TransferWise Logo

TransferWise

TransferWise has been operating since early 2011. Established in Estonia, this XE alternative has its headquarters in the UK. It also has offices in Estonia and the US. You can use the TransferWise website in English, Dutch, Spanish, Italian, French and Portuguese.

What sets TransferWise apart from most of its competitors is its method of routing payments. The money does not go directly from the sender to the recipient. Instead, TransferWise redirects the sender’s money to a recipient of a transfer going in the opposite direction. Then, the intended recipient receives a payment from a sender of an equivalent transfer from the same country. This way, TransferWise manages to avoid transfers beyond borders and minimizes currency conversions.

Despite the seemingly long process, using TransferWise to send money overseas can be faster than banks and other money transfer companies. Learn more about TransferWise.

Pros

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Register as an individual or business
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Use your Facebook or Google account to sign up
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UK-based – offices also in Estonia, the U.S., Hungary, Ukraine, Japan, Singapore and Australia
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Website available in English, French, Spanish, Italian, Portuguese and Dutch
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The “send money” and “receive money” options let you send and receive funds through email addresses
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No minimum transfer limit
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Multiple country-specific payment methods that include debit cards, credit cards, bank transfers, direct debits, SOFORT and POLI
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The TransferWise Borderless account for business lets you save in fees when transacting in more than 15 currencies

Cons

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Transfers only to bank accounts
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Peer-to-peer transfers not provided in all countries
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Transfer fee affected by the destination country, the mode of payment and the amount transferred
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Does not let you schedule transfers
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No forward contracts or limit orders

WorldRemit Logo

WorldRemit

WorldRemit is a UK-based company that began operations in 2010. It has its headquarters in London, with offices also in Denver, Montreal, Sydney, Auckland and Tokyo. Apart from English, you can use the WorldRemit website in French and Spanish. The company provides services only to individuals, and not businesses. Read the WorldRemit review for more information.

Pros

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Provides different country-specific transfer methods
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Transfer funds to bank accounts or cash pick up locations
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Top up mobile airtime or mobile wallets
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UK-based – offices also in the U.S., Canada, Australia and New Zealand
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Website access in English, French and Spanish
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Transfer as little as £1

Cons

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Does not provide services to businesses
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Does not schedule transfers
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No forward contracts or limit orders
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Sending limits affected by where you reside and the desired transfer method
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Transfer fees affected by the currencies involved, the transfer amount and the mode of transfer

OFX Logo

OFX

This alternative to XE began operations in 1998, as OzForex. It rebranded itself as OFX in 2015. Since its inception, this money transfer company has grown from an Australian foreign exchange information website to a business that provides specialist money transfer services to people from different parts of the world. Aside from Down Under, it has a strong presence in the Asia Pacific, the UK, US, Canada and Europe.

Its headquarters are in Sydney, with offices in New Zealand, US, Canada, the UK and Hong Kong. UKForex, USForex, CanadianForex, and NZForex were part of the OFX Group. Now, the company operates dedicated websites for different regions. Read an extensive review of OFX.

Pros

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Provides services to individuals, businesses and online sellers
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Australia-based – offices also in the U.S., the UK, New Zealand and Hong Kong
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Get local phone support in different countries
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Tries to offer matching or better rates than its competition
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Pay no fees when you transfer over preset threshold limits
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Issue transfer instructions online or over the phone
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Allows scheduling of transfers
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Lets you choose from forward contracts and market orders
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The Global Currency Account for online sellers comes with bank account details in GBP, EUR, USD, CAD, AUD and HKD

Cons

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Transfers only to bank accounts
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Can trade in some currencies only over the phone
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Website access limited to English

CurrencyFair Logo

CurrencyFair

Originating in 2009, CurrencyFair has its headquarters in Ireland. It also has offices in the UK and Australia. While this Western Union competitor provides its customers with a single website, you can access it in English, Polish and French. One aspect about this money transfer company that you won’t find with other many of its competitors is the unique CurrencyFair Exchange. This platform lets you bid for preferred exchange rates, giving you the ability to get better-than-prevailing market rates. Read the detailed CurrencyFair review to keep track of updates.

Pros

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Sign up as an individual or a business
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Ireland-based, with offices also in the UK and Australia
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Multilingual website
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Use the CurrencyFair Exchange to bid for preferred rates
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Transfer as little as €8
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Schedule transfers easily
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Accepts express deposits in various European currencies

Cons

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No U.S. registrations allowed
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Cost of a transfer includes a €3 fixed fee plus 0.35% of the transfer amount
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No cash pick up centers
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Unavailability of limit orders and forward contracts
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Phone support could be better, mainly an online company

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