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Compare the Top 8 (in 2021) – Cheaper, Faster and Safer!

With so many great options to transfer your money overseas it can get confusing.

Let’s fix that!

Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! For more information, see my disclosures here.


1. QUICK Comparison: Best International Money Transfer Companies

Money Transfer CompanyMinimum AmountBest for ServiceOnline/Offline FocusTrustpilot RatingOur Rating (1-5)
BankNAKeeping your money not moving itBoth1 - 2 / 51 / 5
Wise
Depends on your locationBank-to-bank transfers below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUDOnline only4.6/54.7 / 5
Wise - Full Review
RemitlyNoneCash transfers or mobile wallet transfers to friends and family in developing countries for amounts below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUDOnline only4.4/54.3 / 5
Remitly - Full Review
WorldRemitNoneCash transfers and mobile wallet transfers worldwide for amounts below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUDOnline only4.1/54.2 / 5
WorldRemit - Full Review
CurrencyFair8 EUR or equivalentVery affordable fees for bank transfers below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUDOnline only4.6/54.1 / 5
Currencyfair - Full Review
OFX
$1000 USD or equivalentMost affordable for bank transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUDOnline and offices in Australia, USA, UK, Canada, New Zealand, Hong Kong, and Singapore.4.3/54.6 / 5
OFX - Full Review
XENoneLarge number of currencies supported and great rates for transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUDOnline and offices in US, UK, Canada, Europe (Netherlands), and NewZealand4.5/54.2 / 5
XE - Full Review
TorFX£100 GBP or equivalentBest phone support for transfers over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUDOnline and offices in UK and Australia4.8/54.3 / 5
TorFX Full Review
CurrenciesDirect (Owned by TorFx)$100 USD or equivalentBest phone support for transfers over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUDOnline and offices in the UK, US, Canada, Spain, Portugal, South Africa, and India4.9/54.3 / 5
Currencies Direct Full Review

2. 3 Types of Services: How to Choose the Best for Your Needs

International money transfer companies can be broadly divided into 3 categories:

  1. Cash Transfer Companies,
  2. Best Services for Smaller Amounts, and
  3. Best for Larger Amounts.

This is a great starting point to get a better understanding of your needs and companies that can actually help you (while ensuring great customer service and affordable rates).

Smaller amounts = less than $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD

Larger amounts = more than $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD

A. Cash Transfer Companies

These are the international money transfer companies you should choose if your recipient doesn’t have a bank account and needs to receive money in cash.

This category is dominated by old school services like Western Union (review), Money Gram (review), and Ria (review) who let you send cash to 150+ countries around the world.

And there is one big benefit:

They are convenient. You can send cash and they have a wide network of receiving countries and the large number of currencies.

But here’s the problem:

They have expensive with complex fees and some have poor customer service.

Fortunately, there are some great alternatives:

Services like WorldRemit (below) and Remitly (below) are less expensive and still deliver cash with generally much better customer service.

A downside might be that you can’t set up your end of the transfer in cash.

But these services pass on the savings to you by receiving money through banks or cards and then sending it to their networks like post offices, pawnshops, and even banks in some countries. This way, your receiver will still receive the money in cash.

They also have a great network of receiving countries, support fast (near-instant transfers), and have confidence-inspiring reviews on Trustpilot.

B. Best Services for Sending Small Amounts

For your small bank-to-bank or card-to-bank transfers (amounts less than $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD), we recommend services like Wise (review) – formerly TransferWise and CurrencyFair (review).

Our top pick for smaller amounts is Wise who work directly off the mid market exchange rate. 

We use Wise ourselves personally, partly because they tell you exactly what you will pay in fees up front (before you even sign up) and this always seems to work out very competitively.

You can create an account with them online in minutes (subject to some ID checks) and fund payments via bank transfer or even using a debit card.

Sign up or just see what you will pay now with Wise 

But that may not be the best bit:

The deal maker for us is their super user-friendly online experience backed up by top-ranked online customer service.

