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Best Money Transfer and International Money Transfer Services 2026
Money transfer services let you send funds directly to another person or business without using physical cash or your bank card or credit card. They make it easy to transfer money from long distances, between different banks and even in different currencies.
Each money transfer service caters to specific needs, so it’s smart to familiarize yourself with the many options out there. For instance, international money transfer services let people send money to loved ones living or traveling abroad, while app-based services allow friends to quickly pay one another for shared expenses.
For guidance, check out our readers’ reviews of some of the most popular money transfer services out there, so you can choose the best one for your needs.
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Compare Top Money Transfer Services
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.
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.
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.
Offers money transfer and payment services. Operates nearly 380,000 locations in over 200 countries. Provides transfers across borders. Handles bill payment services, money orders and official check processing.
TransferWise is a web-based money transferring company that lets people send money abroad at the lowest possible cost. It uses real exchange rates and small fees and takes the headache out of the money transferring process.
Provides international money transfers from your phone or computer. Available to recipients by bank deposit, cash for pickup or cash delivery. 24/7 customer service. Upfront pricing. Money-back guarantee.
Ria Financial 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.
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.
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.
Money Transfer and International Money Transfer Buyers Guide
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In this guide
Contents
What is a money transfer service?
A money transfer is when you move money from one account to another. This could be between your own accounts or to another person or business’s account. Making a wire transfer through your bank or credit union is a money transfer, as is receiving your paycheck via direct deposit.
While money transfers were traditionally done through banks, there are now several companies offering money transfer services — and they tend to be faster and offer lower fees than most banks. Some are only available online or by using an app (also called peer-to-peer or P2P apps), while others have physical locations.
Here are some reasons why you may need to use a money transfer service:
- Sending money to friends and family
- Paying bills, such as rent or utilities
- Making online purchases without using your credit card
- Receiving payments for freelance work or business transactions
- Making cross-border transactions
- Receiving emergency funds in a crisis
In all of these situations, a money transfer service may enable you to send or receive funds with fewer fees, a faster turnaround time and an easier process than you would with a bank. And since the money still comes directly from your bank account, you don’t have to worry about being charged interest like you would with a credit card.
“In the last few years, more and more people — like over 50% of people — are now preferring their debit card as their primary form of payment,” said Parag Ladhawala, chief growth officer at Banked, an account-to-account payment provider. “I think some of that has to do with the demographic shift that's happening. People want more transparency into what they're spending. They don't want to overspend. They don't want to be saddled with debt that just continues to compound and be a burden for them.”
This aspect of money transfer services appealed to ConsumerAffairs reviewer Margaret in Boston: “PayPal allows me to pay for things from my checking account rather than a credit card,” she said. “This way, I can more easily keep track of my spending. The process is pretty seamless and does not involve typing in numbers, expiration date, etc. Way easier than using a credit card for online purchases plus helps me track my spending.”
» MORE: How to negotiate credit card debt
Money transfer service vs. wire transfer
While both money transfer services and traditional wire transfers are ways to move money, each has its own set of characteristics and is suited to different needs.
- Money transfer services offer a digital platform to send and receive funds electronically. The funds are often held within the service platform and can be transferred to a linked bank account or used for online transactions.
- Wire transfers involve the direct movement of money from one financial institution to another. Wire transfers are known for their reliability and security, making them a preferred choice for transferring large sums of money.
The choice between using a money transfer service or a bank wire transfer depends on factors such as the amount of money, speed of transfer, currency options and the specific needs of the sender and recipient.
| Money transfer services | Bank wire transfers | |
|---|---|---|
| Purpose | Commonly used for sending money to friends and family or making online purchases. | Often preferred for business transactions, real estate deals and other high-value transactions. |
| Funds storage | Hold funds within the platform; recipients may need to transfer them to a bank account for withdrawal or use. | Direct movement of money from one bank to another. Funds are transferred directly to the recipient's bank account. |
| Speed | Generally offer quicker processing times. | May take longer to process. |
| Fees | May charge fees, which can vary. | Typically higher fees, especially for international transactions. |
| Verification process | Typically require less documentation and verification compared to banks. | More documentation and verification, which can be a cumbersome process. |
Types of money transfer services
There are several different types of money transfer services, with each tailored to meet different financial needs. Some services cover all of these types, while others only cover a few.
- International: These companies cater to international travelers, people who live abroad or have family abroad, entrepreneurs who own businesses that operate in multiple countries, those planning to purchase real estate in a foreign country and other consumers with international financial responsibilities.
- Domestic: Smaller and newer companies may only operate in one country. These services are best for those who do not anticipate transferring money overseas.
- Walk-in transfer centers: These companies usually have an extensive network of agents and brick-and-mortar transfer centers where individuals can walk in and drop off or pick up cash. They may offer services domestically or internationally.
