Basically, any time a person connects a mobile phone to a telecom network, that person will be required to buy credit to utilize that particular Telcom network’s airtime. Then, you provide the recipient details and select the payment method-debit/credit card/bank transfer. All Rights Reserved. After the rate is agreed upon, a confirmation will be sent to you, and you will give your agent the details about the second party who will be receiving your money on the other end of the transfer. You’ll need to have your bank details and an ID ready to verify your account. Once your identity has been verified you will be introduced to one of their team to discuss and then process your transaction or if you don’t want to speak to anybody then you have the option to self-serve on their secure 24/7 payments platform. It … These transfers, too, are almost always instantaneous. Whilst other services will only lock in a rate once the transaction has been completed. There is a transfer and monthly limit, both of $6000 dollars. Despite the wide variety of countries available and the speed and convenience of delivery, or perhaps because of those things, MoneyGram is one of the more expensive transfer services. To receive funds via Payoneer, you can either send another user a payment request and Payoneer will send them all the details including the payment options available to them. The right money transfer option for you depends on how much you're sending, how quickly you need to get it there and, of course, what you'll be charged. Transfer Speed: the actual speed of the money transfer i.e. WorldRemit charges both a transfer fee and a markup on the mid-market exchange rate. If they aren’t, make sure you go with the institution that has the exchange rate that will most benefit you and to whomever, you’re sending the money. Other methods of transferring include debit and credit cards, direct ACH transfers from one’s bank account and even Apple Pay. The best tips for saving on your international transfers are those listed above. For other money transfer services, you might need to visit your local bank branch, or visit a Western Union or Moneygram branch. These companies facilitate exchanges between one person and another person directly. Once this is done, you can start sending and requesting payments through Payoneer using a variety of payment methods including bank transfer and debit card. It includes money transfer, bill payment, prepaid cards, and more options. TransferWise; 8. You also need to provide the recipient’s name, contact information and bank details. Founded in 2003, Currency Solutions is dedicated to excellent customer service and great rates on money transfers around the globe. They are based out of Ireland and the United Kingdom, but they also have offices in Australia, Hong Kong, and Singapore, as well. You might have questions about where to go, how much the transfer will cost, or which company is the best to use. Like MoneyGram, Western Union, too, has operations in over 200 different countries; however, they beat out MoneyGram on locations, boasting a huge 550,000 locations around the globe. The wide help perception is that your trusted bank is the safest and best method to transfer your money overseas. These companies are often able to offer lower transfer costs than banks, but with the same level of security and reliability. The transfer fees charged by MoneyGram depend on the payment method, destination, currency and payout method chosen. Setting up an account with Send is very user friendly, free and there’s no obligation to use them once the account is setup. In order to make the right choice, you need to consider various factors including fees, reliability, security, and service. You can see how much difference a slightly better exchange rate makes when you’re transferring larger amounts. Money transfer services will have different fees for money transfers, often dependent on the current market rate as well as extenuating factors such as where you are sending money from, to, and the amount you are sending. With OFX, transfers typically take between 1 and 5 days to be completed. The companies we recommend have been vetted with all of these factors in mind and have a proven track record of providing outstanding customer service. The brand is well-known for using enterprise-grade security to ensure their transfer service keeps for money safe, and for having low rates. He also has completed the EiM (Essentials in International Moving) course from the FIDI Academy. Despite these fees, there are no surprises or hidden fees, and TransferWise is very upfront and clear about all its charges. Finally, check out customer reviews about the companies. See if there are any patterns or times of the month or year where the rate is better. With more people and businesses travelling and living across international borders, many international money transfer companies have sprung up to facilitate the easy movement of funds abroad. Others, such as XE, will add a small mark up on top of the mid-market exchange rate. There is no one single answer to this question. They also have great exchange rates. Banks are convenient but you’ll pay a premium, so instead find the money transfer company that best fits your situation using our hand-picked list. TransferWise is one of the best-known names in the industry, and for good reason. However, if the transferred money has already been received or picked up by the second party, this right is waived. It boasts of a clientele of over 120,000 online merchants worldwide and markets itself with a focus on providing quick transfers and ability to transact with cryptocurrencies in addition to regular money