top 10 money transfer companies

What is a money transfer company?

Money transfer companies provide a more cost-effective way to transfer money internationally.

While they offer the same level of safety and security as a bank, their rates are better and fees are less.

There’s a few different types of money transfer companies:

  • Remittance company
  • Money transfer app
  • Currency broker

Quick Look: Our Top 10 Money Transfer Companies

CompanySmall TransfersLarge Transfers
#1Key Currencytick
#3Currencies Directtick
#5Global Reachtick

1. Key Currency

Key Currency logo
Key Currency logo

Key Currency, founded in 2016, is a high-volume currency broker based in Cornwall, UK.

They provide an old-fashioned, service-orientated brokerage service, conducting all of their business via telephone and email. 

By operating out of Cornwall, they save a hell of a lot of money on business expenses and wages compared to their London counterparts.

This allows them to pass the savings onto their customers in the form of better rates.


Yes, Key Currency is safe.

They are authorised and regulated by the Financial Conduct Authority.

Not only that, but they have over 1000 customer reviews on Trustpilot.


Key Currency offers tight spreads with a no fee policy.

For large transfers, you probably won’t get a better deal elsewhere.

For transfers of £200k and up, I’ve worked out their spread to be around 0.2%.

Compared to most banks, this is thousands upon thousands of savings.


Key Currency offers standard trading options like forward contracts and limit orders.

Most destination countries are available to send to.

However, there is a lack of African currencies available.


If you have a large transfer to perform, then yes.

Key Currency’s rates and level of service is tailored for high-volume transfers.

This could be for an international property sale or purchase, or repatriation of inheritance.

However, if your transfer is small, you might be better suited for a money transfer app.

Key Currency ProsKey Currency Cons
4.9/5 stars on TrustpilotNo mobile app
Very thin FX spreadsNo way of viewing rates online
Great service – no hold timesNot available to some customers in the U.S.A

2. Wise

Wise logo

Wise (formerly known as TransferWise), is an online and mobile money transfer app.

They’re known in the industry for being one of the cheapest providers. 

They IPO’d on the London Stock Exchange in 2021, being the first of its kind to do so.

This took Wise’s market value to over £11 billion.


Being a publicly traded company, Wise is very safe.

They’re also fully regulated in 14 countries.

Over 150k customers have left reviews on Trustpilot.


Wise is one of the cheapest options for transferring money abroad.

This is shown in their prices, only charging 0.41%.

Technically, they offer interbank rates with the 0.41% being the fee.

So if you transferred £1000, you’ll be charged roughly £4.10.


Wise offers a multi-currency account and a debit card to pair.

I’ve personally used this feature and I must say, it is brilliant for travelling.

You can top up any currency at any time, using only one card for all currencies.

Wise will know which currency to debit based on where you are in the world.

However, they don’t offer trading options like forwards or limit orders.


If you’re sending money to friends and family, then yes.

If you’re travelling or going on holiday and want your currency on a debit card, then also yes.

If your transfer is large, you’ll want someone to speak to to make sure it goes through without any problems.

Wise do not offer that possibility.

So, for larger transfers, use a currency broker instead.

Wise ProsWise Cons
Very cheap serviceCustomer service isn’t the best
Multi-currency account and debit cardSome customers have reported slow transfers
Publicly traded companyNo cash transfers

3. Currencies Direct

Currencies Direct logo

Currencies Direct was founded in 1996 out of London.

They were the first non-bank money transfer provider in Europe.

As of 2021, they have 20 offices around the globe covering nearly every continent.


Currencies Direct is authorised and regulated in multiple countries.

This includes the UK, Spain, USA, Canada and South Africa.

They also have over 6k customer reviews on Trustpilot.

I don’t think they could be safer.


Currencies Direct’s spread is between 0.5% and 1%.

This means that for every £10000 you transfer, they make between £50 and £100 profit.

To put it into perspective, most big UK banks set their margin between 5-6%.

So, you’re making big savings.

Currencies Direct doesn’t charge any fees, either.


Alongside the usuals like forward contracts and limit orders, Currencies Direct offer a few other things, too:

  • Mobile app
  • Batch payments (business clients)
  • Risk management solutions (business clients)
  • Options (business clients)
  • Multi-currency accounts (business clients)

If you’re a business owner, these features can help you hedge your currency exposure.


Currencies Direct can help you with all transfers of any size.

However, their large team of personal account managers make them a great option for large volume transfers.

They’ll be there every step of the way to make sure your money gets from A to B safely.

They offer some great features for business clients, too.

Currencies Direct ProsCurrencies Direct Cons
4.9/5 stars on TrustpilotLimited African currencies
Veteran company – 25+ years experienceNo cash pickups
More trading features availableSmaller amounts can cost more

4. TorFX

TorFX logo

TorFX was founded in 2004 in Penzance, Cornwall.