- Online: 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. They may offer services to both domestic and international customers.
- App-based: 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 may or may not allow customers to send money internationally.
How to use a money transfer service
To use a money transfer service, you’ll first need to create an account and link it to your bank account. Some services may also accept cash deposits at physical locations, depending on their availability.
When you want to initiate a transfer, you’ll enter the recipient’s details, including their name, contact information and the amount you want to send. Some money transfer services, like PayPal and Venmo, require both parties to sign up, while others, like Wise, only need the sender to have an account — in which case, you’ll also need to provide the recipient’s banking details. If you’re sending internationally, you’ll also need to specify the destination currency.
Once the money has been sent, the transfer service will provide the sender with a confirmation, and the recipient will receive a notice that they have money added to their account.
Note that the speed and cost of the transfer will vary depending on the destination, currency exchange rates and the service provider you choose.
» MORE: How to manage your money
How to choose a money transfer service
Each money transfer service has different features, such as international transfers or instant deposits, so it’s good to research your options before you choose. Here are some factors to consider:
Fees
Some services allow you to make transfers for free if the transfer meets certain requirements, such as if the transfer is over or under a certain dollar amount or has a specific origin, like a U.S. bank account.
If you’re sending or receiving money from one currency to another, the company will provide you with an exchange rate. Companies should offer a binding quote so you can compare rates before you make a transfer.
Location availability
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 collect income from domestic customers or clients.
Speed
Some transfers may have a hold on them when made outside of business hours, especially if the money is being deposited directly into a bank account.
Security
Transaction limits
Payment options
Additional features
- Bill pay: Pay bills or make purchases using the app. Companies that offer services in multiple countries may allow consumers in one country to pay bills to a foreign business.
- Mobile phone reloads: Add money to a prepaid phone account to refill minutes.
- Gift card reloads: Add funds to a recipient’s prepaid gift card.
- Credit accounts: A few companies offer credit lines, such as Paypal Credit, which allow you to make purchases using your transfer account. These options are subject to credit approval.
- Rewards program: Earn points that can be redeemed for free transactions, gift cards or cash rewards.
Customer reviews
Are money transfer services safe?
Money transfers are safe when done through a legitimate transfer service that uses encryption technology — provided you’ve done your due diligence before you hit send.
There’s no shortage of scammers out there who will pose as your bank, a store you shop at or even your friend, requesting you transfer them funds. Scammers may also say they are sending you money, so that you’ll click on unsafe links in text messages or emails. And while you have some legal protections if your bank account is defrauded, you have less protection with money transfer services.
“Some of the news that has come out in recent months or years is there's a lot of fraud associated with some of these money transfer apps like PayPal or Cash App, etc.,” said Ladhawala. “But because the banks have to comply with things like Regulation E, those things can protect the consumers and there is a process for fraud if it actually takes place.”
If you receive an unexpected transfer request, either to send or to receive, verify it with the person or company before approving anything. And to protect your friends and family, notify them before you initiate a transfer their way.
Money transfer apps and FDIC insurance
While money in your bank account is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC), the same isn’t necessarily true of money that sits in a P2P app. As such, you should avoid just letting funds linger in your app’s account. Instead, move it to your bank account or credit card as soon as possible, so that in the unlikely event the company goes under, your money isn’t gone.
Some P2P payment apps, such as Cash App, Venmo and Apple Cash, offer FDIC insurance via their partner banks, so if you prefer to carry a large balance in your app account, it’s worth checking whether that’s an option. Just keep in mind that FDIC insurance will only protect you from financial loss at the company’s fault; if you transfer money to a scammer, the FDIC won’t cover you.
FAQ
How do I transfer large amounts of money?
A bank wire transfer is a good way to transfer amounts more than $10,000. Many companies and apps have caps on how much you can transfer, so make sure to research maximum transfers and fees.
How can I send money instantly?
Apps that allow for instant transfers, like Cash App and Google Pay, are the fastest option for domestic transfers. Other apps, like Venmo, may take up to 30 minutes to arrive in the recipient’s bank account.
How much does it cost to wire money?
Wire transfer fees generally range from free up to $50 per transaction. Multiple factors determine the cost of a wire transfer, including the bank’s pricing structure, the amount of money you’re transferring and whether you’re wiring money domestically or internationally.
Can wire transfers be reversed?
Not usually. Once the receiving bank accepts the transfer, the sender cannot reverse it. However, banks sometimes reverse wire transfers in rare cases, such as duplicate orders, fraudulent transfers and when the sending bank makes a mistake.
Guide sources
- S&P Global Market Intelligence, “ Debit surpasses credit as consumers' preferred payment card .” Accessed Nov. 6, 2023.
- Consumer Financial Protection Bureau, “ Is the money I keep in my payment app safe? ” Accessed Nov. 6, 2023.
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.
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