Top 10 International Money Transfer Companies of 2024 (Tested And Compared)

Sure, banks are the old standby for international wire transfers, but let's talk about why specialist money transfer companies might be a smarter choice.

Why Opt for Specialist Money Transfer Companies Over Banks?

• More Bang for Your Buck: These specialists typically offer sharper exchange rates than banks, who often mark up prices significantly. Imagine keeping more of your money rather than giving it away in fees - sounds good, right?
• Fewer Fees, Happier Wallets: Aside from better rates, these companies usually charge lower fees. Some even waive fees entirely depending on the transaction size. Banks, on the other hand, often have a menu of fees that can eat into your funds.
• Speed is Key: Time is money, and money transfer companies often deliver funds faster than banks - sometimes in as little as 24 hours, compared to the days it might take a bank transfer that bounces between intermediaries.
• Personal Touch: Here’s where it gets interesting. Some money transfer services offer personal phone support and expert currency advice. This can be invaluable if you're managing complex or large transactions or need a bit of hand-holding through the process.‍
• Customised Solutions: Whether you need to lock in an exchange rate with a forward contract or set up regular transfers, specialist companies offer a range of products that banks often don’t.

When you're sending money across borders, you're really looking for two things: great rates and peace of mind. Everyone wants a deal close to the mid-market rate - that sweet spot where you're getting your money's worth without any hefty fees.

But it's not just about getting the best rate; you also want to know your money is safe and secure.

Finding the right money transfer service means balancing these needs. Sure, a fantastic rate is important, but not if it comes at the cost of security.

Sometimes, paying a little more is worth it for the assurance that your funds are handled safely. So when you're choosing where to send your money, remember it's not just about the lowest price—it's about feeling confident and secure in your choice.

Our Top 10 Money Transfer Companies

Rank	Provider	Rating	Features	Regulation	Website
1	Currencies Direct	4.8/5	No fees, competitive rates, excellent customer service	FCA, UK	Visit Site
2	Clear Currency	4.6/5	Free transfers, competitive rates, secure transactions	FCA, UK	Visit Site
3	Key Currency	4.6/5	Great rates, personal account managers	FCA, UK	Visit Site
4	Moneycorp	4.6/5	Competitive rates, no transfer fees, multiple currency support	FCA, UK	Visit Site
5	TorFX	4.5/5	No fees, competitive rates, personal service	FCA, UK	Visit Site
6	XE	4.5/5	Competitive rates, no fees, easy to use app	FINTRAC, Canada	Visit Site
7	OFX	4.5/5	No fees, 24/7 customer service, competitive rates	ASIC, Australia	Visit Site
8	Send	4.4/5	Low fees, competitive rates, easy to use	ASIC, Australia	Visit Site
9	Wise	4.4/5	Low fees, real exchange rate, fast transfers	FCA, UK	Visit Site
10	Remitly	3.6/5	Low fees, fast transfers, multiple payout options	FinCEN, USA	Visit Site

‍

Why Currencies Direct is Our Top Pick

Our Pick

4.8

★★★★★

Based on 5 criteria

Trust & Security

4.7

Service & Products

4.5

Fees & Exchange Rates

4.8

Reviews & Reputation

4.9

Ease of Use

5

Visit Currencies Direct →

Currencies Direct really shines as our top pick for money transfer services, and here’s why.

They scrap those pesky transfer fees for all transactions, which means more money stays in your pocket.

Plus, their exchange rates are tough to beat as they consistently offer deals that can undercut the big banks and will generally match any competing offers.

What really sets them apart, though, is their stellar customer service.

Each client gets their own currency expert, ready to tailor advice for both personal and business financial needs.

This kind of personalised touch can make navigating the sometimes tricky waters of international transfers a whole lot smoother.

Since starting in 1996, they've become one of the pioneers in the field, earning a strong reputation.

They boast a high Trustpilot rating of 4.9/5 from over 10,000 reviews, which speaks volumes about their service quality.

What is a Money Transfer Company?

A money transfer company is a business that lets people send and receive money to and from different places, often internationally.

They can work online or have physical stores, and they provide quicker services and better exchange rates compared to traditional banks.

These companies are regulated to ensure they handle money safely and offer reliable services, making it easier for individuals to support family abroad or for businesses to handle global transactions.

Types of Money Transfer Companies:

• Remittance Companies: These companies, like Western Union and Moneygram, are ideal for small transactions typically ranging from £100 to £500. They are commonly used for paying bills or sending money to family. Although their rates and fees may be higher compared to other types of money transfer services, they offer extensive transfer options and destination coverage.
• Money Transfer Apps: For transactions between £500 and £5000, money transfer apps like Wise and XE are highly effective. These apps offer competitive rates and low fees. The catch is that they require you to manage the process yourself through an app, which means there is minimal personal support.
• Currency Brokers: When it comes to transferring large amounts over £5000, such as for property deals or repatriating funds from an inheritance, currency brokers like Key Currency and Currencies Direct are preferable. They provide excellent rates and customer service, including personal support which can be crucial for navigating large transactions.

