If cash is king, money transfer services are its queen. Money transfer companies allow customers to send money directly to another person without using banks or credit cards.
A wide variety of transfer services exist to serve all kinds of consumers. International money transfer services let people send money to loved ones living or traveling abroad, while app-based services allow friends easily pay one another for shared expenses. Different companies cater to specific types of customers’ needs, so consumers should become familiar with all their choices before using a transfer service.
Top 10 Best Rated Money Transfer and International Money Transfer Services
Due.com, founded in 2015, allows users to create invoices, capture expenses, keep track of their time, credit card processing and money transfers. The company prides themselves on their easy to use tools.
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Western Union has more than 140 years of experience in the money transfer industry. Individuals and businesses can send and receive money in person, by phone, online and through the WU mobile app.
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Money transfer service Xoom is a part of Paypal. The company allows users to send money, pay bills and reload mobile phones in a variety of international locations online or through a mobile app.
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PayPal operates around the world and in many different currencies. The company specializes in secure online payments at millions of merchants but also offers other money transfer and bill pay services.
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MoneyGram is a publically-traded company that lets customers send money, pay bills and load gift cards and mobile phones. Money can be sent within the United States and to select international locations.
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TransferWise, founded in 2010, is headquartered in London. The company lets customers transfer money between currencies using the mid-market exchange rate and has clear up-front fees. It offers referral bonuses and online support.
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WorldFirst, founded in 2004 in the United Kingdom, operates in several countries and helps consumers exchange currencies, make foreign transfers, make payments in different currencies and run global online businesses.
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Ria Finanical Services, owned by Euronet Worldwide, offers several financial services, including money transfer and currency exchange. They operate globally, and some services can be completed online or using the company’s app.
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TRANSFAST, established in 1988, offers money transfer services around the world. They have more than 200,000 agent locations for in-person transfers and offer options for mobile and online transactions.
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Venmo, popular among college students and other millennials, allows users to transfer money to one another easily, and often freely. The company was established in 2009 with headquarters in New York City.
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What features matter most when selecting a money transfer company or app?
Most money transfer services charge fees for different services. These are added to the amount you want to transfer, so make sure you’re aware of the fees before making a transfer.
- Transfer fee: Transfer fees are charged when sending money from one person to another. These fees will vary between companies and may change based on how much money you plan to send, the way you give the company the money to send—dropping cash off at a local office, approving an online bank draft or charging it to a credit card—and the way the recipient receives the money—having funds directly deposited into a bank account, withdrawing them from an ATM, picking up cash from an agent or having it couriered to a residence.
- Exchange rate: If you’re sending or receiving money from one currency to another, the company will provide you with an exchange rate. The higher the rate, the more money you or the recipient will receive after the transfer. Companies should offer a binding quote so you can compare rates before you make a transfer. Those interested in international money transfer services should pay special attention to the exchange rate.
- Free transfer: Some services allow you to make transfers for free if the transfer meets certain requirements. Requirements may stipulate that the transfer is over or under a certain dollar amount or have a specific origin, like a U.S. bank account.
Most companies have a mobile app that allows you to complete transactions on the go.
- Send money: Some apps let you send money within the app. These apps make it easy to complete a transaction from anywhere.
- Track transfers: Most apps allow you to track transfers you’ve made. This feature lets you see when their transaction is approved and when the recipient has access to the money.
When you transfer money, you may be far away from the recipient. Make sure you use a service that operates in their area.
- International: Many companies cater to those who need to send money from one country to another. Determine whether the company limits the types of transfer you can make and whether it offers a competitive exchange rate.
- Domestic: If you’re not sending money internationally, you can use a service that only operates in your country. These services may be more beneficial if you simply need to split housing expenses with a roommate, pay for your portion of a meal out or make another casual financial exchange.
- Mixed: Some companies offer only a few of their services internationally or only allow you to send money from a single country or in a single currency.
When you need to send money to someone, time is frequently an important factor. Make sure you understand how long it will take before the recipient has access to their funds. Several factors affect how long a transfer will take.
- Method of transfer: How you send money will often be a key element in the period your recipient must wait. Different payment methods will take different amounts of time, and you should check with the company to learn about their specific schedule. Usually, a cash payment at a walk-in transfer center will make the money available the fastest.
- Pick up: The way the recipient plans to get their money will also influence the timeline. Picking up cash from a walk-in transfer center will usually be the quickest choice.
- Location: Transfers across international borders often take longer to process than domestic transactions. International transfers may be completed more quickly if no currency change is required.
- Business hours: Although sending and receiving money at a walk-in location is typically the fastest option, sending money online or from a mobile app might be quicker if you need to start the transaction over the weekend or after the agent’s office is closed.
Many money transfer services allow you to pay bills or make purchases using their app or your account with them.
- Retail purchases: Some companies offer online or mobile apps that allow you to set up an account with them and then make online purchases using that account. This feature may make online payments easier and more secure.
- Bills: Many utilities, credit card companies and other financial services accept payments from money transfer services.
