Top Pick Money Transfers (2020)

These are our top choices in 2020 based on their worldwide footprints and all around excellence.

$7000 USD = Approx £4000, €6000, $10000 AUD, $10000 CAD, $10000 SGD 800,000 JPY,  500,000 INR

Cash / Remittance

Review of WorldRemit
Get first 3 transfers free (using the code ‘3FREE‘ until 30th November 2020)

  • Low cost option to send cash
  • Excellent customer reviews (which are hard to come by in this category)
  • Can get first 3 transfers free (using the code ‘3FREE‘ until 30th November 2020)

  • May not be the cheapest option (especially large amounts)
  • Limits on amounts you can send
  • Complex transfer fees (about industry standard)

Below $7000 USD

Review of TransferWise
Check out the TransferWise widget to compare with others and see how much you save.

  • Can be inexpensive
  • Transparency of fees/costs
  • Great customer service

  • Online focus, limits telephone contact to troubleshooting (which usually is preferable)
  • Larger transfers can be limited
  • No cash pickup

Above $7000 USD

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

  • Physical offices globally (inc. US) = better service (very important)
  • Very competitive fees (especially as amounts increase)
  • Online platform + offline service option

  • Smaller amounts it can be slightly cheaper with other services
  • Bank to bank transfers only
  • No cash pickup

Choosing the best money transfer service for your needs is a balance between keeping costs low on one hand with online and offline service, speed and great customer support on the other.

Important Bits:

  • Inexpensive or low cost options we highlight include ALL the fees (exchange rate margin, fixed fees and hidden fees 3rd party banks charge).
  • Customer service can be critical for larger amounts but important for any service.
  • Recommended services need to be trustworthy including being regulated in multiple counties with many safeguards.

This video with help to quickly explain many of the important bits.

Highly Recommended

With so many money transfer services to choose from you can find a service perfect for you needs.

Here are some alternatives to our top three recommendations which may be preferable.

Cash / Remittance

Review of Remitly
Solid performer all round. Get the Remitly App for mobile – iOS or Android or Desktop

  • Two plans to send money – Express and Economy
  • Excellent customer reviews (which are hard to come by in this category)
  • Options to receive money (Bank transfers, pick up points, home delivery, and mobile wallet transfers)

  • Can only send from these 16 countries: UK, US, Australia, Canada, Ireland, Germany, France, Italy, Spain, Austria, Belgium, Finland, Netherlands, Norway, Singapore and Sweden
  • Fees can be expensive compared to others (where you can use a bank account to fund the transaction)

Below $7000 USD

Review of CurrencyFair
For those who want every penny to arrive their Peer-to-peer network means total fees can be incredibly low. You can also get first 10 transfers free (using this link or button above)

  • Inexpensive options available for both individuals & businesses
  • Great control over each step (if desired)
  • Two low-cost options to exchange & send money

  • Limited number of currencies supported (21)
  • Not available in the US
  • Can only transfer into bank accounts

Above $7000 USD

Review of TorFX
If you like the idea of having your own dedicated account manager this is the one for you.

  • Top ranked customer support
  • High end support for both personal and business transfers
  • Flexible transfer options (offers forward contracts, spot contracts, and market orders)

  • No service for those in USA and Canada
  • £100/$250 minimum transfer 
  • Bank-to-bank or card-to-bank transfers only

Why are different services recommended for different amounts?

Almost every service and even all the comparison websites would have you believe that each is the best.
This is absolutely not the case, and we were the first to highlight this.

After using almost every service personally and reading thousands of reviews: It became clear that some services were aimed at smaller more regular amounts, often in cash or to mobile phones for family and friends back home. These are often referred to as remittances and there are many great (although often expensive) competitors in this space including Wester Union, Moneygram and Ria.

As soon as you can use a bank account to fund the transaction and ideally for receiving the money: Services like TransferWise and Currencyfair can dramatically reduce the costs you pay while providing a better service with excellent customer support online.

While these services can sometimes handle larger amounts, they are set up to handle smaller amounts. This means sign up is easy and there focus in on providing a great online experience. However due to anti-money laundering laws and counter terrorism laws as the amounts increase more ID is often required which can result in your account being frozen while you provide additional ID. This generally happens around the $7000 USD mark.

Meanwhile there are other services that are designed from the outset to handle larger amounts. They tend to ask for more ID up front which helps reduce frustrating frozen accounts.

But here is the kicker:

Services like OFX and TorFX have customer service teams that are easily available on the phone. This can be super important because as the amounts get above the $7000 USD mark the bank you are funding the transaction with, also has rules and limits on how they do things.

For example, we recently had to transfer more than $10,000 USD. After locking in a great exchange rate, I discovered the bank I want to use to fund the transaction had a limit of $10,000/day online (different banks have different limits). With many providers, cancelling the transfer (and possibly paying a fee) would be the only option. Rather than do this I called and they said, "no problem" and they simply created two transfers online with the same great exchange rate over two days. Everything happened automatically from there.

Moreover money transfer services designed for larger amounts reduce the fees you pay (in percentage terms) as the amounts increase.

So why not just use a service that can handle larger amounts for everything?

Services designed for amounts below about $7000 tend to have a great online experience and have easier sign-ups.

That is not all:

Because services designed for smaller amounts don’t need so many (expensive) customer service people they tend to be even cheaper. Ideally I would recommend choosing two different services and designed for the appropriate amounts.

How much will you save?

ServiceTotal CostsNotes
Bank2.0% to 6%Banks usually charge fees
fixed fees to fund transaction
and to receive the funds
Old School Remittance Service7 to 9%Many factors vary the fees
New School Remittance Service2.5 to 7%Many factors vary the fees
Leading Service
(amounts less than $7000 USD)
0.4% – 2%Lowest fees are usually bank
to bank
Leading Service
(amounts more than $7000 USD)
0.4% – 2%Lowest fees are bank
to bank and reduce as
amounts increase

You might like:

Check out the full reviews for WorldRemit, TransferWise and OFX.

Their comparisons can also be really helpful:

TransferWise VS Currencyfair

OFX VS TransferWise