Each type of money transfer company has its specialties, catering to different needs based on the amount of money being transferred and the level of personal support required.

While remittance companies and apps offer convenience for smaller amounts, currency brokers provide the reassurance and personalised service needed for larger sums, ensuring that you're not alone in the process.

This tailored approach ensures that every transaction is handled with the utmost care and professionalism.

When transferring large amounts of money overseas, it's reassuring to know that you have the option to speak directly with a real person.

Why Trust IMT

We are dedicated to providing our readers with well-researched, unbiased, and reliable information on international money transfer services. Our team consists of industry experts who understand the importance of choosing the right service.

Over the years, we have spent significant time evaluating and comparing a wide range of money transfer companies. Our rigorous methodology considers factors like trust & security, service & products, fees & exchange rates, reviews & reputation, and ease of use.

97

Companies Considered

47

Companies Analysed

500+

Data Points Collected

‍

Top 10 International Money Transfer Services of 2024

1. Currencies Direct (Best Overall)

Visit Currencies Direct

FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.8 ★★★★★

Based on 5 criteria

• Trust & Security
  4.7
• Service & Products
  4.5
• Fees & Exchange Rates
  4.8
• Reviews & Reputation
  4.9
• Ease of Use
  5

Spread: 0.1% - 0.6%

Supported Currencies: 48

Supported Countries: 120

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Why We Chose It

Looking at all the exchanges we've reviewed, Currencies Direct - a FCA-authorised money transfer company based in the UK - is by far the best platform for international money transfers. Currencies Direct is renowned for its user-friendly interface, which facilitates money transfers with low fees. Its rapid, two-minute KYC process, in compliance with AML policies, ensures a secure and lawful transfer environment.

Currencies Direct distinguishes itself with its transparent pricing and robust security measures, positioning it as the ideal platform for users.

Pros & Cons

• Free international money transfers
• Highly competitive rates
• Supports over 40 currencies
• Quick transfer times

• Limited advanced trading features
• Higher fees for smaller transfers

Overview

▼

Currencies Direct is a leading provider in the international money transfer market, offering a suite of services designed to simplify the process of sending money abroad. Established in 1996, Currencies Direct was one of the first companies to operate outside of the traditional banking system, specifically tailored to meet the currency exchange and transfer needs of individuals and businesses alike. As of June 2024, Currencies Direct has 25 branches worldwide. This global presence helps them cater to a diverse clientele across various regions, providing localised support and services.Currencies Direct is a leading provider in the international money transfer industry, offering a range of services designed to simplify the process of sending money abroad. They provide competitive exchange rates, no transfer fees, and 24/7 customer support.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.1% - 0.6%
Withdrawal Fee (Bank Transfer)	Free

Visit Currencies Direct

2. Clear Currency

Visit Clear Currency

FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.6 ★★★★★

Based on 5 criteria

• Trust & Security
  4.7
• Service & Products
  4.5
• Fees & Exchange Rates
  4.6
• Reviews & Reputation
  4.5
• Ease of Use
  4.5

Spread: 0.2% - 0.6%

Supported Currencies: 35

Supported Countries: 130+

Why We Chose It

Clear Currency is a leading global provider of currency transfer services, offering businesses and individuals a range of transfer options. Their services are quick and easy to use, with instant rates and same day transfers. They are FCA regulated, fair and honest, ensuring secure and reliable transactions.

Clear Currency sets itself apart through transparent pricing and robust security features, making it suitable for both beginners and seasoned users. Their versatile range of transfer options, including virtual IBANs, Spot Payments, Forward Contracts, and Limit Orders, offers comprehensive solutions for international money transfers.

Pros & Cons

• Free international money transfers
• Highly competitive rates
• 4.9/5 Stars on Trustpilot
• Fast transfer times

• No cash pickups
• Higher fees for smaller transfers

Overview

▼

Clear Currency, established as a trading name of Clear Treasury (UK Trading) Ltd, operates under the Financial Conduct Authority (FCA) with Firm Reference Number 708529. This company is headquartered at 288 Bishopsgate, London EC2M 4QP​. Founded to provide efficient and transparent currency exchange services, Clear Currency supports transactions in over 35 currencies and serves customers across 130+ countries​​.

