List of International Money Transfer Companies

international money transfer companies

There are many international money transfer companies that allow you to send money across borders. International money transfer companies can be very useful for students who are studying abroad or travelling internationally. using international money transfer companies can provide students with a convenient and secure way to manage their finances while studying abroad or travelling internationally. Money transfer companies can provide a way to make these purchases by allowing students to send payments in the local currency.

What is a Money Transfer Company?

A money transfer company is a financial service provider that allows individuals and businesses to send money from one location to another, either within the same country or internationally. These companies facilitate the transfer of funds electronically, often via online platforms or mobile applications.

Why Use a Money Transfer Company?

People use money transfer companies for various reasons, but the most common ones are:

  • Many people use money transfer companies to send money to their loved ones who live in a different city or country.
  • Some money transfer companies allow users to pay bills, such as utilities or rent, using their platform.
  • Some online retailers only accept payments from specific payment methods, which may not be available in your country. Money transfer companies can help you make purchases from these retailers by allowing you to send the payment in the accepted currency.
  • Companies that operate internationally often need to transfer money to their partners or suppliers. Money transfer companies can provide an efficient and cost-effective way to make these payments.
  • When travelling abroad, using a money transfer company can be a convenient way to get access to cash in the local currency.

Also, Read- Best Forex Cards for International Students

List of Top International Money Transfer Companies 

There are many international money transfer companies that allow you to send money across borders. Here are some of the most popular ones:

  • TransferWise
  • PayPal
  • WorldRemit
  • Xoom
  • Azimo
  • Remitly
  • Western Union
  • MoneyGram
  • OFX
  • Ria Money Transfer
  • CurrencyFair
  • Send wave
  • Wise (formerly known as TransferWise)
  • Skrill
  • Payoneer.

Details About International Money Transfer Companies 

Let’s talk about International Money companies in detail. 

WiseWe highly suggest Wise for small- to medium-sized transactions because it is a top-notch alternative for international money transfers. We advise using Wise, which is accessible from the EU, the UK, the US, Singapore, Japan, Australia, and New Zealand, especially for small- to medium-sized transfers to overseas bank accounts because its pricing is frequently the most affordable for these transfers.
Global Users can easily comprehend and compare the prices of their international money transfers thanks to Global66’s practical fee calculator, which includes exchange rate margins. Also, the marketplace claims extremely attractive exchange rates and fees from nations including Argentina, Chile, Colombia, Ecuador, Mexico, Peru, Spain, Brazil, and the United States.
XEWith support for 130 countries and almost 100 currencies, XE Money Transfer offers a wide range of services. Moreover, XE is supported by Euronet Worldwide, providing users with additional assurance that their money is secure. The majority of transfers are finished in a single working day. It is a well-liked platform with lots of positive user feedback. For international money transfers from the US or the UK to India, XE offers very affordable rates. It’s fantastic for the well-known UK to Poland corridor as well.
Transfer GoTransferGo is renowned for constantly having the lowest prices for sending money abroad, especially to European nations. The platform provides numerous ways for paying in and paying out money. It works well for transfers to and from the US and Poland from the UK. Also, it specialises in transfers from Poland to the UK, Turkey to the EU, and Turkey to Ukraine.
Worldremit The worldwide money transfer service from WorldRemit offers broad coverage, going where other providers might not. To make cash pickup even more convenient for recipients, they have a wide network of outlets. The platform provides a number of methods for sending and receiving money, including mobile money, airtime top-ups, bank transfers, and cash pickups. Customers’ happiness and ease of usage are strengths of WorldRemit.

Also, Read- Best International Money Transfer Apps in 2023

Pros and Cons of International Money Transfer Companies

Here are the pros and cons of international money transfer provider 

Money Transfer Platform Pros Cons 
Wise – Inexpensive service
– Debit card and multiple-currency account
– The firm that is traded publicly
– Poor customer service is provided.
– Some clients have complained about delayed transfers.
– No cash transfers
Global Reach – 4.9/5 stars on Feefo
– They offer some of the most competitive prices available.
– Successful online platform
– No mobile app
– Customers in the USA cannot purchase this product
– £20 (INR 2000) fee on small transfers
XE– There are 98 different currencies.
– Owned by a corporation listed on the NASDAQ50000
– One may have to wait a while for customer assistance
– Charges for lower quantities may increase.
– Sometimes it can take a while to open an account.
Transfer Goo– Rates and costs that are open
– More affordable prices
– Bilingual support staff
– Greater cost than most.
– Few payout alternatives are possible.
– There is no 24-hour customer service.
World remit– 130 plus currencies
– Many options for paying for your transfer
– Greater cost than most 
– There are transfer fees levied. 
– Not as well regarded as some

Comparisons of International Money Transfer Companies 

See the international money transfer businesses with the best global average fee rates as of 2023. Compare their competence, customer testimonials, and other services.

Companies Method Monitoscore Average Markup Transfer Fee 
Wise Bank deposit, mobile wallet deposit9.5/100.5%-2%$0.00-$3.99(INR 0.00- INR 327.9)
Global Reach Bank deposit8.5/100%-2%3%-5%
XEBank deposit7.8/100.4% – 1.6%$3.00 (INR 246.54)
Transfer Go Bank deposit, debit/credit card9.3/100% – 2.2%€0.99 (INR 88.44)

What To Look For In a Money Transfer Company

When looking for a money transfer company, there are several factors to consider. Here are some things to look for:

  • Exchange Rates: Compare the exchange rates offered by different money transfer companies. A good exchange rate can make a big difference in how much money the recipient ultimately receives.
  • Fees: Look for a company that charges low or reasonable fees for its services. Fees can vary depending on the amount of money being transferred, the destination country, and the speed of the transfer.
  • Transfer Speed: Consider the speed at which the money can be transferred. Some companies offer faster transfer times, while others may take longer.
  • Security: Check the security measures the company has in place to protect your personal and financial information. Look for companies that use encryption and other security measures to keep your data safe.
  • Customer Service: Consider the quality of customer service offered by the company. A good money transfer company should have a responsive and helpful customer service team that can assist you with any questions or issues.
  • Reputation: Check the company’s reputation and reviews online. Look for companies that have a good reputation for reliability and trustworthiness.

Who is the largest Money Transfer Provider?

Western Union is considered to be the largest money transfer provider in the world. The company has been operating for more than 170 years and has a global presence in over 200 countries and territories. Western Union allows users to send money through various channels, including in-person at agent locations, online, or through its mobile app.

Also, Read- 5 Safest Ways to Carry Money Abroad

FAQs

Q1. What is the best international money transfer company?

Ans. Here is the list of some international money transfer companies 
 Remitly
 Wise
 Global66
 Skrill
 Currencyfair, etc.

Q2. What is the cheapest international transfer?

Ans. The least expensive method of funding your international money transfer through Wise is typically bank transfers. Compared to debit or credit cards, bank transfers might often be slower, but they typically offer the best value for your money.

Q3. Which is the fastest international money transfer from India?

Ans. The two fastest international money transfer services according to Monito’s comparison engine are Remitly and Skrill.

This is all about International Money Transfer companies, hope this blog gives you the full insight. If you are also looking to study abroad, contact us at Leverage Edu on 1800 57 200.

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