it.

Longer term, clearly it might be best to wait. That said, if the USD to CAD was to fall significantly below the lower trend line (currently at $1.10) I would have no hesitation to move my money.

Lets take a quick look at the five day chart.

USD to CAD - 5 Day - 1 Oct 2014

The 5 day chart shows a continuation along the top end of the current trend with a slight dip recently. This tracking of the upper limit of the trend line is a clear signal to me that the risk is to the downside.

So should you send your USD to CAD now? – SEND NOW

You probably will save a cent or two in the short term.

Longer term however – if you have weeks or even months on your side, it looks highly likely that the US dollar will continue to strengthen. That said, all bets are off if the currency falls significantly below the three month trend line. A cent below the trend line would for me be enough to hit the “transfer money now” button.

 Should You Send USD to GBP Now?

USD to GBP - 2yr Chart - 1 October 2014

No shortage of excitement in this chart! The short sharp most recent trend is a strong turn around but the three month chart will be super important especially in light of the most recent little spike we can see in September which was caused by the Scots wanting, “Freeeeedoom!”

But since then the trend looks to have resumed – the three month chart will tell us if this is the case.

USD to GBP - 3 Month Chart - 1 October 2014

Well the Scots are staying, but that has not helped the GBP. Looks like the US dollar has continued along it very well defined upward trajectory.

The next chart, the 5 day, should always be taken with a grain of salt – just really checking nothing has radically changed.

USD to GBP 5 Day Chart - 1 October 2014

 

The 5 day chart just confirms the current trend. Right now, the trend is confined to a narrow band of upper and lower limits. So…

Should you send your USD to GBP now? – WAIT

However if the lower trend line is breached by more than 1/2 pence I would move my money immediately, or at least part of it. For now though, it seems like a good idea to hold on to this nicely entrenched uptrend and in the short term there is not much to be gained.

 Should You Send USD to AUD Now?

 

USD to AUD - 2 year chart - 1 OctoberThe two year chart shows some pretty amazing volatility, with the most recent trend sharp, short and sweet if your funds are in US dollars and need a home in Australia.

At $1.15 we are at a two year high, but the real question is does the three month chart show we are still in the same trend? The answer to this will significantly help our decision.

USD to AUD 3 month chart 1 Oct 2014

The three month chart seems to pretty clear show that the USD is gaining ground on the AUD. We never know how long this trend will continue of course, but we do know that it is in our interest to hold on tight for the ride – ready to jump if the time is right.

Lets to a quick check of the five day chart just to be sure the wheels are still on.

USD to AUD - 5 Day Chart - 1 October

 

The five day chart just further validates current trend.

So to answer the question, should you send your USD to AUD now? – WAIT

But be ready for decisive action.

The lower trend line on the three month chart indicates the ride might be over. If it was my USD on the line I would be enjoying this ride for all it has to offer, but with a very itchy trigger finger. As the two year chart shows the USD/AUD make uneasy bedfellows and a move of 1 cent below the bottom trend line would be enough fun for me.

Final Word

The only reason I suggest sending your money from the US to Canada now is that the currency pair is at the top end of the trend line right now.

Longer term the USD is clearly strengthening against all major currencies. If you have a longer term time horizon the trend shows that it will most likely pay to wait.

However, this of course can change without notice which is why I suggest keeping an eye on the lower trend line in all cases and be confident in when capitalizing on the majority of the most recent gains.

You know what they say – “Bulls make money, bears make money, pigs get slaughtered”

Get the latest analysis and charts sent to your inbox as soon as they are published each month

OFX V World First – Smart American Money Transfers

Did you know American banks take a healthy cut when you make an international money transfer?

To the dismay of many folks living in the USA, we have recently discovered that banks are only too eager to relieve you of as much as they can in fees – hidden or otherwise.

Save Money on Money Transfers to and from America with TransumoUnfortunately, money transfers to overseas destinations or back into the US are no different. For years the banks and remittance services have been the only choices for those who needed to transfer money internationally, but in recent years much better options are helping more and more people every day.

Now fortunately there are some much better ways to send your funds – money transfer companies!

Between transfer fees, varying exchange rates and processing time, using the right service for your specific transfer needs could save you hundreds or even thousands of dollars. Here is a comparison of the different ways to make international money transfers to help you make an informed decision.

Service NameMinimum Amount ($USD)Phone/ Online ServiceLocationsFees + ConditionsSpecial OffersTransferring $5000 to Canada (see *Note)Transferring $50,000 to Canada (see *Note)
My Bank In USANoneOnline/ Phone/ BranchCanada, US$40None5,239.56*52,395.60*
OFX
Best Money Transfers Above $7000
$250Online/ PhoneCanada, UK, Australia, US, NZ, Hong Kong ,Under $10,000 it is $15. See Offers >>No Fees when you Register here5,424.75*54,247.55*

OFX Full Review
WorldRemit (A leader in the USA for smaller transfers back home. Allow cash pickup and many ways to fund the transfer)NoneOnlineUK, US, AustraliaFirst 3 transfers can be fee fee. See Offers >>Click to Get first 3 Transfers Fee Free (use the code 3FREE until 31st May 2020)