The company maintains a significant presence in both London and Dublin. Clear Currency is notable for its involvement in sports sponsorship, particularly with Cricket Ireland, where it has been the official currency exchange partner since 2017​​. This partnership reflects their commitment to community engagement and supporting local initiatives.

Overall, Clear Currency offers a comprehensive range of services designed to facilitate smooth international money transfers, leveraging their extensive market experience and regulatory compliance to provide secure and competitive exchange solutions.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.2% - 0.6%
Withdrawal Fee (Bank Transfer)	Free

Visit Clear Currency

3. TorFX

Visit TorFX

FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.5 ★★★★

Based on 5 criteria

• Trust & Security
  4.5
• Service & Products
  4.2
• Fees & Exchange Rates
  4.6
• Reviews & Reputation
  4.8
• Ease of Use
  4.5

Spread: 0.3% - 2%

Supported Currencies: 59

Supported Countries: 100+

Why We Chose It

We chose TorFX for its competitive exchange rates and fee-free transfers, offering significant savings over traditional banks. TorFX ensures fast and secure transactions via SWIFT and provides personalized service with dedicated account managers. The app allows 24/7 transfers, live rate checks, and alerts. TorFX’s strong reputation is backed by multiple awards, including Moneyfacts International Money Transfer Provider of the Year from 2016 to 2022. It holds the highest credit rating with Dun & Bradstreet and operates safeguarded accounts. Additionally, TorFX is audited by Price Waterhouse Coopers and is a member of the Association of UK Payment Institutions.

Pros & Cons

• Highly competitive exchange rates
• Supports over 50 currencies
• Fast transfer times
• 4.9/5 star Trustpilot rating

• Not competitive for transfers under £5,000
• No multi-currency account available
• Limited payment methods

Overview

▼

TorFX, established in 2004, is a leading international money transfer service provider offering secure, fast, and cost-effective solutions for individuals and businesses. Known for its competitive exchange rates, TorFX processes transfers across over 50 currencies without charging transfer fees for its standard services. Direct connectivity to the SWIFT network ensures swift and secure transfers, with safeguarded accounts in compliance with Payment Service Regulations.

Clients can transfer money online or via the TorFX app anytime, providing flexibility and convenience. The app enables users to check live rates, set alerts, buy currency in advance, and track their transfers. Each client benefits from a dedicated account manager who offers personalized support and expert insights, ensuring efficient management of currency transfers.

TorFX has received multiple awards, including the Consumer Moneyfacts International Money Transfer Provider of the Year award from 2016 to 2022 and Best Customer Service from 2016 to 2022. In 2023, it won Best Currency Forward Contract at the Good Money Guide Awards and was Highly Commended for Best Service from a Business FX Provider in the Business Moneyfacts Awards. The company maintains an 'Excellent' five-star rating on TrustPilot, indicating high customer satisfaction. Additionally, TorFX holds the highest credit rating with Dun & Bradstreet, demonstrating robust financial stability.

With a global presence, TorFX employs over 550 people across five continents, including offices in the UK, mainland Europe, Australia, the USA, and South Africa. The company is authorized by the Financial Conduct Authority (FCA) in the UK, the Bank of Spain in the EU, and regulated by AUSTRAC in Australia. Annually, the TorFX group handles over £10 billion in international transfers and has helped over 425,000 personal and business customers.

TorFX serves individuals for various needs such as property purchases, sending money to loved ones, and transferring wages or pensions. The company also supports businesses with managing foreign exchange exposures, paying overseas staff, and making international payments. TorFX offers specialized solutions, including forward contracts, limit orders, stop-loss orders, and currency wallets, allowing clients to fix exchange rates in advance and automate recurring transfers.

Customer testimonials consistently highlight TorFX's reliable service, competitive rates, and professional staff. Many clients, including businesses, have reported significant savings and improved service compared to traditional banking methods.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.3% - 2%
Withdrawal Fee (Bank Transfer)	Free

Visit TorFX

4. XE

Visit XE

FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.5 ★★★★

Based on 5 criteria

• Trust & Security
  5
• Service & Products
  4.3
• Fees & Exchange Rates
  4.2
• Reviews & Reputation
  4.3
• Ease of Use
  4.7

Spread: 0.1% - 0.6%

Supported Currencies: 100+

Supported Countries: 200+

Why We Chose It

We selected XE for its exceptional service offerings, strong regulatory compliance, and user-friendly platform. XE stands out due to its comprehensive support for nearly 100 currencies, enabling transactions to over 200 countries worldwide. This extensive reach ensures that users can rely on XE for diverse international money transfer needs.

