With more than 20 years in the business of foreign currency transfers, OFX is a well-known and popular international money transfer provider with good reviews that is trusted worldwide. Deserving the listing in this money transfer comparison article, they provide fee-free money transfers (third party fees may apply) that are quick, easy, safe and secure to do. Their transfer specialists are available by phone 24 hours a day, 7 days a week for support and information. They offer better-than-bank live exchange rates and once you have entered the recipient’s banking details your transfer is locked in. If you are living in the United States, United Arab Emirates, Canada, Czech Republic, Australia, New Zealand, the UK, Hong Kong, Singapore, South Korea, South Africa and Sri Lanka, OFX could be a good option for you. They also do direct transfers to any bank account held in India. However, they are not always very clear on exactly what to expect when you sign up with them. On their website, they do not directly state the exchange rate or total cost of a transaction. When comparing different companies this makes it difficult to say upfront how well OFX will fare.
Bottom Line
- Zero transfer fees (receiving or intermediary third-party fees may apply)
- The transfer rate you get is not clearly stated on their website
- 24/7 phone support
- Minimum transfer amount of £150 for single transfers and £250 for recurring transfers
- Speedy transfers with 80% of all their major currency transactions being processed within 24 hours
Read our full OFX review here
TransferWise
TransferWise is a strong international money transfer company that offers easy online services and a mobile app for hassle-free transfers. They offer the best competitive exchange rates compared to other money transfer companies as their rates are exactly the same as the market exchange or base rate. They charge a small, percentage-based transfer service fee. In comparison with other international money transfer companies, TransferWise consistently comes out either on top or in the top 3 best-priced companies.
Bottom Line
- Best live exchange rates available
- Transparent fees and pricing and low service charge
- No minimum or maximum transfer amounts
- You can use a bank transfer, credit, or debit card for transactions but you can’t pay via cash or cheque
- They have a score of 9.1/10 on Trustpilot
- Not all global currencies are supported
- Limited customer support with interaction only through email or via their website
- When transferring more than $40,000 the service charge will make them less competitive
Read our full TransferWise Review here. 
XE Money Transfer
XE is one of the safest money transfer companies around if you want to send money. With their overall XE business having been around since 1993 they know a lot about transferring money overseas. They are one of the biggest and most trusted companies around in the international money transfer industry and are completely regulated and licensed in every country they operate from. There is no transfer fee, however, they make their profit by offering a slightly worse rate than that of the base rate.
Bottom Line
- Trusted worldwide authority for currency exchange
- No transfer fees charged
- No minimum transfer amount
- User-friendly website and easy-to-use customer service but limited customer support over weekends
- They score 9.3/10 on Trustpilot
- Not all global currencies are supported
- Do not accept cheque or cash payments
Read our full XE Money Transfer Review here.
Xoom/PayPal Service
PayPal uses its subsidiary Xoom for all its money transfers. With their clear, upfront pricing you will always know the exact fee charged and how much your recipient will receive. You can track your online transfer with their text updates, online access, email notifications, money transfer apps or their 24/7 online or phone support. You can send money abroad to almost any bank account on the growing list of countries they operate from, arrange for pick-ups from thousands of partner locations worldwide, or have cash delivered directly to your recipient’s door. Xoom transfers your money fast and treats your security as a top priority.
Bottom Line
- They set their own exchange rate and charge a transaction fee
- No transfer fees for amounts in excess of ￡1,000
- Fast transfers
- Transfers money to most countries
- One of the safest and most secure international money transfer companies in the world
InstaReM
Many international money transfer operators and banks claim to charge zero fees but in fact, they often add margins to foreign exchange rates as well as ‘other charges’. InstaReM offers transparent transactions with no hidden charges and displays the exact amount your recipient will receive. Their rates are sourced directly from Reuters and they don’t add any margins or additional charges. By subscribing to their FX Alerts you can track your own desired FX rates. Businesses can set up multiple transactions and transfer money to multiple beneficiaries in different currencies to more than 55 countries around the world including most countries in Asia (including Hong Kong, Japan, South Korea), Europe (including United Kingdom, France, Germany, Czech Republic), North America, and Australia. With InstaReM you can earn loyalty points when you sign up and each time you send money that can be redeemed against future transactions.
