Travelex Alternatives and Competitors

September 7, 2020

You need a Travelex alternative for international money transfers. Travelex was hacked in December 2019. During Covid 19 pandemic, Travelex has shutdown operations in the USA and UK for sending money overseas. This means that you need to find the best alternative available for your money transfers. The best Travelex alternative depends on different factors such as the country you live in and he amount you wish to send. Find the four best competitors below that are stable and have a proven history of security.

Fee-free transfers
Competitive exchanges rates
Limit orders
Multilingual website and customer service

low

Fees

medium

2-3 days

Go to Site

Transparent fee structure
Send money to email addresses
Multicurrency account with debit card
Multilingual website & app

low

Fees

fast

1-2 days

Go to Site

Bank account transfers and cash transfers
Mobile airtime and mobile wallets top up
Home delivery of transferred funds
Multicurrency WorldRemit Wallet
Multilingual website

medium

Fees

fast

1-2 days

Go to Site

0.4% margin for new customers referred by iCompareFX
Fee-free transfers
Scheduled transfers
Online and phone transfers

low

Fees

medium

2-3 days

Go to Site

Jump to an alternative provider

XE Money Transfer

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TransferWise

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WorldRemit

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OFX

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XE Money Transfer

XE began operations in 1993. It provides international money transfer services to individuals and businesses. XE Money Transfer is better than Travelex if you’re emigrating or purchasing property overseas. All personal transfers come with no fees. XE Money Transfer operates dedicated websites for different countries.

Accepts individual and business clients

No fees for personal transfers

Provides spot contracts and limit orders

Headquartered in Canada, offices also in the U.S. and the UK

Dedicated websites for residents of Canada, the U.S., the UK, Australia and New Zealand

Get customer service and website access in different languages

Only bank account transfers

Does not provide scheduled transfers

TransferWise

TransferWise began operations in 2011. This peer-to-peer international money transfer company has its headquarters in the UK, with offices in Estonia and the US. As with most prominent Travelex competitors, it lets you make payments using bank transfers and debit cards. However, unlike many overseas money transfer companies, it also allows payments through credit cards. To find out more about this service provider, read the TransferWise review.

Provides services to individuals and businesses

Simplify signing up using your Google or Facebook account

Use the “send” and “receive” money options to transfer funds with no more than email addresses

No minimum transfer

Pay for your transfer using country-specific methods such as debit cards, credit cards, bank transfers, direct debits, SOFORT, and POLI

Businesses can open TransferWise Borderless accounts to save in fees when trading in more than 15 currencies

Headquartered in the UK – offices also in the U.S., Estonia, Hungary, Ukraine, Singapore, Japan and Australia

Use its website in English, Spanish, French, Portuguese, Italian or Dutch

Only bank account transfers

Transfer fee depends on the destination country, the amount transferred and the payment method

Does not offer forward contracts or limit orders

Cannot schedule transfers

Peer-to-peer transfer facility not available in all countries

WorldRemit

This UK-based alternative to Travelex began offering international fund transfer services in 2010. The company provides its services to residents of as many as 50 countries. Access to its website comes in English, French, and Spanish. Other than its headquarters in the UK, WorldRemit also has offices in the U.S., Canada, Japan, Australia and New Zealand.

Different country-specific transfer methods

Transfer to bank accounts or cash pick up locations

Top up mobile wallets or airtime

Minimum transfer limit is £1

Headquartered in the UK – offices also in the U.S., Canada, Australia and New Zealand

Use its website in English, Spanish or French

Accepts only personal customers

Transfer fee varies according to the currencies involved, the amount being transferred, and the transfer method

Where you live and the chosen transfer method affect transfer limits

Does not allow scheduling of transfers

No forward contracts and limit orders

OFX

Previously known as OzForex, this alternative to Travelex has been in business since 1998, when it began operations as an information only website. Now, it has over 200 employees that serve customers through its offices in Australia, New Zealand, the UK, the U.S., Canada and Hong Kong. Within the countries it operates from, this Travelex competitor deserves your attention. Continue reading about the OFX review here.

Serves individuals, businesses and online sellers

Aims to match or beat its competitors’ rates

Fee-free threshold limits enable free transfers

Lets you schedule transfers easily

Provides spot orders, forward contracts and market orders

Initiate your transfer online or over the phone

Headquartered in Australia – offices also in New Zealand, the U.S., the UK and Hong Kong

Provides local phone assistance in some countries

Only bank account transfers

No multilingual website

Can trade in a few currencies only over the phone