When it comes to finding the best ways to make international money transfers for business, one is definitely spoiled by the number of companies available. From traditional banks to the large number of new age international money transfer companies, there are many ways in which a business can conveniently carry out international money transfers.
There are many factors that can influence the decision, including the exchange rate and the fees, the delivery times, funding and payout methods as well as the security of the transaction in question.
One can easily find the top 10 money transfer companies by using a comparison website, however, there are a few providers that will make it to any list of the best international money transfer companies that you might come across online.
This guide will break down some of the biggest players in the money transfer industry:
If you are looking for a transparent and completely forthright money transfer service who charge you very reasonable fees and what’s more, convert money at the true mid mark rate without charging a markup, then TransferWise is the service to choose. They operate out of 43 countries and help facilitate transfer of money to 71 countries. The usual method of transfer offered by them for most currencies is bank transfer from one bank to another. They also accept payment via debit and credit cards, as well as through their mobile phone apps for other currencies.
This is an online international money transfer service par excellence. It operates out of 50 countries and enables international money transfers to as many as 150 countries. One can remit money abroad via bank to bank transfers, cash pick ups at the destination, mobile wallets and by way of an airtime top up. One can fund one’s international money transfer using a debit card, credit card or by way of a bank transfer. One can also use Apple and Android pay for the purpose. WorldRemit’s greatest strengths are convenience, economy of rates and the ability to provide secure money transfers.
Remitly is quite highly rated as an international money transfer service and offers both express and economy options for making an international money transfer. The express option allows one to make an international money transfer in three to four hours. The economy option on the other hand takes three to five days. The fee charged for the express option is of course higher than the economy option. On the whole they are quite well regarded for their reasonable exchange rates as well as transfer fee.
4. XE Money Transfer
Again a very highly rated international money transfer company, who are known to carry out same day remittances to most of the 170 countries that they serve. Not only do they offer some of the best exchange rates offered by any international money transfer service, they are also known to levy zero transaction charges.
This online money transfer company allows you to make international money transfers from the comfort of their homes, even while empowering you to monitor your account via your own personal account on the XE Money Transfer website.
Yet another highly rated international money transfer company that is quite popular on account of it levying no fee on international money transfers. One can carry out an international money transfer through them via one’s debit card or by way of a wire transfer.The money can, however, only be transferred into the receiver’s bank account.
They support fifty five currencies and their bank transfers typically take one to three or two to five days depending upon the kind of location being served. Again they offer customers their own account on the OFX website enabling the latter to easily track their transactions.
TorFx is a UK based international money transfer company that has an excellent reputation for both offering very favourable exchange rates and levying no charges. As a matter of fact this one happens to be an awarded money transfer company on account of its stellar customer service. It is also known to be a highly secure money transfer service.
That is not surprising considering that it is authorized by FCA. Besides, it has received Level 1 rating from Dun and Bradstreet. Setting up an account with TorFx happens in a jiffy and what’s more on doing so you are assigned with your own personal account manager.
Interesting related article: “What is the Foreign Exchange Market?“