Best Money Transfer Services – Our Top 5 Picks 2020
Getting the best deal for your circumstances is more than just googling what rates banks have available.
In short talking to an expert broker about what and when is the right point to exchange is key to the process:
You’ll need to consider…
- Whether you need singular or regular payments
- Competitive rates
- Whether buy and hold is available (to buy currency at a good rate, and then hold it in an account)
- Whether you can transfer online or phone
1. Key Currency
Key Currency boast a five star review on the basis of hundreds of customer reviews, which makes it an attractive option for those who rely on word of mouth. They offer a personal service which can help guide you through finding the best exchange rate for you.
They offer:
- Great exchange rates
- No fees hidden
- You get a personal currency manager
- Fast and efficient transfers of funds
- A history of award winning service
- FCA regulated authorised payment institution
- All transfers go via safeguarded client accounts
There are no tables for this criteria
2. XE
XE market themselves as “The World’s Trusted Currency Authority” – and it’s easy to see why.
Just a quick glance at their website shows how their service is easy to use and explains how the money transfer rate works. They work together with independent third party companies which gather data via market research to inform both their prices and fees, to you can rest assured you will be looking at competitive, reasonable prices. Their user-friendly website displays both the live market rates and the live transfer rates.
They offer:
- Ability to send money globally
- Access to 139 currencies across 220 countries and territories
- Easy and quick – with excellent security
Access & management for accounts 24/7 - Excellent rates
- Live market rates
Details
Online International Money Transfers
No Transfer Fees
Features
Transact & manage your account online 24 hours a day, 7 days a week from any device.
3. Currencies Direct
Currencies Direct offer a very fast and namely, direct, service. They have a team of currency experts waiting to help you through the process, so whether you are transferring money for business or personal reasons, they will know how to help. They’re rated five stars by their customers, which bodes well for what you can expect as a prospective customer.
They offer:
- No transfer fees
- Expert support
- In-app, online or via phone transfers
24/7 access to transfers - Access to 200 countries
Trading in 40 currencies - Same-day transfer of funds
Details
Online International Money Transfers
No Transfer Fees
Features
Make transfers to more than 200 countries in over 40 currencies.
4. FairFX
FairFX offers a multi-currency card which is a very useful tool for those looking to change currencies often, especially those who travel internationally. It offers the ability to “lock” great rates into place both before and after your plane takes off, for up to 15 different currencies worldwide. You also have the chance to earn some cashback – 3.5%, to be exact, when you shop in-store or online at a collection of the UK’s top high street retailers.
They offer:
- Low fees on international withdrawals
Low fees for international transactions
Over 40 currencies available in travel cash at excellent rates - Online orders available
- Next-day or Saturday delivery available for major currencies
Details
Online International Money Transfers
No Transfer Fees
Features
Buy & hold available: Buy currency at a great rate and hold it securely in your FairFX account for future payments
5. Torfx
Torfx boast a service which is both speedy and secure; they won the Moneyfacts Consumer award from 2016 – 2020, so by all accounts they are an excellent service, especially considering that they were only established in 2004.
Their service includes access to expert insight and the ability to make fee-free currency transfers as the best rates available to your situation. They also offer the service of moving money abroad both quickly and securely, so you can make sure that your money will be in safe hands.
- Access to 24/7 transfers
- Access to excellent rates
- In-app transfers available
- Transfers online, via an account manager, or over the phone
- Quick to open an account, get a rate and make a transfer
- A five star rated service
- A personal account manager
Read more about Torfx here »
What is a ‘money transfer’ service?
A money transfer service essentially does what it says on the tin: it is a service which facilitates the transfer of funds, including between currencies around the world.
You will need to do this if you are working across borders: investing in foreign property, buying a car from abroad, making an international business deal – or, in some cases, something as basic as simply going on holiday.
The majority of banks offer these services – but, their services often are expensive, which doesn’t give you good value for your money. This can pose a problem, especially when you are dealing with larger amounts of money.
By going with an expensive exchange rate, you’ll end up paying more than you need to.
So with bigger amounts of money, you want to make sure you have the best deal possible, and you’ll also want to find the best possible service of an experienced currency exchange specialist.
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