The internet has virtually erased the borders between countries, effectively turning the world into one giant village. Today, someone seated on the couch in his living room in Chicago can buy products from a China manufacturer with just a few clicks. Similarly, a freelancer somewhere in Nairobi can work for and get paid by a client in Europe.
This globalization of trade and commerce has necessitated the rise of money transfer companies to facilitate the transfer of money from one corner of the globe to another. However, with dozens of these money transfer companies to choose from, finding the right one for your needs can be a bit hectic.
With that in mind, let’s take a look at some of the best money transfer companies.
Payoneer is a popular money transfer company that is based in New York. Payoneer’s popularity stems from the fact that their services are available in over 200 countries and that transferring money between Payoneer accounts is free. Many users also love the fact that Payoneer to Payoneer transfers is completed almost instantly. Payoneer supports about 150 different currencies.
Sending money through Payoneer is amazingly easy. Create an account, provide and verify your personal details, and once your information has been verified, you’ll be ready to send and receive money through your account.
While sending money to a registered Payoneer account is free, sending directly to someone’s bank account will attract fees, ranging between 1% and 3%. Receiving money is free for most currencies, but those receiving payments in USD have to pay a 1% fee.
Most users love Payoneer because they also offer a debit card that you can use to make online payments. You can also use the card to withdraw cash from your Payoneer account from an ATM.
If you have sent or received money internationally through the internet, you have probably heard about TransferWise. Based in London, TransferWise has been in operation since 2010. Most users love TransferWise because of their low fees and fast transfers.
Unlike Payoneer, where money sits and moves from one Payoneer account to another, TransferWise does not keep money in user’s TransferWise accounts. Instead, TransferWise facilitates bank to bank transfers across international borders while keeping the transfer costs lower than what banks would have charged.
TransferWise does not actually transfer move money across international borders or even make any currency conversions to keep transfer costs low. Instead, TransferWise matches funds between users in the sending and receiving countries.
For instance, let’s say you are in the UK and want to send 500 pounds to Estonia, while someone in Estonia wants to send an equivalent amount of Euros to the UK. TransferWise collects the Euros from the Estonia person and deposits it in the Estonian account you were transferring money to. It takes your 500 pounds and deposits it in the UK account the Estonia person was sent to. This way, the transfer is facilitated without having to move money across borders.
The popularity of this money transfer company stems from the fact that it has an extensive reach. WorldRemit is available in 150 countries and allows users to transfer money in 90 different currencies.
Several features make WorldRemit one of the best money transfer companies, such as:
- Its services are available in most countries.
- WorldRemit transfers are high-speed. You can transfer funds across the globe within a matter of minutes.
- They offer several different ways of making international transfers. You can deposit money into someone’s bank account, send via mobile money, and even through cash pickup, allowing someone to pick the money in cash from a WorldRemit agent.
- Using WorldRemit is also quite easy. Sign up for an account on your computer, upload your identification document and proof of address to verify your details. Once your account is approved, you can send or receive money across the world.
This is another highly popular online money transfer company. Like WorldRemit, Skrill is available in most countries in the world. In addition to being a money transfer company, Skrill also has a payment gateway that allows online merchants to accept payments through their online shops.
To start using Skrill to transfer money internationally, sign up for an account, verify your identity, and you’re good to go. To transfer money, you will first need to load it into your Skrill account. You can load funds into your Skrill account through credit/debit card, through a bank transfer, from online wallets like Trustly and Klarna, or even from your cryptocurrency wallet. One of Skrill’s most outstanding things is that, unlike most other online money transfer companies, Skrill allows users to send money to online gambling accounts and transact with cryptocurrencies. This has made Skrill a darling of forex traders and online gamblers
This is one of the most well-known money transfer companies. Founded back in 1940, this company has been in the money transfer industry for over 8 decades. Like Skrill and WorldRemit, MoneyGram is available in almost all countries globally, which makes it a great choice regardless of where you want to send money.
MoneyGram provides multiple options for sending money. You can either send money through your online account or visit one of their agents to send money in cash. In 2017, MoneyGram also introduced a unique feature known as MoneyGram Sendbot, which allows users to transfer money through Facebook messenger.
The only drawback to MoneyGram is that they are a bit costly compared to other money transfer companies. Depending on where you are sending the money and the currencies being transferred, you might end up paying as much as 5%.
Wrapping Up – Best Money Transfer Companies
While there are dozens of money transfer companies to pick from, the five covered in this list are some of the best money transfer companies you’ll find regarding security, reliability, and speedy transfers.