The way we go about sending money abroad is vastly different today compared to 10 years ago. Remittance startups, like Wise, are replacing more traditional remittance firms around the world. High street banks, Western Union, and even PayPal are all falling behind from the huge strides in accessible FX apps.
Whilst we can get away with using companies like PayPal for small transfers, transfers of significant value require more delicate handling. Using a high street bank for a large transfer would incur vast amounts of unnecessary fees and a poor exchange rate, but even Wise wouldn’t be advisable. Not only are there fairly low maximum caps, such as $50,000, but there’s almost no customer service available.
So, when looking for somewhere to facilitate large international money transfers, we must ditch our usual approach to remittance. The ideal intermediary would be a company that specialises in remittance, has reputable dedicated dealers, and offers preferable rates for larger transfers. Here are the 10 best international money transfer companies that cover these bases – and more:
Top 10 Large Money Transfer Services
Torfx
If you’re looking for a pragmatic veteran company instead of a majestic startup, Torfx is a safe pair of hands. With a jam-packed award cupboard and more than 50,000 personal clients, Torfx are highly reputable with a strong presence around the world. There are no fees and exchange rates are competitive, with 59 currencies supported. Customers can access dedicated dealers with a lot of experience and positive customer reviews, along with business solutions and fantastic news and market updates.
Currencies Direct
Currencies Direct have been operating since 1996 and arguably have a better global reach than Torfx, with the approval of four major regulators and offices in Europe, North America, India, South Africa, and China. The website has many translations, and the dedicated dealers are experts in overseas proper and business solutions. Hedging products are available, there are no fees, and rates are highly competitive. Currencies Direct is one of the best international money transfer services on the market for large international money transactions, but there are only 39 currencies supported. Whilst they are great for any large transfers, this is certainly one worth checking out for property purchases and income.
Moneycorp
Having been operating since 1979, Moneycorp is another veteran remittance firm. Moneycorp is one of the most trusted companies in the FX industry, and has an incredible global reach with 120 currencies supported. Moneycorp wins industry awards for a reason, they’re incredibly consistent in offering good service and competitive rates with no fees. Moneycorp is great for businesses, as they can sometimes book forward transfers without a down-payment, which is ideal for easing up cash flow. There’s a lot of hedging products, with clients accepted from all over the world. Just be sure to use the phone as the Moneycorp app is less than perfect.
Halo Financial
Halo Financial is a relatively small British FX firm, with regulation and offices only in the UK. Where Halo Financial lacks in global presence they more than make up for in great customer service. There are fees, which is unusual, but they’re only expensive for smaller transfers. Transfers over £1,000 are free of fees and exchange rates are fairly competitive. This is really only an option for British clients who aren’t looking for support in other countries (i.e. customer service hours will be UK time and UK focused). Whilst it’s a service that customers will likely benefit from its small, personable customer service team, it does lack reputability and scale.
Global Reach Group
The clue is in the name for those considering Global Reach – it’s an remittance firm that has offices in the UK, South Africa, Canada, Netherlands, and Spain – and a staggering 140 currencies supported. Besides not accepting US clients, Global Reach is a great option for customers who deal with a lot of exotic currencies and rare currency routes. Customer service is solid, some hedging products are available, and fees sometimes exist – though, exchange rates are matched with competitors’ rates at the time of booking. Furthermore, Global Reach is used to working with a wide range of asset classes and clients, from real estate to private debt.
CurrencyUK
Founded in 2000, CurrencyUK is a British remittance company that accepts clients from all around the world (except US). There are £15 fees on transfers below £5,000, but these are mitigated with larger transfers. Client reviews are overwhelmingly positive for CurrencyUK, which indicates that they’re a reliable firm with great customer support. They’re very much a service-orientated firm, hence why there’s no slick mobile app, but nonetheless it can be disadvantageous to use a small firm like CurrencyUK if you need support around the world and using obscure currency routes. However, they do have API integration, automated hedging capability, and many other great functions.
Smart Currency Exchange
Smart Currency Exchange specialises in large personal or corporate transfers, with a vast range of supported currencies and offices in the UK, Portugal, and Spain. Fees are mitigated on transfers over £3,000 and exchange rates are competitive. The downsides of Smart Currency Exchange is that they have an average website at best, along with being a fairly averagely sized currency broker. Still, they’re more than reliable, secure, and competitive enough to provide cheap large transfers over the phone. Plus, there is a good daily currency report feature.
Caxton
Caxton is a relatively small British FX broker which focuses on ATM and card experience. For example, there are no fees on overseas ATM withdrawal or purchases. This makes them an alternative to Wise, particularly given their great mobile app and customer service. However, they can still facilitate some fairly large transfers even though it isn’t their speciality. Though, this isn’t the company to opt for if you want sophisticated transfers via a dedicated deal – it’s more of a jack of all trades, master of none.
Afex
Afex is another veteran, having been founded in 1979. Furthermore, it’s a global giant with over $15 billion traded each year, regulation with 5 major regulators, and offices in Asia, North America, Australia, and Europe. Afex is relatively easy to use and sign up with, and is a little more accessible for US clients than some of the other options. A dedicated dealer is available, along with 78 currencies being supported. Afex offers various hedging products, risk management consultancy, treasury management, and charting capability. This is a large, safe firm that performs well in all areas and has no fees on large transfers.
Foremost Currency Group
Foremost Currency Group is a currency broker founded in 2005 in Hertfordshire, UK. Regulated by the FCA and with 45 currencies offered, Foremost Currency Group has been steadily growing, yet remains a small tightly knit team. Whilst lacking a global presence, there are a good range of currencies offered in their slick mobile app, accompanied by in-depth market analysis. Customer service is very helpful and friendly, but the onboarding process is quite long. Transactions go through quickly, but are unlikely to outcompete some of the larger brokers. Given the minimum transfer of £2,500, we can see the group really focuses on large transactions.
You may be interested in: A Guide to Managed and Secure File Transfers