Best Money Transfer and International Money Transfer Services

Cost

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.

App features

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.

Availability

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.

Time

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.

Bill pay

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.

Additional features

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.

International

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.

Domestic

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.

Online focused

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.

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 types of services may or may not allow customers to send money internationally.

Banks

Banks often offer a wire transfer service for customers. They typically charge a flat fee, regardless of how much money customers send.

Individuals

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.

Online sellers

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

Business owners whose companies operate in multiple countries can use transfer services to convert money from one currency to another.

Charitable groups

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.