XE's affiliation with Euronet Worldwide Inc., a reputable NASDAQ-listed company with an investment-grade credit rating from Standard & Poor's, adds a layer of financial security and stability that is crucial for users entrusting their funds. Additionally, XE's licensing as a Money Transmitter by the Department of Financial Services of the State of New York and registration with The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) underline its commitment to regulatory compliance and secure fund management.

The user experience is further enhanced by the XE mobile app, which has been downloaded over 70 million times. This app allows for easy access to XE’s services, including real-time exchange rates, currency conversion tools, and the ability to track payments and manage accounts on-the-go. The convenience and security offered by XE's platform make it a top choice for individuals and businesses alike.

Pros & Cons

• 4.3/5 star rating on Trustpilot from 70,000 reviews
• Trusted NASDAQ-listed company
• Competitive exchange rates
• No transfer fees
• Fantastic mobile app

• Transfer speeds can be slower
• May not be competitive for smaller transfers
• High regulatory compliance

Overview

▼

XE, founded in 1993, is a global leader in foreign exchange and international money transfers. The company provides live exchange rates, currency conversion tools, and secure international money transfer services, processing over $10 billion annually and serving more than 350,000 clients worldwide with competitive rates and no hidden fees. XE is part of Euronet Worldwide Inc., a NASDAQ-listed company with an investment-grade credit rating from Standard & Poor's. Licensed as a Money Transmitter by the Department of Financial Services of the State of New York and registered with The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), XE ensures high security and regulatory compliance, segregating customer funds from business funds. With 8 global offices, XE supports over 300 million annual visitors through its platform and mobile app, downloaded 70 million times.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.2% - 1.9%
Withdrawal Fee (Bank Transfer)	Free

Visit XE

5. OFX

Visit OFX

FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.5 ★★★★

Based on 5 criteria

• Trust & Security
  5
• Service & Products
  4.4
• Fees & Exchange Rates
  4.3
• Reviews & Reputation
  4.3
• Ease of Use
  4.5

Spread: 0.5% - 2%

Supported Currencies: 50

Supported Countries: 190+

Why We Chose It

We chose OFX for its extensive global reach, competitive exchange rates, and comprehensive range of services tailored to both personal and business needs. The company’s strong regulatory compliance, demonstrated by its regulation by ASIC, FMA, and FCA, ensures a high level of security and reliability. OFX's user-friendly platform, 24/7 customer support, and financial stability, as evidenced by its listing on the ASX, further underscore its commitment to providing quality international money transfer services. The OFX app and additional features like rate alerts and multi-currency accounts offer added convenience and flexibility, making it a top choice for international transfers.

Pros & Cons

• No Transfer Fees
• Competitive Exchange Rate
• 24/7 Customer Support
• User-Friendly Platform
• Strong Regulatory Compliance
• High Transaction Limits
• Flexible Transfer Options

• Slower Transfer Speeds
• Minimum Transfer Amount
• Limited Payment Methods
• Complex Verification Process

Overview

▼

OFX is a global provider of online international payment services for individuals and businesses, founded in 1998 and headquartered in Sydney, Australia. It offers competitive exchange rates and low fees for personal transfers, including paying overseas family, relocating, and purchasing goods internationally. For businesses, OFX provides solutions such as the Global Currency Account for managing multi-currency accounts, risk management tools like Spot Transfers, Forward Contracts, and Limit Orders, and mass payment support for bulk transactions.

The company operates subsidiaries in the UK, Canada, USA, Hong Kong, and New Zealand, supporting transactions in over 190 countries and 50 currencies. OFX ensures regulatory compliance with major financial authorities, including ASIC in Australia, FMA in New Zealand, and FCA in the UK, offering clients security and reliability. Its services include 24/7 customer support via phone and email, an OFX app for mobile transfers, and rate alerts for favorable exchange rates.

OFX is publicly listed on the Australian Securities Exchange (ASX: OFX), demonstrating strong market presence and financial stability. It offers detailed financial reports and performance updates on its investor relations page. Clients can contact OFX through their website or via dedicated customer support lines available in various regions, with comprehensive FAQs and help sections to address common queries.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.5%- 2%
Withdrawal Fee (Bank Transfer)	Free

Visit OFX

6. Key Currency

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FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.6 ★★★★★

Based on 5 criteria

• Trust & Security
  4.7
• Service & Products
  4.4
• Fees & Exchange Rates
  4.6
• Reviews & Reputation
  4.8
• Ease of Use
  4.5

Spread: 0.2% - 0.6%

Supported Currencies: 35

Supported Countries: 100

Why We Chose It

We chose Key Currency for its exceptional personalised service, competitive rates, and strong security measures. Established in 2015, Key Currency serves clients across the UK, Europe, the Middle East, and Australasia. Each client is assigned a dedicated FX consultant, ensuring tailored advice and consistent support.

