The Best Money Transfer Services in 2021

Money Transfer Services

Want to send money home quickly? Money transfer services are a great way to help your family abroad. Compare our top providers and choose the one that suits you best.

Using money transfer services has never been easier.  Transferring money online, or online money transfer for short, has never been easier, faster and safer. With just a few clicks of the mouse, you can quickly transfer money to other people, companies, banks, dealers and more abroad.

Online money transfer is easy and convenient, which is why they are becoming increasingly popular. While people used to have to go to the bank to transfer money, today all they need is access to a computer or smartphone.

If you’re ready to transfer today, here are the best money transfer services:

Overview of the Money Transfer Services in 2021

Money Transfer ServiceOverview
WorldRemit• Low transfer fees
• Minimum amount for transfers: No.
• Immediate transfers or almost immediately
Paysend• Fixed fee – only 1.50 €
• Minimum amount for transfers: € 3
• Transfer time: Immediately or up to 3 working days
Azimo• Flat fees from 1.99 €
• Minimum transfer: € 10
• Transfer time: 30 minutes or less
Currencies Direct• No transfer fees
• Minimum amount for transfers: No.
• Transfer time: the same day
OFX• No transfer fees
• Daily transfer limit: No.
• Transfer time: 1-2 working days
Rewire• Low fees, simple app
• Free IBAN account
• Transfer time: 1 banking day
Remitly• Top exchange rates, low fees
• Minimum transfer: € 1
• Transfer time: immediately or within 3-5 working days
XE• No fees, good exchange rates
• Minimum amount for transfers: No.
• Transfer time: min. 1-2 hours

The Best 4 Money Transfer Services in 2021

1. XE money transfer service

Money Transfer Services

Fast and easy bank transfers – with no fees – have made XE a popular international money transfer service. 

XE uses corporate security measures to process transactions worldwide in 60 currencies with no daily minimum or maximum amounts. With the company, you can view your account online 24 hours a day, 7 days a week.

XE Pros and Cons

ProsCons
• No fees
• Transfer up to € 500,000
• Company-level security measures

• Fewer locations and currencies than other services
• Credit card payments for transfers are not possible

XE in Detail

FeatureXE Money Transfer Service Detail
Transfer feesNo fees
Transfer timeOn the same day for most transactions
Transfer typeBank account
Daily transfer limitNo daily maximum
Purpose of the transferBusiness and private
24/7 customer serviceNo

XE: Fees and Prices

XE does not charge any user fees for transfers, but earns money with the spread, the difference between the exchange rates of your transfer amount.

However, that doesn’t mean you won’t incur any fees. Some banks charge fees when you use XE to send funds, and in some cases the recipient may also charge them.  

How does XE money transfer service work?

With XE, it’s easy to send money abroad – no matter how much you’re sending.

First, you need to register a free account with XE. Confirm the amount and currency in which you want to transfer money, the country to which the money is to be transferred and the total cost. 

As soon as you confirm your money transfer, XE will take care of the rest. All you have to do is wait for the confirmation email or SMS. You can make transfers around the clock, 24 hours a day, 7 days a week.

How to transfer money with XE step by step:
  1. Register an account and log in
  2. Confirm the currencies you want to exchange
  3. Enter the transfer amount
  4. Tell XE which country to transfer to
  5. Confirm your payment method
  6. Agree to the exchange rate and total cost
  7. And last but not least, just wait for the confirmation email 

How long does XE take? 

XE carries out the majority of money transfers on the same day on which they are commissioned. You will receive an order confirmation with the date on which the company has received the payment and can make the transfer.

The company will notify you by email or text message that while most exchanges can be completed within one business day, you should allow 1-4 business days for payment to be processed.

XE special features

XE makes it easy to send money and does not burden you with high fees and hidden costs. The company allows you to send up to 500,000 euros in dozens of currencies to countries around the world in a single working day. 

In addition, you can manage your personal account with the company online around the clock, while all data is first-class encrypted and secured according to the highest security standards.

Transfers can take 1 to 4 working days, so there are faster options. XE will inform you by email or SMS as soon as your transfer is complete.

  • No fees
  • 60 currencies
  • World class security and encryption
  • Money transfers and management of your account possible around the clock
  • Track your payment via email and SMS

XE Customer service

There is no 24/7 customer support via chat or a toll-free line, but you have a variety of other options for online customer support. You can easily call toll-free lines in the US, Canada, UK, New Zealand and Australia or contact the company via email. Telephone lines are only open during normal home country business hours.