There are also no hidden fees to transfer with them since they offer the mid-market rate and rule out “surprise” fees by having local bank accounts in the areas they service.

While Wise are inexpensive they may not be the absolute cheapest:

The next best service for small transfers is CurrencyFair, which are able to offer excellent exchange rates (potentially lower than the mid-market rate) if you transfer via their P2P marketplace. With the marketplace, they match your transfer amount with someone else transferring in the other direction for your chosen currency pair.

Check out how their marketplace works here.

CurrencyFair also has a great online calculator which shows the small fee and exchange rate.

Choosing the marketplace route can take longer while your rate is matched – but you can also get the best rates.

While in such cases you’ll pay a tiny bit more, your transfer is still likely to be the cheapest and make banks, PayPal, or other services like Western Union look insanely expensive.

C. Best Services for Large Amounts

For your larger transfers (above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD), we recommend services who:

  1. Offer excellent phone support
  2. Are able to offer better rates as amounts increase
  3. Get the paperwork out of the way (for large transfers) early so you have a smooth transfer experience

Here is the deal:

We recommend a few companies in this category for different reasons but year after year OFX (review) gets our top vote because of its mix of online and offline service, low fees, and dedicated customer service teams – available 24/7.

Also OFX may charge a fixed fee of $15, however if you click here you can avoid these fees all together.

Here why phone support and paperwork matter so much:

In a nutshell, when you start moving larger amounts of money all three (3) of the recommendations can make a huge difference.

Don’t miss the next section, “One service – great at everything?” ⬇.

Fortunately, OFX is not alone:

XE (review), TorFX (review), and Currencies Direct (review) (also owned by TorFX) tick all the boxes above.

They’re all known for offering great phone support (especially TorFX/Currencies Direct who ranks the highest in the industry).

In the case of the last two, they can carefully walk you through all the details of registering your account to setting up a transfer over the phone.

AUS/NZ and Asia – Get a quote online or by phone

UK and Europe – Get a quote online or by phone

USA / Canada – Check the Currencies Direct exchange rate from desktop or mobile here.

The key for larger amounts is that you can have peace of mind knowing if there is a hiccup (like with your bank’s transfer limits) it can be explained and resolved easily.

The best part?

Their business model allows them to reduce the fees in percentage terms as the transfer amounts go up, which benefits their users (for both individuals and business accounts).

These companies also have physical offices in many countries which means if you ever need to talk to someone, it is usually someone who can really help.

3. “One Service – Great at Everything?”

Can one service cater to everyone – all the moving parts that make an international transfer successful?

Not in our experience.

You have different requirements when sending money overseas. And no one service can be great at everything.

For cash transfers, getting hammered with very high fees has been standard for years – decades even.

With the number of stakeholders increasing (agents, intermediary banks, receiving vendors, etc.) the costs also increase.

But it does not have to be this way:

Companies like WorldRemit and Remitly are keeping costs low.

They do this by moving at least a part of it online. You can set up your transfer online, while your receiver still receives the money in cash.

Can one service cater to everyone – all the moving parts that make an international transfer successful?

Not in our experience.

You have different requirements when sending money overseas. And no one service can be great at everything.

For cash transfers, getting hammered with very high fees has been standard for years – decades even.

With the number of stakeholders increasing (agents, intermediary banks, receiving vendors, etc.) the costs also increase.

But it does not have to be this way:

Companies like WorldRemit (review) and Remitly (review) are keeping costs low.

They do this by moving at least a part of it online. You can set up your transfer online, while your receiver still receives the money in cash.

For small bank-to-bank and card-to-bank transfers (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD), Wise and CurrencyFair keep costs low by offering great exchange rates and low fees — without compromising on good customer service.

For example, Wise lets you transfer at the mid-market rate (with a small fee) while CurrencyFair’s P2P transfer process means you can choose a favorable exchange rate in their P2P market.

They also usually eliminate surprise fees banks hit you with by having local bank accounts in the areas they service. For small amounts (below $7000 USD) the fees banks can charge using wire transfers at each end can easily be bigger than the fees the money transfer companies charge!

