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The Best International Money Transfer Companies

Sending money through a specialist money transfer company is usually your best option. They offer a better exchange rate and faster transfers than banks or PayPal.

Overall, I believe the best company is Wise . In reality though, there isn't one simple answer. It depends on the specifics of your transfer. Read on and I'll help you choose a service that best meets your needs.

Money transfer companies provide secure, fast, and often cheaper ways to send money internationally, ideal for both personal and business use . They offer features like real-time exchange rates , low fees , and multiple delivery options. Popular companies include Wise, Xe, and RegencyFX.

Using your bank for international transfers is costly due to poor exchange rates and high fees.

Thankfully, there are better alternatives available.

My selection of the top money transfer companies

"Over 16 million customers use Wise, mostly for their excellent mobile app, transparent fee structure & use of mid-market rates. Now increasingly used for larger transfers."

"Regency's UK-based account management team has vast experience. Get support on all kinds of transfers, from overseas property transactions to business payments & more."

"Currencies Direct have over 30 years of global money transfer expertise. Award winning service with a TrustPilot rating of 4.9. Lock-in rates for the future or trade 24/7 on web or mobile."

"TorFX's 5-star service handles most currency needs, especially relating to overseas property, emigration & retirement. Friendly phone support, no-obligation advice & no max transfer limit."

"Zing is a new money transfer app, offering a best-in-class mobile app & member perks. Fee structure is competitive, especially for smaller, regular payments."

"Xe has over 30 years of currency exchange experience, and is one of the most reputable names on the market. 200 countries, 100 currencies, & funds often received in seconds."

"Key Currency offers a personal service with a dedicated account manager. There are no transfer limits or fees which is perfect for larger send amounts."

"OFX have been helping individuals and businesses send money for over 25 years. Transfer in 50+ currencies to 170+ countries, with 24/7 phone access to currency experts."

"Most transfers are instant or same-day. Customers can earn rewards on every transaction."

"Remitly focuses on sending money to friends and family in Asia, Africa and South America. Wide coverage and well-suited to regular transfers home."

"24/7 live chat support provided in six languages. Special first transfer rates available, with airtime topup supported to many countries in Africa, Asia and South America."

Business choice

Specialist money transfer companies offer:

Better exchange rates

Low or no fees

A mix of online and managed service

In this guide, I have compiled the top 10 international money transfer companies. I have detailed their pros and cons, rates, and key attributes to help you make an informed decision.

Who is the best and why

A money transfer company will provide a service to send money from one country to another. They are different from banks, or payment apps, in that they often offer more competitive rates.

Money transfer companies fit into two categories - online-only providers and managed services .

The most suitable money transfer company for you will depend on your specific transfer. This table gives an idea of how these two options generally compare:

Trusting our data

Our search results include over 50 providers , more options than many others on the market.

To compile this money transfer companies list I have also looked at banks and PayPal to give you the full picture of sending money abroad.

In every article, I cover fees, exchange rates, user reviews, online feedback, and supported currencies. This is to ensure I provide you with all the possible information on each company.

Every transfer is different and I’d always recommend searching for the amount you want to send, and where you want to send it to. This will give you a live price on a specific transfer.

Each money transfer company in detail

Below I've outlined the top money transfer services and why I like them in more detail. I've also provided some key information on how they made the top 10 list.

As with any money transfer, I would recommend carrying out a search based on the specific requirements of your transfers.

I have been a customer for a few years. Yes I love the instant deposits as I make around $1K. However as many non US entities Wise uses a bank out of New York. Therefore the TRANSFER and DEPOSIT from an account transfer can take 4 to 6 days. What this means is that you will not able to make another ACH transfer during this time. This is frustrating if you have to make a follow up transfer in a few days. All in all don't plan to make more than 4 transfer in a month because it may not fo through, Not sure if other transfer companies operate the same way but I am about to find out as I will try Revolute. Bottom linw will require you to use ANOTHER payment method like credit card or some other method. Understand this: YOU MAY HAVE THE MONEY IN YOUR ACCOUNT but they WILL NOT TRY TO VERIFY IT WITHIN THE THE PERIOD IT WILL TAKE THEM TO DEPOSIT IT IN YOUR ACCOUNT. To add insult to injury I called in and the agent siad that they can see that they got paid but the computer takes time to update/reconcille I guess! It is a slow system!

