How to Find the Best Money Transfer Companies

How to Find the Best Money Transfer Companies

Finance

The market has definitely recognized the need for money transfer services. Frequent moving and traveling are some of the main characteristics of humanity today. Nowadays, there is a massive range of companies offering global money transfer services. Yet, there is also a tremendous noise of info that doesn’t help you choose the just right for you and your particular needs. Here we analyzed ten money transfer companies to help you cut through the noise. We did it using the top three features that determine the company’s quality to a large degree:

• Total Fees
• Account Features
• User Experience

Revolut

Revolut is a money transfer company established in the UK in 2015. It started as a travel card providing favorable exchange rates, and now it can be referred to as a digital bank that it’s slowly becoming.

Fees

You can open the account for free and order the card for €5.99/£4.99. There are no monthly account costs. With the Premium account (£6.99 a month or £72 a year), the card is coming for free. ATM fee depends on the amount you’re withdrawing. It’s free for up to $200 per month, and after that, it is 2%. It’s also free to transfer money from your Revolut account to any international bank’s account in the same currency. Yet, it’s not for free if you use SWIFT. Exchanging rates are real, and you can trade currencies in €6,000/£5,000 value per month for free. After that, the fee is 0.5%. On weekends it always costs to exchange money on both free and paid accounts (0.5-2.0%). There is no fee to top up your account.

Account Features

With the Revolut account, you can transfer money in 30 currencies. There are no hidden fees (interbank exchange rate). You’ll get access to five cryptocurrencies. With a Premium or Metal account, there is no limit for transfers, with no fees.

User Experience

It is effortless to manage money with the Revolut app. You can pay bills, transfer money, receive your salary with your Revolut app, and split bills with others using the app. There is also a cool feature called People Near Me; you can send and receive money from/to people around you who are using the app without using their phone number, via GPS technology.

MoneyCorp

MoneyCorp is a British company in the foreign exchange industry for almost three decades. So, the company understands the money transfer market very well. They are among the largest companies dealing with international payments.

Fees

You can open an account for free. MoneyCorp doesn’t apply any transfer fees for its users, and there is no upper limit. There is a lower limit - 50 dollars in the United States, 50 pounds in the United Kingdom, and 50 euros in the Eurozone. MoneyCorp charges a markup on the exchange rate you get. It depends on the value you’re exchanging; if you trade more significant amounts, you’ll get a better rate. So it can be costly for smaller amounts. Also, the rate depends on the currency. Popular currencies, like USD, get better rates. UK residents can get MasterCard (Red Explorer Card) for free with no fees for ATM withdrawals abroad.

Account Features

MoneyCorp account allows you payment in over 120 different currencies to 190 countries. You can process an international transfer over the phone or send money online in up to 33 foreign currencies. You can set up regular payments in other countries, sending your salary home or paying for bills/living costs.

User Experience

People tend to express dissatisfaction with the process of opening the account; it can take a while. There is also no live chat as a form of customer support; you can reach them through phone or e-mail.

Eurochange Travel Money

Another UK company with over forty years of experience in foreign exchange services. Now, they are offering travel currency, international payments, and remittance services.

Fees

You can get your prepaid MasterCard for free and pay a 2% fee to load the GBP purse. There are no fees for loading purses in other currencies. You can withdraw your travel money in Eurochange branches paying a fixed fee ($4,7 for example), or you can use it for paying bills in shops, restaurants, and online fee-free. There is an ATM fee that doesn’t depend on the amount (£1.50, e1.75, etc.). The transfer fee for transferring one currency to another is 5.75%. The maximum total balance on your card is £5.000 (including all currencies), and the minimum load value is £50.

Account Features

You can choose between 70 currencies. A Click Collect feature allows you to collect the currency you bought in some of 192 branches nationwide immediately. Or you can order it at the home address and expect it the next day.

User Experience

It is fast and simple to buy and sell foreign currency over this service, and there is the customer support that you can reach in branches, online(live chat), or over the phone to guide you through every step if you need it.

FairFX

The services FairFX offers are international money transfer, transfer cash, and travel cards. They have more than a decade of experience, established in the UK in 2007.

Fees

FairFX doesn’t apply any fees on money transfer. They call it the FairPay currency transfer service. What you need to pay attention to is the exchange rate you’re getting for a particular trade. The larger amounts you’re trading, the fee is lower. Also, the fee depends on a currency pair that is involved in the exchange. In general, FairFX rates are very competitive compared to banks, but rates are less competitive for small amounts. The lowest amount to send via FairFx is £100. You can open an account and get the MasterCard for free, and you can load it with no fees. The ATM fee is £2 per transaction.

