In this article, we will explore the largest money transfer companies in the world. We will list the best money transfer companies one can use to send money worldwide. Money transfer companies are a popular way to send money to loved ones in other countries.
They offer various bank transfers, cash pickups, and mobile money transfers. This article lists the top 10 money transfer companies and provides a brief overview.
The world of international payments has changed dramatically in the past decade. Gone are the days when you could only wire money to someone else’s bank account or mail a check.
The Internet is making it easier to transfer funds internationally – but which company should you use? That’s what we’re here to help decide.
Making this list is challenging because of many different factors, such as fees, location, and how long it takes for funds to arrive. The following is a brief overview of each company from research on the Internet.
Read also Tips for Transferring Money Internationally Between Banks.
Top 10 Money Transfer Companies
You can also use this guide to compare companies and see what services are available.
The global remittance market is expanding, so choosing a service that offers many different options for how you want your funds delivered is crucial.
We’ve extensively researched each company to ensure you have all the information necessary to decide which international money transfer company is right for you.
Here is a list of money transfer companies a
1. Western Union
Western Union is one of the oldest and largest international money transfer services, with over 500,000 agent locations worldwide.
One benefit of using Western Union is that it can be done any day, seven days a week. All you need is the name and location of the agent.
Western Union offers worldwide transfers, along with currency exchange services. People can send payments directly to someone else’s bank account or cash pickup locations.
The fees for using Western Union depend on the country receiving the money and the amount being transferred.
A drawback to sending money through Western Union is that it may take multiple days to receive the money after it’s picked up, and currency exchange rates may be higher than other means.
There is also a fee if the person receiving funds hasn’t used Western Union.
Western Union was founded in 1851 and served more than 200 countries worldwide.
2. XE Money Transfer
XE Money Transfers is an online service that transfers money from one person’s bank account to another within 24 hours.
Both parties need a MasterCard or Visa debit card and a bank account to receive wire transfers for this transaction to occur.
XE Money Transfer offers fee-free transfers if they are done within the European Economic Area.
XE Money Transfer also displays real-time currency exchange rates, so you know how much both amounts will be at the transfer time.
Xoom is a money transfer service found online or in-app form on mobile devices. You need a MasterCard, Visa, or other debit card to use this service.
Xoom provides numerous options for the recipient of the money, including direct bank transfer or cash pickup.
This can confuse when funds arrive, though it also means recipients don’t need a bank account to get paid.
You can send money from Xoom in different currencies and use your debit card to send money in the opposite direction if you want to.
You can also use Xoom for regular payments and remittances, such as paying bills at a foreign address or sending funds abroad for education.
XOOM was founded in 2001 and had its headquarters in San Francisco, CA.
4. Currencies Direct
This company offers products for both consumers and businesses. Currencies Direct has access to multiple exchange rate providers, so finding the best deal on currency transfers is easy.
Currencies Direct enables clients to send money worldwide via bank transfer or cash pickup at one of more than 1,000 locations in the UK alone.
The company also has a mobile app that people can download, which is compatible with Apple and Android devices.
Remitly specializes in online transfers to banks worldwide, including South Africa, India, Canada, Mexico, Chile, Peru, Brazil, Pakistan, and the Philippines.
They offer competitive rates and a wide array of supported banks and countries.
Although the fees for using Remitly’s service depend on the specific bank and country involved, most transfers cost two percent or less. A person sending £1,000 would only pay about £20 in fees.
There is also an option to set up automatic payments, so you don’t need to remember to transfer money simultaneously every month.
Another benefit of using Remitly is that its website can be accessed from any web browser, making it convenient for those who don’t own a smartphone or other mobile device.
Wise, formally TransferWise, has offices in Europe and the United States and offers services in more than three dozen countries. It was founded in January 2011.
Wise is unique because it allows users to send money from or into their bank account.
The company says that this process helps to reduce the cost of sending funds by up to eight percent.
There are also no hidden fees with Wise, so the amount you see when entering the transfer is all that you’ll pay.
As a result of this reduced cost, Wise can sometimes offer better rates than what’s available on currency exchanges.
Next on our top ten money transfer companies list is WorldRemit. This company is based in London, UK. It provides an array of services that can send money throughout the world.
These include bank transfers, cash pickups at one of more than 80,000 locations across 110 countries, and mobile money top-ups.
WorldRemit allows users to send international remittances directly to bank accounts or mobile wallets.
You may also like; How to Send a Large Amount of Money to Someone.
OFX is a money transfer company specializing in online international transfers in Australia.
In addition to sending money from your bank account, you can also use OFX to transfer funds from credit cards or PayPal accounts.
One of the main benefits of using this service is its relatively low fees. Transferring £1,000 means you’ll pay less than £15 in prices, much smaller than other companies charge.
Another benefit to OFX is that it doesn’t have any transfer limits. This means you can send as much money as needed without worrying about extra costs or delays because your budget is exceeded.
It also provides cash pickup available at more than 150 locations worldwide.
OFX lets users send money in different currencies like other companies.
This company is based in New York, USA. It specializes in transferring money to bank accounts or prepaid debit cards, but it can also do wire transfers and cash pickups.
Payoneer supports more than 200 countries, with most customers using its services to send money throughout Asia, Africa, Latin America, the Middle East, and Europe.
Because Payoneer is geared toward businesses, it offers corporate debit card services and user-focused options.
One of the main benefits of using Payoneer is that it can help you expand your client base by paying international freelancers and employees directly.
This is a famous company for transferring money using their bank account or credit cards.
PayPal was initially intended as an online payment system. Still, it has expanded into a web service that can send and receive money from anyone with an email address.
Although PayPal once had high fees, sending money at a low cost is now possible. Its website has an estimator tool that shows the exchange rate before you hit send.
You can also contact customer service agents to request better rates based on your situation.
PayPal service is now used by tens of millions of people worldwide. People can transfer money between different accounts, pay for online purchases, and connect with other PayPal users.
One advantage of using PayPal is that it’s easy to sign up and requires no complicated verification processes.
Money transfer services are a great way to send money from one country or region to another.
If you find yourself in need of such a service, you must research the many different options available.
This post has provided ten viable money transfer companies for your consideration.