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The Top 10 Money Transfer Companies

Remitly

Sign up cost: FreeAvailable: Online/appNumber of currencies: 47Number of countries: 49+Minimum transfer: $1 (or equivalent)Transfer fee: Express – $6.99; Economy – fees vary but free if sending more than $500Exchange rate margin: 1–2% above the mid-market rateTransfer speed: Express – arrives in seconds, Economy – 1 to 3 days Best for: Sending money to developing countries Remitly is specifically mobile-optimized, making it simple and straightforward …

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InstaReM

Sign up cost: FreeAvailable: Online/appNumber of currencies: 55+Number of countries: Almost globalMinimum transfer: $1Transfer fee: Between 0.25–1%Exchange rate margin: Actual market ratesTransfer speed: 1–2 days Best for: Businesses with international staff and freelancers InstaReM is based in India and offers a quick, simple and easy process for money transfers, especially to the East. Transfers are simply made through the app, and users can earn loyalty …

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OFX

Sign up cost: FreeAvailable: Online/app/phoneNumber of currencies: 55Number of countries: 155Minimum transfer: $1,000Transfer fee: FreeExchange rate margin: Markup is less on larger transfer amounts but will likely be around 1.5% above mid-marketTransfer speed: 1–5 days Best for: Those who want to work closely with the exchange rates OFX is a great service for those who want to send larger amounts, and with the option of …

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Payoneer

Sign up cost: FreeAvailable: Online/appNumber of currencies: 150Number of countries: 220Minimum transfer: $1Transfer fee: Different fees for different services; expect to pay between 1–3%Exchange rate margin: 0.5% above the mid-market rateTransfer speed: Almost instant Best for: Businesses and freelancers needing to receive money in multiple currencies Beloved by businesses and freelancers alike, Payoneer is the money transfer service of choice for businesses like Amazon and Google, …

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TransferWise

Sign up cost: FreeAvailable: Online/appNumber of currencies: 40+Number of countries: 50+Minimum transfer: No minimumTransfer fee: Usually around 0.5%Exchange rate margin: No mark-up – Mid-market rates pegged on US exchange ratesTransfer speed: Can take three to five days to reach the recipient account Best for: International travelers and digital nomads TransferWise is more than just a money transfer service – it also offers what is described …

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WorldRemit

Sign up cost: FreeAvailable: Online/appNumber of currencies: 90Number of countries: 150Minimum transfer: $1Transfer fee: Between $3.99 and $24.99 (depending on currency, etc.)Exchange rate margin: 1–1.5%Transfer speed: Within the hour, but can take up to three days Best for: Those who need varied options for funding and receiving transfers WorldRemit has a range of options for funding your transfer and for how the transfer is delivered. …

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Xoom

Sign up cost: FreeAvailable: Online/appNumber of currencies: 35Number of countries: 130Minimum transfer: $10 or equivalentTransfer fee: Up to $4.99 from a bank account, approximately 3% if funded through a credit or debit cardExchange rate margin: 1–3% above the mid-market rateTransfer speed: Within minutes in almost all cases, maximum three to five days Best for: Fast transfers Xoom is a PayPal company, and as such, it …

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XE

Sign up cost: FreeAvailable: Online/app/phoneNumber of currencies: 139Number of countries: 220Minimum transfer: No minimumTransfer fee: FreeExchange rate margin: 0.5–2% on the current exchange rate, reduces the more you transferTransfer speed: In most cases, same day but can be two to four days depending on currencies and banks Best for: Making transfers from the US and Canada XE is a popular choice for many people looking …

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TorFX

Sign up cost: FreeAvailable: Online/app/phoneNumber of currencies: 60+Number of countries: GlobalMinimum transfer: £100 (or equivalent)Transfer fee: FreeExchange rate margin: As close to the interbank rate as possibleTransfer speed: Same day, or at least within two days Best for: Straightforward, no-hassle transfers between major currencies TorFX is an English-based money transfer service that allows multiple ways to transfer – credit cards, bank transfers and over the …

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Currencies Direct

Sign up cost: FreeAvailable on: Online/app/phoneNumber of currencies: 40+Number of countries: 120+Minimum transfer: $100 or equivalentTransfer fee: No transfer fees worldwideExchange rate margin: Best rate availableTransfer speed: 1–2 days Best for: Business users and regular transfers Founded in 1996, Currencies Direct is a well-established, long-running service that is known for great customer service. Currencies Direct is not just a money transfer service; it also offers a …

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