XE Money Transfer Logo

XE Money Transfer

XE is a Canada-based company that began operations in 1993. This OFX competitor merged with HiFX in 2019. XE provides services for individuals and businesses. Outside of Canada, it has offices in the U.S. and the UK. It operates dedicated websites for different countries which you can access in various languages. Personal transfers carried out through XE Money Transfer attract no fees.

Pros

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Serves individuals and businesses
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Residents of the U.S., Canada, the UK, Australia and New Zealand get access to dedicated websites
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Offices in Canada, the U.S. and the UK
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No fees for personal transfers
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Provides spot transfers and limit orders
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Website access and customer service offered in different languages

Cons

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Only transfers to bank accounts
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Absence of scheduled transfers

TransferWise Logo

TransferWise

Launched in 2011, TransferWise is an international money transfer provider.  It was setup by Skype’s first employee and has the backing of major investors such as Richard Branson.  TransferWise is growing fast, offering a simple and fast solution to transferring money globally online.  It allows local bank settlement, as well as the use of Debit or Credit Cards.  This is unique amongst the TransferWise competition.  Read the iCompareFX TransferWise review here.

Pros

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Sign up as an individual or a business
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Use your Google or Facebook account to register
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UK-based – offices also in the U.S. and Estonia
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Use the TransferWise website in English, Spanish, French, Dutch, Italian and Portuguese
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Ideal for small transfers – no minimum limit
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The “send” and “receive” money options let you send and receive funds using email addresses
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Multiple country-dependant payment methods, which include bank transfers, direct debits, debit cards, credit cards, SOFORT, and POLI
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Businesses can use the Borderless account to save when transacting in more than 15 currencies

Cons

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Transfers only between bank accounts
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Not all countries included in their network
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Transfer fees vary depending on destination country, transfer amount and payment method
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Payments through credit cards attract higher than usual fees
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Does not let you schedule transfers
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Does not provide forward contracts or limit orders

WorldRemit Logo

WorldRemit

Since it began operations in 2010, WorldRemit has processed millions of fund transfers to more than 125 countries. It lets residents of 50 countries register as customers. Other than its headquarters in the UK, this company also has offices in the U.S., Canada, Japan, Australia and New Zealand. You can use its website in English as well as French and Spanish. Find out more in this WorldRemit review.

Pros

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Allows transfers to bank accounts and cash pick up centers
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You can top up mobile wallets and mobile airtime
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UK-based – offices also in the U.S., Australia and New Zealand
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Website access in English, Spanish and French
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Local phone support offered in some countries
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Low minimum transfer amount of £1 or its equivalent in another currency

Cons

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Serves only individuals
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Transfer limits vary according to the sender’s country of residence and the chosen transfer method
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Transfer fees depend on currencies involved, transfer method and transfer amount
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Unavailable to schedule transfers, secure forward contracts or limit orders

SendFX Logo

SendFX

SendFX is headquartered in Australia. You may register with this alternative to TransferWise as an individual or a business. Once you sign up, you get access to the SendFX digital wallet, which you may use to hold funds and transact in more than 40 countries. The company provides fee-free personal transfers for residents of Australia. You may use the SendFX money transfer website only in English.

Pros

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Sign up as an individual or a business
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Transfer money from Australia in over 30 currencies and pay no transfer fees
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Same day transfers
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Choose from spot transfers and forward contracts
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Dedicated account managers for business clients
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Plans to launch a Visa card soon

Cons

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AUD $500 transfer minimum or its equivalent in another currency
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No cash pickup locations
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Website access only in English

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