The best money transfer companies ranked by exchange rates

Breaking Down Fees & Exchange Rates

Fees & Exchange Rates is Monito's comparison engine has revealed Remitly, Wise and Global66 to be the lowest priced money transfer services based on data collected from hundreds of thousands of searches on Monito: Remitly is by far the leader. Wise comes in second while Global66 takes third.

Remitly was found to be most cost-effective and competitive on 15% of available Monito searches for bank transfers and 64% for cash pickups for all 12 months in 2022; whilst Wise found itself most cost-effective and competitive for 19% of available searches for bank transfers;
Global66 ranks first for bank transfer searches across 10 of 12 months of 2022 on Monito's search platform.

Worthy Mentions and Special Considerations

Money transfer services that offer competitively-priced transfers may vary significantly by region; thus services that specialize in specific corridors may not appear among our global results above.

SingX is often the lowest-priced and most competitive service for transfers from Singapore, Hong Kong and Australia; sometimes even more so than Wise or Remitly. When it comes to Switzerland transfers, specialist services b-sharpe and Wise often provide the most economical rates, while for transfers from UK to Poland transfers TransferGo often comes out ahead (although XE Money Transfer may offer similar favourable terms.)

WorldRemit should also be mentioned, as they were found to be the cheapest provider in 15% of available Monito searches for cash pickups but did not make the top three list.

To address this challenge and ensure you're finding the best offer for your specific transfer corridor, we recommend running a search on Monito's real-time comparison engine. Break It Down By Customer Satisfaction

At Monito, the top money transfer services ranked by customer satisfaction are Paysend, Wise and XE Money Transfer; all three services have consistently impressed their customers based on metrics including:

Paysend: 89% of 23 thousand customers who provided feedback via Trustpilot gave the service five out of five stars; Wise: Around 88% of 116 thousand customers gave feedback through Trustpilot rated Wise five stars out of five;
XE Money Transfer: of over 45,000 customers who provided reviews on Trustpilot, 95% gave five out of five star ratings to XE.

Worthy Mentions and Special Considerations

Many services on Monito are highly rated by customers, narrowly missing making it into the top three - examples being TransferGo (9.6/10), Azimo (9.6/10) and Remitly (9.5/10).

The best money transfer companies ranked by service quality

 Breaking It Down By Service Quality

Wise and TransferGo are again top performers when it comes to Service Quality Score, joined by Western Union as the top three services. For each of the three, their placement was determined by various factors:

Wise provides quick and seamless money transfers; whilst TransferGo makes money transfer straightforward and customer support is easily reachable; with Western Union boasting the widest range of payment methods.

Worthy Mentions and Specific Considerations

Paysend scored an 8.0/10 in this category, Remessa Online (7.7/10), CurrencyFair 7.5/10 and PayPal 7.8/10 all demonstrated strength as international money transfer services; though we wouldn't advise using PayPal due to its fees despite having an easy mobile transfer platform.
Breaking It Down By Fees and Exchange Rates

Remitly, Wise and Global66 stand out as being among the lowest-priced money transfer services when measured against hundreds of thousands of searches conducted through Monito's comparison engine: Remitly was selected first; Wise second; Global66 third.

Remitly is most cost-effective and competitive on 15% of available Monito searches for bank transfers and 64% for cash pickups in 2022; whilst Wise was most cost-effective and competitive for 19% of available bank transfer searches in that year.
Global66 ranks lowest and most cost-efficient among all Monito searches for bank transfers during all 12 months of 2022.

Worthy Mentions and Special Considerations

Money transfer services vary significantly by region, so exceptionally low-priced services that specialize in individual corridors may not appear among our global results above.

SingX is often the lowest-priced and most competitive transfer service for transfers between Singapore, Hong Kong and Australia - more so even than Wise or Remitly - while Switzerland often benefits from specialist services b-sharpe and Wise; in contrast, for UK to Poland transfers TransferGo is often best (though XE Money Transfer may also offer competitive pricing.)

WorldRemit deserves special mention as it was found to be the least expensive solution in 15% of available Monito searches for cash pickups; unfortunately it did not place in the top three.

To avoid this dilemma and ensure you find the best offer for your specific transfer corridor, we advise using Monito's real-time comparison engine to run a search. By filtering by Customer Satisfaction Rating.

