Comparing money transfer providers is time consuming - FXcompared is here to help. FXcompared does the research and comparisons for you, helping you to find the best match possible for your international money transfer. FXcompared’s easy-to-use comparison tool will help you assess the many different companies offering online money transfers.
The search for the right money transfer company is not just about fees and costs. There are many things to take into consideration. When does your payment need to arrive? Where will you be sending your payment? How will you send your payment? Who will be receiving it? Your specific needs are an important part of choosing a money transfer company.
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After you click compare, your results will look like this:
When selecting the international money transfer company you would like to send money through, the company’s exchange rate and fees are an important thing to consider. Currency is volatile - the exchange rate between different currencies and the value of currencies fluctuates and changes, not only every day, but every minute. Each money transfer company has a different method for calculating their offered exchange rate between two currencies, which can cause a large cost variance between companies.
FXcompared shows you both the fees and the exchange rate offered by different money transfer companies. Depending on the amount sent, and where you are sending it to, the service and costs may change and you may choose a different provider.
Once you choose the company you would like to work with from our site, you will be linked to the provider’s website.
Sending money online is one of the easiest ways to send money overseas. Nearly all money transfer companies offer the option to transfer money online. Transferring money online is simple, and despite the many different money transfer companies to choose from, the process of transferring money online is very similar no matter the provider you choose.
Transferring money online is simple, you can do so directly from your bank account, or, for smaller amounts, using a debit or credit card. To transfer money online, you’ll visit your the money transfer company’s website, and there will be an option to register. After clicking on that option, the website will ask where you are sending money to, and the amount that you would like to send. You will also be asked to create a profile to use the website.
Following your choice of amount and destination, you will be asked to enter your bank account information. Many times, you will also have the option to pay with a debit or credit card. Some people choose to send money with a credit card, as it is often faster.
While it may seem that the most important thing to consider when transferring money is the cost, there are other details to take into account. For example, sometimes the fastest provider is not the most cost effective.
It is also important to consider the convenience for the person on the receiving end of your transaction. For example, sending a large amount of money to a company bank account requires different considerations than sending money to your child studying abroad, who may not have an accessible bank account in the country they are visiting. In this case, choosing a money transfer service that also has a currency dealer team may be a good choice.
Additionally, when trying to decide on a money transfer company to use, you may also consider which companies allow local settlement. Local settlement, or domestic transfer, gives you the ability to transfer money to an account in the same country you are sending from. This is easier, faster and often saves money compared to typical outgoing transfer fees from a bank .
FXcompared's Guides will help you navigate many different areas of the international money transfer space.
Businesses are likely to have different priorities when choosing a money transfer company for international transactions.
While your company will also need to consider exchange rates and transaction fees, other details should be taken into account.
If your company is making a one-time international payment, your needs will be different than a company who will be regularly transferring money internationally. A company that transfers money internationally on a regular basis or has known commitments in the future will likely want to work with a company that can offer them currency hedging products such as currency forwards, stop limits or currency options.
If the amount of money you are transferring is particularly large, it is important to examine the various exchange rates offered to your company. When sending large amounts of money overseas, a favourable exchange rate can make a large difference in money saved or lost, and the business needs to be discerning in their choice of a money transfer company.
Individuals might send money overseas for a variety of reasons. You could be doing something as simple as sending money to a friend, or you could be transferring a large amount of money in order to purchase real estate abroad.
While cost of transfer and exchange rates are to be considered, you should also consider whether or not these will be regular payments, in which case you may want to work with a money transfer company that can automate your payments. It is also important to consider who is receiving your money. Are you sending money to a grandparent who has retired overseas? In that case, you may want to transfer money directly into an account. But if you are sending money to someone without a regular bank account, perhaps a relative that is in need of assistance while traveling, you may want to find a money transfer company that has multiple agents internationally.
Of course, potentially one of the most important factors in your decision will be the speed of transfer.
A regular overseas payment plan is an effective way to transfer money abroad on a frequent basis. It is often suitable for customers who need to transfer three, four and smaller five figure amounts on a continual basis. Regular overseas payment plans are often used for:
Before you send money internationally, it is important to remember that every country has different rules about transferring money. Specific rules apply to specific countries, and it is important to understand those rules before any money is sent.
For example, sending money out of Argentina is much more challenging than sending money from a foreign account to Argentina. Alternatively, many countries have less restrictive money transfer regulations. It is advantageous to familiarize yourself with the specific money transfer regulations for the country you wish to send money to, and the regulations for the country you are sending money from.
Our exchange rates guides will help you understand the details of exchanging specific currencies and help familiarize you with popular currency pairs.
Here are some of our more popular guides:
Find out more about our industry leading research on the international payments and money transfer space. This includes our benchmark International Money Transfer Index (IMTI) used to measure the cost of sending bank to bank money transfers.
Read our in-depth research on the entire money transfer industry. Learn about what has driven the growth of the sector, who the industry looks today and what challenges dace money transfer companies in the years ahead.
One of the factors taken into account by money transfer companies when deciding on fees and exchange rates is currency volatility. All currencies fluctuate in value, though some currencies fluctuate more than others.
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