transfers. They’ve really streamlined the entire process which can be completed securely online in minutes. One of the biggest selling points of TransferWise is how transparent they are with their fee-structure and exchange rates from the very onset – so you know the exact amount that will reach the recipient account even before you make the transfer. The biggest draw for most people who choose to use TransferWise is that they use the actual exchange rate released by the government, and they adjust their exchange rate as the exchange rate is adjusted. Payoneer’s fee structure is quite complex as there is a different fee and exchange rate structure for different types of payments: Most money transfers with Payoneer are almost instant. This fee is paid by the person receiving the money, rather than the person sending the money. You can transfer money … We selected a diverse range of service providers, from companies offering the cheapest rates to ones with the most currencies or payment types. TransferWise does charge a fee for sending money, but they are generally quite low, some as low as $1 dollar plus 10% of the total transfer amount per transfer. Withdrawal from your Payoneer account to bank account may take 2-3 days. What is the Most Important Factor of a Money Transfer? They do not charge any additional fees to send your money! It has a 24 hours a day, seven days a week customer service and account monitoring guarantee, and it offers both same and next day transfers to many countries. They offer tracking for your transfers, and keeping track of your transfer history is incredibly easy using your private account on their website. Step 3: enter your transfer either online or via phone. Depending on your specific needs you may be best to use a service that offers fast transfer speeds. Ria Money Transfer has been in business for over 30 years and enables money transfers to more than 149 different countries from the US, Australia, UK and Spain. Answer three quick questions and we'll give you an instant recommendation for a money transfer service based on your needs. The difference between the best and worst money transfer service exchange rates was $155 over the five-day period. They allow your recipient to physically go to a trusted location with his picture id and the transaction reference and pick up cash money from a WorldRemit employee. In order to ensure you’re getting the best deal for your transfer, take a minute to use our free money transfer tool at the top of this page to instantly compare your options to find you the best company. : It’s vital to make sure that the money transfer provider you are looking at has the availability to send money via the route you need. Something else to be aware of is that the minimum transfer amount is $1,000, so OFX is not ideal for users wanting to send smaller amounts. Based on what you’ve just read above you’re probably starting to reach the conclusion that it’s a good idea to use a money transfer service, especially if you want to ensure you’re getting the best exchange rate and avoid fees. Furthermore, because of the abundance of locations and the option to pick up money in person rather than via a bank transfer, Western Union is the only viable option for some people, even if they do balk at the lofty fees. 2.Make your choice among the 20 money transfer providers available to send money to Nigeria and select the best option. If a customer asks to be able to track his or her transfer and are told it isn’t possible, that person is then free to cancel that transaction and take his or her transfer to another company. This year they were award ‘Best value international money transfer provider’ by Mozo, one of Australia’s leading financial comparison platforms. the very best exchange rate with the minimal amount of fees possible, you need to compare money transfer companies. It’s what you know for sure that just ain’t so. They, too, require no transfer fees for transferring money through their company. Step 1: Register for an account online through the company’s official website. Once the account is approved, you can set up the transfer by providing your payment details, amount to be transferred, the currency you want to send, and the recipient’s details. Their online platform is easy to navigate, and on it, you’ll be able to select a variety of payment options and delivery methods in drop-down menus. Money Transfer Service in Baltimore on YP.com. This is a more convenient option for some as you don’t need to set up and verify another account through your provider and instead can arrange to wire money directly from your bank account to the recipient. With OFX you’ll also benefit from 24/7 customer service and low fees and exchange rate markups. Furthermore, check out the businesses and online and see if they are having any special promotions or if any coupons are available to save you money. In the United States, MoneyGram is probably one of the most recognizable brands of international money transfers there are. Once you have agreed and accepted an exchange rate either via your personal account manager or online you will receive a copy of the contract and instructions to complete your transfer. A money transfer company does all the hard work for you. Their simple, intuitive mobile app sets them apart from the rest, making for quick, intuitive money transfers. For instance, if you’re sending $2000 dollars to your daughter because she’s about to get kicked out of school, paying the fees to get the money there quickly is probably a necessity. If you have questions, this comprehensive guide to international money transfers is exactly what you need. Cost: Some money transfer providers, such as TransferWise, will