Find the Best Money Transfer and International Money Transfer Services
Compare Reviews for Top Money Transfer Services
Read 559 Reviews
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.
Read 3,792 Reviews
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.
Read 1,146 Reviews
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.
|MoneyGram||Read 1,143 Reviews|
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.
|Xoom Money Transfer||Read 1,250 Reviews|
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.
Read 337 Reviews
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.
|Ria Financial Services|
Read 41 Reviews
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||Read Author Review|
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||Read Author Review|
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.
What to consider 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.
Types of money transfer services
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.
Money transfer FAQ
- How can I send money instantly?
- There are many instant money transfer options:
- Apps that allow for instant transfers, like Cash App and Google Pay, are the fastest option for domestic transfers. Other apps, like Venmo, claim to offer instant deposits, but these may take up to 30 minutes to arrive in the recipient’s bank account.
- Apps like PayPal’s Xoom (an Accredited Partner) or MoneyGram can be used to instantly transfer money internationally. MoneyGram also has 350,000 locations in more than 200 countries if you need a physical location.
- How do I transfer large amounts of money?
- A bank wire transfer is a good way to transfer amounts more than $10,000 within the United States. Many companies and apps have caps on how much you can transfer, so make sure to research maximum transfers and fees.
- What is a money transfer service?
- A money transfer service is a dedicated company that allows you to move money remotely. These services usually transfer money faster and with lower fees than banks. Some are only available online or by using an app, while others have physical locations. Each service offers different amenities, such as international transfers or instant deposits, so it’s good to research options before you choose.
- 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
- Whether you’re wiring money domestically or internationally
- What is the fastest way to send money?
- Many apps and services, including Cash App and Google Pay, advertise instant money transfers. However, if you need to send money as fast as possible, it pays to spend a few minutes researching your options.
- Check to see if the service offers instant deposits as well. Many services let you transfer money instantly between accounts but slow down when you want to withdraw the funds.
- Read reviews to make sure the company handling your money is legitimate.
- Make sure the service operates in your area, especially if you’re sending money 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.
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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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