Some platforms are better suited for transfers of relatively small amounts, others for large ones.
There are situations when we need to send money abroad. This is especially true for Ukrainian migrant workers, who from year to year transfer home more than ten billion dollars. Cross-border transfer of funds is carried out not only by banks, but also by specialized companies. The latter often offer lower commissions. They mainly depend on the amount and destination of the payment. These are different platforms - some are better suited for transfers of relatively small amounts, others for large ones. We have collected the top ten, in our opinion, the best international money transfer services.
XE
It is a Canadian company headquartered in Newmarket, Ontario. Since 2015 - a subsidiary of Euronet Worldwide. With its help, you can make transfers to more than 130 countries. XE is known for its low rates. The company does not charge a transfer fee, adding margin to the average exchange rate between 0.4% and 1.2%. Transfer of funds is made up to two days. On its website, XE displays real-time exchange rates and has a currency converter widget.
Wise
Wise now supports sending money to 71 countries and receiving funds from 43 countries in fifty currencies. The transfer is carried out within three days. It should be borne in mind that for most currencies, the service offers only one option - a direct transfer from one bank to another. The platform uses a peer-to-peer network to negotiate the currency of transfers from sender to recipient. The system converts currencies at the average market exchange rate, thus saving on commissions. Wise charges a certain percentage of the amount, and there is also a flat fee for certain transfer routes (combinations of countries).
The final fees are highly dependent on the currency from which and to which the transfer is made, as well as on the total amount of the shipment. In addition, a 1.7% surcharge applies for using business credit cards for EUR and GBP transfers.
WorldRemit
WorldRemit provides money transfers to 150 countries in more than 90 currencies. Using the service, you can send in different ways - bank deposits, cashing out or digital money. WorldRemit offers customers fast execution of transactions - within a few minutes (banking - up to three days). Although WorldRemit takes an increase in the exchange rate, it usually does not exceed 1.5%.
OFX
The provider offers transfers in more than 50 currencies. OFX provides 24/7 customer support. The provider has processed £ 80 billion in transactions to date. Among the disadvantages of the service is the establishment of a minimum transfer amount of one thousand dollars.
Payoneer
This international payment system was founded in New York in 2005. Payoneer went public this year. He has been working in Ukraine since 2005. It is on Payoneer that Ukrainian sellers receive their earnings on Amazon, eBay and other marketplaces. The platform offers free transfers between platform accounts. When withdrawing funds from the Payoneer balance in foreign currency and transferring to the local one, a commission is taken up to 2% of the transaction amount.
Ramitly
Remitly serves the needs of over 2 million clients, including labor migrants. Ramitly makes it easy to send money abroad. The first step is to create a free account. Next, you need to enter the amount you want to send and you can see at a glance how much the recipient will receive in local currency. The next step in the process is to choose the delivery speed. For example, if you click the express option, the funds will be transferred immediately, if you choose the economy option - within 3-5 working days. Customers then choose how the money is delivered to the recipients.
Remitly allows you to track the transfer, as well as cancel or edit the transaction at no additional cost. There are 3 ways to send money using Ramitly: bank transfers, debit and credit cards. Fees and fees for international transfers depend on the volatility of the currency and the country where the money is sent. Remitly offers clients a fixed exchange rate to make it easier to predict the transfer amount. Credit card transfer fees are 3% of the transaction (net amount sent).
Skrill
Skrill is especially popular among online gamers and Forex traders. The platform allows you to transfer and receive funds using only an email address. Funds can be transferred in several ways:
Paysend
Paysend is an international online money transfer service headquartered in London. The company has partnerships with many leading payment providers including UnionPay, Troy, MasterCard, Visa, Verve and Humo among others. With Paysend, registered customers can send money to about 80 countries at a low, fixed price. If you are transferring money from the UK, the cost is only £ 1. It doesn't matter how much money you send - this is the fixed cost of all money transfers. If you are sending money from the Eurozone, the Paysend fee is € 1.50. Any money transfers from the USA will cost $ 2.
All that is needed for the transfer is the name of the recipient and the card number. Transaction is easy. There is a transfer limit for each payment processing method. This limit can be increased if approved by Paysend. One of the reasons for the popularity of Paysend is the speed of the transfer, but forwarders in some countries will have to wait up to 3 business days.
Xoom
It is a PayPal affiliate company that allows you to send funds from the United States and Canada to over 130 countries. The service allows you to transfer money to Ukraine in American and Canadian dollars, euros and pounds sterling, to receive - in euros and "green". You can pay for the shipment using a bank account and PayPal, as well as a card (debit and credit). At the same time, it is possible to cash out funds at points of issue. The speed of transfers depends on many factors, including:
Moneygram
It is an American company headquartered in Dallas. It has over 350,000 service points including retail chains, national postal services and financial institutions in over 200 countries. In Ukraine, the MoneyGram network includes more than 14 thousand branches. Transfers are sent abroad and paid out in EUR / USD. However, keep in mind that most branches only accept cash. You can send the amount without opening an account and knowing bank details. MoneyGram's commissions depend on the amount sent, the country where the transfer was sent and the country where it was received.
There are situations when we need to send money abroad. This is especially true for Ukrainian migrant workers, who from year to year transfer home more than ten billion dollars. Cross-border transfer of funds is carried out not only by banks, but also by specialized companies. The latter often offer lower commissions. They mainly depend on the amount and destination of the payment. These are different platforms - some are better suited for transfers of relatively small amounts, others for large ones. We have collected the top ten, in our opinion, the best international money transfer services.