Key Currency offers Spot Contracts, Forward Contracts, and Limit Orders, meeting diverse financial needs. Their competitive exchange rates often surpass those of traditional banks, providing significant cost savings. Transactions are typically completed within 24-48 hours, ensuring timely international transfers.

Authorised by the FCA, Key Currency maintains high security standards, holding client funds in segregated bank accounts for added protection. This regulatory oversight offers clients peace of mind, knowing their funds are secure.

Based in Truro, Cornwall, Key Currency supports a wide range of currencies. Their user-friendly platform and personalised service make them ideal for both novice and experienced users seeking reliable money transfer solutions. Positive client testimonials further reinforce Key Currency's status as a top choice for international money transfers.

Pros & Cons

• Free international money transfers
• Highly competitive rates
• Supports over 35 currencies
• Quick transfer times
• 4.9/5 star Trustpilot rating

• Not competitive for transfers under £5,000
• No online platform available
• You cannot view live rates

Overview

▼

Key Currency, established in 2015, has swiftly become a significant entity in the foreign exchange industry. Headquartered in Truro, Cornwall, the company extends its services throughout the UK, Europe, the Middle East, and Australasia. Key Currency is fully authorised and regulated by the Financial Conduct Authority (FCA), ensuring rigorous compliance and security measures.

Key Currency provides a comprehensive suite of foreign exchange services tailored to meet diverse client needs. These include Spot Contracts for immediate currency exchanges at current rates, and Forward Contracts, allowing clients to lock in a specific exchange rate for future transactions, protecting against market fluctuations. Additionally, the company offers Limit Orders, enabling clients to target a specific exchange rate, triggering an automatic transaction once reached.

A key feature of Key Currency’s service is its personalised approach. Each client is paired with a dedicated FX consultant who offers expert guidance and consistent support throughout the transaction process. This bespoke service model enhances the client experience, ensuring individual needs are meticulously addressed. The company supports transfers in a wide array of currencies, making it an ideal choice for international money transfers.

Key Currency prides itself on offering highly competitive exchange rates, often superior to those available through traditional banking channels, providing significant cost savings for its clients. Transactions are executed swiftly, typically within 24-48 hours, ensuring prompt fund delivery. The company's commitment to security is further underscored by its policy of holding client funds in segregated bank accounts, adding an extra layer of protection. This practice ensures that client funds are kept separate from the company’s operational funds, providing peace of mind and enhancing trust.

The strategic location of Key Currency's main office in Truro, Cornwall, allows effective management of operations and close contact with clients. The company’s parent organisation provides additional stability and resources, reinforcing Key Currency's capacity to offer top-tier services in the forex market.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.2% - 0.6%
Withdrawal Fee (Bank Transfer)	Free

Visit Key Currency

7. Moneycorp

Visit Moneycorp

FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.6 ★★★★★

Based on 5 criteria

• Trust & Security
  4.7
• Service & Products
  4.4
• Fees & Exchange Rates
  4.5
• Reviews & Reputation
  4.8
• Ease of Use
  4.3

Spread: 0.3% - 2%

Supported Currencies: 120+

Supported Countries: 190

Why We Chose It

Moneycorp operates in multiple countries and supports over 120 currencies, making it ideal for businesses with international payment needs. Their online platform, mobile app, and custom APIs provide secure and efficient payment processing, integrating seamlessly with business systems. Authorised by the Financial Conduct Authority (FCA) and licensed by the Gibraltar Financial Services Commission (GFSC), Moneycorp ensures secure transactions. They offer dedicated account managers and 24/7 customer service, providing businesses with timely assistance and guidance. Moneycorp's commitment to sustainability and corporate responsibility includes environmental initiatives and community support programmes. The company has won multiple awards, including the Global Finance Awards for Best FX Provider, highlighting their excellence in business payment solutions.

Pros & Cons

• Global reach
• Competitive Rates
• Regulatory Compliance
• Dedicated Support
• Wide Range of Services

• Limited Online Trading (Only 30 Currencies)
• Mixed Mobile App Reviews
• High Spreads for Some Currencies

Overview

▼

Moneycorp, established in 1979 and headquartered in London, UK, is a leading global provider of international payment and foreign exchange services. With operations in the UK, US, Spain, France, Ireland, Hong Kong, and Australia, Moneycorp serves over 14,000 corporate clients and 120,000 retail customers. In 2022, the company processed £36.9 billion in transactions, offering services in over 120 currencies through payment channels including SWIFT, SEPA, Faster Payments, and ACH.