The service is decent, nothing more. I have had security issues that are not quickly resolved. Call center personnel are average. The app is not, in general, user friendly. You should definitely do research on a variety of service providers before making a choice. Do not take the reviews at face value. I chose Wise based on positive reviews but now regret not doing more research on other companies.

So far so good

I checked to see if Wise even sends money to Colombia. Colombia is not even in their list of countries. Why is it even advertising for Colombia?

Bill Sanders

I have used Wise for several years. They once rejected a large transfer because it was to a coal company. Apparently, they are a woke company! But they refused to tell me why. More recently, they required verification of my identity using a smart phone. I am 69 and never owned a cell phone because I don't need one. But they forced me to buy one, which I did last week. Getting the phone updates ate up all my data, so i got 1 GB more. I took 12 different pics of my passport and another 12 of my face for them. They rejected them - and are holding up my transfer. Now my phone ate up that gig of data and I must buy another gig (thru Tracfone) just to use the phone. What a hassle. This is not a photo studio! They know who i am already. Note: This comment has been edited by the MoneyTransfers.com team to align with our content guidelines.

Ziggy Meilus

It used to be always instant, now it may come right away or it can take 5 even 7 days to get the money.

i've heard of people having issues with accounts being locked/restricted, but i think that was mostly for business accounts, maybe they were locked for good reason. for me, i've had no issue with my account though i've only used it for small transfers and not very often, over the past 5+ years

i like having the real exchange rate with clear fees. sometimes the fees are a bit high, but usually still cheapest compared to revolut or others. very helpful as i was travelling around southeast asia

Wise is listed as the best money transfer company in the market. For me, it is the go-to option in several scenarios, including regular payments to friends and family, and receiving payments. Simple fees and having an exchange rate that matches the mid-market rate make it nice option for smaller transactions.

Great for smaller transfers at the mid-market rate and sending money regularly
Mid-market exchange rate is matched with low and transparent fees at 0.35% of the transfer amount
Biggest number of supported countries (130) and currencies (70) of any company listed
Additional services like multi-currency accounts allow you to hold, send, and receive money more conveniently
Seamless use between the app and website
Fees on larger transfers can add up, although the mid-market rate offering does keep them competitive
No account management should you need it
Reddit users have noted some ongoing issues with customer support

For these reasons, Wise is one of the better money transfer services for sending and receiving money in different scenarios.

Wise video review

David Piper

Superb service, great rates

Simon Smith

Regency FX are great. Sending my earnings in Saudi home, and the guy that looks after me is brilliant

Claudio Velazquez palacios

Pay all transacción ok tank

Geoffrey Brooke

A very stressful experience. Their verbal quote was a lot higher than what they actually offered us once they had our money. On the Monday, Jamie at Regency FX verbally quoted us €1.1714/£, which was better than anyone else on the day. So we transferred our money to them, but by Thursday, he quoted us less than €1.14/£. The spot rate on Google had hardly changed and other FX companies were still quoting around €1.17/£. Fortunately, we were in no hurry to send the money so asked that they refund us if they couldn't get near €1.17. By Friday afternoon, Jamie quoted us €1.1647/£, which we reluctantly accepted (to reduce the hassle factor), which seemed to be about average when compared to other FX traders. Most of the initial reviews we had seen seemed quite positive, but when we looked further, we saw that there were others who had a similar experience.

When it comes to handling big international money transfers , we recommend the UK-based Regency FX .

They are one of our top choices for different types of large purchases. This includes buying property, mass payments for business, and milestone events.

The specialist nature of large transfers also allows for more insight into taxes and processes that you might need to consider.

They are the recommended provider in 32% of searches on our site where a managed service is the best option.

Personal service that aids in the challenges of large transactions
Ability to lock in rates with forward contracts ahead of milestone purchases
Does not have a mobile app, just an online platform (although this is mobile friendly)
Serves fewer countries than XE or Wise

Roshan Firouz

Currencies Direct will be very friendly and efficient in TAKING your money, but when you ask for it to be transferred, they will shamelessly put every possible and impossible obstacle in your way in order to stop you from moving the money.