Account Features

FairFX serves 210+ countries. You can use two types of transfers - online transfer and phone transfer. Both are made directly to the recipient’s bank account. You can schedule transfers, rechannel your pension payments to your home bank account, move money to your family cards, and use FairFx for other purposes.

User Experience

People are mostly satisfied with the FairFx service. It takes a few minutes to sign up for an account and send money. There is a free, downloadable app available on both Android and iOS platforms, which is user friendly. There is the customer support that can be reached through the app as well.

XE Money

XE Money is part of Euronet Worldwide, one of the largest money transfer businesses in the world. As it’s stated on their website, they strive to offer the most simple, reliable, and friendly money transfer service.

Fees

It's free to open an account, and there are no monthly charges. The XE Money doesn’t charge fees to receive money, and they don't apply transfer fees to foreign exchange transactions. XE profits from the exchange rate they use, including a spread or markup on the real exchange rate. You will get very transparent info about the rate you get for the particular transaction. It’s an excellent choice for larger amounts. Also, you may be subject to charges associated with the SWIFT network.

Account Features

XE trades in 60 currencies, and you can transfer money to over 170 countries. There is no lower limit on transactions, and there is a pretty high upper limit for online transactions (£300.000). There are excellent exchange rate tools you can use.

User Experience

It’s easy to open the account and make transactions. There is an international support team speaking several languages. The online platform is excellent, and there is a free app available on most of the platforms. There is some dissatisfaction regarding info about the exchange rate you get when you’re all set to finish the transactions and not earlier.

TransferGo

TransferGo was founded in 2012 in the UK with the ambition to shake up the international money transfer industry by creating a unique business model with a superior consumer experience. Since then, the company is continuously growing, making about £5m annual revenue.

Fees

TransferGo charges a fixed fee depending on which country you’re sending money from, and between 0.00% and 3.3% commission on the foreign exchange. All fees are included in the amount your receiver gets. The exchange rate margins are depending on the transfer corridor and the amount being sent. Also, fixed fees are depending on how fast you need it delivered. If you want faster services, fees are more significant. SWIFT fees might apply. TranferGo has no control over these fees.

Account Features

You can send money from 33 countries to recipients in 53 countries. The choice of services is broad - from “Standard”, which takes up to 3 days, to the “Now” option with a delivery time of just 30 minutes.

User Experience

There is the TransferGo App available on both Play Store and App Store if you want to send your money on the go. Customer support, called ‘happiness team’, can talk to you in Lithuanian, Latvian, Polish, Russian, Romanian, German, English, Ukrainian, or Turkish. The downside is that you can only get live support by calling the customer support team during working hours.

Travelex

Travelex is a British foreign exchange company headquartered in London. Its primary services are international payments, foreign currency exchange, issuing prepaid credit cards for travelers, and global remittance. Travelex has over 1,000 stores and 1,000 ATMs in 26 countries at key airports, seaport, rail, tourist locations.

Fees

There is a card purchase fee (Travel Money Card), and it depends on the purchase location. Loading a card with domestic currency usually implies the fee (about 1,1%). Reloading is free. There is no ATM withdrawal fee. You need to pay attention to the exchange rate fee, which is 5.50% of the amount you are paying in a foreign currency. Travelex uses the MasterCard exchange rate, which may include the margin.

Account Features

Travelex offers various services, including online and local travel money, wire transfers, and travel cards. There is a convenient possibility to lock in the exchange rate at the time of purchase and to load multiple currencies onto the card. So, if you are traveling through multiple currency territory, you don’t have to worry about the exchange rates. There is a 24/7 service for emergency cases if you run out of the money during your trip. You can also pick up the currency at the Travelex store or order it on your home address with no costs for more than £600.

User Experience

Travelex services are fast, secure, and regulated. There are some negative comments about customer support problems, a limited number of destinations for international wire transfers, and pretty expensive exchange rates, especially for smaller amounts. A mobile app is available for iOs and Android allowing you to send money abroad, top up your Travelex card, check your balance, view recent transactions, and order cash for delivery or collection.

Viabuy

VIABUY Prepaid MasterCard provides you with an online account that has a personal IBAN assigned to it. The issuer of the cards is the British company PPRO Financial Limited.

Fees

To open an account and get the card, you pay a one-time fee of EUR 69.90. You can also get up to three partner cards included in this price. There is a monthly maintenance fee of EUR 9.95. Loading the card is free. Paying in account currency is also free, no fees. The fee for foreign currency payments is 2,75%. ATM cash withdrawals fee is flat - EUR 5.00. It is free to send and receive money to/from another Viabuy account. Domestic/SEPA transfers are also free. Note that there are many options for money transfer with belonging fees, transparently listed on the website.

