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
| Company | Small Transfers | Large Transfers | |
|---|---|---|---|
| #1 | Key Currency | .png) | |
| #2 | Wise | | |
| #3 | Currencies Direct | | |
| #4 | TorFX | | |
| #5 | Global Reach | | |
| #6 | XE | | |
| #7 | OFX | | |
| #8 | WorldRemit | | |
| #9 | Remitly | | |
| #10 | TransferGo | |
1. Key Currency
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.
IS KEY CURRENCY SAFE?
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 RATES & FEES
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 AVAILABILITY
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.
IS KEY CURRENCY FOR ME?
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 Pros | Key Currency Cons |
|---|---|
| 4.9/5 stars on Trustpilot | No mobile app |
| Very thin FX spreads | No way of viewing rates online |
| Great service – no hold times | Not available to some customers in the U.S.A |
2. Wise
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.
IS WISE SAFE?
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 RATES & FEES
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 AVAILABILITY
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.
IS WISE FOR ME?
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 Pros | Wise Cons |
|---|---|
| Very cheap service | Customer service isn’t the best |
| Multi-currency account and debit card | Some customers have reported slow transfers |
| Publicly traded company | No cash transfers |
3. Currencies Direct
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.
IS CURRENCIES DIRECT SAFE?
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 RATES & FEES
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.
CURRENCIES DIRECT AVAILABILITY
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.
IS CURRENCIES DIRECT FOR ME?
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 Pros | Currencies Direct Cons |
|---|---|
| 4.9/5 stars on Trustpilot | Limited African currencies |
| Veteran company – 25+ years experience | No cash pickups |
| More trading features available | Smaller amounts can cost more |
4. TorFX
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.
IS TORFX SAFE?
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 RATES & FEES
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.
TORFX AVAILABILITY
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.
IS TORFX FOR ME?
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 Pros | TorFX Cons |
|---|---|
| 4.9/5 stars on Trustpilot, 5000+ reviews | Not available to customers in the U.S.A |
| Mobile app available | Exchange rate can get worse with small amounts |
| 100+ traders | Bank transfers only |
5. Global Reach
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.
IS GLOBAL REACH SAFE?
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.
GLOBAL REACH RATES & FEES
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 AVAILABILITY
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.
IS GLOBAL REACH FOR ME?
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 Pros | Global Reach Cons |
|---|---|
| 4.9/5 stars on Feefo | No mobile app |
| They give some of the best rates on the market | Not available to customers in the U.S.A |
| Award-winning online platform | £20 fee on small transfers |
6. XE
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 Pros | XE Cons |
|---|---|
| 98 different currencies available | May experience long wait times for customer service |
| Owned by a NASDAQ traded company | Rates can get worse for smaller amounts |
| 50000+ reviews on Trustpilot | Opening an account can sometimes be slow |
7. OFX
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 Pros | OFX Cons |
|---|---|
| Positively reviewed mobile app | Customer support can be slow to get hold of |
| Extra features for business clients | No cash transfers |
| Publicly traded company | Often eager to decline accounts |
8. WorldRemit
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 Pros | WorldRemit Cons |
|---|---|
| 130+ currencies | More expensive than most |
| Can collect cash | They charge transfer fees |
| Lots of ways to pay for your transfer | Not as highly rated as others |
9. Remitly
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 Pros | Remitly Cons |
|---|---|
| Publicly traded on the NASDAQ | More expensive than most |
| Can collect cash or get home delivery | Transfer fees can be expensive |
| Highly rated mobile app | Some major countries aren’t available |
10. TransferGo
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 Pros | TransferGo Cons |
|---|---|
| Transparent rates and fees | More expensive than most |
| Rates are more competitive | Payout options can be limited |
| Multilingual support team | Customer support is not 24/7 |