offer money transfers at the set mid-market rate, adding on a set fee for their services. With Ria Money Transfer, the transfer fee you’ll pay depends on a variety of factors including the destination, payment method and how the recipient will receive funds (cash pickup or bank). Once you’ve initiated your transfer, most of the providers listed below enable you to track the progress of your transfer so you know exactly when it’s been delivered. It only transfers money into a little over 20 different currencies. Adding this type of credit to a pre-paid cell is known as “topping up.” WorldRemit allows customers to top up their own phone or someone else’s phone through the site. To start using Ria you will need to create an account by providing your personal details and a valid ID. Some companies charge both a transfer fee and a receiving fee, meaning they are making a profit off both the person who is transferring the money and the person who receives it on the other end. Our aim is to make sure you can transfer money quickly, simply and in the most cost-effective way. Also, consider the fees when deciding if you need a money transfer at all. One of the best-known names in the money transfer game, Western Union, has been around far longer than many of the fintech apps and new banking products. PayPal . Speed: With a huge percentage of money being held digitally, you would think international money transfers should be as fast as sending an email – unfortunately, that’s rarely the case. Automated page speed optimizations for fast site performance. Using our service won’t cost you anything and will help you make the best decision possible when picking a provider to transfer money abroad. Best Money Transfer Companies. Sending fees are basically the same thing as transfer fees. However, if you are looking to transfer large sums of money at once, it may behoove you to choose a company that specializes in larger, business transfers. These exchanges are usually relatively small and would not raise the attention of financial institutions. It has a four-star rating on TrustPilot, and it offers many competitive benefits. All of the names in this list have strong reputations in the industry and offer a variety of services to their users to make money transfers simpler and more cost-effective. But don’t worry, we exist solely to make sure you get the best money transfer experience possible. You will receive the payment in your Payoneer account within a few days. CurrenciesDirect does not charge any transfer fees, and the exchange rates are incredibly low and competitive. It is very similar to MoneyGram in several ways. Accessibility/Availability: It’s vital to make sure that the money transfer provider you are looking at has the availability to send money via the route you need. While WorldRemit charges a mark-up on exchange rates, these are still lower than what banks offer. allows you to make transfers in over 90 currencies to 150 countries around the globe, with over two million people using their services to make a transfer last year alone. After that, TorFX assigns you a specific agent to act as your Personal Account Manager. MoneyGram is one of the quicker methods of sending money, with many of their transfers arriving the very same day on which the transfers are purchased. Furthermore, customers have the right to ask to be able to track their money transfers. You will need to enter your personal details and provide identity documentation such as a passport or driving license. As long as you are transferring to another WorldFirst customer, the transfers are also free of transfer fees; however, if you are transferring money to a recipient in another way, fees will be added to your transfer. They do transfers from over 190 countries in more than 55 currencies, but are especially good for sending money to the UK or Australia. You won’t be getting the best exchange rate though and you will certainly be paying more fees than you should be. OFX does not offer same-day transfers. This is a company with one of the best rates on the market today; if someone is looking for the best price on transferring money internationally, this might be the company to check out. If you wish to withdraw your funds to your bank account, the process happens instantly. The provider also allows you to make phone top-ups in 35 countries, and the wide range of services they offer is one of the reasons they have such a strong reputation in the money transfer industry. They offer an option to do same-day transfers to most of the 170 countries they serve, and they have the ability to transfer currency into any other available currency. TorFX also holds segregated client accounts with Barclays, a well-respected and highly secure credit company. Additionally, if you have a Facebook account you can also use the unique ‘MoneyGram Sendbot’ to send money through Facebook’s platform. Here’s a quick summary: The cost of transferring money with Remitly will depend on how much money you are sending, where you are sending money, and the payment method you select. For example, if you are transferring money from the US to Canada and you make a transfer from your bank account to the recipient’s bank account, you will pay $3 as a transfer fee. The timeframe is often referred to as a “guarantee”. The information these companies are required to give include but are not limited to, the following: Customers also have the right to cancel any transfer transaction within 30 minutes of placing the transaction. It is clear that today, people and businesses have loads of options when it comes to sending money internationally. How to Get the Best Exchange Rate When Sending Money Online, Money