For your large transfers (above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD), you need services that have the right customer support and are set up for larger transfers.

For you, this means transfers can be set up online or by phone – your choice. And the fees actually reduce in percentage terms as amounts increase.

But that is not the most important bit:

Using services designed for larger amounts is like buying insurance that your money will arrive at its destination worry-free.

The main reason for this usually comes down to their optional, easily accessible phone support.

As amounts grow the potential for holdups (usually with banks at either end) grows.

And being able to jump on the phone and resolve these issues can make a world of difference to smooth money transfers.

4. How Fees Work

Fees are one of the most important aspects of your international money transfer experience.

And, with all the talk around “no fees,” “fee-free” or “no hidden fees” you may have actually wondered whether international money transfers can really be feeless.

If it all sounds confusing, don’t worry.

We’re going to give you a straight talk about fees charged by international money transfer companies so there will be no surprises for you.

Typically, there are 4 fees you need to look out for:

  • Sending Fee
  • Transfer Fee
  • Exchange Rate Offered (How to get the best rate)
  • Receiving Fee

A. Sending Fee

This fee is based on your funding method. If you’re choosing to fund your transfer with a bank transfer, this is usually free.

However, if you’re choosing to pay for your transfer with a credit card or debit card, you’ll usually pay a 3% convenience fee charged by your card issuer.

A sending fee can also be applicable if you’re funding your transfer with cash with a third-party agent.

B. Transfer Fee

This is the fee charged by your chosen money transfer company.

Sometimes, this is a fixed fee that depends on the transfer amount (like Wise does) or a fixed fee up to a certain amount (like OFX’s $15 USD flat fee – use the link above to have this fee removed).

The transfer fee typically varies on the amount and your currency pair.

C. Exchange Rate

Some transfer companies like Wise offer transfers at the mid-market rate and show a fee based on a percentage that depends on the amount you send.

While others (like WorldRemit, Remitly, OFX, TorFX, etc.) build fees into the exchange rate and sometimes a small fixed fee.

How to get the best exchange rate

It’s hard to figure out how much currency conversion fees you’re paying when there is a margin on the current exchange rate (wiki). And if you’re not careful, this may end up making your transfer way more expensive than you intended.

However, here are a few ways you can make sure you’re getting the best exchange rate:

  • Set up rate alerts. Most transfer companies these days allow you to set up rate alerts once you register with them. If you’re not in a hurry, it’s worth waiting to transfer till your currency pair hits the desired rate.
  • For getting the most out of your exchange rate for larger transfers, take advantage of features like Forward Contracts (wiki) and Market Orders offered by XE, OFX, and TorFX to secure favorable rates for your transfers (for current and future transfers). This way, your transfer will only take place at the agreed rate.
  • For smaller transfers, you can choose a conversion rate in CurrencyFair’s P2P marketplace. They will only approve your transfer when your rate is matched by another user looking to convert in the opposite currency pair from you.

D. Receiving Fee

This is the fee charged by the receiving bank or an agent if your recipient has opted to receive cash.

For bank-to-bank transfers, this fee can be avoided by choosing services that have local bank accounts in all the areas they service.

For cash transfers, this fee can be minimized by choosing a service that absorbs this fee or a receiving agent that charges low receiving fees (this will largely depend on your currency pair and area).

5. Safety and Security

Are money transfer companies really safe?

Yes, absolutely.

International money transfer companies are licensed and registered financial services providers. They often also need to comply with many of the same regulations from financial institutions as high-street banks.

Moreover, some services like Wise hold their customers’ money separately (in reputed local banks of different countries) from their operating funds. This ensures that their users get their money back in case a service becomes insolvent.

Finally, all the recommended services use industry-leading encryption (wiki) technologies to keep your data and money safe on their website and mobile apps.

6. Transfer Speed

Typically, faster transfer speeds are associated with higher costs. But it’s a bit more complicated than that.