XE
It is a Canadian company headquartered in Newmarket, Ontario. Since 2015 - a subsidiary of Euronet Worldwide. With its help, you can make transfers to more than 130 countries. XE is known for its low rates. The company does not charge a transfer fee, adding margin to the average exchange rate between 0.4% and 1.2%. Transfer of funds is made up to two days. On its website, XE displays real-time exchange rates and has a currency converter widget.
Wise
Wise now supports sending money to 71 countries and receiving funds from 43 countries in fifty currencies. The transfer is carried out within three days. It should be borne in mind that for most currencies, the service offers only one option - a direct transfer from one bank to another. The platform uses a peer-to-peer network to negotiate the currency of transfers from sender to recipient. The system converts currencies at the average market exchange rate, thus saving on commissions. Wise charges a certain percentage of the amount, and there is also a flat fee for certain transfer routes (combinations of countries).
The final fees are highly dependent on the currency from which and to which the transfer is made, as well as on the total amount of the shipment. In addition, a 1.7% surcharge applies for using business credit cards for EUR and GBP transfers.
WorldRemit
WorldRemit provides money transfers to 150 countries in more than 90 currencies. Using the service, you can send in different ways - bank deposits, cashing out or digital money. WorldRemit offers customers fast execution of transactions - within a few minutes (banking - up to three days). Although WorldRemit takes an increase in the exchange rate, it usually does not exceed 1.5%.
OFX
The provider offers transfers in more than 50 currencies. OFX provides 24/7 customer support. The provider has processed £ 80 billion in transactions to date. Among the disadvantages of the service is the establishment of a minimum transfer amount of one thousand dollars.
Payoneer
This international payment system was founded in New York in 2005. Payoneer went public this year. He has been working in Ukraine since 2005. It is on Payoneer that Ukrainian sellers receive their earnings on Amazon, eBay and other marketplaces. The platform offers free transfers between platform accounts. When withdrawing funds from the Payoneer balance in foreign currency and transferring to the local one, a commission is taken up to 2% of the transaction amount.
Ramitly
Remitly serves the needs of over 2 million clients, including labor migrants. Ramitly makes it easy to send money abroad. The first step is to create a free account. Next, you need to enter the amount you want to send and you can see at a glance how much the recipient will receive in local currency. The next step in the process is to choose the delivery speed. For example, if you click the express option, the funds will be transferred immediately, if you choose the economy option - within 3-5 working days. Customers then choose how the money is delivered to the recipients.
Remitly allows you to track the transfer, as well as cancel or edit the transaction at no additional cost. There are 3 ways to send money using Ramitly: bank transfers, debit and credit cards. Fees and fees for international transfers depend on the volatility of the currency and the country where the money is sent. Remitly offers clients a fixed exchange rate to make it easier to predict the transfer amount. Credit card transfer fees are 3% of the transaction (net amount sent).
Skrill
Skrill is especially popular among online gamers and Forex traders. The platform allows you to transfer and receive funds using only an email address. Funds can be transferred in several ways:
- inside the EPS. You need to go to your Personal Account, select the "Send" tab, click on the "Send from your wallet" button, enter the recipient's email, select the currency, specify the amount, confirm the transfer. The transaction will be completed in a matter of seconds;
- remittance. You can send money to bank cards and accounts. To do this, go to the "Cash" section, select the account currency, direction, specify the details, amount. Money is received within 1-3 days;
• to a mobile account. The service supports the transfer of funds to the wallets of mobile operators. You should select the "Mobile account" tab, specify the details, amount, confirm the action. The transaction will take place in 1-3 days.
Paysend
Paysend is an international online money transfer service headquartered in London. The company has partnerships with many leading payment providers including UnionPay, Troy, MasterCard, Visa, Verve and Humo among others. With Paysend, registered customers can send money to about 80 countries at a low, fixed price. If you are transferring money from the UK, the cost is only £ 1. It doesn't matter how much money you send - this is the fixed cost of all money transfers. If you are sending money from the Eurozone, the Paysend fee is € 1.50. Any money transfers from the USA will cost $ 2.
All that is needed for the transfer is the name of the recipient and the card number. Transaction is easy. There is a transfer limit for each payment processing method. This limit can be increased if approved by Paysend. One of the reasons for the popularity of Paysend is the speed of the transfer, but forwarders in some countries will have to wait up to 3 business days.
Xoom
It is a PayPal affiliate company that allows you to send funds from the United States and Canada to over 130 countries. The service allows you to transfer money to Ukraine in American and Canadian dollars, euros and pounds sterling, to receive - in euros and "green". You can pay for the shipment using a bank account and PayPal, as well as a card (debit and credit). At the same time, it is possible to cash out funds at points of issue. The speed of transfers depends on many factors, including:
- access to funds in the sender's current account;
- bank opening hours and the availability of the banking system in the recipient country or region;
- difference in time zones, bank opening hours on weekends, including local holidays;
- the opening hours of the host representative.
Moneygram
It is an American company headquartered in Dallas. It has over 350,000 service points including retail chains, national postal services and financial institutions in over 200 countries. In Ukraine, the MoneyGram network includes more than 14 thousand branches. Transfers are sent abroad and paid out in EUR / USD. However, keep in mind that most branches only accept cash. You can send the amount without opening an account and knowing bank details. MoneyGram's commissions depend on the amount sent, the country where the transfer was sent and the country where it was received.
