5 Best Online Money Transfer and Currency Exchange Services

Updated October 6, 2023

Online Money Transfer Services

International money transfer allows people to send money across different countries much more efficiently than through the traditional banking method.  Sending money now has become easier, as it involves just an online connection. These require a simple process of typing in only your payment information, selection of the amount you which to send or pay and also, where it is sent to and to whom.

There are now various currency transfer and exchange companies on the internet and in the many countries today for people to choose. There are countless independent transfer services one can pick. So, here we are listing/ranking five of the best online money transfer services along with reasons why you should try them.

1:- CurrencyFair

CurrencyFair is an online peer-to-peer currency exchange marketplace headquartered in Ireland. CurrencyFair provides online international transfer services in over 18 currencies. CurrencyFair allows users to transfer money from their location to someone else without needing to change to the other currency. Here, customers with one currency are matched with someone with a corresponding currency that needs the others. One significant advantage of using CurrencyFair in money transfer is the ability of customers getting a match with someone else straight off using the Auto-Transaction to partially or fully match you with someone else in the queue who is in need of the other currency. Therefore, reduces the transaction charges and fees, and time of transaction. CurrencyFair’s services can also be utilized through their smartphone app.

2:- HiFX

HiFX is one of the biggest money transfer and exchange companies in the world. It is a UK-based money transfer service. Also, HiFX is among the few international financial money transfers and exchange companies that are authorized to offer money transfer by the Financial Conduct Authority (FCA). One underlying factor that makes HiFX stand out among the numerous competitors is its utilization of Norton security in other to protect its web users. This online payment platform offers standard products such as forwards, spots and market orders. Also, their offers tools that help protect businesses from exchange rate fluctuations. Other pros of HiFX is the easiness  in signing-up, easy to use the platform and highly competitive exchange rates and fees.

3:- Transferwise

Transferware is an efficient money exchange and online transfer company. TransferWise enables users to save around $30 per $1000 you send. TransferWise allows the user to transfer as low as just one dollar. The company app GUI is very intuitive and user-friendly with an excellent exchange rate and an outstanding online presence. More so, some significant points to note about TransferWise is that it is needful when one is exchanging a large sum of money and for heavy users. Other pros include a clean and straightforward web interface and a very secure system and network. TransferWise also offers remote bank account opening and credit/debit card facility. TransferWise offers payment facility in more than 37 currencies and countries.

4:- Currencies Direct

Currencies Direct is a UK-Based international foreign exchange and payment provider to a good number of countries, businesses, government, online sellers, and individuals. Currencies Direct offers several services that are unique to them such as telegraphic transfer, forward contracts, affiliated partnerships, foreign exchange services and other online services. With its numerous presence in different countries like the USA, UK, France, Spain, Portugal, South Africa, India and other Asian and African countries, Currencies Direct helps users to purchase properties abroad, selling online, studying abroad, importation and exportation and emigrating purposes.  There also enable people to make other large and regular foreign exchange operations within the comfort of their homes or office. Currecies Direct smartphone app is very user-friendly.

5:- OFX

This is one of the most reputable foreign exchange companies that offers close to 155 currencies to its users. OFX has numerous subsidiaries across the globe such as Transferz, CanadianForex, USForex, UKForex Money, NZForex, and OZForex. The company allows its users to transfer a minimum transfer amount of $100. Some unique features that make them unique are its good exchange rates, suitability for smaller to mid-range sums, available in different countries and finally very competitive exchange rates, even with less popular currencies which make it an excellent option for users wishing to shop around. OFX’s services can also be utilized through their smartphone app.

Therefore, in making a choice on the financial exchange services you wish to use, make sure it suits your specific needs as no one company is suited for everyone.

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