Currencies Direct is a great choice for sending money abroad if you’re looking to send money to Europe in particular . Although USD and AUD are also supported.

The company is listed as one of the specialist companies for buying property abroad as it is one of the cheapest managed services on the market.

They are listed as the cheapest option in 51% of all managed service searches on our site. For reference, Regency FX was second on the list at 32%.

Great options to send money to and from Europe
No transfer fees for international transfers (although a higher exchange rate than some)
Expert insights, analysis and rate alerts are available
Only allows bank-to-bank transfers
Limited support for African currencies

Currencies Direct video review

TorFX , like Regency FX, are great choice for large transfers. Although, are limited to UK customers.

For people sending from the UK, TorFX are a great options for buying property, international business transfers and statement purchases from the UK.

They are the recommended provider in 56% of searches for large transfers from the UK in particular.

Personal service that aids managing currency risk from the UK
Offers an app alongside this, which can help with smaller regular transfers if needed
Ongoing currency management and forecasts which offer a fantastic insight to how to key moves on chosen currencies
Only available in the UK, US users should consider using a different managed service like Regency FX

TorFX video review

I used Zing to pay at bars and restaurants in Portugal. I didnt bring the physical card with me, so relied on the Apple Pay integration. It worked perfectly, with the exception of one time when the transfer was declined. However, the Zing app didn't notify it was declined until after I had left the restaurant. A bit of a pain, as I had to return later that day. I'm not sure the cause of this, as the card continued to work fine after. I contacted Zing's live chat support on the app, which was pretty fast to respond, however did not really give an adeqate explanation of why the transaction was declined or why I was not notified by the app about this. That one instance aside, it worked fine for around 15 other transactions totalling over 1,000 EUR. The conversion process from GBP to EUR was very easy (the app is excellent btw). It takes a bit of attention to figure out exactly how the fees work and how much you will be charged. Some of my conversions from GBP were done for a discount, as Zing does offer a certain amount of free conversions per month. I converted £800 to EUR, which cost £0.60, and a further £250 which cost £0.50. Both conversions were done at mid market rate. Overall, it cost me £1.10 to convert £1,050 to euro, which is around 0.1%. Pretty happy with that, negligible costs on the conversion and a solid overall experience. I will probably use again next time.

Zing is a relatively new company in the money transfer space, launching in early 2024.

Although new, Zing offers a strong combination of speed and pricing. Transfers are usually complete within there's no fees up to £500 and the markup is 0.2%.

On smaller transfers, the company is competitive with Wise in terms of cost. Once the transfer amount exceeds £500, Zing is only 0.05% more expensive than Wise.

Zing is currently only available to UK users. We would highly recommend them for those looking for an alternative.

Competitive pricing at 0.2% markup, making it one of cheapest options in the market
Comes with a multi-currency card and account for spending abroad
Backed by HSBC indicating long term growth potential
Currently limited to UK users. US users are recommended to use Wise

Does not support transactions for people resident in Indonesia

I have had Revolut for a long time and I can recommend, the best app for me Note: Translated from "Revolut už mám dlouho a můžu doporučit za mě nejlepší aplikace"

I haven't been able to set up. it won't resend the codes

Revolut has been edging into the remittance market due to its wide range of supported currencies.

The app can also utilize P2P transfers to other Revolut users at a low cost, or even at no cost depending on the location.

For me, the company is a good choice for things like; overseas purchases, domestic payments between family and friends, and regular payments to international students .

Although, there are tiers and limitations to the service to be aware of.

Great app to handle regular international transfers
Additional (paid) services like pet insurance, trading, and more
Tiered membership to help reduce the cost of regular sending
International money transfers have higher fees on weekends
Exchange rate can be difficult to understand as the calculations aren’t shared
Frequent updates / work on the app can prevent you from instantly sending money

All in all, if you're looking for a seamless, secure, and affordable way to handle regular money transfers, Revolut is a good option.

My dad, my brother and I use Revolut a couple times a month to send money between Lithuania and the UK. It's super convenient with one-click payments and instant transfers. Plus, it makes our family finances easy and hassle-free with request funds feature, so no more awkward money talks. Artiom Pucinskij

Great for large transfers.