Read our full InstaReM Review here.
Bottom Line
- Fast, seamless money transfers – typically recipients banks receive the money within 1 – 2 business days
- Zero-margin FX rates
- Nominal low fees
- Loyalty points upon joining and for each transaction
- Minimum transfer amounts GBP200 – no maximum transfer amount
- Zero-margin exchange rates only apply to some currencies and during certain hours
- Cash pickup unavailable, therefore, not so great for sending money to someone without a bank account or for larger amounts.
- Customer service via phone, chat, or email
- Popular with companies conducting business transfers online
TorFX
TorFX offers both online and phone-based money transfers in respect of sending and receiving money. As a leading international money transfer company with offices in the UK and Australia, they are well-known for their customer-focused service. Each customer is assigned a personal account manager to assist with the transaction process which can be particularly useful for large transactions. TorFX does not charge fixed fees in addition to their live exchange rates and if you regularly transfer large amounts you will be given better rates. Their costs are transparent and there are no hidden fees, except where there are participating banks involved that may charge fees. Once you have signed up you will receive a call from an account manager to help make the process go as smoothly as possible and to help you get the best rates. After your set-up, the exchange rate they offer is guaranteed for a limited amount. This is a great advantage that covers fluctuations while funds are being transferred. For larger transactions, the funds will have to be transferred to TorFX in order to get a fixed quote.
Bottom Line
- Competitive exchange rates particularly for larger transactions
- Fixed rates up to a certain amount
- No transfer fees
- FCA (Financial Conduct Authority) and ASIC (Australian Security and Investments Commission) approved
- Easy to set up and transact
- Great personalized customer service and dedicated account manager
- Transactions online or by phone
- Small transactions can be expensive
- Slow service in certain situations
- Not regulated in the USA or Canada
Revolut
Revolut uses an advanced mobile app for money transfers and other personal services. International currency exchanges are free for amounts up to ￡5,000 per rolling month. After that, a fair usage fee of 0.5% will apply. They base their exchange rates on the Interbank rate used as a base by most large banks for foreign currency transfers. Interbank rates typically beat rates offered to consumers by around 3% to 5%.
Unless you have a premium REvolut account, faster transactions may carry an additional fee. With more than 2 million customers Revolut has managed over 125 million transactions valued at over ￡14 billion.
Bottom Line
- Fast transfer speeds offered along with reliable money transfer
- Advanced mobile money app online platform for speedy transfers
- Competitive exchange rates
- While regular money transfers are free, they charge a fee for certain transfers
- A Premium account at a cost is needed to access certain services
- The fair usage fee is waived for Premium account holders
Read our full Revolut Review here.
TransferGo
Founded in 2012, TransferGo offers fast and secure international money transfers at a low cost. They use the prevailing mid-market exchange rates minus a margin of between 0% and 2.2%. Your exchange rate will be locked in so that you will know exactly how much your recipient will receive. You can pay for your transfer by local bank transfer or a debit or credit card in one of the following currencies:
Zero fees are charged for standard deliveries that take up to 3 business days or you can pay for fast transfers that could be completed in under 30 minutes, depending on the country you are transferring to. You can send money online from your bank account or via debit card to over 45 countries including the USA, Australia, Bulgaria, Canada, Switzerland, Czech Republic, Hong Kong, Israel, Mexico, United Arab Emirates, South Korea and South Africa. TransferGo offers transparent low flat fee and exchange rates.
Bottom Line
- Totally transparent exchange rate margins and fees
- Very competitive exchange rates and fees
- Flexible transfer options that vary by country but can be as quick as 30 minutes
- An excellent score of 5/5 on Trustpilot
- Wire transfers can only be made to bank accounts
- Not available in the USA
- Not the best for transferring large amounts as it is rarely the cheapest option
- Nice, easy to use online currency converter