- International bills: Companies that offer services in multiple countries may allow consumers in one country to pay bills to a foreign business. This feature might be especially appealing to those whose loved-ones live abroad.
Different companies offer extra services to help them stand out and make it simple for customers to use their services for multiple kinds of business.
- Mobile phone reloads: Several companies allow you to add money to a prepaid phone account, refilling the user’s minutes.
- Gift card reloads: Some companies offer gift card reload services so you can add funds to a recipient’s prepaid gift card.
- Credit accounts: A few companies offer credit services, which allow you to make payments using your account with them and pay off the balance over time. These options are subject to credit approval.
- Rewards program: Many companies have rewards and/or referral programs that let you earn points that can be redeemed for free transactions, gift cards or cash rewards.
- Alerts: If you regularly make international transfers, choose a service that will send you alerts if exchange rates meet your set criteria.
What are different types of money transfer companies?
Some companies cater to individuals who live outside their country of origin, international travelers, those who own businesses that operate in multiple countries, individuals with loved one’s living abroad, those planning to purchase real estate in a foreign country and other consumers with international financial responsibilities. International money transfers may offer consumers significant savings over using a bank.
Smaller and newer companies may only operate in one country. These services will be best for those who do not anticipate transferring money overseas.
Walk-in transfer centers
Many companies focus on those who need to send money to someone far away. These companies usually have an extensive network of agents and brick-and-mortar transfer centers where individuals can walk in drop off or pick up cash. These types of businesses may offer services domestically or internationally.
The Internet allows individuals to send money from anywhere, without needing to see an agent face-to-face. Most companies allow users to make some transactions online, but some companies cater to this group with easy-to-use websites and a large number of online service options. Online money transfer companies may offer services to both domestic and international customers.
Although most companies have an app, newer companies and those that focus on small transfers between friends have robust apps that let customers handle every stage of their transaction from their mobile devices. These types of services may or may not allow customers to send money internationally.
Banks often offer a wire transfer service for customers. They typically charge a flat fee, regardless of how much money customers send.
Who uses money transfer services?
Individuals may need to transfer money to loved ones far away or to roommates, friends and acquaintances for shared expenses. Individual consumers may also use the extra features some companies offer to make online payments.
Travelers and their loved ones
Anyone who has traveled knows the worry of losing their wallet while far from home. They can use international money transfer services to have a friend or family member send them money in an emergency.
People that have online businesses, especially those who use Internet marketplaces like Etsy, Amazon Marketplace, Big Cartel and other sites, can use money transfer services to accept online payment or to transfer payments from one currency to another.
Business owners whose companies operate in multiple countries can use transfer services to convert money from one currency to another.
Non-profits and non-governmental organizations (NGOs) can use money transfer services to get money to individuals in areas that don’t have traditional banks or to areas affected by disasters that may be limiting other financial transactions.
Western Union (WU) was founded in 1851 as an American telegraph company, and it began offering money transfer services in 1871. Now, Western Union is one of the world’s largest and most well-known money transfer companies. In 2015, it facilitated the transfer of more than $150 billion. It offers consumers and businesses options for sending and receiving money both domestically and internationally.
- Best for Western Union has services that meet most customers’ needs, including individuals, entrepreneurs, business owners and charitable organizations.
Xoom is a money transfer service that allows customers to send money from the United States to other parts of the world, including Central and South America, Asia, the Philippines and more.
- Best for Xoom is best for anyone who has a US bank account and needs to send money or pay bills internationally.
MoneyGram was established in 1988 and took its current form in 1998, but it has a history going back to 1940 with the Travelers Express Company. It became a publically-traded company in 2004 and is headquartered in Dallas. MoneyGram offers money transfers, bill pay services, money orders and other financial services.
- Best for MoneyGram has services to meet most consumers’ needs, including individuals, business owners and travelers.
PayPal was founded in 1998, and eBay acquired it in 2002. The company now has nearly 200 million active customers, and in 2015 the company hosted approximately 4.9 billion transactions. Customers in more than 200 countries can use the company’s services and hold money in their accounts in 25 different currencies. Consumers can use the service to transfer money to other individuals, pay bills, make online purchases, make donations and obtain financing.
- Best for PayPal is best for individuals who want to make payments online with more security and/or transfer money to family and friends.
TransferWise is a service that allows customers to transfer money between different currencies; it cannot be used to transfer money that starts and ends in the same currency. The company was founded by two friends who lived in different parts of Europe and deposited different currencies in each other’s bank accounts to avoid the hidden fees charged by banks. Today, the company operates in countries in Europe, the Americas, Africa, Asia and Oceania.
- Mid-market rate: Customers who transfer money from one currency to another receive the mid-market exchange rate, which is the most accurate and fair rate for both those buying and selling currencies.
- Referral bonus: Customers can invite others to use TransferWise using a unique invitation link, available on the TransferWise website. When three new customers use the link and send transfers over $300, the original customer receives a $75 cash bonus. The new customers will also receive a discount on their transfer fees.
