XE Money Transfer Logo

XE Money Transfer

XE is a Canada-based overseas money transfer company that has been around since 1993. It merged with HiFX in 2019. This WorldFirst competitor provides international money transfer services to individuals and businesses. All personal transfers carried out through XE Money Transfer are fee-free. The company operates a multilingual website.

Pros

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Provides services to individuals and businesses
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Provides fee-free personal transfers
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Lets you choose from spot contracts and limit orders
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Canada-based – offices also the U.S. and the UK
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Dedicated websites for residents of Canada, the U.S., the UK, Australia and New Zealand
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Website access and customer service in various languages

Cons

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No cash pick up centers
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Does not provide scheduled transfers

TransferWise Logo

TransferWise

Developed in Estonia by Skype's first employee along with a financial consultant associate, this WorldFirst alternative began operations in 2011. Headquartered in the UK, this money transfer company also has offices in Estonia and the US. TransferWise operates as a peer-to-peer money transfer company. As a result, it can avoid transfers crossing borders and the resultant currency exchange fees.

If you wish to send money overseas using your credit card, TransferWise is a better option than WorldFirst. While the former accepts credit card payments, the latter does not. Find out more about this money transfer company by reading the complete TransferWise review.

Pros

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Sign up as an individual or a business
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Simplify the registration process by using your Google or Facebook account
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No minimum transfer amount
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Use the “send money” and “receive money” functionalities to transfer funds using only email addresses
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Businesses can use the Borderless service to save when transacting in over 15 currencies
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Payment methods, depending on where you live, can include direct debits, bank transfers, debit cards, credit cards, SOFORT, and POLI
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UK based – offices also in Estonia, the U.S., Ukraine, Hungary, Australia, Singapore and Japan
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Website access in different languages

Cons

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No cash pick up centers
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Does not provide peer-to-peer transfers in all countries
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Unavailability of hedging tools such as forward contracts and limit orders
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Does not allow scheduled transfers
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The destination country, the payment method, and the transfer amount have a bearing on transfer fees

WorldRemit Logo

WorldRemit

This WorldFirst competitor also has its headquarters in the UK. It began operations in 2010, and now has offices in Australia, New Zealand, Japan, the U.S. and Canada. The company offers its services to residents of 50 countries, providing website access in English, Spanish, and French. Learn more in this WorldRemit review.

Pros

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Multiple destination-country dependant transfer methods
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Transfer to bank accounts or cash pick up centers
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Top up mobile wallets or mobile airtime
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The minimum you can transfer is £1
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UK-based – offices also in the U.S., Canada, Australia and New Zealand
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Multilingual website

Cons

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Serves only individual clients and not businesses
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Unavailability of forward contracts and limit orders
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Cannot schedule transfers
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Your country of residence and the desired transfer method have a bearing on transfer limits
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Transfer fees depend on the currencies involved, the transfer amount, and the transfer method

OFX Logo

OFX

Previously known as OzForex, OFX is an Australian-based foreign exchange and payments company. It provides money transfer services to individuals and small businesses. OFX has its headquarters in Sydney, along with offices in New Zealand, the UK, U.S., Canada and Hong Kong. The OFX Group previously included UKForex, USForex, NZForex and CanadianForex. If you live in a country where this money transfer company provides its services, using it to send money overseas can offer significant advantages. 

Pros

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Serves individuals, businesses and online sellers
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Lets you initiate transfers online and over the phone
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Strives to match or beat rates offered by its competitors
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Transfer more than preset threshold limits and pay no fees
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Provides forward contracts and market orders
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Schedule transfers according to your needs
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The OFX Global Currency Account gives online sellers access to bank account details in various currencies
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Australia-based – offices also in the U.S., the UK, New Zealand and Hong Kong
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Get assistance over the phone in different countries

Cons

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No cash pick up centers
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Website access only in English
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You have to speak to an OFX representative over the phone to trade in some currencies

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