Ash The Great | Oct 31, 2017 | 0
Money Transfer Companies Compared (2017 Edition)
Here is a run down of eight of the most popular money transfer companies (out of dozens). Each company has been compared in the same way to make the comparisons as fair as possible. The only place you will find opinion is in the comment and conclusion section that each transfer company has. The companies have not been rated or ranked because such a simple metric is too blunt of a tool.
Here are eight transfer companies, and the list is in no particular order (not ranked). The companies move money from one account to another, and they convert from one currency to another. The fees refer to the transfer and conversion transaction fees.
Side Note Before You Choose A Company
Money transfer companies make money in two ways. They make them from transaction fees and from skimming from the top of exchange rates. Just because a company charges a transaction fee, it doesn’t mean they are worse value. In many cases, if they charge a transaction fee, they actually skim less off the exchange rate and ergo offer you a more attractive rate. Typically, you should use fee-free companies for smaller transfers and fee-charging companies for larger transfers.
Transferwise (Best for Sending Money Abroad / Converting Currency)
On average, the fee you pay will be around three Euros and then a percentage of the amount you spend (under certain circumstances). Using the P2P marketplace may result in you paying no fees at all.
Even though they are widely accepted around the world, they only transfer 38 currencies. They are the most popular currencies, which is why they still have a large customer base.
They have some of the best exchange rates of all the companies on this list. They make their money with transaction fees rather than skimming from the exchange rate.
The website is very easy to use and very simple to understand. It starts with an exchange rate calculation tool. The website is very intuitive.
[+] Some of the best exchange rates available
[+] The P2P market allows you to affect how much money you receive
[+] Very secure and private
[+] They explain their P2P market in simple terms to avoid confusion
[+] No glitches, bugs or other annoyances
[-] You will have to go elsewhere for currencies that are more exotic
[-] Security checks make signing up a hassle
[-] Some credit and debit cards are not approved for use
[-] The customer service department could be politer
[-] Occasional transfer delays are unannounced and unexpected
Security is very tight, but random holds for security purposes may delay transfers, which may upset customers in a rush. They have the best security in the business, but it can be frustrating at times.
Their peer-to-peer marketplace allows you to set the rate you want and then wait for the right one to come along before you convert. The lowest rates are not guaranteed for every person, but with the P2P marketplace, you may be able to secure the lowest rates in the money-transfer industry.
Transferwise’s rate alerts is very handy and may be used without having to sign up for a full account. It is especially good for people trying to build wealth with currency trading.
Transferwise is far from perfect, but they really shine if you want to save money on your transfers when you are not in a rush. They also have one of the most secure systems in place, which means signing up is a hassle but worth the time it takes.
Transferwise is a strong contender if you are shopping around for the best rates and their extreme ease of use makes them one of the best money transfer companies (especially when sending money abroad from one currency converted to another) currently on the marketplace, as of 2017.
Their peer-to-peer marketplace is explained via a video on their website, and it is well worth getting to know if you plan to transfer money regularly and you are not in a rush. Learn how the P2P marketplace works and you will be able to manipulate it to get more for your money. Read our
Their peer-to-peer marketplace is explained via a video on their website, and it is well worth getting to know if you plan to transfer money regularly and you are not in a rush. Learn how the P2P marketplace works and you will be able to manipulate it to get more for your money. Read our review of Transferwise.
You might also consider CurrencyFair, which is probably the closest thing to Transferwise and gives similar or even better currency rates. However, it’s supported in fewer countries and it can take longer to get the best rate than Transferwise (which is why we didn’t directly include it on this version of the list). In terms of ease of use, Transferwise is superior, but CurrencyFair should be considered if you are shopping around for the best rate.
They have a quoting system that gives you an idea of how much you will get back from your transfer. At this time, they have no transaction fees.
They offer 59 currencies, which is on the higher side. It means they cover popular currencies and less popular currencies.
They give you a quoted rate, and despite being able to beat the banks, they are middle-of-the-road compared to other transfer companies.
They claim a bank beating exchange rate, but that is only for standard transfer accounts. For example, they cannot beat the HSBC Premier account, but you do have to pay a subscription for a premier account, so it may work out cheaper with TorFX if you do not transfer/convert very often.
It is a very simple website, which is a good thing. Click the “Menu” button to see more options. They mostly want you to apply for a free quote, so that is where you are led on the website.