Moneycorp's key services include international payments, foreign exchange solutions such as spot contracts, forward contracts, market orders, and hedging tools. For businesses, Moneycorp provides multi-currency accounts, API integration for automated payment processing, and mass payment capabilities. Retail services include competitive travel money exchange and an online platform accessible 24/7.

The company is authorised and regulated by the Financial Conduct Authority (FCA) in the UK and licensed by the Gibraltar Financial Services Commission (GFSC). Security measures include advanced encryption and secure file transfer protocols. Moneycorp invests in technology with a user-friendly online platform, mobile app, and custom-built APIs for seamless client system integration. Customer support includes dedicated account managers, 24/7 service, and regular market insights.

Committed to sustainability and corporate responsibility, Moneycorp engages in environmental initiatives, community support, and employee wellbeing programs. Recognised for excellence, Moneycorp has received awards such as the Global Finance Awards for Best FX Provider and the UK Business Awards for Best International Payments Solution. With decades of experience and a global footprint, Moneycorp continues to deliver high-quality services in international payments and foreign exchange.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.3% - 2%
Withdrawal Fee (Bank Transfer)	Free

Visit Moneycorp

8. Wise

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FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.4 ★★★★

Based on 5 criteria

• Trust & Security
  4.2
• Service & Products
  4.4
• Fees & Exchange Rates
  4.6
• Reviews & Reputation
  4.6
• Ease of Use
  4.5

Spread: 0.2% - 0.9%

Supported Currencies: 40+

Supported Countries: 140+

Why We Chose It

We chose Wise for several compelling reasons. Wise aims to get as close to the real mid-market exchange rate as possible, avoiding significant markups typically applied by traditional banks and other money transfer services. This ensures transparency, allowing customers to clearly understand the costs and the amount their recipient will receive. Wise charges low, transparent fees, making it a cost-effective option, especially for regular and mid-sized transfers. Most transfers are completed within one business day, depending on the involved countries, payment method, and recipient bank's processing times, providing a convenient solution for urgent transfers.

Wise prioritises the security of customer funds by safeguarding them in major financial institutions and ensuring compliance with international standards. The company enjoys high customer satisfaction, reflected in over 180,000 five-star reviews on Trustpilot. Additionally, Wise continues to innovate and expand its services, recently obtaining a Type 1 Funds Transfer Service Provider license in Japan and enhancing its presence in Singapore with new leadership and features like "Pay with QR" through the PayNow network. Furthermore, Wise is one of the best options for a multi-currency account, allowing users to manage over 50 currencies efficiently and cost-effectively.

However, Wise may not be the best option for large transfers over GBP 5,000 due to its fee structure, which might not be as competitive for higher amounts. Moreover, Wise does not offer phone support or currency hedging tools, which could be a drawback for some users. Despite these limitations, Wise’s mission of creating "borderless banking" and its continuous innovation make it a leading choice for international money transfers and multi-currency account services.

Pros & Cons

• Transparent Fees and Exchange Rates
• Fast Transfer Speeds
• Excellent Multi-Currency Account
• Live Real-Time Online Quotes
• Fantastic Mobile App

• No Phone Support
• No FSCS Protection
• No Currency Hedging Tools
• Not Ideal For Large Transfers

Overview

▼

Wise, formerly TransferWise, is a financial technology company established in 2010 by Taavet Hinrikus and Kristo Käärmann. Specialising in international money transfers and multi-currency accounts, Wise aims to offer a faster, cheaper, and more transparent alternative to traditional banking.

Wise provides several services for personal and business customers. Its primary service, international money transfers, uses the real mid-market exchange rate and low, transparent fees. Wise processes over $10 billion monthly, serving more than 16 million customers. The Wise multi-currency account allows users to manage over 50 currencies, receive money, convert at real exchange rates, and spend globally with the Wise debit card. For businesses, Wise offers multi-currency accounts, mass payment solutions, and accounting software integration, facilitating international payroll and supplier payments.

Wise's distinguishing feature is the use of the mid-market exchange rate, avoiding hidden fees. Transfers typically complete within one business day, depending on the involved countries, payment method, and recipient bank's processing times. Wise prioritises security, safeguarding customer funds in major financial institutions without lending them out, and is regulated by various global financial authorities.

Customer satisfaction is high, with over 180,000 five-star Trustpilot reviews. Recently, Wise has expanded services in key markets, obtained a Type 1 Funds Transfer Service Provider licence in Japan, and enhanced its presence in Singapore with new leadership and features like "Pay with QR" through the PayNow network.

