There are many different money transfer companies out there. Every one of them caters to a different set of people, and they all have a variety of money transfer specialties or capabilities. There are so many choices, you may feel overwhelmed! So, how do you find a money transfer company that fits your needs best? How do you go about comparing them all? We know that money transfers are already an emotionally tense experience. You’re transferring your money to make an impact – whether it’s to support family abroad, to buy a house, etc. So, we’ve put together a list of steps to take when choosing a money transfer company as well as a few other key facts to know.
Step One: Make a List of Your Needs
Your needs are going to be the most important deciding factor when selecting a money transfer company, as each of them will cater to a different set of requirements. Ask yourself the following questions:
Where do I need to transfer money to?
Why am I transferring money?
How often will these transfers need to occur?
How large are my money transfers?
All of these questions will influence your search and your final decision – so answer them with as much detail as possible. You never know when you will find a money transfer company who fits your exact needs – and you’ll definitely struggle to find them if you don’t know what your needs are!
Step Two: Make a List of Potential Money Transfer Companies to Use
There are many money transfer companies available for you to use, and each of them has a different set of services and fees that they charge. We suggest starting with a few reputable, large money transfer companies. Larger companies generally have more experience, better security, lower fees, a faster transfer rate, and they serve more countries. If you work with a smaller company that is relatively unknown, it will be harder to guarantee an excellent service offering. Of course, part of this is also that you’ll need to research company reviews to ensure that what they are selling you as their services and fees are, indeed, accurate. A few companies to consider are:
These are just a few popular money transfer companies – there are many, many more you could consider during this process.
Step Three: Evaluate Their Platform, Services, and Fees
Given the list that you came up with in Step Two, you’ll want to evaluate the platform that each of these companies operates on, their services, and their fees. Note any extra offering one company has that another does not – this might make or break your final decision. To give you an example, we’ve done this with our five examples listed above.
Services
Fees
Notes
CurrencyFair
Money transfer and exchange.
None
2 business days for transfer, requires account verification, guaranteed best exchange rate.
TransferWise
Money transfer and exchange. Borderless business account.
Fees vary.
Serves 59 countries, 1-4 business days for transfer.
WorldFirst
Money transfer and exchange for online sellers, individuals, and businesses.
$10 flat fee for personal transfers under $10,000.
Only serve a few countries. Best for large transfers (no fees over $10,000), and online sellers (free account, no fees).
MoneyGram
Money transfer and exchange.
No or low fees.
Have physical locations for cash transfer or cash pickup.
OFX
Money transfers, exchanges, business options.
No transfer fees.
Specialize in larger transfers, fit for buying property abroad, etc. Specialize in managing finances abroad if you are an expat.
Your notes don’t have to specifically detail every single service or offering one company has. Pick the things that strike you. For example, if you are a business owner who does work internationally but you also need simple money transfer services for sending money abroad to family, you may look for a service that offers both. Or if you need to transfer to a small or exotic country, you won’t want to work with a company who only offers transfer options to large countries.
Step Four: Decide What’s Best for You
Even if a money transfer company has amazing rates, no transfer fees, and gets your funds transferred in less than 24 hours, if they don’t transfer in the way you prefer or to the country you need them to they’re worthless to you. If you require a cash pickup at a physical money transfer location, a fantastic company that only does online transfers won’t make sense. Make your decision based on what you need out of your money transfer company. If you can’t find answers to your questions, reach out to their customer support team. A company who is worth working with will either try and solve your dilemmas or point you in the right direction.
Some people prefer Zelle to Venmo; others love Venmo more. Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it.
Zelle doesn't charge any fees to send or receive money, and it's unlikely that your bank will charge you a fee to use the service. The company does, however, recommend checking with your bank or credit union to make sure there are no additional fees. Fast money transfers.
Wire transfers at a bank are ideal for securely sending large amounts domestically or internationally. Money transfer scams often include unusual requests to send money to strangers.
Bank wires are considered to be the most secure type of bank account transfers while they are performed in real time through the SWIFT system and require the conformation of both bank accounts which are involved into the transfer.
RTGS is best suited for transactions having a minimum amount of Rs.2 lakh. Is IMPS a better mode of transfer than NEFT and RTGS? IMPS allows immediate transfer of funds and this service can be accessed on bank/public holidays. That is why this service is considered better than NEFT and RTGS.
Unlike many money transfer apps, Zelle does not charge a fee for instant transfers. Zelle transfers are generally secure, but the app does carry risks, including the risk of glitches at banks that can affect money transfers.
The biggest downside to using Venmo is the potential for your money to be stolen. If a hacker gains access to your Venmo, it's pretty easy to change the associated bank account – so the hacker could change the account to their own and transfer the money in your Venmo to their bank.
Zelle strongly recommends that users only use the app to send payments to and receive payments from people they know and trust. Because Zelle scams are common, it's best to avoid accepting Zelle payments from strangers when selling items online.
PayPal beats other peer-to-peer (P2P) money transfer apps like Venmo and Zelle because of its accessibility and choice of payment methods. Funds may be received instantly into a recipient's PayPal account and can then be transferred to a bank account as soon as the next day.
Sending a wire transfer through your bank might be the best way to send a large amount quickly; P2P apps limit how much you can send (generally $1,000 to $10,000 per transfer) and delivery can take multiple days. Bank wire transfers generally are delivered within hours or minutes.
The faster form of payment depends on the urgency and the amount of your transaction. If you have a transaction above Rs.2 lakh, RTGS is a faster and more effective mode of payment. However, for any payments which are of lower amounts, NEFT is a more efficient mode of payment.
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
There are many specialist providers that offer better exchange rates and lower fees than traditional banks. Specialist providers include companies such as Veem, XE, and OFX. These providers typically have lower overhead costs and can pass on the savings to their customers.
Send money in the form of a prepaid debit card or a gift card to keep your identity hidden. Use a separate email and pseudonym when creating accounts on online payment apps, such as Venmo, Cash App, and Zelle to send money anonymously.
Introduction: My name is Mrs. Angelic Larkin, I am a cute, charming, funny, determined, inexpensive, joyous, cheerful person who loves writing and wants to share my knowledge and understanding with you.
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