[+] Their exchange rates beat most banks
[+] The customer support department is rather good
[+] Transfers are quick compared to other transfer companies
[+] The transfer process is fairly hassle free
[+] Transferring is easy and uncomplicated
[-] Exchange rates average when compared to other transfer companies
[-] Online platform isn’t a trading platform
[-] Use marketing companies to remove negative reviews online
[-] The “Get a quote” system is inconvenient
[-] They struggle to beat HSBC Premier Account rates
We were contacted by their marketing company asking us to remove our negative points about the company.
The company may receive fewer complaints if it had a beginner’s intro that explained the service for the uninitiated.
There are some people that claim TorFX gives them one rate and then charges another, so beware of this if you are transferring large amounts.
The quoting system makes it difficult to compare TorFX’s rates with other transfer companies without having to wait. The company has a good online reputation, but it has been manipulated. Many people have a good experience with this company, and they are not as cheap as they claim.
There are no fees for using this company, but the minimum transfer amounts may be limiting because it is £1000.
They deal with Interbank, which means they deal with all the 155 currencies that Interbank deals with.
Their exchange rates are cheap when compared to other transfer companies. You will get a very good rate of return with Virgin Money.
The website is very simple to use. Everything is laid out in a very intuitive way, and the FAQ answers all of your questions in a very efficient manner.
[+] Very tight and strong security measures are in place
[+] There are no fees at all
[+] The exchange rates are very good and cheap
[+] Setting up your account is very easy
[+] UK set up and regulated for a scam-free experience
[-] The security measures are rather aggressive
[-] Only UK citizens may get a Virgin Money Transfer account
[-] Limited to £50K per transaction
[-] Limited to £100K per day
[-] Have to call to change limit settings
Its online reputation is muddled because people review their other products in the wrong area. The Money transfer service is very good.
They work with Interbank that transacts £5 billion per year, which is why they are able to offer such low rates.
The currency converter is very good and it shows you exactly what you will get when you make your transfer. It also shows the Interbank rate.
Virgin Money Transfers offer you one of the best rates. It is one of the cheapest and best transfer companies. The only downside is that only UK citizens can open an account. It is a shame that people have reviewed other products in areas where transfer reviews are kept because it makes their transfer service look bad when it is not.
There are no transfer fees with UKForex Transfers, they make their money from exchange rates and from the other tools and services they offer.
They work with 155 currencies and they are not a UK-only company, they accept accounts from all around the world.
Their rates are better than bank rates, but not by a great deal. UKForex transfers are good for traders or people that wish to make money with this and the other UKForex tools.
Scroll down the homepage to learn everything you need to know in order to use the service. Click “Get Started” and get your quote.
[+] A long established and very trusted company
[+] You account gives you more tools than most other transfer companies
[+] Local client support and local bank accounts
[+] Some of their less-popular currency rates are very good
[+] The staff are very helpful
[-] Having to wait for an email to get your quote is inconvenient
[-] Many of its competitors offer a quicker service
[-] You have to call if you want to trade with some currencies
[-] Customer Support waiting times are slightly above average
[-] UKForex and OFX branding is confusing to some people
It isn’t just for people in the UK; the company has merged with ofx.com, canadianforex.ca, usforex.com and clearfx.com.
UKForex isn’t the only one on this list that asks you to email and wait for a quote, but one would hope a company this old and big would know better.
The iOS and Android apps are very good, and it is a public company, which means it is more transparent than most other transfer companies are (which is a good thing).
The company has had a great many years where it was riding high as one of the best transfer companies, but newer companies have evolved to the point where they beat it out of sight. UKForex is a company that is more suited to traders and moneymakers, for whom the transfer function is a convenience tool rather than a staple moneymaker.
They do not have any transaction fees. They make their money off the top of the exchange rates they give you. They charge fees to people in the USA.
They offer 121 currencies. People in the US must pay $10 in fees for transfers under $10,000.
They offer cheap rates, which is rather good. They are amongst one of the cheapest companies for transferring money.
Their website is terrible. There is a popup that appears saying “Before you go,” even though you are not going anywhere. It is annoying, frustrating, and dumb!
[+] The exchange guarantee is sneaky, but okay
[+] Signing up is rather easy
[+] There are some above-average customer support employees
[+] You can save a lot of money if you transfer popular currencies
[+] Great for transfers below £20,000 GBP
[-] The insistence on signing up before revealing anything is unfair
[-] World First’s website is truly terrible
[-] Very low service standards
[-] Incredibly slow service
[-] Setting up a direct debit is tricky
They will take all your details during sign up, even if they know they cannot make the transfer in the currency of your choice.
They are a great company if you are sending more than £1000 and less than £20,000. Otherwise, you should shop around before choosing them.
World First has made its fair share of mistakes, but the fact they keep winning awards suggests they are still trying to improve themselves as they go.
