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OFX

OFX is the best alternative for USA residents. OFX has been around since 1998. Until 2015, it operated as OzForex. This Australia-based Transferwise alternative has offices in Sydney, San Francisco, Toronto, London and Hong Kong. It operates dedicated websites for Australia, the U.S. and the UK. The minimum transfer amount depends on the website you use. You can register as an individual, a business or an online seller. Read more in iCompareFX's comprehensive OFX review.

Pros

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Provides services to individuals, businesses and online sellers
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Tries to match or beat rates offered by its competitors
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Fee-free threshold limits
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Offices in Australia, the UK, the U.S., Hong Kong and New Zealand
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Local phone support in different countries
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Initiate your transfer online or over the phone
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Offers spot orders, forward contracts and limit orders
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Allows scheduling of transfers

Cons

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Website access only in English
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Not all currencies can be traded online – some you need to trade over the phone
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No cash pick up centers

WorldRemit Logo

WorldRemit

WorldRemit began operations in 2010. This TransferWise competitor has its headquarters in the UK, with offices also in Australia, New Zealand, the U.S., Canada and Japan. The company has processed over a million transfers since inception, having transferred funds to over 125 countries. You can use the WorldRemit website in English, French and Spanish. Continue reading the WorldRemit review.

Pros

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Transfer funds to bank accounts or cash pick up centers
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Top up mobile airtime and mobile wallets
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Minimum transfer amount is £1 or its equivalent in another currency
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Offices in the UK, the U.S., Canada, Australia and New Zealand
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Multilingual website

Cons

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Serves only individual customers
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Transfer limits depend on where you live and the desired mode of transfer
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Transfer fees vary according to the currencies being traded, the amount being transferred and the transfer method
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No forward contracts or limit orders
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Can not schedule transfers

XE Money Transfer Logo

XE Money Transfer

XE is a Canada-based TransferWise alternative that also has offices in the U.S. and the UK. It began operations in 1993, and merged with UK-based HiFX in 2019. XE provides fee-free personal transfers. Business clients are required to pay nominal fees. You may use the XE website in different languages.

Pros

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Lets you register as an individual or a business
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Fee-free personal transfers
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Provides limit orders
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Large list of supported destination countries and currencies

Cons

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Does not allow scheduling of transfers
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Cash pick up is not supported
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Foreign bill payments are not supported

WorldFirst Logo

WorldFirst

WorldFirst is one of the alternatives to TransferWise in the UK, Singapore, Australia and New Zealand. WorldFirst has provided international fund transfer services since 2004, when it began operations as a small business in Stockwell, South London. Over time, it has gone on to become a leading alternative to companies such as TransferWise. In 2011, this company crossed the £5 billion mark in transactions. By 2013, it had processed over 120,000 payments. Now, WorldFirst also has offices in Australia, Hong Kong and Singapore. Other than English, its websites are available in French, Japanese and Chinese. Learn more with this WorldFirst review.

Pros

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Very transparent and low fee structure
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Provides services to individuals, businesses and online sellers
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Offers spot orders and forward contracts
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Allows scheduling of transfers
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Use the “World Account” to receive funds and make payments in foreign currencies through local virtual receiving bank accounts
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Integrate your World Account and Xero with ease
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Multilingual website
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Local phone support in different countries

Cons

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No support for USA registrations
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No cash pick up centers
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Varied sending limits that depend on where you live and the desired payment method

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