XE Privacy and security

XE prides itself on having enterprise-grade security measures known as “enterprise-grade security” and goes one step further to protect customer data. In addition to firewalls and other security systems, this also includes physical security measures in the company’s facilities.

With regard to your data, the company uses cookies and similar technologies to measure the performance of its own website and to increase its security. If a criminal offense is suspected, your data can be used for compliance reasons. The company may also share your personal information with other XE companies in order to enable you to provide services that you have commissioned.

2. Currencies Direct money transfer service

Money Transfer Services

Currencies Direct was the first European money transfer service when it opened its doors over two decades ago. Since then, the company has built a solid reputation for honest, fair, and reputable business practices. With offices in 21 locations around the world, 60 currencies to trade and helpful features, Currencies Direct makes money transfer quick, straightforward and easy for everyone.

Currencies Direct Pros and Cons

ProsCons
• The transfer limit is better than the competition
• 90% of the services are completely free of charge
• Excellent reputation on all review portals
• Some currencies in developing countries are not available
• No cash pickup options

Currencies Direct in Detail

FeatureCurrencies Direct Money Transfer Service Detail
Transfer fees0 € (for 90% of the transfers)
Transfer timeA few hours up to a working day
Transfer typeBank transfers, online, mobile, by phone, private
Daily transfer limit25,000 euros for private transfers

Currencies Direct: Fees & Courses

Currencies Direct charges absolutely no service fees in 90% of the transfers made. A service fee is only charged in rare cases. In this case, you will be notified before the transaction is finalized so that you can make an informed decision about whether or not to proceed. This means that whatever you pay goes straight into your transfer. That is unknown in this industry.

Currencies Direct goes a step further by allowing you to set an exchange rate on site. Exchange rates fluctuate constantly, so one exchange rate can be better one minute than the other. With Currencies Direct, you can set up alerts to know when your currency is reaching a certain point. 

You can even set the rate so that you can convert your money at that higher rate even if the rate falls before you manage to transfer the amount. This is the fairest guideline you will ever find, and an amazing way to get the best money exchange deal. In fact, many Currencies Direct customers use the service to transfer their own money to themselves and take advantage of the higher exchange rates in their favor.

How does Currencies Direct work? 

Working with Currencies Direct is completely straightforward. However, if this is your first time doing this, you may not even be aware of all of the services available. First of all, you can get a free quote right on the website. To do this, you need to enter your phone number, name and email address.

Once you are ready to send money, you need to decide which method to use. Transfers can be made online, via the mobile app, by telephone or even in person in one of the worldwide Currencies Direct branches. 

How to transfer money with Currencies Direct step by step:
  • After setting up an account, log in to the website
  • Select the currencies you want to work with (sending and receiving).
  • You will receive an exchange rate that you can approve via the mobile app or by speaking to a representative at the service center
  • Enter the sender and recipient information
  • Transfer the money by bank transfer or EC card payment (USD, EUR or GBP cards) directly to Currencies Direct.
  • Your money can be received in just a few hours

You will receive a confirmation email from Currencies Direct informing you that the money has been sent to the recipient.

How long does Currencies Direct take? 

As with all money transfer services, the time it takes to receive money through Currencies Direct depends on the currencies and payment method you choose. Most transfers are processed within a few hours. The longest period can extend to the next working day. This turn is very quick for a transfer.

Currencies Direct special features

a. Personal account manager 

A personal account manager ensures that all your transfers run smoothly and are completed quickly. Regardless of which services you need to use, the internal help makes the process easier every time.

b. Wide range of specialized services 

Currencies Direct isn’t just a money transfer company. In fact, it offers many other monetary services as well. For one, Currencies Direct buys currencies for you when a certain rate is reached, so you get the highest possible exchange rate. Another feature that we really liked was the multiple transfer. With Currencies Direct, customers can send multiple transfers at the same time. This is a convenient way for employers to pay employees abroad or to do more than one transfer with little effort.

c. Fee structure and courses

You absolutely can’t go wrong. There is no other money transfer service in the world that offers this type of pricing. The fact that you can set exchange rates, buy a currency immediately but only transfer it at a later point in time, sets Currencies Direct apart from the competition.

d. Excellent reputation

Especially when it comes to money, you want to know that you can trust the company that you are working with. Currencies Direct has great reviews online, is accountable to regulators, and provides transparent information on its website. This makes Currencies Direct a trustworthy and reliable money transfer service.