They are not as perfect as their online reviews suggest. On the whole, they are an average money-transfer company, but if you are sending between £1000 and £20,000 GBP, then they are one of the cheapest transfer companies and are certainly worth trying out as you are shopping around.
MoneyCorp have fairly low transfer fees at around £5 GBP per transaction, which means they do not skim your exchange rate too heavily.
Despite working with Interbank, they only offer 90 currencies, but that is fine for most people because it covers the most popular currencies.
Their rates are very good. Compared to the companies on this article, they are in the middle-to-cheaper range.
The website feels outdated and it changes depending upon which company you are viewing from. The way the service works seems to differ according to where you view it from too.
[+] Usually 3-4% better rates than you get with a High Street bank
[+] Great for transferring large amounts in the tens of thousands
[+] They have accounts for businesses and for private citizens
[+] Signing up and getting started is uncommonly easy
[+] Transfers are typically faster than most others on this article are
[-] The sign up process is very easy, but is also very long
[-] One would expect such an old company to deal with more currencies
[-] Having no mobile app is rather unusual for a company of this size
[-] Their GUI, website and online platform needs updating
[-] They do not deal with complaints very well
MoneyCorp has been in business for 30 years, which certainly counts for something. You can be sure they will not disappear any time in the near future.
Companies such as MoneyCorp that charge transaction fees have less incentive to offer poor rates in order to skim a profit from conversions.
The company is a good one, but if their staff starts speaking negatively about other companies, you should ask to speak to their floor manager and complain.
The company is falling behind on the times and there are a few issues they should resolve, especially when dealing with complaints. Otherwise, the company is a very good one and a strong contender if you are looking to transfer money regularly at a reasonably good rate.
There are no fees; the company makes its money by skimming off your exchange rate. It is a common practice that this company uses to avoid charging transaction fees.
They only offer 29 currencies, which is not terrible. They cover the most popular currencies and they have been around since the year 2004.
Money Solutions’ exchange rates are not great, but the ability to lock in a rate will help some people save money if they do not need their money right away.
Their website is intuitive for most Internet-savvy people. They keep things short and sweet, which is not a bad thing in this case.
[+] The ability to lock in a rate may help you save money
[+] Their rates are usually cheaper than what you get at the bank
[+] Very flexible for their business customers
[+] Currency Solutions give good advice on how to save money
[+] The company is very transparent
[-] Getting an email quote is annoying
[-] Not ideal for people that need quicker transfers
[-] The rate you are quoted is not always the rate you get
[-] You need to transfer more than £1000 GBP
[-] What customer support says and what happens may differ
There are some occasions where customers have been reassured of something by a customer support member and then it turned out the customer support member was either wrong or outright lying.
They may charge an admin fee. It is in their small print. They are a very transparent company, but you still have to read the small print to know what they are being transparent about.
Locking your rate means you may hunt for a good rate at your leisure and transfer/convert your money when you get the best rate.
Avoid this company if you want your money quicker because you will get a fairly crappy rate. If you are willing to wait and hunt down a good rate, then you may be able to save money. They are very transparent, which is good, but that is because all the surprises are in the small print for those that care to read it.
Their fees vary from country to country, but in general, if you are sending more than £3000, then there is no transaction fee.
They offer 60 currencies and you may transfer for as little as £50 GPB, which is why they have a very large customer base.
Compared to the other transfer companies that are mentioned on our website, HiFX is on the cheaper side with very good exchange rates.
Their website is very easy to use with most of what you need being on the homepage. Just keep scrolling down their homepage to learn more about their business.
[+] Start your transfer at any time of day on any day of the week
[+] Good exchange rates
[+] Low minimum transfer amounts
[+] Suitable for both private citizens and businesses
[+] A very easy-to-use website
[-] The fees feel rather heavy, especially for smaller amounts
[-] The company could stand to be a little more transparent
[-] Cheap rates, but there are companies that can go cheaper
[-] Some people have to suffer hidden fees
[-] The customer support department needs a few improvements
It is fair to say that some of their fees are hidden and that they could be more transparent about how they run their business. Do your research before sending large amounts.
The company is very fast and efficient when transferring smaller amounts, which may make their transaction fee a necessary evil if you want your money quicker.
The customer service department is not great, but at least they are quick to respond and they do not ignore complaints as some of the companies reviewed on this website do.
The Final Word
Despite their claims about their fantastic online reputation, they are not as clean and sweet as they make out. They are certainly good at what they do and should be considered if you are looking to transfer money, but shop around a little before settling on them because you may be able to do better elsewhere.