Posted by Best International Money Transfer – If you need to move money overseas, you might find it difficult to choose one of the very many international transfer sites available. It has been widely believed that banks are the safest method to move your money overseas.
But this cannot be said to be totally true nowadays with the inflow of many international money transfer sites available all over the globe. Before choosing an international transfer site, you have to compare the numerous ones available.
Determining Features of an Effective International Money Transfer Platform
Exchange Rate
This is arguably one of the most important aspects when selecting a site. The exchange rate can play a very big impact when you are making very large transfers.
For example, if you’re sending US$10,000 (USD) to the United Kingdom (GBP) and the exchange rate is 0.79, you will receive £7,900. If the exchange rate is 0.81, you will receive £8,100. You can see how much difference a slightly better exchange rate makes when you’re transferring larger amounts.
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Amount Received
After the exchange rate, this is arguably the second most important factor. This is the actual amount you expect to receive in your destination bank account after any fees have been applied.
This is really the key deciding factor when selecting a service.
Exchange Rate
This is arguably one of the most important aspects when selecting a site. The exchange rate can play a very big impact when you are making very large transfers.
For example, if you’re sending US$10,000 (USD) to the United Kingdom (GBP) and the exchange rate is 0.79, you will receive £7,900. If the exchange rate is 0.81, you will receive £8,100.
You can see how much difference a slightly better exchange rate makes when you’re transferring larger amounts.
Transfer Fees
This is the fee associated with making a transfer from one place to another. Depending on which service you use, this may be a flat fee, a percentage based on the amount of your transfer, or a fee that is dependent on the methodology of the transfer you’re using.
The fee will generally be higher if you’re using a credit card to make the transfer. The best option is to use your bank account when using a money transfer provider. Some sites will even offer transfers without fees!
Transfer Speed
The actual speed of the money transfer i.e. how long it takes to deposit your money into your receiving account is an important factor. This generally ranges from a few hours to up to five working days.
Depending on your specific needs it may be best to use a service that offers fast transfer speeds. In this article, we will be listing those sites that help you transfer money internationally.
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5 Best International Money Transfer Sites
CURRENCIES DIRECT
Founded in 1996, it has quite a bit of history and is older than several of the other companies on this list.
Currencies Direct does not charge any transfer fees, and the exchange rates are incredibly low and competitive. Accounts are set up online or through mobile devices, and those accounts are free as well, and quick and easy to set up.
Currencies Direct is one of the companies with the best rates on the market today. The only drawback is that Currencies Direct only transfers to as few as 20 different countries with different currencies.
XE MONEY TRANSFER
XE money transfer offers a wide range of services that is probably absent in other transfer sites. They are available in 170 different countries of the world and you can make transfers easily to all these countries.
They also boast of one of the best exchange rates in the international transfer market. One interesting thing about XE money transfers is that there are no additional fees.
XE boasts over 285 million visitors to its site each year and has had over 65 million app downloads since the site first launched. They work with over 200 of the leading global brands, such as Apple, Walmart, Google, Amazon, and more, and in the year 2015 alone. Over $74 billion dollars was transferred safely and quickly using their service.
OFX
OFX is one of the international transfer sites that help you transfer money without a transfer fee. They offer transfers directly from the purchaser’s debit card or via wire transfers.
They are a bit limited in how the money can be received, requiring that it must be deposited directly into the receiver’s bank account. The platform is well-known globally; With offices located in several different countries: the United States, Canada, Australia, Singapore, Hong Kong, the United Kingdom, and New Zealand.
OFX support 55 different currencies, including, but not limited to, currencies in the United States, Canada, Switzerland, Japan, Mexico, the United Arab Emirates, Poland, South Africa, China, Indonesia, Israel, South Korea, Russia, and Pakistan.
A major downside of OFX is that they do not offer same-day transfers. Depending on a number of factors, transfers with OFX can take anywhere from one to two days up to three to five days for some of the more locations.
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WORLDFIRST
WorldFirst is another United Kingdom-based money transfer company. It has a 24 hours a day, seven days a week customer service and account monitoring guarantee, and it offers both same and next day transfers to many countries.
Whenever you are transferring to another WorldFirst customer, you will not be charged any transfer fees. However given you are transferring money to a recipient in another way, fees will be added to your transfer.
Despite the fees, many people love WorldFirst because it offers one of the largest pools of transferrable currencies. Boasting a huge 187 different currencies.
WESTERN UNION
This is another incredibly well-known and popular money transfer system, especially in the United States. Western Union has operations in over 200 different countries, boasting a huge 550,000 locations around the globe.
They also provide the same or next-day delivery of transfers to most recipients, depending on which country someone is sending money to. Western Union charges extra for this rush delivery; it is not standard practice.
Western Union is also known for having quite expensive rates, as well. Sometimes, the transfer fees are no more than five dollars. This depends on the amount of money being sent. Then there’s the inflation rate for the exchange rate which can be over 6%.