Wise's mission is "borderless banking," facilitating instant, transparent, and convenient cross-border money transfers. The company continues to innovate to reduce costs and time for international transfers, striving for global financial transparency.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.2% - 0.9%
Withdrawal Fee (Bank Transfer)	Free

Visit Wise

9. Send

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ASIC Authorised

This company is authorised by Australian Securities & Investments Commission (ASIC) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

4.6 ★★★★★

Based on 5 criteria

• Trust & Security
  4.7
• Service & Products
  4.4
• Fees & Exchange Rates
  4.6
• Reviews & Reputation
  4.8
• Ease of Use
  4.5

Spread: 0.1% - 0.6%

Supported Currencies: 34

Supported Countries: 180

Why We Chose It

SendPayments is our recommended option for international money transfers from Australia and New Zealand due to its specialised focus on foreign exchange and cross-border transactions. This specialisation allows SendPayments to offer significantly better exchange rates compared to traditional banks, resulting in substantial savings for both individual and business customers.

A major factor in our recommendation is the speed of service. SendPayments typically processes transfers within 24-48 hours, often even faster, which is essential for users needing quick access to their funds. This efficiency is complemented by their robust customer support, which includes dedicated account managers providing personalised assistance to ensure a seamless transaction experience.

SendPayments' strong regulatory compliance also plays a crucial role in our choice. Regulated by the Australian Securities and Investments Commission (ASIC), registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), and holding an Australian Financial Services Licence (AFSL), the company adheres to stringent financial standards, enhancing trust and security. Their membership with the Australian Financial Complaints Authority (AFCA) offers an additional layer of protection and a reliable mechanism for resolving disputes.

The user-friendly platform is another highlight, featuring real-time exchange rate tracking and multiple payment methods. For businesses, the API integration facilitates seamless financial operations, making it an efficient choice for managing international transactions.

Overall, SendPayments' combination of competitive rates, rapid transfer times, stringent regulatory compliance, excellent customer service, and an intuitive platform makes it the optimal choice for transferring money from Australia and New Zealand.

Pros & Cons

• Competitive Exchange Rates
• No Transaction Fees
• Fast Transfer Times
• Wide Currency and Country Coverage
• Excellent Customer Service
• User-Friendly Platform
• Highly Responsive Account Managers
• Excellent Customer Service
• Ideal for Large Transfers

• No Cash Pickup Option
• Limited Exotic Currencies
• No Mobile App
• Registration Required for Rate Visibility
• Bank-to-Bank Transfers Only

Overview

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SendPayments, operated by SendFX Limited (ACN 617 647 220), is a specialised provider of foreign exchange (FX) and international money transfer services. Headquartered at 10 Rawlins Street, Southport, QLD 4215, Australia, SendPayments offers competitive exchange rates and does not charge transaction fees, which can result in significant savings for customers compared to traditional banks. Transfers through SendPayments are typically processed within 24-48 hours, sometimes even within a few hours, depending on the destination country's banking processes and holidays.

The company supports transfers in over 34 currencies and to 180 countries, though it does not service certain high-risk countries due to compliance with anti-money laundering and counter-terrorism financing regulations. Regulated by the Australian Securities and Investments Commission (ASIC) and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), SendPayments holds an Australian Financial Services Licence (AFSL No. 509635) and is a member of the Australian Financial Complaints Authority (AFCA).

SendPayments provides dedicated account management, giving customers personalized assistance throughout the transfer process. The user-friendly platform offers real-time exchange rates, transaction monitoring, and multiple payment methods, including API integration for businesses. The company adheres to strict privacy and data security policies, complying with the Privacy Act 1988 (C’th) and ensuring customer information is protected through advanced security measures.

For any disputes, SendPayments has an internal resolution process, with the option to escalate unresolved complaints to AFCA for independent resolution. Overall, SendPayments is a reliable and efficient choice for international money transfers, combining competitive rates, regulatory compliance, fast transfer times, and excellent customer support.

Detailed Fees

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Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.2% - 0.6%
Withdrawal Fee (Bank Transfer)	Free

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10. Remitly

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FCA Authorised

This company is authorised by the Financial Conduct Authority (FCA) to provide money transfer services. This ensures they comply with relevant regulations and offer secure transactions. You can read more about this on the FCA's website. This authorisation should not be viewed as an official endorsement or guarantee of services.

3.6 ★★★

Based on 5 criteria

• Trust & Security
  4.7
• Service & Products
  4.4
• Fees & Exchange Rates
  4.6
• Reviews & Reputation
  4.8
• Ease of Use
  4.5

Spread: 0.4% - 2.6%

Supported Currencies: 100+

Supported Countries: 170+

Why We Chose It

Remitly is an outstanding choice for international money transfers, particularly for immigrants and international workers. The platform supports transfers to over 170 countries, offering various delivery options such as bank deposits, cash pickups, mobile wallets, and home delivery. This flexibility caters to different recipient needs. Remitly provides competitive exchange rates and transparent fees, ensuring a cost-effective solution for users.

