XE Money Transfer Logo

XE Money Transfer

Canada-based XE began operations in 1993. It serves individuals and businesses. The company operates dedicated websites for residents of the U.S., the UK, Canada, Australia and New Zealand. Website access comes in different languages. XE (formerly HiFX) provides fee-free personal transfers

 

Pros

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Lets you register as an individual or a business
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Canada-based – offices also the U.S. and the UK
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Operates dedicated websites for the U.S., Canada, the UK, Australia and New Zealand
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Pay no fees for personal transfers
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Lets you hedge funds using limit orders
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Operates a multilingual website
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Provides customer service in English, Spanish and French

Cons

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No cash pickup centers and agent locations
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No scheduled transfers

WorldRemit Logo

WorldRemit

WorldRemit began operations in 2010. This UK-based alternative to TransferMate also has offices in the U.S., Canada, Japan, Australia and New Zealand.  This company only services individuals.  It lets you transfer funds to cash pick up locations.  Access to the WorldRemit website comes in different languages. You can pay using credit cards.

Pros

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UK-based – offices also in the U.S., Canada, Australia, New Zealand and Japan
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o in the U.S., Canada, Australia, New Zealand and Japan
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Transfer as little as £1 or its equivalent in another currency
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Country-specific transfer methods include transfers to bank accounts, cash pickup centers, mobile wallets, and mobile airtime
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Get phone assistance in different countries

Cons

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Does not provide services to business clients
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Transfer costs vary according to the transfer method, transfer amount and currencies involved
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Does not provide limit orders, forward contracts or scheduled transfers
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Where you live and the desired transfer method may affect transfer limits

TransferWise Logo

TransferWise

TransferWise is a UK-based TransferMate competitor that began operations in 2011. It also has offices in the U.S. and Estonia. You may register as an individual or a business. You can access the TransferWise website in different languages. The TransferWise Borderless account gives you an easy way to receive payments and hold funds in multiple currencies. Depending on where you live, you may be able to pay using credit cards.

Pros

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Register as an individual or a business
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Sign up using your Facebook or Google account
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Headquartered in the UK – offices also in the U.S., Estonia, Hungary, Ukraine, Japan, Singapore and Australia
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Dedicated websites for residents of the U.S., the UK, Canada, Spain, Italy, France, Germany, Switzerland, Brazil, Australia, New Zealand, Japan and Singapore
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Website access in different languages
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No minimum transfer limits
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Transfer funds using email addresses
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With the Borderless Account, you’ll get a local banking experience in multiple currencies
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Phone support provided in different countries

Cons

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Not all countries are part of its peer-to-peer network
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Transfer costs depend on the destination country, transfer amount, payment method and currencies involved
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No limit orders, forward contracts or scheduled transfers
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No cash pickup centers and agent locations

OFX Logo

OFX

Founded in 1998, this TransferMate alternative operated as OzForex until 2015. Headquartered in Australia, this company also has offices in the U.S., the UK, New Zealand, Canada and Hong Kong. OFX provides services to individuals, businesses, and online sellers. Its website is only in English.

Pros

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Serves individuals, businesses and online sellers
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Australia-based – offices also in the U.S., the UK, Hong Kong and Canada
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Operates dedicated websites for residents of the U.S., the UK and Australia
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Local phone support provided in different countries
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Transfer more than preset thresholds and pay no fees
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Offers spot contracts, limit orders, forward contracts and scheduled transfers
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Lets you initiate your transfer online and over the phone

Cons

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With some currencies, you can trade only over the phone
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No multilingual website
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Absence of cash pickup centers and agent locations

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