International Money Transfer: 60+ Low Rate Services You Should Try

International money transfer options have been growing over the years due to the booming eCommerce ecosystem. Also, bank wire transfers are slow and expensive yet businesses are looking for cheaper ways of sending and receiving money.

International travelers and migrant workers are interested in global money transfer companies that offer them convenience and lower costs of remittances.

Still, not all money transfer providers are good and trustworthy because the industry is not well regulated. So then, here is the list of 60+ low rate remittance companies that you can try.

Afex: The currency transfer provider is the largest in the corporate world and provides very diverse and broad products for corporate clients. Afex supports 78 currencies and is accessible in the US, UK, Switzerland, Spain, Norway, Ireland, Italy, Channel Islands, Canada and Australia.

Afriex: The digital platform offers mobile money transfer services to five countries as the USA, Canada, Nigeria, Kenya and Ghana. Users prefer this app over others because it offers low-cost transactions. Also, it has a free multicurrency account that allows its clients to transfer Bitcoins and the recipient can either withdraw, sell or make payments with them based on their current price in the market.

Airopay: The money transfer service provider was developed to bring convenience when making digital money transfer. The platform facilitates deposit, withdrawal and utility payments both locally and internationally. Aside from money transfer, users can access unique services such as saving where they earn as high as 16% interest per annum.

AirWallex: It’s a cross border business payments company that focuses on payments API. The target is the tech-loving corporate clients and so it provides diverse functionalities for these businesses. Further, its users enjoy great rates, a smooth platform and a free one month trial. AirWallex is highly regulated by ASIC, FCA, FINTRAC, and HF Customs and Excise Department thus making it a secure international money transfer company.

AZIMO: This is a leading remittances provider in Europe because of its competitive pricing plan. With the Financial Conduct Authority (FCA) approval, AZIMO is allowed to facilitate customer transfers across 200 countries and in 60 currencies. The provider gives new users two fee-free transfers when they transact using the platform and an improved rate on subsequent ones.

Bitsika: The fintech platform offers fast money transfer as well as crypto remittance services across Central and West African countries such as Ivory Coast, Mali, Ghana, Nigeria, Mauritius, Senegal and Cameroon. Thus users can send and receive Bitcoins through the platform’s modern cryptocurrency technology. Additionally, users can transfer funds, make online purchases and payments of bills in different currencies.

Cambridge FX: The money remittance company is popular in the business money transfer space. The platform has a reasonable global presence because it has several offices on 3 continents. Also, it has a wide range of services and integrations such as automation, hedging and API. Cambridge FX support transactions in 140 currencies.

Chipper Cash: The mobile money transfer app works across several African countries such as Kenya, Uganda Tanzania, Rwanda, Ghana, Nigeria, and South Africa. The platform is transparent and doesn’t have hidden fees or extra costs. Users of this platform must install Chipper Cash App on their mobile devices. Also, users can purchase highly discounted airtime on this platform.

Currencies Direct: The international money transfer company works with high-wealth clients and offers business owners and investors helpful services aside from money remittance. This includes global real estate investments and more. Currencies Direct is available in different countries and offers better exchange rates for users making high-volume transfers. The company supports 39 currencies, has a minimum transfer of $100 and doesn’t charge transfer fees.

Currency Fair: This is a digital peer-to-peer currency exchange service that works the same way as WorldRemit. The company supports 19 major currencies but the money is not sent across the border. Instead a user with one currency (Dollars) and needs another (Rupees) is immediately matched using the Auto-Transaction process with someone else in need of what they have. That is why it’s called an online peer-to-peer currency exchange platform and its rates are 90% lower than other services.

Dunbridge Financial: The remittance company has an industry-leading digital platform that supports international payments, foreign exchange, invoice financing and mass payments. Dunbridge Financial offers convenience, fast and transparent payments as well as not more than a 1% processing fee.

Dusupay: The Uganda-based fintech company offers payment services in more than ten African countries. Recipients can receive payments through China Union Pay, Android Pay, SEPA direct debits, debit and credit cards, PayPal, and online banking. Other supported mobile money providers are M-Pesa in Kenya, Airtel Money in Ghana, and MTN in Cameroon, Ghana and Uganda. These features make Dusupay the best payment services provider in Africa.