For example, international wire transfers (just using your bank) are both expensive and slow. You might like ACH Vs. Wire Transfers.

Your transfer speed with a service is dependant on the following variables:

  • What features the service has

Some services make it easy for you to fund your transfers (with a card or with location-specific services like Klarna, Poli, etc.), which speeds up the transfer.

  • The destination country

If it’s a major currency, the transfer will go through quicker. Also, if the receiving country has certain regulations and limits in place (like amounts received via remittance), this can affect the transfer speed. And the receiver may have to wait longer before receiving the transfer.

  • Transfer amount

Typically, amounts between a few hundred dollars to a few thousand dollars are usually completed in minutes or even a matter of hours (depending on the currency pair).

Larger transfers can take longer based on the regulations of the sending and receiving countries that the transfer company needs to adhere to.

  • When you set up your transfer

In most cases, transfers set up on banking hours on a weekday are processed faster than those set up on a bank holiday or weekend.

  • The funding method

If you fund your transfer with a bank transfer, it usually takes 1-2 days for the money to reach your transfer provider’s account. Next, they may take from a few hours to a day to convert your money, and then send it to your recipient. The whole process can take 2-5 days (to up to a week for exotic currencies).

However, card-to-bank and cash transfers are quicker (but more expensive) and can be completed from a few minutes to a few hours.

7. Best International Money Transfer Companies – by Country

USA

Sending money into the USA is generally pretty simple.

Sending money from the USA is a different matter, because of the licensing requirements.

To operate in the US, services need to be registered as a Money Service Business at the federal level with the Financial Crimes Enforcement Network (FinCEN).

Services also need to be licensed as money transmitters by the relevant state regulatory agency in the U.S. states where they operate.

Fortunately, the services listed on this page have the right licensing to operate in the US (with only a handful of smaller states missing out). So you’ll be fine if you go with any of our recommendations.

Here are our top picks for different transfer needs:

For cash transfers to family and friends, WorldRemit offers great rates and manages a network of agents and vendors in many countries.

For smaller transfers (below $7000 USD), Wise is an excellent option.

For larger transfers (above $7000 USD), OFX has an office in New York and operates an online and phone-based 24/7 service. If you prefer premium phone-based customer service, Currencies Direct is a great option with an office in Florida maintaining 9am – 5pm EST hours. XE is strong too, and maybe your best option if you prefer to speak Spanish or French (They also offer their website in 11 languages).

UK

Sending money into the UK is straightforward.

But sending money from the UK is slightly more challenging because of the huge number of options. And to operate in the UK, services are regulated in the United Kingdom by the Financial Conduct Authority (FCA).

Fortunately, all the services listed on this page fit the FCA requirements and are top picks for UK transfers.

Here are our top picks for different money transfer needs:

For cash transfers, WorldRemit offers great rates and manages a network of agents and vendors in many countries.

For smaller transfers (below $7000 USD), Wise is an excellent option as they offer one of the lowest fees and good exchange rates.

For larger transfers (above $7000 USD), OFX has an office in London and operates an online and phone-based 24/7 service. If you prefer premium phone-based customer service, TorFX is a great option with an office in Cornwall maintaining 7am – 7pm BST hours weekdays and even Saturday 9am – 2pm.

Canada

Sending money to and from Canada is relatively easy. The only challenge you may encounter is if you’re in Quebec.

To operate in Canada, services need to be registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

And any services listed on this page comply with FINTRAC regulations. So all are great options if you are in Canada.

Here are our top picks for different money transfer needs:

For cash transfers, WorldRemit offers great rates and manages a network of agents and vendors in many countries.

For smaller transfers (below $7000 USD), Wise is an excellent option.

For larger transfers (above $7000 USD), OFX has an office in Toronto and operates an online and phone-based 24/7 service. If you prefer premium phone-based customer service, Currencies Direct is a great option with an office in Saint John, New Brunswick maintaining 9am – 5pm EST hours.