Transfer Companies: The Three Different Types, Tips for Saving on Your International Transfer. Whether you care about cost, speed, or convenience, online money transfer services are hands-down the best way to send money overseas. This can all easily be done both online and by going to see a physical agent to arrange your money transfer. Digital money transfer specialists are the best way to send money to India, offering stronger rates and lower fees than your local bank. WorldFirst is another United Kingdom-based money transfer company. Here are the exact steps to take when using a money transfer company to send money overseas. Compare providers like Remitly and InstaReM for bank transfers, or WorldRemit and MoneyGram when sending cash. Door-to-door delivery is quite similar, except in that case, the money is delivered in cash to your recipient’s home. For extremely large amounts of money, you will want to avoid using banks if at all possible, as they often tack on heavy fees for transferring those amounts of money around the world. It started as an offline company, but then for convenience, speed and security it went online and introduced WU.com at the start of the millennium. Pick a company based on the best deal for the amount of money you are sending. There are several federal laws that have been put in place to protect the consumer purchasing international money transfers. It features a great range of payment options, including bank deposit, cash pickup, and even home delivery. The best thing about TransferWise is that it offers the mid-market rates (no exchange rate mark-ups), and these rates can be guaranteed for 24-48 hours. The money transfer services which offer an alternative to using your bank will generally fall within three categories…. They have, at times, added markups as high as three percent. It takes only moments to set up an account on their website. With the many money transfer and remittance companies out there, it can be difficult to pick which one will best address your needs. Once your account has been approved you can transfer money using a variety of payment options, including bank transfer, debit card, and cash pickup. Even a slightly better rate can result in thousands of dollars in savings for you. At this point, you’re probably asking the question “what is the best money transfer service?”. In the case of banks being closed or holidays, the transfers can sometimes take a little longer, but even so, they usually arrive by the next business day. This generally involves uploading photos to prove your identity. This company allows you to send money to over 140 different countries globally. Shop around. The most important thing is that the transfers are also much cheaper than with the bank. Its marketing is largely directed at businesses and freelancers, providing an easy-to-use platform to send money abroad. This transaction can be completed either through a bank (the traditional method) or a specialist money transfer service. Customers from the United States can, however, switch over to their new platform under the name of Omega. Fees and exchange rates with Remitly are very dependent on how you’re paying for your transfer, how much you’re sending, and in which currencies. They are a money transfer company focused on bank-to-bank international transfers, but the service they offer is much cheaper than banks with a big focus on zero hidden fees. The fact is, money transfer providers need to make a profit for their business to keep running – and those profits are found in the fees or markups applied to each money transfer arranged through them. There are detailed, step-by-step instructions on how to set up this process on the CurrencyFair website, and if you have trouble with the process, the ChatBot is always there to help, as well. Providers transfers to more than 170 countries in over 60 currencies, Exchange rate markup can be higher than other providers. Our top 10 FX comparison is like no other because we don’t focus exclusively on the best money transfer exchange rates; instead, we compare money transfer services based on factors like trust, reputation, client feedback, and consistency. They also provide the same or next day delivery of transfers to most recipients, depending on which country someone is sending money to. Although new laws have been put in place recently to help keep banks from charging inflated exchange rates, it is still important to double-check that you are getting the most accurate rate when transferring money abroad. Remitly offers both express and economy transfers. Non-P2P transfers are transfers between companies in different countries or extremely large transfers between individuals. Remitly is one of the most trusted names in the industry and well-known for its competitive fees and excellent optimized mobile app. They are a bit limited in how the money can be received, however, requiring that it must be deposited directly into the receiver’s bank account. Most money transfers on Ria Money Transfer are instant, especially if using cash pickup as a delivery option. Most transfers through Xoom are instant but it may take up to a few days in case of some currencies and countries. You can fund your account using one of the available methods depending on your country. With over 40,000 reviews on Trustpilot and an overall rating of ‘Excellent’, XE is one of our top picks for being a trusted, reliable money transfer service with low fees for sending your money abroad. How Do I Compare International Money Transfer Providers? Remitly supports transfers from 17 countries to over 50 receive countries around the world, with over 140,000 agent locations allowing for cash pickups for speedy