Account Features

The online Viabuy account is an excellent alternative to a bank account that you can load free of charge by bank transfer via IBAN. There are many payment methods to choose from. Receiving money from your friends and family is accessible as a bill sharing and is happening in real-time. After each debit on your card, you will receive a text message or email.

User Experience

People tend to love the card’s fancy design, which comes as Gold or Black and personalized. It is easy to apply online and open the account, and the card can be at your address within 24h. Customer support service is also praised among users.

CurrencyFair

CurrencyFair is based in Ireland, with offices in the United Kingdom, Singapore, Hong Kong and Australia. They were established with the idea of creating a world of fair financial services. It provides peer-to-peer transfers in 19 currencies, with favorable exchange rates and competitive fees.

Fees

Opening the account is free and easy. There are two transfer fees. One is flat - £3 value in a particular currency. And another is the percentage of transaction amount - 0.25-0.3% if you match with another user, or 0.4-0.6%, depending on the currency pair, if Currencyfair matches with you. CurrencyFair claims that, on average, the cost of sending a transfer is around 0.45% of the transaction amount. There is no card issue possibility.

Account Features

You can set the exchange rate you want and then wait for it to be matched by another user who wants to exchange currencies in the opposite direction. If there are no other customers available to fit your rate, CurrencyFair will match with you instead. CurrencyFair only offers bank account transfers and supports only major currencies.

User experience

If transfer amounts are not too large, this is a really inexpensive way of sending money. People find currencyfair efficient and fast transfer service, with great exchange rates and a transparent fee structure. There are some complaints about people not being able to track their money and reach customer service.

TransferWise

TransferWise is a London-based online money transfer service founded in January 2011. They support more than 1000 currency routes across the world and provide multi-currency accounts.

Fees

Tranferwise is maybe the most transparent company about their fees and charges among transfer companies. It’s free to create a TransferWise account, and there are never any monthly fees. It’s also free to hold fifty currencies balance on your account. There is a fixed fee for sending money that depends on currency (65p). The exchange rate is real (mid-market rate) and you are paying a margin on top of it. There is a convert checker that shows transparently how much and what are you charged for.

Account Features

TransferWise supports sending money to 71 countries and sending money from 43 countries. The company covers 1000+ routes (country combinations) across 57 currencies. Most supported currencies offer one option: a bank transfer from one bank to another.

User experience

Transferwise is known for its spectacular user experience. TransferWise mobile apps have great ratings on Apple’s App Store and Google’s Play Store. It’s easy to use TransferWise but they also have stellar customer support service, according to users' comments. The answer to the question "Which Money Transfer Company is the Best?" is obviously - "It depends!". It depends, of course, on your particular needs. We hope we helped you find the best one for you.



 

Understanding finances

If you want to become better at understanding finances but you don’t know where to start, at least know that nowadays there is a wealth of information on the subject and getting started is not difficult. Libraries, bookstores and websites can provide you with most of the information you need on every financial topic you can imagine. Anyone who is interested and willing to put in the time can get access to all the needed resources. Here are some tips so you don’t get lost in the process:

Take a finance course
Look for courses from universities and other academic institutions that can guide you in your learning journey. You can also have a quick read at books such as The Richest Man in Babylon or the well-known "... for Dummies" series which can provide you with insight into the basics of finance so that you can then identify specific items that you would like to learn more about. 

Internet is your friend
For any questions, there’s no better place to go to for fast, easy access to information than the web. You can look for finance information at Investopedia and similar sites that provide access to infinite amounts of information and will also keep you updated on the latest financial developments. You will also be able to find economists, strategists and other experts that can be interesting and informative to you. 

Get deeper into the subjects
Once you’ve covered the basics of finance it’s important to immerse yourself in more complex financial subjects. There are great publications and magazines that can truly help you gain more in-depth knowledge than you will usually get surfing the web or taking on a course. The more you are able to deal with complexity, the easier also the basic finance matters will be to deal with. 

Get familiar with the language
There is really not one formula to do this, the best advice is to just take initiative and immerse yourself into the subject while taking the time to search for the meaning of unknown terms when you come across them. Taking on a course can also help you a lot in getting familiar with the finance lingo. Some of the main concepts you will learn about will be: how to measure profitability, EBITDA, operating income, revenue and operating expenses. 

Don’t fear!
Don’t avoid finance just because you don’t feel you’re good at math or you find it boring. It’s not as complex as it seems at first and it is truly necessary to keep score on your business and measure your progress. Most finance operations are mathematically not that complex.

Either because you feel you are ready to take on your finances on your own or you feel you may need some advice and assistance, check out these finance companies that may help you engage in and improve your finances.

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