Australia

Sending money to and from Australia is quite easy and is just a matter of choosing the best service for your needs.

All the services listed on this page are great options if you are in Australia. As they all comply with the regulations of the Australian Securities and Investments Commission (ASIC).

Here are our top picks for different transfer needs:

For cash transfers, WorldRemit offers great rates and manages a network of agents and vendors in many countries.

For smaller transfers (below $7000 USD), Wise is an excellent option.

For larger transfers (above $7000 USD), OFX has an office in Sydney and operates an online and phone-based 24/7 service. If you prefer premium phone-based customer service, TorFX is a great option with an office on the Gold Coast maintaining 8am – 6pm EST hours weekdays and even Saturday, 9am – 1pm EST.

8. Top 8 International Money Transfer Companies Compared

#1 Wise — Best for Affordable Bank-To-Bank Transfers Worldwide

Review of Wise

An easy favourite, you can’t really go wrong with Wise (review) for bank-to-bank or card-to-bank transfers under $7000 USD.

We like them for their excellent exchange rates, low (and transparent) fees, and how they support 70+ countries.

You might be wondering, what fees will I pay?

Using the Wise calculator, you can see exactly the fee you will pay based on the amount and the currency pair. They will also compare that with other services.

They also offer a multi-currency account that lets users hold, manage and exchange 50+ currencies.

This makes Wise a great option for digital nomads and growing global businesses.

Fees: Wise generally charges between 0.35%-1.65% of the transfer amount, which is extremely competitive. Also, transfers are processed at the mid-market rate with no markups, which makes their fees among the lowest in the industry.

Wise also keeps their fees low by having local bank accounts in all the areas they service, which rules out unexpected bank fees.

Transfer speed: This depends on the amount, funding method, and currency pair. But typically, bank transfers in major currencies take 1-3 days, while card-to-bank transfers are completed in 1-2 days.

Another huge plus in our view is the local banking network that they’ve built across the world which enables them to cut costs and speed up their transfers. 

They say 24% of their transfers actually arrive instantly.

#2 CurrencyFair — Best for Lowest Rates for Bank Transfers Worldwide (Except the US)

In most cases, you’ll find that CurrencyFair (review) is the cheapest option for transferring money worldwide.

They’re able to keep their rates low by offering 2 transfer options — via their P2P marketplace (where they match you with individuals exchanging the opposite currency pair to yours) OR using CurrencyFair’s best rate (usually around mid-market).

But here’s the best part:

It is also pretty great that you can also get your first 10 transfers fee free (opens a new tab). These are the transfer fees (B) described above.

Usually, the P2P route can get you a rate that’s even better than the mid-market. But it can take longer. And if CurrencyFair steps in to complete the transfer, you can still expect to see a great deal of savings compared to transferring through banks.

CurrencyFair supports 38 currencies for sending and receiving money (21 for sending; 17 for receiving).

But unfortunately: You can’t register for a CurrencyFair account if you’re based in the US. Plus, they do not have local bank accounts in certain countries like Canada and New Zealand. So you may encounter extra bank fees when transferring to these countries.

Fees: For matching currency pairs on their P2P marketplace, you’ll pay a percentage fee of 0.25%-0.3% + a fixed €3 EUR transfer fee (or equivalent) + a margin on the exchange rate.

If CurrencyFair steps in to complete the transfer, you can expect to pay 0.4%-0.6% of the amount + a fixed €3 EUR transfer fee (or equivalent) + a margin on the exchange rate.

In either case, they’re extremely inexpensive compared to banks and at the lower end compared to their peers!

Transfer Speed: While the P2P method saves a lot on fees, the process can be time-consuming. Even without the P2P exchange, the process of sending money to CurrencyFair, then converting the currency, and then sending it to your recipient can take anywhere between 3-5 days (and that’s for major currencies. Exotic currencies can take up to a week).

#3 Worldremit — Best for Sending Small Amounts in Cash Worldwide

Review of WorldRemit

WorldRemit (review) is a great choice for those that need to deal in physical cash.