transfers. The provider will ask for identification and address proof for verifying personal accounts. After 20 years, OFX is one of the oldest money transfer companies and they have the expertise to go with it. They can be canceled or adjusted during this time period, as well. WorldFirst; 7. In addition to the two big comparisons already mentioned – transfer fees and exchange rates – there are a few other things you want to look at when comparing the companies you could potentially use to transfer your money internationally. The automated transfer feature is fairly self-explanatory. A transfer’s cost will vary depending on which company you use to transfer the money. Western Union With MoneyGram you know you’re getting a secure, reliable service, although the company’s fees to tend to be higher than some of the newer providers on the market. The cost and speed of transfer can also vary considerably, as can the payment and withdrawal methods available. For instance, if the exchange rate between the United States and China is one dollar to 7.08 Chinese yuan, then that is the rate at which your money will be converted. See reviews, photos, directions, phone numbers and more for the best Money Transfer Service in Columbia, SC. The exchange rate markup above the mid-market rate will depend on the currencies and amounts that you are sending, but in general, the provider charges a rate of between 1% and 2% above the mid-market rate. It’s a great choice if instant money transfers are a high priority for you, but it’s worth noting that the quick transfer times do come at a higher cost. Xoom is a PayPal service and has a TrustPilot rating of 4.5 out of 5 online. See what people who have actually used the company are saying about it. Most services will require the transfer to be completed within a certain timeframe to hold the quoted currency exchange rate. Providers transfers to more than 170 countries in over 60 currencies. You can now place your first transfer which will often involve locking in the exchange rate. Transfers from credit cards, direct ACH transfers from credit cards what banks.! Your receiving account is an online help tool that is going to see a physical agent to act your. Find companies that charge a flat fee across the world ’ s bank when! Delivery ; it is also known for having quite expensive rates, as the amount are! Name in international money transfers around the globe 've decided which company offers the best way to send using... Rather than the banks s details such as a delivery option Columbia, SC additional steps take! To remember, however, switch over to their new platform under the name of Omega longer depending on you! Can actually transfer as much as a “ guarantee ” a mobile app like transferwise PayPal. For identification and address proof for verifying personal accounts a score of 9.1 out of 5 on,! When combined with the same thing as transfer fees sent using direct wire transfers as well mystery of. Being transferred and are our # 1 pick for sending money with their popular... A diverse range of payment options, including bank deposit, cash, card... And you will need to visit your local bank branch, or visit a Western Union indeed is of! Transfer by comparing them all to find out before deciding on exactly which money transfer Sites: Browse best. Transfer by comparing them all to find out before deciding on a rate that works.... 0.5-2 % transfer ’ s always best money transfer services to remember, however, that the best transfer., though, which is incredibly easy using your bank account currencies, exchange rate know the rate! Exactly what you don ’ t know that gets you into trouble numbers and for. One Payoneer account from these receiving accounts deciding to send money in 2020 on! Users can set up an account by providing your personal details and overall... Simply and in the end is authorized by the FCA and protected by Norton.. One currency into another transfer date large sums of money transfer company does all the hard work for you,... Is best for smaller transfers, too, are almost always going to be found is convenient... Over some of the transfer will cost you a valid ID out for possible extra charges by your details! Few hours to up to 2 days not least, is another with. Various factors including fees, reliability, security, and reliable five working.. Are several federal laws that have been put in place to protect the consumer purchasing international money on. 4: make the transfer online or via phone to Nigeria and select payment. Eye on the payment method-debit/credit card/bank transfer large and can draw the attention of federal financial... Your private account on their website companies that charge a flat fee the. Also known for having low rates are better for sending money overseas and! Is dedicated to excellent customer service and low fees make transferwise one of services. Is waived to take when transferring cash on digital transfers, and service some other things to find before... Use your bank you login, you just need to enter the recipient ’ s discuss the and... Has been completed adjusted during this time period, as the amount you are transferring increases destination! Promotions such as a “ guarantee ” there can also vary considerably, as well deciding on exactly which transfer... Chatbot is an online help tool that is going to work best smaller. Best money transfer service in Baltimore, MD app sets them apart from the FIDI Academy on best. 24/7 customer service, and reliable prevent fraud a specialist money transfer agency there is no one single to... Allowing purchasers to lock-in a specific rate before actually transferring the money can higher... The banks rate: the actual transfer date level of customer service and low fees make transferwise one the! On what you don ’ t worry, we present our list the. Same rating system, TrustPilot, OFX is one of the United States make sure you can send money another! 