International money transfer organizations are an essential part of the global economy. They provide a service that makes it easier and cheaper to send and receive funds across borders.
However, with so many international money transfer organizations available, how do you know which one is best?
The answer depends on what your specific needs are. Do you need low fees? 24/7 customer service? Or maybe just a simple interface for sending wire transfers internationally?
The ten companies listed below all offer different services at different rates, so choose the one that suits you best!
You may also like; How to Send a Large Amount of Money to Someone.
What is an international money transfer organization?
An international money transfer organization is a company that allows you to transfer money from one country to another.
It’s used when you need to send money to another country but do not have the means of transporting it yourself.
It is often preferred over traditional wire transfer because you can easily send money through your computer or mobile device.
Why should you use an international money transfer organization?
If someone needs to go on a trip and does not have a means of transportation, they would need to get a plane ticket.
The same applies to international money transfer organizations. If you want to send money from one country to another, an international money transfer organization is often the best way to do it.
However, it is not the only way. You can get a wire transfer from your bank (most major banks offer international money transfer services) or use another online service like PayPal.
Read also: Top 10 Money Transfer Companies.
What are the benefits of using an international money transfer organization?
There are many benefits of using an international money transfer organization: –
- They’re easy and convenient. Rather than using traditional wire transfers, international money transfer services are done online or through your mobile device.
- They’re cheaper than traditional wire transfers. Conventional wire transfers will often not include the fees charged by both banks, but online international money transfer organizations usually have at least one of these fees.
- They’re faster than traditional wire transfers. Since there are usually no customs regulations to get through, international money transfer services are often completed much faster than standard wire transfers.
The cons of using an international money transfer organization
While the benefits of an international money transfer service are many, it is crucial to consider the downsides before you decide to use one.
The biggest downside of using an international money transfer organization is its fees. Many traditional wire transfers do not charge fees, but most international money transfer services charge fees.
It’s always important to consider how much you are paying in fees when deciding which service to use.
However, some international money transfer organizations may not include all fees in the price. This means they will charge a fee, but it won’t be explicitly listed.
Related: Money Transfer Companies
The top 10 best International Money Transfer Organizations
The following is a list of the ten best international money transfer organizations.:
1. Western Union.
Western Union has been around for over 150 years and has established itself as one of the best international money transfer services.
It’s quick and easy to use, with many locations available worldwide.
Fees are usually 5-10%, but you have to watch out for hidden fees. Western Union is generally used by people who spend large sums of money.
2. Money Gram.
Money Gram is another well-known international money transfer service, often used by people looking for a cheaper alternative to Western Union.
While it may not be as widely known as western union, many people prefer it because of this fact.
Fees are generally around the same as Western Union.
TransferWise is cheaper than other companies and provides a better exchange rate. They offer 0% fees for the first transfer and competitive rates after that (there are usually no hidden charges). It’s easy to use online and on mobile devices.
It’s free to sign up and only takes 1-2 working days for your transfer to be processed (meaning that it can take less than a day, depending on your location).
PayPal is one of the top online payment services, providing an international money transfer service.
It’s easy to use PayPal to send funds, even without having a PayPal account. You can send money via credit/debit card or bank account. However, you cannot send money using PayPal if your receiving country is Asia or Africa.
Remitly is an American-based international money transfer service. It’s easy to use Remitly if you have a US bank account or debit card, but one can also use it with other currencies.
It offers competitive exchange rates compared to Western Union and Money Gram, though it can take up to 3 working days to process the transfer.
Remitly has no fees for the first transfer, with competitive exchange rates. It’s free to sign up, and you can track your transfer online. They’re available in 20+ countries, and it takes 1-2 days to process a transfer.
WorldRemit is a UK-based international money transfer service. What sets it apart from other companies is that they only charge one fee; the currency exchange fee.
This means you pay for the currency and not for the transfer itself. They have competitive rates, but there are no hidden fees with WorldRemit. It can send money in 20+ different currencies and is easy to use.
Xoom is a popular international money transfer service that allows you to send funds from your bank account or debit/credit card. It’s quick, convenient, and free to sign up (you only pay when you make a transfer).
They allow you to send money to over 35 countries and only charge a small fee on the currency exchange.
OFX is another online international money transfer service.
They provide transparent fees and competitive exchange rates, making it easy to choose when making transactions (you only pay the price on the currency transaction).
Fees are generally lower than what you’d pay at a bank or Western Union. What makes OFX stand out is that they allow you to transfer money online, over the phone, and through an app (for iOS and Android).
9. Your Bank.
Though you need to pay fees for transferring money via your bank, it may be worth it. It’s free to sign up and usually takes 1-2 working days. Prices are competitive with other online international money transfer services, but they can vary depending on the country of origin/destination.
Ria is an American international money transfer service. It’s easily accessible online or on mobile devices and offers competitive rates.
There are no hidden fees, and you only pay the currency exchange fee.
Fees for Ria are usually cheaper than what you’d pay at a bank or Western Union, making it worth it in some cases.
International money transfer organizations allow you to send large sums of money overseas quickly, safely, and easily at a low cost.
Even though there are other options for transferring large amounts of money, these companies are the most popular, especially for ex-pats sending money to family or friends.