Epay: This is an innovative international collection platform that allows overseas customers to pay the local currency and the company uses multiple channels to settle it to the desired currency. Thus corporates such as online teaching companies, live broadcast platforms, labor dispatch companies and foreign-invested enterprises can use Epay to make bulk payments. Further, the platform supports over 80 currencies and recipients can either receive their money through the bank account or pick up cash from its over 200,000 cash pick-up locations across the world.

Instarem: The platform offers a fast, secure and cost-effective money transfer service. It has the same day or instant transfer at a competitive rate and without any hidden fees. Therefore users can save a lot of money using this platform because of its fair FX rates and low fees.

Key Currency: The remittance company process transactions through safeguarded client accounts. Users can call its customer service desk to discuss the suitable time to exchange their money instead of using an online system or bank or accepting any exchange rate they are given. In fact, the platform scans the markets for perfect rates and advises its customers when it’s ideal to initiate the transfer of salaries, rent, mortgages or pensions.

Kudi.com: This is a chatbot that was developed to ease the process of sending money across West African countries. Today Nigerians can transfer money, pay bills as well as purchase airtime in a few minutes using this interactive platform. Still, users can make financial inquiries and the bot instantly responds to them since the aim of this fintech company is to provide financial services and become a reputable remittance company across the African continent.

Kyanda: Kenyans can transfer money, pay bills, purchase discounted airtime and electricity tokens using this fintech company. The app allows personal transactions and serves business owners like kiosks, retailers and others. The company aims to help its users save money through ridiculously low transaction costs and transact even when they don’t have an internet connection.

Makeba: The fintech startup offers easy and affordable payments and remittance services. The company was founded with the goal of eliminating high transaction and remittance costs as well as the cost of the informal economy that Africans experience. The app is available in the US and Cape Verde and supports point-of-sale payments and money transfers via applications. Aside from payment and remittance services the platform offers other unique features like delivery of pension in collaboration with the post office.

Moneycorp: The international money transfer company has reported rapid growth and improvement since 1962 as a result of innovation. It has also been working with high-wealth investors and businesses until recently when it began focusing on freelancers. Moneycorp offers lower rates when users make large transfers as well as additional services like guidance from currency experts.

MoneyGram: This is an international money transfer company available in over 200 countries and transfers funds in a speedy fashion. The money service provider has partnered with banks to help simplify the receiving process. Thus instead of the recipient visiting the agent in-person, the funds are deposited directly in their bank account. MoneyGram supports 58 currencies for purely online transfers but more currencies are available when the user visits their agents physically.

Money Transfer Application: This is a cloud-based solution that offers virtual account management, automated money transfer processes and foreign currency exchange. Thus banks, bureaus and other money businesses can use MTA to offer their customers a wide range of services like domestic and international money transfer, foreign currency exchange, bill payment, Wallet (P2P), mobile top-up, deposit and collection points, virtual account management and cryptocurrencies.

MSS Payments: This is a mobile payment solution that has both an information and software component that is designed to provide security for both personal and actual transactions. MSS payments have digital wallets that support real-time transactions, fully compatible with e-Commerce and m-Commerce websites.

NALA: The mobile money app was developed with a view to revolutionizing money transfers in Africa. Thus it’s accessible both online and offline because some parts of Africa have limited or completely no reliable internet connections. This is possible because its interface is embedded on other platforms thus enabling users to transact without an internet connection. Further, users can send money hassle-free and access all services in a single platform thus reducing transaction fees. NALA is available in East African countries and the UK.

Neteller: The platform allows its users to buy and sell cryptocurrencies, send money and pay online as they earn loyalty points. Neteller is a fast and secure online remittance company. It has an upgraded mobile app and a multicurrency account that allows clients to track their balance at any time and location.

OFX: This is the money transfer option for users in Australia, Canada, Hong Kong, New Zealand, Singapore, the UK and US. Still, residents of these countries can transfer money directly to a bank in India. $1000 is the minimum transfer amount and so clients with smaller amounts have to use other money transfer service providers. Fees and exchange rates are only disclosed during the transaction but a client can lock an exchange rate or simply schedule transfers to when there is a favorable exchange rate.

PayPal: This is an online-based international money transfer service accessible across the globe. Users can send, receive or pay for services without disclosing their bank account details or payment information. The platform has fast processing times since the entire money remittance process happens digitally. Clients have an option of transferring funds through bank accounts, debit or credit cards.