Fast, great rates, easy to use. Good for large transfers.

Paul Ansems

XE money transfer scam -stay away-WARNING Don't use this company! After several successful transfers. This time, I sent the money and they received it. After 7 days with no reason that they would cancel it. I sent their compliance team everything they asked. I found my privacy threatened but sent them anyway. I asked for a supervisor or manager but was denied. They obviously hang onto your money as long as possible and after making money from it like interest. If the exchange rate amount is too high and drops after holding it then they cancel it. WARNING Don't use this company!

We’ve found them to be faster on larger transfers. For comparison, a $10,000 transfer on XE to the UK will arrive on the same day .

The same transfer on Wise has an estimated delivery of 3 days. Although they are largely in line with Wise for smaller transfers.

The company is recommended for sending money to friends and family, as well as buying goods overseas. The benefit of using XE for this, paired with its general speed , is simply the peace of mind it offers.

Fast transfers for higher amounts in particular
Ability to opt for a managed service if needed
Access to historical data and rate alerts aids in planning and understanding if you are getting a good deal on a transfer
No cash pickup in Australia and New Zealand
No cash payment option
Markup charged on exchange rate is less competitive than the cheapest options

Key Currency is one of our recommended managed services, because of its competitive rates in Europe .

The company is listed as the cheapest managed service provider in 78% of transfers involving the euro, compared to 13% for OFX and 8% for Regency FX.

The company sits a little further down the list as Regency FX offers a bit more scope in terms of cheaper currencies other than the euro.

Large transfers to and from Europe are hugely competitive
Access to Spanish speaking account managers
One of the best rated managed services on TrustPilot (4.9 / 5)
Only 19 currencies in total - smaller than many other managed service providers
Online, email and phone-based could put some people off

Michael Patrick Briggs

It amazes me that a company dealing with your money can afford to be so cavalier with how they treat you. I made a transfer of AUD$3000 to two different recipients on a Monday, then apparently needed to verify my identity due to an update of location actioned by a staff member without my consent. I provided that on the Tuesday, and despite contacting OFX three times over the next few days, only got an update at 4.30pm Friday that more information was required. That came with a promise that if I got it to them fast, my transfers would be processed before 5pm. I sent the requested information within minutes - it is currently 5.30pm and nothing has happened. That means AUD$3000 has been sitting with them for a week, transfers don't occur on the weekend, and I have no faith it will even be Monday, because they only get back to me if I chase them. If you put AUD$3000 on the short-term money market along with money from the 100,000 other customers they cheat like this, you make some pretty good intertest off other people's misery. OFX should be ashamed of themselves and fined by the regulators - I'll certainly make sure at least one of those things happen, but otherwise highly recommend you choose another provider for international money exchange.

OFX is a managed service provider that, similarly to Currencies Direct, offers a nice blend of online support to match.

The company makes our list because of the ease of making routine or regular payments .

For businesses, there’s also the added benefit of being able to make mass payments. Take a look at our OFX business review to learn more about their business features.

The customer service offered by OFX is another reason we’d recommend them for larger transfers, or those unsure of the full process.

Reviews often cite them as being patient and helpful. This is helpful for complex situations where transaction amounts could be quite high.

Intuitive app that comes with a range of nice features
Competitive exchange rates starting from 1.3%
Mass payment functionality that is one of the best in the market
Nice blend of online-only and managed service options
Slightly more catered to business, so might not be great for ongoing personal use

Expensive rate of charge

Excellent online service, so far

Reliable fast trustworthy

Instarem offers access to markets in Asia and South America that can sometimes be costly.

It makes our list because it pairs this access with still staying cheaper than banks.

Accessible in some hard-to-reach locations
Dedicated support team with 24/7 customer support
Can take some time to create an account and verify your details
Charges high fees for debit and credit card payments compared to other providers

Good option

good and easy

First time user. So far is fast and easy.

Currently unavailable to send money from USA to Russia

Remitly is listed as one of the options for sending money to friends and family as it allows for cash pickup options.

Their rates are competitive and they offer various delivery options. Remitly caters to both urgent instant transfer requests and less time-sensitive ones. Generally, faster is more expensive.