Excellent for smaller amounts.WorldRemit - Full Review
TransferWise

Best Money Transfer Company Below $7000
NoneOnline/ PhoneBased online. 50+ Supported Countries Including AUS, CAN, UK and USPrice depends on route (eg. AUD>USD is 0.7%)Click for very competitive rates5,451.87*54,518.74*

TransferWise Full Review
XE - Full Review0OnlineUS, UK, CANNo FeesFee free transactionsTBATBA

See our full review of OFX here

As you can see the difference between a bank and companies like OFX and WorldFirst and banks vary significantly. In general, a money transfer company will almost always be the best option. In terms of the rates offered and fees charged, the difference between OFX V WorldFirst is minimal. However there are differences in the minimum allowable amounts, countries where they operate and their services.

A leading financial news outlet Quartz details how American banks are increasingly withdrawing from the money transfer business entirely in the face of quicker, more cost-effective money transfer methods that dealt a crippling blow to their near-monopoly.

Interestingly, remittance companies still have their place and so to do solutions like PayPal especially if you are transferring less then a few hundred dollars the recipient does not have a bank account. If you would like to learn more on how you can use PayPal or Remittance companies we have step-by-step info-graphics and explanations.

In general banks not only charge exorbitant fees but they also offer subpar exchange rates. If that is not enough, they are also one of the slowest ways to move money – often taking up to a week to actually arrive in the destination account.

Speed and Costs Comparison of Banks versus Money Transfer Company

If there is one point in favor of using a bank – it is that you do not have to use a third party company but for the minimal time it takes to actually set up an account in our experience the benefits far out the small commitment to signing up. In addition to Costs and Speed there are other important points that for many Americans are top of mind and these are Security, Service and the Countries Served. After considering what is important to you, you will be in a great place to make an informed decision.

Points to consider:

  1. Speed
  2. Security
  3. Service
  4. Countries Served

Speed

Typically remittance companies are often the fastest, but this does come a cost of up to 9% or your money. For amounts less then a few hundred dollars, if both parties have a PayPal account we found that PayPal (and similar services) can be an excellent option. Remittance companies on the other hand may be your only option if you need to deal with cash. For amounts above $300, banks and money transfer companies do sometimes offer expedited services usually for an extra fee, but the most common choices take anywhere between 3 to 7 working days, with a dedicated money transfer company usually a couple days quicker than banks because they usually have the distinct advantage of having bank accounts in both countries.

Security

When it comes to regulation in the US, in February 2014 new rules were introduced by the federal government as part for the Frank-Dodd financial regulation law. In addition to this, each state also also regulates money transfer companies.

If that weren’t enough, companies who operate overseas need to also meet the needs of anti-money laundering laws and other regulations of those countries. The idea behind some of this regulation is that companies have a duty to protect consumers. In reality, it’s in the best interest of any service to safeguard your money and the risk of losing your money during a transaction is extremely low. A far great risk exists in sending money to a fraudster, especially in the case of cash transactions.

Service

The main theme of international money transfers is that one service does not fit all, so it is important to seek out a service tailored to your needs. Some companies handle the majority of their business by phone through a 24-hour hotline, and for those making large or complex transactions internationally, the live service and guidance these systems are set up to provide often prove indispensable. Others offer a more automated service over the Internet. Always choose an international money transfer service that is set up to provide you the services you need at the moment you need them, and this description fits very few banks.

Countries Served

The entire point of an international money transfer service is to be able to move your funds to a destination country as quickly and easily as possible, so the first thing to check is that your destination country is served. Other than this, just a handful of companies have domestic operations in the United States for sending money out of the country. Companies with operations in your home country are the best options because of service levels and rates they can offer are more likely to be more competitive.

Best Solutions We Can Find (So Far)

Money transfer services are rising in popularity. We have chosen just three because they actually have physical locations and/or are registered in the United States. They are companies that do one thing: transfer money between countries as smoothly and inexpensively as possible.

For amounts greater than $7000 USD – OFX (review) and WorldFirst (review) are offer

Many of these companies offer 24-hour service, favourable exchange rates compared to other transfer methods, and minimal transfer fees. OFX in particular charges just $5 for transfers up to $5000, and waives the fee entirely for larger transfers.

However for amounts less than $7000 USD, you will want to check out our TransferWise (review) because they are most likely your best bet in terms of fees and ease of sign-up.

The this growing market is extremely competitive, and so the providers will usually offer much better exchange rates than with other transfer types such as remittance companies, banks and other payment providers.

Due to strict regulations in these countries, transfer companies based in North America must be extensively evaluated on a regular basis to even operate, and they are governed by all the same regulations as a remittance service, so they also offer a high level of security.

In my experience, domestically based, international companies are the best options for transferring money because they are designed from the ground up to serve your needs.

Still Unsure? – Check for Yourself

It is easy to register with one of the companies I recommend and then to check against that bank or service you currently use. You will easily save a few percent on each transaction on average amounts to hundreds if not thousands of dollars saved.

If you would like to save even more money, I wrote a short PDF about some of the secrets about transferring money and I provide three ways to help save you more.