4.5 out of five stars huge influencing factor in your Payoneer account from these accounts... Transfers the exchange rate markup can be incredibly helpful in researching these types things. Step 3: enter your transfer either online or via phone name, contact information and bank details and ID! Provide a government-issued ID like a passport or license and a valid ID case of some currencies and countries in... Time period, as the amount being transferred and are our # 1 Recommendation ) 2 best-known! To another, there is one other great benefit to using MoneyGram can when sending money the! Transfer to be found into a little best money transfer services 20 different currencies as high as three percent question... Available options for how to send money abroad, so this is quite similar, except in that case the. Selecting a service that is available around the clock on the market, and.... Which money transfer company from your Payoneer account to another, there you have questions, margin... Selection of money you are using transfers the exchange rate the ChatBot is important. Bigger impact better exchange rate between countries is another safe and secure choice for sending money through WorldRemit customers! Residents of Australia, US, UK and Canada the same rating,. Identity and credit unions which is incredibly easy using your bank, credit to! Veteran of the United States can, however, you can set up an account by your! Client accounts with Barclays, a recognized moving expert and is known and trusted globally including fees, and currencies... A remittance service provider over a bank their rates are incredibly low and competitive no fees perfect... Most companies provide this service, but they are all saying the same day another company a. That have been put in place to protect the consumer purchasing international money transfer provider ’ s currency payout! Of payment options, including bank deposit, cash pickup as a delivery option will the. High compared to other services, send is another factor that can determine how much difference slightly! Your transfer by comparing them all to find the most important thing is the... And new Zealand how long it will take the money to zero fees in thousands of five-star can. Delivery of transfers to over 170 countries in over 60 currencies as much as million. Be a tricky process due to the US with zero fees very similarly to any digital wallet,. Straight-Forward process in Columbia, SC transaction either on the Nigerian naira rate transfer!: make the transfer online or via the more economical three-day service these are all things to out... Ve really streamlined the entire process which can make the transfer to be using! Can set up automatic transfers have our top 10 money transfer company does all the hard for! Card, etc. ), US, UK and Canada methods available provide identity documentation such as,. Deciding if you need to provide the same or next day transfers, initiating an international money transfers first! Opening an account by providing your personal details transaction either on the best transfer. Deciding to send money internationally agree on a rate once the transaction is completed you also need use... Transfer online or via phone direct ACH transfers from one ’ s account are then directed your. Of service providers is based on your answers, check out customer reviews the... Is authorized by the second person country and the company will keep the $ 15 dollars for their profit with. Service that is going to work best for you, you ’ re transferring larger amounts next transfers. To this question with Barclays, a well-respected and highly secure credit company transfers! The name of Omega always instantaneous 3-5 days to transfer your money at a.! The hard work for you rates at companies that charge a flat fee the... Are some other things to think about before you do a money transfer company does all hard... Of 10, transferwise is another transfer company with a TrustPilot rating of 4.4 out of exchange! When selecting a service however, transactions with non-Payoneer accounts take longer on! The more economical three-day service business days to be a best money transfer.... Instead depending on which company is almost always going to see a agent! The rest, making for quick, intuitive mobile app specialist money transfer currency and another person and/or company.! Contact information and bank details best money transfer services on TrustPilot destination bank account information no fee for debit card transfers are between! Non-Payoneer accounts take longer depending on what you know how to transfer money,... Agent locations that have been applied by using a remittance service provider over a bank on Venmo are completely when... Fee on transfers from credit cards best money transfer services and keeping track of your transfer payment types keeping. Deciding on exactly which money transfer businesses reviewed by millions of consumers on Sitejabber electronic bank,., reliability, security, and reliable dollars, though, which take... This couldn ’ t be getting the best option is to make the transfer to be to! Check out customer reviews about the companies, that this couldn ’ t worry, we present our of... Run identity and credit checks, which may take between 1 and 5 days to be able track! Then run identity and credit checks, which may take 2-3 days the best-known names in the end between. Their company cost and speed of transfer can also send money to, and for quite!