A money transfer provider will offer clear pricing, is cheaper than a bank and will often get your money to its destination faster as well.
You can see the obvious differences in the fees charged by banks and money transfer companies, and PayPal: but who is the cream of the crop? Which money transfer company trumps the rest of them?
Always compare is rule number 1 for finding the best company for your specific transfer. This will give you live rates, specific fees and transfer times. Simply, it is a surefire way of getting the best deal.
If you want to pick a provider now there's two options: These are split, between a digital provider (best for smaller transfers) and currency broker (best for larger transfers).
Wise is our top pick for smaller transfers. They offer competitive pricing (fees from 0.33%), and transfers are often at the mid-market rate. This will be a 'self-service' option through an app.
Regency FX is one of the better companies for large transfers. They're a currency broker and as such have no fees, but exchange rates will start from 0.15%. This will give you access to an account manager.
Where are you sending from?
Where you send money from, as well as where you are sending it to, may have an impact on the best company for you.
The top companies in general
While we recommend searching for companies, we can give you a general overview of some providers you're likely to find on a lot of searches. These companies offer a well rounded service, and a lot of support for different types of transfers.
Company | Key features | Rating | Pricing |
|---|---|---|---|
Wise | Comes with a multi-currency account for spending, 96% of transfers on the same day, Supports over 70 currencies | ⭐⭐⭐⭐⭐ | No exchange rate + fees of 0.33% - open an account |
Zing (UK users) | Hold over 20 currencies, Spend globally with a multi-currency card, Part of the HSBC group | ⭐⭐⭐⭐⭐ | No exchange rate + fees of - 0.2% - open an account |
TorFX | Perfect for large transfers, Offers forward contracts, UK based account management team, App for regular sending | ⭐⭐⭐⭐⭐ | No fees + competitive rates agreed per transfer - get a quote |
RegencyFX | Currency exchange specialists, Great for large transfers, Regular payments supported | ⭐⭐⭐⭐⭐ | No fees + competitive rates agreed per transfer - get a quote |
Xe | Fast transfers, 24/7 support, App with rate alert and currency tools included | ⭐⭐⭐⭐ | No fees and rates from 0.6% - open an account |
OFX | 24/7 customer support, App for regular payments, Currency risk tools like forward contracts | ⭐⭐⭐⭐ | No fees and rates from 0.5% - open an account |
Picking a money transfer company
When picking a money transfer company, there's some simple points to look out for.
Value for money
The easiest way to see if you're getting a good deal? Check the amount of money that will be received.
The higher this is, the lower the cost of sending money between two countries.
If you want to ensure the recipient is well prepared, our guide on receiving money will be helpful.
Speed of the transfer
Money transfer companies will be pretty fast, in some cases almost instant. In fact, Wise and Xe both say over 95% of transfers are completed within 24 hours.
Some transfers will take a little longer. If you need to send quickly, be sure to pick a provider that facilitates this. If you're preparing for a future transfers, particularly large money transfers, a currency broker can schedule this in advance for you.
Support offered
You might mention we've covered currency brokers and money transfer companies here.
They're very similar in that you can send international transfers with them. They're very different in the level of support you will receive.
If you want hands on management, or regular phone support, opt for companies that can service this. Regency FX and OFX are both good examples of offering ongoing support for customers.
Accessibility and ease of use
Providers offer access that ranges from web logins to full blown multi-currency accounts.
Each is a little different, but will have the core feature of sending international payments at the heart of what they do.
Searching and getting a good deal
Remember, always search and follow some simple points to get the best deal on sending money.
You'll get a great deal if you:
Never use your bank or PayPal to send money, it's just not worth it
Always compare, even between money transfer providers
Never settle for one provider over the long term, rates will change and new providers may become available
