7 Best Money Transfers Companies Compared in 2021

Don’t be too hard on yourself if Western Union is the first and probably the only option that comes to mind every time you think of international money transfers. Having been around for more than 160 years, it is only right they have morphed into a global household name. But this isn’t the only reason we consider it the best cash transfer company, they also have one of the most extended global outreach that includes setting up over 500,000+ agency locations in over 200 countries.

Additionally, as industry pioneers, Western Union can be credited for coming up with some data protection tools and policies that were eventually accepted as industry standards. Key among this is the verification code sent by the sender to receiver and tracking the progress of transferred funds. Sending money here is also relatively fast and with the minimum transfer limit set at $1.

Western Union transactions fees and exchange rates:

The maximum you can send using Western Union’s app is capped at $2999 per day and $2500 for payments arranged over the phone with its support team. There is however no limit to the mount you can send at an agency location. To understand the fees, we take an example of a U.S resident sending $1,000 to Canada. It would cost them about $10 for agency transfers and up to $95 for debit card transfers. The cash transfer agent  will also add an unspecified markup on the exchange rates, a fact that is disclosed on their terms and conditions.

With more than 350,000 cash pickup agency locations across the world and an active presence in over 200 countries, MoneyGram takes up the first runners up post on our list of the best money transfer companies. Like Western Union, Money Gram specializes in both local and international travels. The company has however built its name around the international cash transfer topic.

It maintains a competitive number of agent locations, like the 25,000 currently active in Africa, and also offers more competitive charges for international money transfers. For instance, while sending cash to such countries as China through Western Union attracts a transaction fee of up to $75.00, the maximum MoneyGram can charge for the same is $49.99.

Transfer fees and charges

If you were to transfer $1000 from united states to the United Kingdom, your recipient would collect £746 from one of the money grams cash pick up location in the country. This translates to a $31 transaction charge. And if you sent the same amount from one of money grams location in the country for cash collection at similar location in the U.K, you would be charged $21.

Wise is probably the cheapest cash transfer company you will ever come across. It rides on the spirit of transparency and value for money by providing a platform where you can convert your cash at competitive mid-market rates, no mark-up, and no additional costs. However, unlike most other cash transfer companies, Wise is more of a peer-to-peer currency conversion site that connects different individuals looking to convert currencies.

To illustrate how straightforward their conversion rates are, they have come up with an online calculator that lets you understand how much you will pay for a particular transaction as well as how much your receiver will get. The minimum transfer amounts start from $1 while minimum and maximum transfer fees for amounts of up to $36 million stands at $3 and 1% respectively.

Transaction fees and other charge

If you hoped to transfer $1000 electronically while in the United States to an individual in the United Kingdom, you would incur a $6.90 charge. The most unique aspect of Wise is that they aren’t looking to benefit from marked up exchange rates and this explains why they are always avail the real time exchange rates to you.

Are you looking for a purely online money transfer company whose service extends far beyond sending and receiving cash and into bill payments? You will probably like Venmo, a mobile-first money transfer app. Sending or receiving money here starts with registering for the service and linking the app with your bank account for top-ups and withdrawals. Instead of withdrawing received funds, you may choose to use the app to pay bills for goods and services across the world.

Even more interesting is the fact that debit card transactions on the app are generally free while such services as bill payments are largely dependent on the merchants. Some of Venmo’s additional features include a slick user-interface, strong-data encryption, and a solid reputation. The fact that it is purely online also implies that it has an untamed global reach. Note:Venmo was recently acquired by PayPal, though it continues running its operations independently.

Venmo transfer fees and other charges

Venmo cash transfers attract a standardized currency exchange rate of 3% of the total amount. It will however be waived if you use your Venmo, bank or debit card balance. The unwaived 3% fee on credit card funded transfers originated from the card issuers and Venmo just passes them along. Howevr, it will charge you 1% for all withdrawals with a minimum of $0.25 and a maximum of $10 per withdrawal.

PayPal is to the electronic money transfer scene, what Western Union is to the conventional money transfer systems. It is a pioneer fin-tech company and probably the most popular brand in the electronic peer-to-peer cash transfer industry. Its services are available in 203 countries around the world and operate both personal and business accounts.

And while it started out a web service, it has immersed into the world of digital apps and is now available on both Android and iOS-powered smartphones and tablets. Some of the apps most unique features that help the brand feature on this list include its super-fast cash transfers, a strong emphasis on security through encryption and multi-layered protection like two factors authentication, and proven reliability.

You might find it relatively pricier than your typical mobile cash transfer service given that unlike most traders electronic cash transfer apps, PayPal charges for debit card transactions. It, however, covers this up with more relaxed transfer limits that can hit up to $10,000 (£7,500).  They also have a rather elaborate transfer and payment of goods and services fee structure for different countries on their website.

PayPal transfer fees and other charges

If you were a Canadian national looking forward to sending cash internationally you would have to part with $2.99 CAD when sending to United States and Europe and $4.99 CAD to any other country for transfers funded by your PayPal balance or a linked bank. Transaction as funded by a credit or debit card attracts an additional 2.9% plus a fixed fee depending on the base currency when sending to any part of the world.

Want the fastest and one of the most secure money transfer companies handling your local and international payments? You will want to consider WorldRemit and their highly adaptive digital platforms that promise to “send money from your mobile as quickly as a text message.” The near-instant cash transfer is available in over 140 countries across the world. And even more fascinating is their broad range of cash access options where the sent funds can be cashed out at a WorldRemit agency location, deposited into a bank account or received as an airtime (mobile credit) top up. All these made available within minutes regardless of the part of the world.

WorldRemit also argues to have partnered with numerous governmental agencies across the world as well as leading data security companies to come up with the most advanced data security protocols. This starts with high-end data encryption and sending a text message to both the sender and receiver once the money hits your account. Charges and transfer fees depend on such factors as the type of transfer, the receiver’s country of residence, and amounts being transferred. The money transfer company will, however, not charge you for the first WorldRemit transaction.

World Remit fees and other charges

Your first transaction on World Remit will be free of charge. Additional transfers will attract a flat rate fee of $3.99. They also offer near-market level exchange rates.

Unlike the popular brands in the world of global cash transfer like PayPal, Western Union, and MoneyGram that have over the years morphed into household names, Azimo is relatively new. But its innovative approach to the international cash transfer that involves a real-time funds transfer process tracking system that lets you monitor the different stages of cash monitoring right from sending the cash to its reception and withdrawal. Its highly secure apps are available in both iOS and Android versions for both smartphones and tablets.

Transaction fees here depends on such factors as how much you plan on sending and whether you are transferring it to another Azimo account holder or debiting to a bank account. The app developers are also keen on eliminating the bureaucracies associated with bank withdrawals, a move that has seen them establish more than 200,000 agency cash pickup locations all over the world. They are also running a popularization campaign where you can have an infinite number of persons to join Azimo and get £10 ($13) as a bonus when they transfer their first £100 ($130) on the platform.

Azimno transfer fees and other charges

Your first two transactions here will be fee-free. Subsequent cash transfers will be subjected to an £11.99 charge regardless of the amount being transferred. You, however, get to benefit from near-market rate foreign exchange rates for your transfers.