Find in-depth reviews of all the money transfer companies listed on iCompareFX. We review and score money transfer companies across six main categories and thirty seven data points. Sort your options based on the iCompareFX overall score or one of its six category-specific scores.
There are several international money transfer companies to choose from. However, not all work in the same way, and there is no single company that is the best. We have reviewed the top competitors in the market across important factors, so you can select one based on your specific requirements. Below highlights iCompareFX’s six scoring catergories.
1. Personal Features
Services for individual customers play a key role in the scoring process. Factors that have been evaluated are whether the provider offers benefits such as a dedicated account manager or allows regular transfers. Features such as digital wallets or personal travel cards and services such as cash pick-up, mobile top-up and bill payment services have also been considered. Obviously the more flexibility the provider offers, the better the score.
2. Business Benefits
Companies that provide multiple services and benefits for businesses rate well in this category. Many business customers look for risk management tools such as forward contracts and market orders plus the assistance of a dedicated business account manager. Other business value benefits include solutions for online sellers and multi-currency accounts. Account integration capabilities is also another big driver. Many of these features can save a business significant amounts of time and money.
3. Fees and Exchange Rates
This overall cost-effectiveness score accounts for any hidden fees or margins that a service provider might add, as well as how transparent it is with its pricing system. Of course, negotiating a better rate is another significant bonus. This score also depends on promotional offers which gives new customers access to a limited number of free transfers.
4. Ease of Use
Is a company's website mobile friendly or does it have an app? How easily and quickly can you sign up for a new account and start transferring money? How can you pay for your transfer, and how can the recipient receive money? Does a company have a minimum transfer amount? Answers to questions such as these have been considered in calculating this section's score.
5. Customer Service and Supported Countries
This category looks at more than just the supported origin and destination countries. Website access in multiple languages as well as local phone support in different countries also play a role in calculating this score.
6. Trust and Transparency
The score of this section takes into account where and how a company is licensed or authorized to operate. A company's risk profile is considered along with its independent Trustpilot score.
Selecting the best overseas money transfer company requires you to consider your specific requirements. For instance, do you wish to send money directly to a foreign bank account, do you want the recipient to collect cash from a physical location, or are you looking at paying an overseas bill?
Where you and the recipient live may have a bearing on the company you can select, because not all have the same global reach. How much money you plan to send, how often you wish to carry out transfers, and availability of your desired payment method also play a role in selecting the right company.
An easy way to find a suitable company is to narrow down the providers that support your specific requirements. Then, make a shortlist of your best options. Compare their overall scores or category scores based on what matters to you and you should find the perfect match.
How much you end up paying as fees when sending money overseas depends on multiple factors. You should know all the applicable fees before finalizing your transfer although some are not obvious up front.