XE Money Transfer Logo

XE Money Transfer

This Canada-based company began operations in 1993. It now operates dedicated websites for residents of the UK, the U.S., Canada, Australia and New Zealand – providing services to individuals and businesses. XE (formerly HiFX) is another MoneyGram competitor that operates a multilingual website. The company does not charge any fees for processing personal transfers. Read the complete OFX review to learn more.

Pros

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Residents of the UK, the U.S., Canada, Australia and New Zealand get access to dedicated websites
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Lets you sign up as an individual or a business
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Canada-based, offices also in the UK and the U.S.
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Pay no fees for personal transfers
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Offers limit orders
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Get website access and customer service in different languages

Cons

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Only allows bank account transfers
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Does not allow scheduling of transfers

TransferWise Logo

TransferWise

This MoneyGram alternative traces its roots to Estonia. It began operations in 2011. TransferWise has its headquarters in the UK, with offices also in Estonia and the U.S. Access to their website is available in Dutch, French, Italian, Portuguese and Spanish. The currency you pay has a bearing on the minimum transfer amount, which can be $1, £1 or €1. If you want to pay for your transfer using a credit card, this alternative to MoneyGram can work well for you. You can register with TransferWise as an individual or business. Start reading the complete TransferWise Review now.

Pros

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Use an existing Google or Facebook account to register
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Sign up as an individual or business
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Website access in various languages
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No minimum transfer limit
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Multiple country-specific payment methods that include direct debits, bank transfers, debit cards, credit cards, SOFORT and POLI
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Businesses can get a local banking experience in more than 15 currencies by registering for the TransferWise Borderless service
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To send or receive funds using email addresses, use the “send money” or “receive money” functionalities

Cons

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Only bank account transfers
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Unavailability of peer-to-peer transfers in all countries
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Does not allow scheduled transfers
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No forward contracts or limit orders
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Cost of a transfer varies depending on the transfer amount, mode of payment and destination country
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Credit card payments tend to attract higher fees

WorldRemit Logo

WorldRemit

An alternative to Moneygram, WorldRemit began operations in 2010. Headquartered in the UK, this company also has offices in the U.S., Canada, Japan, Australia and New Zealand. You can use its services as an individual, provided you live in any of the 50 countries it serves. You can access the WorldRemit website in English, French, and Spanish. Sending limits can vary depending on the mode of payment. Read the full WorldRemit review.

Pros

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Multilingual website
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Multiple country-specific transfer methods that include bank transfers, transfers to cash pick up centers and topping up of mobile wallets and airtime
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Minimum transfer amount is £1
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UK-based company, with offices also in the U.S., Canada, Australia and New Zealand
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Get local phone support in several countries

Cons

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Does not accept business customers
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Transfer fee affected by currencies involved, mode of transfer and transfer amount
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Transfer limits depend on your country of residence and desired mode of transfer
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Can not schedule transfers
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No forward contracts and limit orders

OFX Logo

OFX

As a competitor of Moneygram, OFX began operations in 1999. Until 2015, it operated as OzForex. This fund transfer company has its headquarters in Australia, as well as offices in New Zealand, the UK, the U.S., Canada and Hong Kong. The OFX Group operated dedicated websites for some countries. The websites includd USForex, CanadianForex, UKForex and NZForex. These sites have now transitioned to the global OFX website.

This company provides international fund transfer services to individuals and businesses. As an individual, the minimum transfer is $250, or its equivalent in another currency. You can access the OFX website only in English. Read more detailed information in the iCompareFX review of OFX.

Pros

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Tries matching or beating its competitors rates
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Sign up as an individual, a business or an online seller
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Transfers over threshold limits do not attract fees
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Australia based company, with offices also in the UK, the U.S., New Zealand and Hong Kong
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Get local phone support in several countries
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Allows scheduling of transfers
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Lets you choose from spot contracts, market orders and forward contracts
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Initiate your transfer online or over the phone

Cons

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Only allows bank account transfers
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No multilingual website
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Have to speak to an OFX representative over the phone to trade in some currencies

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