Money Transfer Provider Reviews

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.

 

ofx small
OFX review
Overall Score

87

currenciesDirect small
Currencies Direct review
Overall Score

84

worldFirst small
WorldFirst review
Overall Score

84

transferwise small
TransferWise review
Overall Score

75

sendfx small
SendFX review
Overall Score

75

moneyCorp small
Moneycorp review
Overall Score

73

torfx small
TorFX review
Overall Score

72

payoneer small
Payoneer review
Overall Score

71

xe small
XE Money Transfer review
Overall Score

71

globalReach small
Global Reach Group review
Overall Score

68

currencyFair small
CurrencyFair review
Overall Score

67

instarem small
InstaReM review
Overall Score

63

currencySolutions small
Currency Solutions review
Overall Score

63

worldremit small
WorldRemit review
Overall Score

63

rationalFX small
RationalFX review
Overall Score

61

westernUnion small
Western Union review
Overall Score

55

orbitRemit small
OrbitRemit review
Overall Score

54

transferGo small
TransferGo review
Overall Score

52

easyFX small
EasyFX review
Overall Score

52

transferMate small
TransferMate review
Overall Score

51

azimo small
Azimo review
Overall Score

49

moneygram small
Moneygram review
Overall Score

48

xendPay small
XendPay review
Overall Score

47

xoom small
Xoom review
Overall Score

44

ria small
Ria review
Overall Score

41

remitly small
Remitly review
Overall Score

40

FAQs

How iCompareFX reviews money transfer services

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.

How to select the best overseas money transfer service

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.

What affects the cost of sending money overseas

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.

  • Amount you wish to send. Some companies have fee-free thresholds. If you send less than the minimum limit, you need to pay a fee. If you work with a company that charges a percentage of the transfer amount as fees, watch out for costs when transferring large amounts.
  • Transfer method. Transferring money to an overseas bank account is typically more cost-effective than sending money to a cash pickup center.
  • Payment method. Paying using your bank account is usually cheaper than using your debit card. Credit card payments tend to attract the highest fees.
  • Speed. If you want to carry out an expedited or same-day transfer, prepare to pay an additional fee.
  • Hidden Fees.      Hidden fees tend to come in the form of margins or mark-ups that companies add on top of existing interbank/real exchange rates. While some companies are transparent about their margins, others are not. Hidden fees could mean the recipient will get less money than calculated using the real exchange rate.