Paysend, Wise and XE Money Transfer were recognized as the three top money transfer services on Monito in terms of customer satisfaction ratings; each exceeded customers' expectations on key metrics including:

Paysend: 89% of 23 thousand customers who provided feedback via Trustpilot gave it five out of five stars; Wise: Around 83% of 116 thousand customers gave feedback through Trustpilot gave Wise five stars;
XE Money Transfer: Out of 45 thousand customers who provided feedback on Trustpilot, over 95% gave five out of five stars rating XE as their money transfer service.

Worthy Mentions and Special Considerations

Monito services frequently receive high customer ratings; in particular, some such as TransferGo (9.6/10), Azimo (9.6/10) and Remitly (9.5/10) rank very highly with customers.

The best money transfer companies ranked by trust and credibility

 Trust and Credibility Analysis

Wise, TransferGo and Instarem stand out when it comes to trust & credibility for The Monito Score due to several reasons. These services excel because:

Wise moves over US$70 billion annually across borders for over 10 million customers; TransferGo provides services to 2.5 million customers and manages around PS1 billion of transfer principal funds each year;
Since Instarem's establishment in 2014, they have rapidly grown to serve two million customers, employ over 200 people, and transfer over US$4 billion worldwide annually.

Worthy Mentions and Special Considerations

Even though some providers earn higher Trust & Credibility scores, it is worth remembering that all services on Monito are completely trustworthy, meeting at minimum stringent trust and security criteria such as segregated user accounts, 128-bit encryption and HTTPS as well as authorisation by relevant financial regulators.

Trust and credibility rankings were also impressive for Remitly (8.9/10), CurrencyFair (8.5/10), and Remessa Online (9.0/10).

Western Union, MoneyGram and Ria also deserve special mention. Their Trust & Credibility scores were reduced as a result of non-transparent pricing practices; nonetheless they remain among the world's three largest money transfer services and remain highly reliable services as a result.
Breaking It Down By Service Quality

Wise and TransferGo both excelled when it came to their Service Quality score, joining Western Union as top three services in this category. Their positions can be explained by several factors including:

Wise provides fast and straightforward registration and money transfer processes; TransferGo offers intuitive money transfers with customer support readily accessible; whilst Western Union provides an almost unmatched variety of pay-in/pay-out methods.

Worthy Mentions and Special Considerations

Paysend (8.0/10), Remessa Online (7.7/10), CurrencyFair (7.5/10) and PayPal (7.8/10) also stand out as strong options, although due to fees we do not recommend PayPal as an international money transfer service despite its convenient mobile transfer platform.
Deliberating Over Fees & Exchange Rates

Fees & Exchange Rates is where Remitly, Wise and Global66 shine as top performers among money transfer services; their offerings have been used by millions of searches on Monito's comparison engine to establish this.

Remitly is most cost-effective and competitive among Monito searches for bank transfers (14%) and cash pick-up (64%); Wise offers similar results on 19% of available searches for bank transfers within all 12 months of 2022;
Global66 ranks first and last for Monito searches that include bank transfers for each month of 2022, at only 10% of available bank transfer searches.

Worthy Mentions and Special Considerations

Money transfer services that specialize in specific corridors may not appear among our global results above due to being priced competitively for that corridor alone.

SingX is often the lowest-priced and most competitive transfer service between Singapore, Hong Kong, and Australia - even more so than Wise or Remitly - while for transfers from Switzerland specialist services b-sharpe and Wise often offer competitive pricing while from UK-Poland corridor TransferGo is often best (though XE Money Transfer may offer similar prices.)

WorldRemit should also be mentioned, as it was the cheapest for 15% of available Monito searches for cash pickups but did not rank among the top three services.

To ensure you find the best offer for your specific transfer corridor, we advise using Monito's real-time comparison engine to search. Break It Down By Customer Satisfaction

By Customer Satisfaction metrics, Paysend, Wise and XE Money Transfer stand out as being among the best money transfer services on Monito. These providers consistently exceeded customer satisfaction metrics with impressive performance as measured by metrics such as:

Paysend: Over 89% of 23 thousand customers who gave feedback to Trustpilot gave Paysend five out of five stars; Wise: 81% of 116 thousand customers gave Wise five stars out of five on Trustpilot;
XE Money Transfer: Roughly 95% of customers who gave feedback on Trustpilot gave XE five out of five stars rating their experience as excellent.

