2021 International Money Transfer Guide

Over the past two decades, money transfers between countries have increased exponentially. This has led to the rise of the international money transfer service. These services came about in order to provide an alternative to the slow and expensive process you would go through with a bank.

 

If you’ve ever done a Forex money transfer with a bank, you’ll know just how expensive every transaction is. Not only do they take fees and commissions, but they also hide fees in their exchange rates.

 

The exchange rate provided to you by the bank is not the same exchange rate you will find in a Google search (considered the mid-market rate). Rather, the bank sets a rate that suits them, and the money received is therefore lower than you should expect.

 

These costs are particularly noticeable when you make a large transfer for property investments or business logistics. However, they quickly add up for people making regular transfers as well. Contract and migrant workers especially bear the brunt.

 

Money transfers post-COVID

 

While migrant workers were once the main source of international money transfers, different types of industry and consumption have arisen throughout the years. Now, having gone through COVID-19 and its consequences, specific needs have led to an uptick in certain big money transfers which slowed during the pandemic.

 

Once again, people are buying properties abroad now that they can think about travelling overseas. The stability of the international property market has emboldened many who had put off these purchases indefinitely.

 

A lot of businesses have also revived their international branches, leading to the transfer of profits, expenses, salaries, and asset purchases. Furthermore, wealthy individuals are again buying luxury goods from abroad. Whether they are bringing in handbags or jewelry, they are managing big amounts of cash.

 

With the changes that the world has gone through with COVID-19, the money transfer industry has had to adapt. As such, the list of the best money transfer companies of 2021 is somewhat different to the 2020 list.

 

If you need to start receiving money from or sending money abroad, consider using one of the following top 10 international money transfer services of 2021.

 

1. Currencies Direct

 

Currencies Direct is the most popular international money transfer company. It also happens to be the best in the business. In this industry, longevity is not necessarily a good thing. After all, many of the best money transfer companies were founded because the traditional options were exploitative. However, while Currencies Direct was founded 25 years ago, it has managed to keep up by evolving.

 

Currencies Direct handles over £7.5 billion every single year. They are used by customers for small transfers, as well as for transfers of money for property purchases and other big investments. They boast 325,000 happy clients and have a five-star rating on TrustPilot.

 

The selling point, as with most money transfer companies, is the zero-transfer-fee model. However, it is client satisfaction that is important in determining whether they lived up to their promises. This more than anything is why Currencies Direct takes the top spot.

 

2. TorFX

 

TorFX isn’t as popular and well-rounded as Currencies Direct. However, TorFX does consistently offer the best exchange rates. In the international money transfer game, looking at exchange rates is incredibly important. Banks have traditionally used exchange rates as a way to add hidden fees.

 

Money transfer companies that don’t charge transfer fees, like TorFX, are generally open about the amount they take in the exchange rate they provide. Clients love TorFX as they are not simply out to get as much money this way as possible. Rather, they share information such as the best time to trade so as to get the best exchange rate possible, keeping their clients’ wealth their top priority.

 

3. Moneycorp

 

Moneycorp is a mammoth in the industry, having been founded in 1979. As we’ve mentioned, longevity is not always a positive, but Moneycorp is another company that has managed to change its operations as the times have changed. They exchange over £35 billion a year and their service is quick and easy.

 

If you’re looking for a company with a stellar reputation, you cannot get better than Moneycorp, considering they have had satisfied clients going as far back as the past forty years.

 

4. Currency Solutions

 

Currency Solutions is a great option if you are concerned about trust and reliability. They have the best rating out of any international money transfer company on TrustPilot. They are not as big as some of the other companies on this list, managing £1 billion a year, but they do provide an excellent service.

 

Currency Solutions lets you send money over the phone with a dedicated consultant. They will provide expert solutions and advice about currency exchange.

 

5. Global Reach

 

Global Reach specialises in private clients, boasting award-winning technology which helps them make the best decisions for your money. They provide all the tools you need for regular money transfers as well as Forex decisions. They offer forward contracts of two years so that you can lock in an exchange rate.

 

6. Halo

 

Halo is a popular choice because of their extremely tailored solutions for your money transfer needs. Halo does a great job with the basics, as well as providing consistently accurate currency predictions. The website is easy to use and they are trusted by many past customers.

 

7. OFX

 

While OFX does not make the top 6, it is a force to be reckoned with. Publicly traded in Australia, OFX has a £20 billion yearly turnover. They provide very tight margins and charge no transfer fees or commissions. OFX does rise above the rest with the best currency transfer app on the market. With 24/7 support for clients from across the world, you will have a consistently professional experience.

 

8. Wise

 

A few years ago, Wise (formerly TransferWise) would have been at the top of this and every other list. The founders of Wise changed the international money transfer industry forever. They were a pioneer in the new era of international money transfers. Their humble beginnings, as a tiny startup founded by two friends, helped sell their vision.

 

However, other companies have now caught up and passed them by. While Wise is still an excellent choice for anyone looking to make quick and easy transfers with no fees, their lack of certain features such as dedicated dealers has them lagging behind.

 

9. SpartanFX

 

Longevity is not necessarily a positive when it comes to money transfers. However, in 2021, being a total newcomer doesn’t help either. SpartanFX looks like a reliable company that will surpass many of its competitors in the next few years. But if you are impressed by some of the above companies’ hundreds of thousands of happy customers, SpartanFX’s hundreds of customers might leave you wary.

 

They are definitely one to keep an eye on, and there is really no reason not to use their service if you are willing to trust the newbies.

 

10. WorldFirst

 

WorldFirst is not really comparable to the rest of the companies on this list. It serves businesses and ecommerce websites, rather than individuals. At this, they are the best option available. WorldFirst has been around since 2004 and is known for its innovative offerings. Any business with branches overseas or seller with customers around the world can’t go wrong with WorldFirst.

 

The above ten international money transfer companies are the best in the world in 2021. They have all managed to continue serving clients through the pandemic, in spite of the challenges, evolving to provide solutions to brand new problems.

 

All of these companies will get the job done well. While Currencies Direct comes out at number 1, your choice should be based on your personal needs and preference.