They have an extensive physical network of cash collection centers (such as banks, pawnshops, and other third-party agents) in all the areas they service (150 countries).

And they have a great deal:

When you sign up you will get your first three transfers fee free (using the code ‘3FREE‘*). * Offer available in US, UK, Australia, Belgium, Netherlands, South Africa, Sweden, New Zealand, and Norway.

You can also conveniently set up your transfer online, which can help you avoid sending fees to third-party agents and kiosks. This makes WorldRemit the best at sending small amounts in cash worldwide.

We also like their simple and straightforward fee structure, which takes the complication out of cash transfers (see more below).

Fees: WorldRemit’s fees depend on a number of factors such as transfer amount, currency pair, and payout method.

Recently, WorldRemit has introduced a flat fee for payout methods and a tiered exchange rate system (3 tiers).

With the flat fee for payouts, your fees remain fixed for each method (cash, bank transfer, or mobile wallet transfer), no matter how much you spend.

For example, whether you send £100 GBP or £1000 GBP in cash from the UK to the Philippines, you will pay the same £2.49 GBP fee.

Next, the tiered exchange rate makes sure you get a better exchange rate if you send more money.

Other fees to watch out for include credit card fees and commissions charged by third-party agents at collection points.

Transfer speed: WorldRemit offers near-instant cash transfers (completed in a few minutes to a few hours) to a number of locations around the world.

For example, they can complete same-day cash transfers to a number of Indian banks from the UK, Canada, or Australia.

Mobile wallet transfers are also completed instantly. However, bank transfers in small amounts can take 2-4 days (depending on the amount, funding method, and currency pair).

#4 Remitly – Best for Express Cash Transfers from Developed Countries

Remitly is available in 17 developed countries (including the UK, US, Canada, Australia, etc) and supports cash and bank transfers to 100+ countries worldwide.

The best thing about transferring with Remitly is their Express service, which lets you send cash in minutes to your friends and family.

You can see what you will pay (desktop) or get the App for mobile – iOS or Android.

Fees: Remitly’s fees vary based on the amount, currency, and chosen service. They charge a flat fee and a margin on the exchange rate.

For some currency pairs (for example USD to INR), Remitly even waives the flat fees if you send above a certain limit (but you’ll still pay the currency conversion fees and the margin on the exchange rate).

Transfer Speed: With Remitly’s Express service, you can expect the cash to arrive for collection within a matter of minutes or hours.

With the Economy service, you can expect the money to reach your recipient’s bank account in 2-4 days.

#5 OFX – Most Affordable for Large Transfers

Review of OFX

We have voted OFX the best service (voted it the winner for fours years in a row – including 2021) if you want to send more than $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD.

OFX supports transfers to over 190 countries in 50+ currencies.

OFX is right for your large transfers if you’re from the US, Canada, the UK, Europe, Singapore, Hongkong, Australia, or New Zealand.

Fees: For amounts below $7000 USD, OFX may charge a flat $15 USD fee. Above that amount, the fee is waived and you only pay a margin on the exchange rate (which goes down as the amount increases).

OFX does sometimes charge a small fee of $15. However, if you click here you can avoid the fees all together.

This makes them extremely affordable for large transfers.

Transfer Speed: Expect your money to arrive in 2-4 days for major currencies and 3-5 days for exotic currencies. Since they get ID checks out of the way, they’re able to help you transfer large amounts in a reasonable time frame.

#6 Torfx – Best Phone Support for Large Transfers

When you’re sending larger amounts, you might want more personal service to make sure that your money is safe every step of the way. There’s nothing worse than not being able to get through easily to a customer service representative.

TorFX is great for this as it offers exceptional phone support. And their staff are able to help you with a wide range of issues — from setting up your account, verifying your identity over the phone, securing the best rates, to setting up your transfer.

Want to know the best part?

You get a quote for your rate online or by phone:

AUS/NZ and Asia – Get a quote online or by phone
UK and Europe – Get a quote online or by phone

TorFX also offers a lot of flexibility for your large transfers with service features such as Market Orders, Forward Contracts, etc.