As one of the leading money transfer companies, they focus on providing the best possible service for their clients.

In 2011, TorFX was acquired by the same company that owns Currencies Direct.


TorFX is authorised and regulated by the Financial Conduct Authority.

Being regulated provides the highest level of protection and safety for customers.

Any company that is regulated is safe to use.

They also have over 5k customer reviews on Trustpilot.


TorFX’s spread is usually between 1-2%, getting lower with large volumes.

With most banks charging 5-6%, there’s great savings to be made.

TorFX does not charge transfer fees.


Although being 15 years old, TorFX still offers the basics.

This includes forward contracts, limit orders and stop losses.

However, they do have a fancy mobile app which you can use for smaller transfers.


TorFX is a high-volume currency broker.

They have over 100 personal account managers.

While you can use them for small transfers, I recommend using them for international property sales and purchases.

You’ll get a good rate of exchange and great service.

TorFX ProsTorFX Cons
4.9/5 stars on Trustpilot, 5000+ reviewsNot available to customers in the U.S.A
Mobile app availableExchange rate can get worse with small amounts
100+ tradersBank transfers only

5. Global Reach

Global Reach logo
Global Reach logo

Global Reach is a London based currency broker.

They were initially founded in Canada in 2001.

They now employ 200+ people across 14 branches in 6 different countries.

Global Reach is known for their tight FX margins, operating close to the mid-market rate.


Global Reach is authorised and regulated by the Financial Conduct Authority.

To get regulated, companies must show that they’re safe and reliable over a period of time.

With that said, they are safe to use.

Global Reach has over 3k customer reviews on Feefo.


I’ve found that Global Reach’s spread is around 0.3% for transfers over £200k.

This is one of the tightest spreads available in the industry.

For transfers under £3k, you’ll be charged a £20 fee.


Global Reach is renowned for their technology and product offerings.

If you’re a business client, you have access to the following:

  • Treasury products
  • Risk management solutions
  • Options products
  • Batch payments

Ultimately, saving your business money.


Global Reach can perform transfers of all sizes.

However, I’d only recommend using them for larger transfers.

Their rates can get worse with smaller volumes, and you may get charged a fee, too.

If you’re a business owner, you can increase your profit margins with Global Reach’s business product offerings. 

Global Reach ProsGlobal Reach Cons
4.9/5 stars on FeefoNo mobile app
They give some of the best rates on the marketNot available to customers in the U.S.A
Award-winning online platform£20 fee on small transfers

6. XE

XE logo
XE logo

XE is an app-based money transfer company and currency conversion tool.

They were founded by two friends out of a basement in Canada, in 1993.

XE was acquired in 2015 by Euronet, a NASDAQ company, for $380 million.

XE ProsXE Cons
98 different currencies availableMay experience long wait times for customer service
Owned by a NASDAQ traded companyRates can get worse for smaller amounts
50000+ reviews on TrustpilotOpening an account can sometimes be slow

7. OFX

OFX logo
OFX logo

OFX is an Australian currency broker.

They are publicly traded on the Australian Stock Exchange, completing their IPO in 2013.

They’re one of the biggest brokers in the industry, transacting over £20 billion annually.

OFX ProsOFX Cons
Positively reviewed mobile appCustomer support can be slow to get hold of
Extra features for business clientsNo cash transfers
Publicly traded companyOften eager to decline accounts

8. WorldRemit

WorldRemit logo
WorldRemit logo

WorldRemit is a digital cross border remittance and currency conversion app.

They specialise in small, frequent payments through less common corridors, such as Africa and Asia.

If you have family abroad or are working overseas, WorldRemit could be for you.

WorldRemit ProsWorldRemit Cons
130+ currenciesMore expensive than most
Can collect cashThey charge transfer fees
Lots of ways to pay for your transferNot as highly rated as others

9. Remitly

Remitly logo
Remitly logo

Remitly is an online remittance app based in the United States.

Similar to WorldRemit, they specialise in small payments to exotic countries.

If you’re an expat or just need to send money home, Remitly could be for you.

Remitly ProsRemitly Cons
Publicly traded on the NASDAQMore expensive than most
Can collect cash or get home deliveryTransfer fees can be expensive
Highly rated mobile appSome major countries aren’t available

10. TransferGo

TransferGo logo
TransferGo logo

TransferGo is an international money transfer provider.

They market themselves as a solution for “paying family, friends and bills, for less”.

With that said, they are best for travellers and expats who need to send money home.

TransferGo ProsTransferGo Cons
Transparent rates and feesMore expensive than most
Rates are more competitivePayout options can be limited
Multilingual support teamCustomer support is not 24/7

Leave a Reply

Your email address will not be published. Required fields are marked *