Lots of payment methods to choose from
Ability to lock in the exchange rate
Frequent updates on your transfer status
Steep transfer fees on some transfer corridors
Limited network of only 22 countries
Low sending limits for T1 accounts

Airwallex is the best way to send money for business. It offers a competitive exchange rate and product that is second to none .

The provider is a specialist business money transfer company and offers a lot of options, like multi-currency accounts and marketplace support.

Exchange rates start from 0.5% , which is competitive in the market as a whole, but as a business provider - with the service offered - is incredibly strong.

Offers businesses multiple options, local accounts and support for international business payments
Comes with accounting and marketplace integration for paying, and being paid, directly from third party platforms
ATM fees and accepting card payments are higher than other business options

Airwallex is a provider specifically for businesses making international payments. If you are looking for support for international business transfers, we recommend comparing all specific business providers.

I cannot figure out how to fund my transfer with my bank account instead of a debit card. The Chat service took way to long to answer my questions. Frustrating experience.

Robert Myles

Hi All a good place to send money to ghana

Jake Reynolds

Is this company an app? Or does it run a proper website? Who knows? Customer service is only through their app so I am guessing that if you dont do 100% of your transactions through your phone, forget WorldRemit. I dont use my phone because after all the extra strong passwords, and bio id, and 2 step verify, and whatever comes next they are STILL UNSECURE.

The money I sent got stuck without a return because I couldn't provide a bank statement as proof. The bank account I was having didn't have that privilege. All requirements should be stated beforehand.

app not working. tried to use on my smart phone and woudnt sign up.

It's quite easy to understand why WorldRemit is a popular choice for people who want to send money abroad.

There are a lot of options across Africa, Asia, and the Americas. This global reach allows for airtime sending .

Presence in over 130 countries and support for 50 currencies
Transparent fees and exchange rate
Fast transfers, often complete in minutes
Supports airtime transfers
Low maximum sending limit of $9,000 every 24 hours and $5,000 per transfer from the US
Can be costly for large transfers

WorldRemit video review

Picking a money transfer provider that suits you.

To make sure you get the best deal on your international money transfer, it's important to consider certain factors.

Global coverage

There are several points that we look for within this.

The currencies: Here there’s a need to look at both sending and receiving options. Anything that is ‘out of network’ - a currency that isn’t supported - will incur extra fees.

The countries: Some money transfer service providers will allow you to send multiple currencies, but may only allow you to have an account or sign up in one. This doesn’t necessarily mean that the transfer will cost any more, but it does mean that you might have limited sign-up options if you’re in an unsupported location.

Customer support: This falls into global coverage because there’s a need to consider what support you will receive - some countries will not be supported by telephone support for example. Companies offering support in multiple languages and countries are important, as these are global payments, for a global customer base.

Fees and rates

Some elements will impact the cost of a money transfer:

The amount: The size of the transfer can impact the cost. Usually, sending large amounts of money can have higher fees. However, some services have different pricing tiers. So, the cost per unit might actually decrease as the amount increases.

The route: The cost can change depending on the countries you're sending money from and to. Some routes are more expensive due to currency changes, local regulations, or less competitive markets. Understand how the destination country affects the overall cost.

The payment method: Different payment methods can have different fees. For example, sending money online with a credit card might have extra fees due to processing costs. In most cases, a traditional bank transfer might be cheaper. Consider the costs associated with each payment method to pick the cheapest option.

The withdrawal method: The method the recipient uses to get the money can also affect the cost. Options like direct bank deposits might be cheaper, while cash pickups at a location might have extra fees. Balance convenience and cost when choosing a withdrawal method.

Transfer fees : The transfer fee can vary a lot. It depends on the provider and the details of the transfer. It could be a fixed amount, a percentage, or a combination of both. That's why you need to compare different services , especially for regular or large transactions. Fees can add up or change a lot.

Exchange rate markup : The exchange rate markup is the extra percentage added by the money transfer companies to the real exchange rate.

Ease of use

Ease of use when using a money transfer company can be defined by:

How easy it is to sign up: This involves simple and quick procedures for creating an account, usually requiring basic personal information, verification steps, and setting up payment details. The sign-up process can be different for each company.