Worthy Mentions and Special Considerations

Many services on Monito are highly-rated with customers, with some only narrowly missing making it into the top three - such as TransferGo (9.6/10), Azimo (9.6/10) and Remitly (9.5/10).

4 Important Factors To Look For in International Money Transfer Companies

 Look Out For in International Money Transfer Companies (IMPTs)

At Monito, our mission is to assist with international money transfer by helping you find the most efficient service to send it internationally. That is why, after years of independent comparing and reviewing transfer services across the world, we created the Monito Score, which represents hours of research from our money transfer experts, multiple tests of each service offered, as well as millions of price data points collected through Monito's comparison engine.
Monito Score: How Monito Reviews Money Transfer Services

The Monito Score provides you with an objective ranking of money transfer companies based on twelve criteria in four categories, helping you make better informed decisions:

Trust and Credibility: An assessment of trust based on various criteria such as authorisation by financial regulators, use of security protocols, company size and fee/exchange rate transparency;
Service Quality: An assessment based on qualitative testing of web and mobile apps of services to measure how easily accounts can be opened, funds transferred between accounts, customer support reached out to, orders/managed an associated debit/credit card etc;
Fees & Exchange Rates: Price rankings determined by how frequently a service was the least costly across hundreds of thousands of searches on Monito's comparison engine and whether its total cost for sending 1000 US dollars overseas fell under 1.5%;
Customer Satisfaction Index (CSI): Trustpilot has introduced a customer satisfaction index which measures customer happiness based on how many five-star reviews a service has gotten on Trustpilot relative to how many four and five-star reviews it has accrued overall.

Taken together, these four categories make up The Monito Score; an evaluation score out of 10, which provides a comprehensive and nuanced overview of a money transfer service's quality of service. >> How We Ranked International Money Transfer Companies and Organizations

Monito conducts rigorous evaluations on all services reviewed to ascertain their quality and assess any shortcomings in service provision.

When reviewing a money transfer service, our experts start by creating a user account in order to assess its functionalities, such as ease of registration and speed of transferring money. Once this evaluation has been conducted, several other criteria such as customer reviews, percentage of fees constituted by exchange rate margins fees pay-in options access customer service access volume transferred appropriate authorization and company size are evaluated against it.

Monito's comparison engine allows us to conduct an extensive analysis of hundreds of thousands of searches to understand how often a service was the cheapest or competitive against its rivals, providing a more accurate representation of pricing relative to market demand. As an additional step, this process is then repeated by another reviewer so they may peer-review and cross-reference each other's findings.

 Frequently Asked Questions About Money Transfer Services (FAQs)

Can I trust Monito's reviews?

Monito has been using verified data since 2013 to make balanced and actionable recommendations for its users, in the form of consumer guides and reports, but also in-depth consumer reviews powered by The Monito Score; our composite evaluation system that measures 12 criteria across four categories. As a result, Monito has become the industry leader when it comes to international money transfers, exchange rates and neobanks.
How did you select and evaluate the top money transfer services?

When reviewing money transfer services, our experts begin by creating a user account to test its functionality; specifically registering easily and speeding money transfers. This gives them an accurate view of a platform's strengths and limitations. Next, we compare this score against several key criteria, such as customer reviews, fees derived from exchange rate margins, pay-in options, access to customer service and business and legal metrics such as volume transferred, authorization approval and company size. Finally, we analyze hundreds of thousands of searches conducted through Monito's comparison engine in order to assess how often a particular service was the cheapest or competitive with its rivals; providing us with a more complete picture of its pricing in relation to the market. Furthermore, this process is repeated by another reviewer for peer-review and cross-referencing purposes.
Why should money transfer specialists be preferred over banks and PayPal?

International money transfers tend to be much more costly with banks or PayPal than specialist money transfer services, due to them charging exchange rate margin fees of 5-10% of transfer values versus 1.5% charged by specialist money transfer services for comparable corridors. Check out our in-depth guide for more details!

 

10 Best Money Transfer Companies Overall

 

10 Best Money Transfer Companies Overall

Let's take a tour through the 10 best international money transfer companies (with data updated for 2023). Learn About Fees When Transferring Funds Internationally.

At banks, your recipient may incur a receiving fee! Not to worry though; we only recommend transparent services that do not charge this type of fee. As we go through this list, keep this in mind; when making international money transfers two fees are typically charged:

Commission fee: An industry-standard sending fee that is charged for services provided. It may come either as a fixed price or as a percentage of transaction total.
Exchange rate margin: Some companies apply a weaker exchange rate than the mid-market rate and pocket this markup difference as profit.