- Rate notifications: TransferWise will send consumers notifications about the rate exchange between two currencies. Consumers enter the two currencies they will be transferring money between and will receive an email if the exchange exceeds a certain amount or when the rate reaches a two-week high.
- App: The TransferWise app lets customers send money to different currencies from their mobile device. The app is available in the Google Play Store and the Apple App Store.
- Online support: TransferWise’s website has an extensive help section so consumers can find answers to commonly asked questions about the service. Live chat with customer service representatives is also available for customers after they log in.
- Best for TransferWise is best for individuals who need to transfer money to someone using a different currency.
WorldFirst is a currency exchange service. It was established in 2004 and is headquartered in London with other offices the Netherlands, the United States, Hong Kong, Australia and Singapore.
- Flat fee: WorldFirst is a currency exchange service. It was established in 2004 and is headquartered in London with other offices the Netherlands, the United States, Hong Kong, Australia and Singapore.
- Free receiving: WorldFirst offers small businesses located in the United Kingdom, the United States, Canada, Japan and Europe that sell their products through online marketplaces, like Amazon or Etsy, a free international receiving account.
- Price promise: WorldFirst guarantees that it will offer customers the best exchange rate. If someone gets a better quote from another company, WorldFirst will offer customers a better rate.
- Blog: Interested consumers can follow WorldFirst’s blog to read economic news stories, advice on managing money, selling products online and more. New posts appear regularly.
- Forward contracts: Individuals and businesses can schedule a transaction up to three years in advance. This feature lets consumers lock in a specific rate and complete the transaction later.
- Best for WorldFirst has services to meet the needs of most consumers who need to change money from one currency to another, with special benefits for online sellers.
Ria was established in 1987 in New York. The company is now one of the world’s largest money transfer firms, operating in nearly 150 countries. Their services include money transfer, mobile phone refill, currency exchange, bill payment and check cashing. Ria Financial is owned by Euronet Worldwide, an electronic financial transfer provider.
- Easy tracking: Those who send money via Ria’s money transfer service can easily track the status of their transfer online. They just need the PIN, order number or reference numbers.
- Instant fee checker: Consumers who want to know how much it will cost to transfer money to someone else can use the company’s online tool to see the fee amount for different sums and different transfer methods—bank account draft, cash, etc.
- Refer a friend: Customers who share a unique referral link directly with others or on social media sites receive a $20 Amazon gift card after the new customer sends their first transfer. Electronic gift cards are delivered within a week of the completed transaction, and there is no minimum transfer amount.
- Bill pay: Customers can use Ria to pay bills at over 3,000 merchants and service providers. Same day payments are available for some companies.
- Euronet ATMs: Transfer recipients in Poland can withdrawal their money from any Euronet ATM. Recipients do not need an ATM card to pick up money transferred to them.
- Best for Ria Financial is best for individuals, especially those who regularly send money to central Europe.
TRANSFAST was founded in 1988 and specializes in online money transfer services. The company’s headquarters are located in New York, and it operates in the Americas, Africa, Asia and Europe. Consumers can use TRANSFAST for both in-person and online money transfers as well as domestic and international payments.
- Customer service: When consumers visit the TRANSFAST website, a pop-up at the bottom of the screen either offers them the chance to live chat with a representative or, if all agents are busy, lists the telephone number where representatives can be reached.
- App: The TRANSFAST app allows customers in the United States and Canada to send money to anyone around the world directly from their mobile device. The app is available for iPhone and Android users.
- Fee and currency tool: Interested consumers can visit TRANSFAST’s website to see the transfer fee associated with any transaction and the current exchange rate for transferring money to an account in another currency.
- Special promotions: The TRANSFAST website lists all current promotions. Visitors can see if any of their transactions qualify for special discounts.
- Transfer tracker: Customers can quickly check the status of their transfers online or on the TRANSFAST app. They only need to have the transaction number to see if their transfer has been approved and whether funds are available to the recipient.
- Best for TRANSFAST is best for individuals who need to make transfers either domestically or internationally.
Venmo, owned by PayPal, was founded in 2009 and is headquartered in New York. The service lets individuals easily pay one another for their part of a restaurant check, group-purchased gift, utility bill and more. It is popular among younger customers and college students.
- Facebook: New users have the option of signing up for a Venmo account with their Facebook login credentials, which makes signing
- App: Venmo’s app, available for iOS and Android devices, allows customers to send and receive money easily using their mobile device.
- Fees: Users who send money from their Venmo account, a linked bank account, a debit card or a prepaid gift card do not pay any transfer fee. Those who use a credit card must pay a three percent fee. There is no charge for paying for purchases in other mobile apps using a Venmo account. Receiving money is also free.
- Payment options: Venmo users can pay for several other services and products in third-party apps, like Gametime and Parking Panda.
- Request feature: When friends agree to pay a customer using Venmo, the customer can send a reminder with the click of a request button in the app. This feature removes the awkwardness from reminding others they owe the user money.
- Best for Venmo is best for individuals who frequently split checks or bills with friends or family members.
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.