How easy it is to send money: This includes the user experience of initiating and completing a transfer. Companies are chosen based on their efficient transaction processes, clear instructions, and minimal steps required to send money, ensuring a hassle-free experience for users.

Payment options: Most money transfer companies allow you to pay for your transfer with a debit or credit card or through a transfer from your bank account. Some accept digital wallets like Google Pay or PayPal, or cash if you visit an agent in person. Our comparison shows which payment methods different providers accept and how long your transfer will take based on the method you choose.

Platform: An added benefit of international money transfer companies is that most have convenient apps for your phone or at least a website you can use on any device. However, it ultimately depends on your personal preference, so make sure the provider you choose is available on the platform you prefer.

Money transfer apps: We value when money transfer providers offer simple and intuitive ways to send money abroad on mobile . Our ideal mobile money transfer app should let everyone create a mobile wallet, check the mid-market currency exchange rate , calculate transfer fees, and also allow instant transfers .

Transfer speeds

Just so you know, sending money quickly might cost a bit more . But no worries, many companies on our list offer fast transfers for smaller amounts. Wise , in particular, will show you the estimated time it takes to send money based on your route and the amount.

However, the speed of your transfer can also depend on a few factors:

Security checks: Transactions over a certain amount (usually $10,000) are reported to the IRS to prevent money laundering. Sometimes, large transfers may be delayed as you might need to pass security checks or provide the source of your income before they are authorized.

Cut-off times: If you're paying via bank transfer or depositing money in the recipient's bank account, be mindful of bank cut-off times. If you don't initiate or complete the transaction before the cut-off time (usually around 3 pm), you might have to wait an extra day for the bank to process it.

Customer Ratings

Security of a transfer is always important and there are certain areas we look at to ensure money transfer companies listed are safe:

Size of a customer base: Larger companies have a bigger base and often will be better ranked as a result.

Amount sent: Companies that deal with a lot of cash flow should have better systems in place.

Technology: Any proprietary technology that is in place within the company.

Awards: Any awards the company has received as to why that makes it the best option for sending money and highlights trust within the industry.

Why are you sending money?

The best money transfer company could differ based on the specific need of the transfer. To give you an insight into which company is best, I've outlined a few options for different use cases.

Sending money to friends and family

Sending money to friends and family is the most common reason for money transfers.

Offer ongoing competitive rates

Have no caps on regular payments

Offer a great app experience

Provide options for multi-currency accounts for regular payments

Offer convenience and quick transfers (in case of emergencies)

Wise is the best way to send money to friends and family. Transfers cost 0.35% in fees and will be converted at the mid-market rate.

You can also hold more than one currency at once in a Wise multi-currency account. This is great if you often handle multiple currencies, or if you get paid in one currency, but your friends and family need another.

The 0.35% fee can add up on a large transfer. The competitive exchange rate makes Wise the cheapest way to send money anyway, despite some companies being ‘fee free’.

Buying property abroad

If you're buying property abroad, you'll need to send large amounts of money, potentially in multiple payments at different times.

These will include the property purchase, but also tax, legal fees, and closing costs. Each of these will be a different transaction and potentially be at a different time.

Offers managed services with a dedicated customer support team to help you navigate the space

Offers competitive exchange rates and tools to help you lock the rates ahead of time (such as forward contracts )

Understand your tax obligations and help with filing documentation

Has years of experience with large transfers

Buying (And Selling) Real Estate Abroad

Buying overseas real estate is an exciting move. Whether it's an investment or a place to call home, you'll want to manage your FX exposure and costs carefully.

Sending large payments

When talking about large payments, I mean one-off large payments abroad for any reason, such as sending large monetary gifts, buying land, bulk purchasing from abroad, etc...

Can lock in the exchange rates early

Can provide advice on tax and transfer limits

Can help with legal documentation in multiple articles

Offers dedicated customer support and multiple contact options

Has competitive rates (and ability to negotiate them)

Offers features to save on exchange rates depending on your needs (forward contracts, limit orders, currency swaps, etc...)

Similarly to property purchases, you will want to find a company that offers customer support, competitive rates, guidance on tax and transfer limits, and ways to lock the exchange rates ahead of time.