Security is a key strength of Remitly. The company uses advanced machine learning through its partnership with Sift to detect and prevent fraud, ensuring safe transactions. Additionally, Remitly is regulated by multiple financial authorities, including the U.S. Department of Treasury, FINTRAC in Canada, the FCA in the UK, and ASIC in Australia. This compliance with global regulations enhances user trust and security.

The user experience with Remitly is highly rated. Its mobile app has received 4.9 stars on iOS and 4.8 stars on Android. The service offers 24/7 customer support in multiple languages, improving accessibility and assistance for users. Remitly also facilitates fast transfers, with options to send money within minutes using a debit card, and more cost-effective slower options via bank transfers.

Remitly's public listing on the NASDAQ underscores its financial stability and growth. The company's transparency and accountability, combined with positive user reviews praising its fast transfers, ease of use, and competitive rates, make Remitly a reliable choice for international money transfers.

Pros & Cons

• Wide Reach and Flexibility
• Competitive Fees and Exchange Rates
• Robust Security Measures
• User-Friendly Mobile App
• Fast Transfer Options
• NASDAQ Listed

• Low Transfer Limits
• Credit Card Fees
• Variable Transfer Speeds
• Extensive Identity Verification
• No Currency Brokerage Services

Overview

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Remitly, established in 2011, specialises in digital financial services, facilitating international money transfers to over 170 countries. The company primarily serves immigrants and international workers, offering reliable, affordable, and swift remittance services. Remitly's platform features various delivery options, transparent fees, and competitive exchange rates. Partnering with Sift, they use advanced machine learning to ensure secure transactions. As a publicly traded company on the NASDAQ, Remitly has experienced significant growth and raised substantial capital for expansion.

Detailed Fees

▼

Type	Fee
Deposit Fee (Bank Transfer)	Free
Trading Spread	0.4% - 2.6%
Withdrawal Fee (Bank Transfer)	Free

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How Are Money Transfer Companies Regulated?

International money transfers are regulated by various authorities worldwide to ensure safety, transparency, and compliance with the law.

This section provides a concise overview of the key regulatory bodies that oversee money transfer companies, detailing their roles and the protective measures they enforce.

Understanding these regulations helps ensure the reliability and security of international currency transfers.

What Are The Diffierent Types of Money Transfer Companies?

Understanding the different types of money transfer companies is essential. The right choice can impact the cost, speed, and security of your transactions.

Each type of service has its pros and cons. Some offer faster transfers at higher fees, while others are cheaper but slower. Security and regulatory compliance also vary, affecting the safety of your funds and personal information.

Choosing the right service can save you money, time, and provide peace of mind. Knowing how each type operates helps you make the best decision for your needs.

1. Banks

Banks are traditional financial institutions that offer money transfer services. They have long-established networks for processing transactions.

How They Work

Transfers through banks are processed via established banking networks. These services often involve higher fees and less competitive exchange rates.

2. Online Money Transfer Services

Digital platforms specialising in international money transfers.

How They Work

‍Transfers are processed online through the company’s platform or app. They generally offer lower fees and better exchange rates than banks.

3. Peer-to-Peer (P2P) Transfer Services

Platforms that enable users to exchange currencies directly with one another.

How They Work:

Users are matched based on their currency requirements, and the platform facilitates the transfer. These services often provide mid-market exchange rates with low fees.

4. Remittance Services

Companies that specialise in small, frequent transfers, typically used by migrant workers to send money home.

How They Work:

These services utilise a network of agents or partners to facilitate cash pick-ups. Transfers can be initiated online or in-person at agent locations.

5. Mobile Money Transfer Services

Services that enable money transfers through mobile phones, often utilised in developing countries.

How They Work:

Funds are transferred via mobile networks, typically through SMS or mobile apps. These services can be linked to mobile wallets or bank accounts.

6. Cryptocurrency Transfer Services

Platforms that use blockchain technology to transfer money using cryptocurrencies like Bitcoin.

How They Work:

Transfers are processed on blockchain networks, offering high security and lower fees. Users can convert cryptocurrencies to local currencies.

7. Brokerage Services

Currnecy brokers that provide currency exchange and transfer services as part of a broader financial service portfolio.

How They Work:

Offer tailored services like spot contracts, forward contracts, and limit orders. Typically used by businesses and high-net-worth individuals for large transactions.

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How to Choose the Best Money Transfer Company

Selecting the best money transfer company can be challenging given the numerous options available. To help you make an informed decision, we have assessed and rated each provider based on several key criteria. Here’s a breakdown of the review criteria:

FAQ