Currencies Direct customer service

Currencies Direct doesn’t provide 24/7 service, but when customer support is available (during regular business hours) it is one of the best. Currencies Direct is a professional company through and through, offering qualified, trained and courteous customer service personnel to meet all of your needs. 

You can reach the employees via the toll-free telephone number, by e-mail or the online contact form. There are also numbers for Currencies Direct branches around the world. So if you have a problem while your local branch is closed, you can always contact a customer service representative from another location.

Additionally, customer service responded to every negative comment that was left online. That’s impressive for a large company.

Currencies Direct privacy and security

Currencies Direct is authorized by the respected FCA (an independent UK financial market regulator) and has the highest rating from the well-known credit agency Dun & Bradstreet. For security reasons and in accordance with legal requirements, all transfers are processed via a separate bank account. 

What this means for you is that your money is safe no matter what happens to the Currencies Direct company itself. Currencies Direct is also subject to independent regulations such as signing the Non-Investment Products Code to further regulate and secure your finances.

3. TorFX money transfer service

Money Transfer Services

TorFX supports individuals and businesses with money transfers worth around $ 7 billion a year. TorFX offers transfers in more than 40 currencies in more than 120 countries. This allows users to do money online, via the app on their smartphone or by phone with an account manager. The service is used by people who have to make regular payments abroad, for example for monthly mortgage payments.

TorFX Pros and Cons

ProsCons
• Simple fee structure
• Each user receives a customer advisor
• Easily set up regular money transfers
• No offer preparation without registration and verification
• Small amounts and small currencies can be expensive

TorFX in Detail

FeatureTorFX Money Transfer Feature Detail
Transfer feesNo fees, 0.3-2.0% margin
Transfer time1-2 workdays
Transfer optionsBank transfers
Daily transfer limitNo
Purpose of the transferPrivate and business
All-round serviceNo

TorFX fees and costs

Most money transfer companies charge their customers twice: a flat fee plus a profit margin on the exchange rate. TorFX’s fee structure is simpler: the company waives fees and only shares in the profit margin on the exchange rate. If there are more than 40 currencies, these ranges fluctuate. As a rule, the most important currency pairs (e.g. USD, GBP, EUR) have lower spreads and are therefore cheaper for the customer. High transfer amounts have lower margins and are therefore cheaper.

Here is an example of TorFX pricing. For example, suppose you are transferring £ 10,000 in euros. On February 5, 2020, the real exchange rate was 1: 1.1798. TorFX’s exchange rate was 1.1732. The final Euro amount you would receive would be € 11,732 – 0.6% or € 66 less than the real exchange rate. This is a solid rate compared to other money transfer services.

The only way to see how TorFX compares your preferred currency pair and transfer amount is to check live rates.

How does TorFX work? 

TorFX only shows live prices for customers who have created an account and verified their personal details. 

How to transfer money with TorFX step by step:
  1. First register with TorFX

You can create an online account in minutes. If you’d rather speak to someone directly, you can also open a new account over the phone. You will be asked to choose between a work or personal account. Then enter your personal information like your phone number, email address and street address. TorFX uses this information to confirm your identity and to ensure that you are not someone trying to use your identity fraudulently.

TorFX completes the registration process by sending you a 5-digit PIN number to your mobile phone. Once you have received the PIN, you can enter it on the login screen to verify your identity and complete the process.

  • Save your exchange rate

Once you are in your account, you can choose the operation that you want to perform. When you’re ready to send money, select this option. Enter the amount you want to transfer, the currency you are transferring from, and the currency you are transferring in.

There you will receive a price offer from TorFX. If you are satisfied with this rate, you can secure this exchange rate. If you are not satisfied with the stated price, you can easily cancel the transfer.

  • Order a transfer

You can now complete the transaction, make your money transfer and track the status of your transfer via the TorFX online platform or mobile app.

How long does TorFX take?

The transfer time depends on the currency you are trading in when you send the money, the bank you are sending the money from and also the time of day or time of year. A transfer usually takes 1-2 working days to reach the recipient’s account.

With TorFX it is practically guaranteed that a transfer in USD: GBP, EUR: USD or any other major currency will arrive within 2 working days. However, transfers in small currencies such as Sri Lankan rupees, Ugandan shillings or Eastern Caribbean dollars may take longer.

