The boom in fintech companies in the late 2000s and early 2010s led to the emergence of many exciting money transfer services that work differently. Gone are the days of standing in bank queues and paying exorbitant fees to transfer money to friends, family or workers around the world.

Some of the most popular money transfer services have grown into multimillion-dollar companies and are positioning themselves as a legitimate threat to the era of Wall Street dominance. The rapid growth can be attributed to the ease with which people can now transfer money around the world.

Whether it’s your first time transferring money or you’re a seasoned veteran, these top money transfer services will make sending money around the world a breeze.

The best money transfer services in 2022

The world’s biggest banks could maintain their dominance because it was simply impossible for new companies to compete. banks the best kept secret overcharging customers has since been exposed where and when possible.

As technology has rapidly advanced over the years and entrepreneurs have had easier access to start-up capital, building a new company from scratch to outbid the banks has become a reality. The best money transfer services can now do what the big banks do, faster or cheaper, and in many cases both.

Understandably, some customers prefer the convenience that banks offer, especially the ability to transact in person. But the new era of consumers is tech-savvy and understands the digital universe.

One of the following 5 best online digital streaming services will more than meet the needs of the vast majority of people. While some of the best, this list is far from complete, and there are several other equally reputable firms that may not suit your needs.


TransferWise was born in 2011 when two workers from Estonia working in London met at a party. The first, Taavet Hinrikus, was Skype’s first ever employee, and the second, Krista Kaarman, a Deloitte management consultant. They quickly discovered that they had the same financial dilemma.

Hinrikus was paid in euros and had to exchange his salary for pounds to pay for his daily expenses in London. Kaarman was paid in pounds, but he needed to convert the money into euros to pay his mortgage in his home country.

Instead of rewarding the big banks with repeat deals every month, Hinrikus deposited his euros into Kaarman’s Estonian bank account, and Kaarman deposited his pounds into Hinrikus’ UK account.

Essentially, they traded currency and could avoid the high exchange rates charged by their banks.

What started as a collaboration between two co-founders save money has evolved into a global money transfer company with the same strategy. Today, Transferwise helps customers save $4 million in bank fees every day. Most currency exchange transactions return 0.5% to the customer, and TransferWise prides itself on a flat fee for all customers.

TransferWise’s roster of investors and supporters is quite notable. The list includes billionaire investor Peter Thiel (co-founder of PayPal), Richard Branson (founder of Virgin) and mega venture capital firm Anderson Horowitz.

Company now worth 5 billion dollars and is exploring a potential initial public offering (IPO) on the London Stock Exchange.


OFX has one of the best reputations in the world for the default money transfer service of its shares listed on the Australian Stock Exchange. Public companies strive to offer customers a higher level of trust as their businesses come under the scrutiny of regulators. Auditors closely monitor his work to remove any hint of fraud in the public eye.

The sheer scale means that OFX can establish itself as one of the best money transfer services out there, passing the savings on to consumers. OFX turnover was A$11.2 billion in the first half of 2021, compared to A$24.6 billion for the full year of 2020.

OFX does not charge consumers a flat fee per transaction, regardless of the size of the transaction. The company makes a profit due to a small premium on the exchange rate, a share of the commissions of the big banks.

OFX uses technology to enable customers to track every transaction via SMS, email, mobile app and website.


MoneyCorp was founded in 1962 and has been operating as a money transfer service since 1979. Today, MoneyCorp stands out as one of the best money transfer services because decades of work have earned the trust of users.

MoneyCorp is one of the largest money transfer companies in the world, having processed more than 1 million payments to 192 countries, totaling approximately $50 billion. Of course, the fees are much more competitive compared to banks.

MoneyCorp’s customers love the 24/7 platform and appreciate its global presence. Having offices in key cities sends a strong signal to clients that the company fully understands the unique wants and needs of local residents and can quickly adapt to changing local market conditions.

Currencies Direct

Currencies Direct is expanding its business to gain market share, delivering superior scale and passing on savings to customers. In 2015, private equity firms Palamon Capital Partners and Corsair Capital acquired Currencis Direct.

The new owners have invested new capital, provided valuable expertise and leveraged their global relationships to accelerate Currencies Direct’s strategy to become a global leader in money transfer services.

One of the most distinctive features of Currencies Direct, which makes it one of the best money transfer services, is the ability to offer zero commission on all transfers.

Business customers appreciate that Currencies Direct is compatible with online marketplaces, especially Amazon. Currencies Direct is one of the most reputable money transfer firms for corporate clients. Some of the products and packages offered to corporate clients include forward contracts designed specifically to protect against currency fluctuations.

The first in the world

WorldFirst has a reputation for offering customers the best rates for currency transfers. In particular, in the late 2010s, WorldFirst realized that the growing competition was intensifying and announced a new fixed fee structure that is considered the most transparent in the money transfer industry.

WorldFirst charges customers a flat fee of between 0.15% and 0.5% for most money transfers. At the higher end, the 0.5% fee is much cheaper than standard banks. High volume customers who do enough business to take advantage of the 0.15% commission benefit from what are probably the best margin rates in the industry.

Some downsides are that WorldFirst is not available to customers in the United States. It has some of the strictest minimum transaction amounts of £1,000 or equivalent in other currencies.

Is one better than the other?

The online currency exchange space is highly competitive, with multiple startups investing in their businesses to steal market share from each other. Most focus their efforts on reducing cost to customers, as this is one of the most important areas of focus for most people.

This list of the top 5 money exchange services is likely to change as fintech companies continue to innovate in this area. Fortunately, this means that consumers will have more choice and can easily switch platforms multiple times.

TransferWise is the starting point for most consumers with a very recognizable name and crowned as a media darling. That’s not to say that other firms can’t compete with TransferWise in terms of cost and support. Instead, it means they lack the global recognition that TransferWise currently enjoys.

The above money transfer services are more than suitable for sending money to loved ones around the world. It’s just a matter of where you are, the payment structure and which platform to prefer.

Which of these money transfer services is best for you?

Source link