It has offices in the UK, Singapore, and Australia and is ideal for you if you live in Australia, New Zealand, Asia, UK, and Europe. (Heads up – they’re not available in the US.)

Fees: TorFX doesn’t charge any fixed fees, but they do add a margin on the exchange rate (which goes down as the amount goes up).

However, watch out for hidden fees such as sending or receiving fees charged by banks at either end.

Transfer Speed: Typically, it takes about 1-3 days for the transfer to be completed. Transfers in exotic currencies can take up to 4 days.

Card payments are processed faster than bank payments. However, your card issuer may charge a convenience fee, which can potentially drive up the cost of the transfer.

And, when you initiate your transfer can also affect the transfer speed. TorFX can only handle your money during normal banking hours.

#7 XE – Supports Wide Range of Currencies for Large Transfers and Multilingual Phone Support

Review of XE

If you’re dealing with a wide range of currencies frequently, XE is a good choice to look into — you can send up to $500,000 to 130 countries in 98 currencies.

They also offer phone support in English, Spanish, and French if you need help with your transfer.

They’re a good choice for large transfers if you live in the US, Canada, the UK, Europe, Australia, and New Zealand.

Fees: XE doesn’t have a minimum transfer limit (unlike OFX, TorFX, and Currencies Direct) and charges fixed fees and a margin on the exchange rate for amounts below $7000 USD.

You can see what you pay here – XE charges a small fee on low value transfers (opens tab, so you can keep reading).

Typically, they don’t charge a fixed fee for large transfers ($7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD) and keeps these transfers affordable by reducing the margin as the amount goes up.

Transfer Speed: XE usually completes large transfers in major currencies in 2-4 days.

#8 Currencies Direct – Best Torfx Alternative (Larger Amounts)

Currencies Direct is owned by TorFX and serves as a great alternative to TorFX in Canada, the US, Spain, Portugal, South Africa, and India. (They have offices in all these areas).

The main difference between TorFX and Currencies Direct is basically the regions they service.

Like TorFX, they’ve got great customer service and are suited for those transferring larger amounts (more than $7000 USD).

But before you pull the trigger:

We recommend checking the Currencies Direct exchange rate from desktop or mobile here.

Fees: In most cases, Currencies Direct only charges a margin on the exchange rate and no fees. If a fee is applicable, they let you know upfront.

However, intermediary banks or receiving banks may charge fees.

Transfer Speed: Currencies Direct can process same-day transfers to countries in Europe. For all other locations, it can take 2-3 days. The transfer speed also depends on when you set up your transfer with them.

Summary

There’s no one-size-fits-all option to send money internationally.

Choosing the best service basically comes down to these several factors:

  • The amount you want to send
  • What you’re looking for in a service (Are lowest fees your only priority? See a simple explanation of all the fees you need to know about)
  • Where you’re based
  • Where you want to send money
  • Whether you want to send cash or a bank transfer.

When you’re clear about these different factors based on your needs, you simply need to choose a service based on their strengths to ensure a smooth and hassle-free transfer experience.

Here’s a summary of our top picks based on different international money transfer categories (see explanation of these categories here):

For cash transfers, old school services like Western Union, Ria, and MoneyGram may have a wider network, but it’s highly possible that WorldRemit and Remitly can help you send money to the same places – while keeping the fees lower.

For small amount bank-to-bank transfers, Wise is a great option because you can not only see how much you’ll pay in fees but the exact amount your recipient will get.

The next best option is CurrencyFair, which offers the most affordable rates (but you need to be aware of their limitations).

For larger transfers (above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD) – OFX is our top pick as in this category. TorFX, and Currencies Direct all good options as well if you’re looking for more personal support. While XE is a good choice for those dealing in a wide variety of currencies.

Hopefully, this article has helped answer your questions about sending money internationally and you’ll be on your way to a smooth and easy transfer soon!

Happy Transfers!

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