TorFX: special features 

We have already discussed that TorFX is cheaper than banks for money transfers in 40+ currencies. Here are a few other great features of TorFX:

  • No daily transfer limits
  • Personalized market insights in your inbox
  • Price improvement guarantee – corresponds to the best prices compared to competing transfer services
  • Forward Contracts – This option allows you to set exchange rates up to 2 years in advance
  • Limit Orders – You can place an exchange rate above the current rate. The transfer will be made automatically when the market reaches the desired exchange rate
  • Stop Loss Orders – Controls the risk of a sudden drop in the exchange rate by setting a worst-case rate
  • Regular international payments – good for situations where you need to transfer money regularly, such as monthly mortgage payments abroad
  • Refer a Friend – Earn a $ 50 Gift Card to spend on Amazon

TorFX customer service 

TorFX has very high ratings for customer service, including a 4.8 / 5 Trustpilot rating made up of more than three thousand reviews. Experience-based customer ratings are what most appeal to about TorFX. The professionalism, efficiency and affordable prices are particularly praised. Everyone who registers for TorFX receives a personal customer advisor – regardless of how much money you want to transfer.

TorFX Privacy and security

TorFX is part of Tor Currency Exchange Ltd, which is licensed by the FCA (an independent UK financial market regulator). There are a number of security measures:

  • Encryption on all of your sensitive private data
  • Verification that your credit card is being used properly helps prevent fraud and verifies that the information on your card and other information you provided match
  • Regular identity checks to ensure that customers’ identities are correct and not tampered with
  • Notifies you of suspicious activity regarding your account

4. CurrencyFair money transfer service

Money Transfer Services

CurrencyFair money transfer service has been around 2009. It provides fast, low-cost money transfers. With €8 billion already exchanged between members, customers have to date saved over an estimated €205 million in unfair bank fees. By bypassing the banks, CurrencyFair can “exchange” its customers’ funds within as little as 0-1 business days and charge significantly lower fees than the banks.

CurrencyFair Pros and Cons

ProsCons
• Cost: Significantly cheaper than the banks
• Speed: Quick and seamless money transfers
• Support: Excellent customer service available 24/7
• Not all minor currencies available
• You need to register for an account

CurrencyFair in Detail

FeatureCurrencyFair Mones Transfer Service Detail
Transfer fee£2.50 fee + 0.3-0.6% exchange rate margin
Transfer time1-2 business days
Transfer typesBank-to-bank transfer
Daily transfer limitNo limit
Transfer purposePersonal & Business
24/7 supportNo, support is offered only on weekdays
Deposit MethodDirect bank transfer, express deposit

CurrencyFair Fees and Rates

No matter which currencies you’re exchanging, CurrencyFair charges only a flat fee and an exchange rate margin. This makes it a simple and affordable option without hidden fees for things like margin and conversion.

CurrencyFair charges a flat fee of £2.50 fee when transferring into GBP. The flat fee is roughly equivalent when transferring into other currencies. For example, it charges €3.00 when transferring into EUR, and US/C/A$4.00 when transferring into USD, CAD, or AUD.

The exchange rate margin varies from 0.3% to a maximum of around 1%, depending on the currencies being exchanged. The margin is lower for exchanges involving 2 major currencies and higher for exchanges involving at least 1 lower currency. For example, when the mid-market rate for GBP to EUR is 1:1.13, CurrencyFair exchanges it at around 1.126, translating to a roughly 0.35% margin. When the rate for GBP to ZAR (South African rand) is 1:18.19, CurrencyFair exchanges it at 1:18.09, or a roughly 0.55% margin. 

At time of writing, CurrencyFair was offering to transfer £10,000 into €11,250. Compared to the mid-market rate, this translated to a fee of €53, incorporating the flat €3 fee plus €50 on exchange rate margin. According to CurrencyFair, this was at least €306 cheaper than a typical bank. Of course, fees differ from bank to bank, but based on our experience with banks, this is close to the mark.

How Does CurencyFair Work?

Using CurrencyFair is quick and easy.

How to transfer money with CurrencyFair step by step:
  • Register for an account. You’ll be asked to provide a login, password, and proof of ID such as passport number. If CurrencyFair is unable to verify you electronically, it will ask for additional documentation, such as ID or proof of address.
  • Click “Exchange”. Nominate the currency the money is coming from and the currency you wish to transfer into. Finally, enter the amount. 
  • Send the funds. Transfer the funds to CurrencyFair using the bank details and reference number provided. Confirm that you’ve transferred the funds, and CurrencyFair will do the rest.

