When choosing a money transfer provider, it's difficult to know the full picture without spending hours researching each service. Fortunately for you, we've compared the top international money transfer services so you can see in simple terms what the pros and cons are, from fees to customer service.
Payoneer
Based in New York, Payoneer has become one of the leading international payments companies specialising in providing business owners, professionals and freelancers with a safe and secure route to money no matter where they are based. In fact, they boast an enviable list of top businesses as clients who deploy them as their default cross-border payments facilitator.
With an easy-to-use process for money transfers – where customers can withdraw cash using a special Payoneer Mastercard – they have become leaders in their field and are an outstanding solution for small businesses to ensure that remote workers are paid.
WorldFirst
Established in 2004, WorldFirst has risen quickly to become one of the most trusted and respected money transfer operations in the global market. Specialising in larger amounts of money, their automated online service is intuitive and user-friendly. Furthermore, WorldFirst scores highly on customer support thanks in part to their dedicated dealer feature.
WorldFirst has received a number of awards in their relatively short lifetime. Their commitment to transparency in their dealings and transfers have attracted a lot of businesses their way. The fact that large financial service providers, such as Virgin Money, use them to transfer money to their clients says a lot.
Payoneer Features
WorldFirst Features
Mastercard available for business customers
Good option for freelancers being paid internationally
Receive payments via debit card
Bank account offered
Not for larger businesses
Takes longer than Transferwise for an account to be opened
Personal accounts cannot add money to the platform and make transfers, they can only receive money paid from another person or company
Can accept payments across a larger number of currencies and into many countries
Set up for payments on the go that you can manage via Android, IOS apps and wearable tech
Due to the volumes of transfers that they handle (billions), they are able to offer large discounts to the interbank rate
Specialist in serving ecommerce and marketplace customers
More specialised in serving marketplace and ecommerce clients
Not suitable for handling small, regular remittance payments
Price Comparison
Although Payoneer’s fees are not the lowest on the market, they are competitive – and the fact that they offer a service to many freelancers that just simply wouldn’t be possible any other way is to be applauded. There is a set charge for same currency transfers and just a 2% fee if the currency is converted. VIP clients are able to get further reductions if the amounts are large enough, however.
Although generally concentrating on larger amounts of money than Payoneer, WorldFirst are hard to beat when it comes to fees and exchange rates. There are no fees at all for outbound transfers from most countries including the UK and Australia, as well as the EU. There is a fixed $10 fee for transfers from the US under $10,000. The exchange rates are low and there is even a guarantee on offer to all UK clients. The main thing to note here is that there is a minimum transfer amount of £1,000 (or equivalent).
International Presence
Payoneer’s list of high-profile, international companies on their books is a good indication of their global reach and standing in the industry. Amazon, Google and Airbnb are just some of the clients who use them for international money transfers. They have offices all over the world and are able to send money abroad to over 200 countries and manage around 150 different currencies.
With dedicated dealers in offices in all five continents, WorldFirst offers a truly global service for cross-border payments. Their extensive setup of banks across the world enables a fast and secure service that many of their competitors cannot provide. Their transfer process, aligned with this local involvement, means that they can keep their costs low.
Ease of Use
The ability to withdraw payments using a special Payoneer Mastercard enables freelancers to gain access to money that would be much more difficult using traditional methods. With more and more work done on a global scale, there is a real need for multinational companies to be able to utilise services like this to pay their remote workers. The fact that only clients can send money is a downside to the overall model, however.
As a tech startup, WorldFirst has produced a clear and easy platform to use their services and offer an unrivalled app with wearable functions as a plus. Their global reach, customer support and transparent business model have earned them numerous awards and accolades – and that is reflected in their huge success in the money transfers world.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group. For more details on the how the bank price comparisons are calculated that include Bank of America, CIBC, Capital One, Citigroup, HSBC Bank USA, JP Morgan Chase, PNC Financial Services, Santander USA, The Northern Trust Company, Toronto Dominion Bank USA, Wells Fargo, see our IMTI page.
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