However, if it’s a one-off large payment, consider whether a company offers any specific benefits based on where you are sending money.

If not, choose a company that you feel you can work with on a personal level.

Getting married

Getting married abroad is becoming more popular, and it’s essential to get the best deal on what could be a mix of big, small, and regular transfers.

One-off large transactions (such as booking the venue)

Smaller, sometimes recurring payments (such as vendors, accommodations, or transport)

Flexibility in features, such as making regular payments, locking rates with forward contracts, or setting up limit orders .

Ability to spend in the country without using a bank account

Competitive exchange rates to reduce the overall cost of the wedding

Minimal fees for receiving money – this is particularly important if you are expected to cover the fees

For this, a multi-currency account might be a better option here .

This is because of the versatility and simplicity that it offers, where you can hold multiple currencies, set up direct debits, make large transfers, and convert money with ease.

Generally, avoid sending money on the weekends (as in some cases you’ll pay an additional 1%).

Getting married abroad?

Read our in-depth guide on how to save money when sending money on each aspect of your wedding.

Retiring abroad

Retiring abroad means receiving regular payments from a pension, and then potentially converting these payments into the currency you are living in.

Companies offering low-cost (or no-cost) conversions

Companies offering the ability to receive regular payments (with low fees)

Companies where you can make payments if needed

Companies that can take it off your hands if you want to

Again, multi-currency accounts could be a great option , they will allow you to be paid in USD, and convert this cash within your account to the local currency.

You can then transfer it to a bank account in your country if you want. This removes a lot of the fees associated with sending direct payments from a pension in USD to a different country and currency.

Alternatively, you might want to consider a managed service such as OFX to handle the whole process for you (set and forget).

Pensions and retiring abroad

You worked hard to enjoy your retirement in the sunshine. Unfortunately, the banks could take their slice of your retirement fund unless you convert currencies smartly.

Studying or sending money to a student

International study is growing in popularity - in particular with Europe being a top choice for US students.

There are two sides to international study , the sending money side and the receiving money side.

Offers support for both sending and receiving money

Supports regular monthly or weekly payments before hitting limits

Offers access to cards or ways of spending money

Let's you request money

Offers the ability to set up direct debits for regular payments to colleges or universities

Based on the criteria above, you have two options: multi-currency accounts and P2P transfer apps .

Whilst ATM withdrawal caps are quite low for both (around $200 per month), spending with them is easy.

If you spend within a local account you have there’s no cost, if you spend in a currency you’re not holding, you just pay the conversion fee.

Transferring for international students

Transfer money for overseas schooling, accommodation, or expenses with great rates & low fees.

Making routine payments

Routine payments could be made for many reasons and working with a money transfer provider (or multiple) that offers competitive rates can ensure these ongoing payments remain cost-effective.

A routine payment could be a subscription for ongoing services, like a VPN or software service in another country, and as such you will pay regularly for the same amount.

Companies with the lowest fees

Companies with higher limits on maximum weekly or monthly payments

Companies allowing you to schedule payments

Companies with no geo-restrictions (if you are getting a service in another country)

If you’re making regular payments I would also recommend signing up for rate alerts as well.

Buying goods

Buying products in other countries can be expensive if you’re paying for the conversion at the point of purchase (especially if you're using a credit card ).

Doing this through a bank can add 10-15% to the total cost.

Offers virtual cards for security

Has a good protection policy (in case of problems with merchants or transactions)

Has multiple contact options

Has the ability to hold and store many currencies

Offers cashback and other perks for purchases

Has no card fees and no minimum spending fees

Receiving money

The best money transfer companies will not just allow you to send money, they’ll also provide benefits when receiving money.

Banks often charge a fee for incoming international transfers , which the recipient has little control over.

Companies allowing you to receive and hold currencies

Companies that allow you to request payments

Companies offering the largest selection of currencies

Companies offering the largest selection of receiving methods

For this, we'd recommend looking at multi-currency accounts, digital wallets, and online money transfer providers .

If the currency you receive is supported by the account you’re using, then you’ll pay no conversion fee. If it isn’t supported, you’ll generally pay around 2%. This is much lower than you would normally be charged.