If you wish to have funds ready to exchange and transfer at a later date, you don’t have to exchange automatically. CurrencyFair also lets you transfer funds into your CurrencyFair account, to exchange the funds at a time of your choosing, and to transfer all or a portion of your balance out of your account at a time of your choosing.

CurrencyFair will send you an email notification once it’s processed your exchange and transfer. You can also track your transfer status or review previous transactions on the CurrencyFair website or app. 

How to deposit funds into CurrencyFair

When sending money with CurrencyFair you will have a variety of options for how the money can be deposited into your CurrencyFair account. You can go with a direct bank transfer, or what the company calls a “express deposit.”

Express deposits are available in a number of currencies, including CHF, DKK, EUR, GBP, NOK, PLN, and SEK. You will need a Visa or Mastercard in order to use Express Deposit. 

In addition, the card must be from Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, or the United Kingdom. You cannot make an express deposit with a prepaid credit card. 

How Long Does CurrencyFair Take?

Every exchange consists of 2 actions: first, you send the funds to CurrencyFair; next, CurrencyFair converts the funds and sends them to your chosen recipient.

Depending on your currency, it can take anywhere from 0-5 business days for CurrencyFair to receive your funds. For example, it takes 0-1 days for it to receive GBP or 1-2 days for it to receive EUR. At the slower end of the scale, it can take 4-5 days for it to receive a minor currency like AED (Emirati dirham). Keep in mind that CurrencyFair typically receives deposits between 9am and 5pm Monday to Friday, UK time. Therefore, if you send the funds after business hours on Monday, it could take until as late as Wednesday for the funds to be received.

Transferring money out is generally quicker than sending it in. It typically takes 0-1 business days for CurrencyFair to convert to GBP or EUR, send the funds, and for the funds to land in the receiving bank account. Again, it takes longer to send in minor currencies. For example, it can take 3-4 business days for the funds to leave CurrencyFair’s account and arrive in a HKD (Hong Kong dollar), SGD (Singapore Dollar), or ILS (Israeli shekel) account.

CurrencyFair Best Features

CurrencyFair offers a number of features to make things more convenient and help you get the best exchange rate.

  • Online calculator. CurrencyFair’s online calculator gives you the freedom to see how the exchange rate works and gives you transparency on the fees charged while comparing your savings vs a typical bank.
  • Mobile app. You can exchange and transfer your money on the CurrencyFair website or on the CurrencyFair app, available on both iOS and Android, at any time (except on week-ends and bank holidays) and from anywhere.
  • Marketplace. Likewise, you can use the unique CurrencyFair marketplace to advertise what you think is a fair rate. If someone on the other side of the market is looking for the same rate, CurrencyFair will match the 2 of you together and facilitate the exchanging of funds. . On average CurrencyFair customers exchange at 0.38% versus the average of 2% + from the Interbank.
  • Rate alerts. If you have time and don’t want to exchange at the current rate, you can set up daily or weekly alerts or request an email when a currency reaches your preferred rate.
  • Recurring transactions. If you live or work abroad and want to send money to the UK on a regular basis, you can set up recurring transactions. This also works if you live or work in the UK and wish to send money to your home country on a regular basis.
  • Featured in: Financial Times, BBC News, CNBC, The New York TimesThe Next Web, and the Economist. 

CurrencyFair Customer Service

CurrencyFair is rated 9.3 out of 10 by 2000+ customers on Trustpilot, the leading independent review site. Customer feedback is overwhelmingly positive, with high ratings for both the level of service and low fees. CurrencyFair’s website includes a comprehensive support section with answers to most frequently asked questions. Support staff are generally very quick to answer the phone, and are available from late Sunday nights through to Friday evening (British time). 

CurrencyFair Privacy and Security

CurrencyFair is fully licensed and regulated by the Central Bank of Ireland. Customer funds are ring fenced and held in Tier 1 international banks, giving customers bank-level security and privacy but without outrageously high bank-level fees.

About Kevin Moseri 63 Articles
He has experience in developing online marketing campaigns, online & mobile product launches, and EU funding regulation. He is an active FinTech & MarTech blogger with interests in online banking, mobile banking, mobile payment, and insurance

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