#1 Remitly
Remitly is consistently one of the world's cheapest overall international money transfer companies, according to our 2022 data analysis. They boast an exceptional Monito score, showing their worthiness when it comes to security, customer satisfaction and speed of service delivery.

Remitly is available across Europe, North America, Singapore and Australia and makes for an excellent option when it comes to transfers for cash pickup, as its pricing offers attractive cash pickup pricing. 

#2 Wise
Wise is an outstanding money transfer solution for small to medium sized transactions worldwide. We especially recommend it.

Wise offers convenient service throughout Europe, the US, Singapore, Japan, Australia and New Zealand, making it the go-to solution for small to medium sized bank account transfers that travel overseas. Their pricing often makes Wise the best value option.

#3 Global66 Its Global66 provides an easy fee calculator that includes exchange rate margins to make understanding the costs of international money transfers easier for users. Furthermore, this platform boasts highly competitive fees and exchange rates from countries including Argentina, Chile, Colombia, Ecuador, Mexico, Peru Spain Brazil USA

Global66 was, on average, the best transfer service of 2022 for Mexico-US transfers, Columbia-Spain transfers and Columbia-US transfers.

4. Skrill Transferring funds via Skrill is fast, secure and user-friendly - the platform boasts stellar reviews on Trustpilot from satisfied customers and offers support for numerous countries and currencies - plus international transfers can be completed using both debit and credit cards, making this an accessible option.

Car hire can often be the ideal solution when transporting between Morocco and France, Germany and Ukraine, Saudi Arabia and India.

#5 Currencyfair

Currencyfair offers a clean and user-friendly web and mobile app interface for easy navigation. The platform allows users to select their desired transfer speed and cost, giving them the flexibility to choose the option that best suits their needs. Additionally, CurrencyFair boasts outstanding customer satisfaction rankings. For businesses, CurrencyFair has the added advantage of being integrated with Xero, making it a convenient choice for managing financial transactions.

Currencyfair has historically offered excellent rates for transfers from the United States to Canada, Poland to the United Kingdom, Germany to the United States, the United States to Spain, and the United States to Germany.

 

#6 TransferGo

TransferGo is known for consistently offering the cheapest rates on international money transfers, particularly to European countries. The platform offers a wide range of pay-in and pay-out options.

It is great for transfers from the UK to Poland and to the United States. It also specializes in transfers from Turkey to Ukraine, Turkey to the EU, and Poland to the UK.

 

#7 Instarem

Instarem is known for its overall good exchange rates and cheap fees. They also have a user-friendly platform; once your account is set up, you can easily navigate and use their service. Another advantage of using Instarem is that they offer quick transfers, which means your money can reach your recipient within a day.

It's excellent for transfers from India to the United States, Canada, or the United Kingdom. It's also been effective for US-to-Nigeria transfers and Canada-to-United States transfers, as well as from Australia and Singapore to India

 

 #8 XE Money Transfer
XE Money Transfer offers services across 130 countries and 100 currencies. Backed by Euronet Worldwide, users have peace of mind knowing their funds are secure; most transfers take place within one working day - making this platform immensely popular with users and earning many glowing customer reviews.

XE Money Transfer is highly cost-effective when it comes to international money transfers from either the USA or UK into India, as well as being ideal for the popular corridor between these two nations and Poland.

 

#9 WorldRemit

WorldRemit's international money transfer service boasts a wide coverage, reaching countries that other providers may not. They have a vast network of cash pickup locations for added convenience for recipients. The platform offers a variety of options for sending and receiving money such as bank transfers, cash pickups, mobile money and airtime top-ups. Ease of use and customer satisfaction are strong points of WorldRemit. They also have a dedicated customer support team available to assist users with their transactions.

WorldRemit will be your best choice if you are sending bank transfers or cash internationally from Japan to the Philippines, Malaysia to Indonesia, South Africa to Nigeria, France to Morocco, Malaysia to India, and Malaysia to the Philippines.

 

 

 

#10 Small World
With presence across most of Europe/EEA/UK/US and Brazil, Small World provides users with a convenient option for sending money to cash pickup locations - particularly South America, Asia and Africa where the service has an expansive network.