Payoneer: The international money transfer platform has limited functionality and transfer options. However, it is constantly improving and growing especially after the recent deal with SPAC. Payoneer offers fair transfer fees and currency exchange rates thus popular with more online merchants, travelers, ex-pats, etc. Still, freelancers prefer this platform because they can withdraw payments received from their clients via a MasterCard. On the other hand, it’s not the best option for large transfers because it doesn’t offer high-volume discounts.

PaySend: The money transfer platform specializes in international card payments and has different pay-out options available in over 100 receiving countries. The provider charges a fixed fee for the card to PaySend wallet or card to card transfers. It also adds an exchange rate margin of 0.50%-2.00% of the transfer amount. These transfers are completed within seconds or minutes while funds to be credited in bank accounts takes 1-3 business days.

Paysera: The platform allows users to create a free account, transfer money in 180 countries using a mobile phone. The remittance company has a database of more than 13,000 merchants who use it to process payments in their online businesses. Still, users carry out SEPA instant transfers within seconds.

Remitly: The international money transfer platform is available in Australia, the UK, the US, and 13 more countries. Clients can opt for Express transfers which are completed in 4 hours but at an extra fee or Economy which takes 3 to 5 days but at a lower rate. Remitly sets its own exchange rate which is poor than banks or mid-market rates.

RemitSend: The innovative remittance service provider enables businesses to save when making overseas transfers. The platform offers a preferential fixed fee for each remittance without charges based on the funds being transferred or hidden costs. Still, businesses can take advantage of RemitSend’s unique subscription plans in order to meet their needs.

Remit2India: This online money transfer platform targets non-resident Indians living in the UK, US, Canada and Ireland. Remit2India has two exchange rates, namely, a market-based indicative exchange rate and a guaranteed one. Clients pay upfront fees but those requiring instant transfers pays an extra fee while ordinary transfers take more than 2 days.

Revolut: The platform allows users to send and receive payments without incurring hidden fees. They can create multicurrency accounts to help them send, receive, hold or exchange funds in more than 28 currencies using a real exchange rate. Further, they can make free local and international payments or transfers between business accounts on the platform.

RIA Money Transfer: This is a simple and secure international money transfer platform with over 30 years of experience. The company offers its world-class money transfer in 160 countries and 447,000 locations. Still, users can make bill payments, check balances, get prepaid debit cards, mobile top-ups, and money orders. The mission of this remittance company is to get money to the recipient in the most affordable, quickest and easy way possible.

SawaPay: The money transfer service enables people working abroad to send money to their relatives in Africa. This app is accessible in 42 states in the US and recipients in Kenya can receive the funds instantly via a mobile wallet, M-Pesa, PayBill or bank account.

SeamPay: The Nigerian-headquartered fintech was registered in Wales and England with the goal of revolutionizing payment systems in Africa. Actually, the platform allows customers to efficiently and reliably send or receive funds for free. Additionally, users can pay utility bills, buy airtime and mobile data, as well as make payments while earning rewards. The money transfer platform has partnered with companies and incorporated other systems like payment gateways to accelerate its market timeline. The platform is in its early stages of development and so it’s only available in Nigeria and doesn’t accommodate international money transfers.

SendCash: The money transfer service targets residents in Ghana and Nigeria, and enable them to receive money from any part of the world. SendCash links the recipient’s bank account with Bitcoin wallet addresses like Coinbase and Cash App. The fund they receive is equivalent to the number of bitcoins sent because the platform automatically converts these currencies.

SendFX: The Australian-based money transfer service provider supports 32 currencies and is regulated by the Australian Securities and Investments Commission (ASIC). The company does not have a fixed fee for each transfer but generates revenue through FX margin.

SimbaPay: The money transfer provider is based in London and two approved receiving nations; Kenya and Nigeria. The service is also available in Italy, Ireland, France, Germany and UK. The money is either deposited to the recipient’s bank account or mobile wallets like M-Pesa, Airtel Money or Paga. Still, users can make utility payments online as well as use their Visa or MasterCard to fund the SimbaPay account

Skrill: The global payments platform enables users to send, receive and pay online. Clients in 45 different countries can send money to their local bank accounts through the platform. Skrill charges a processing fee and exchange rate fee. It also takes a few days to move the money from the wallet to the bank account. However, the wallet platform is a perfect fit for eCommerce, gaming, betting, cryptocurrencies and transfers.

Small World Financial Services: The platform offers low fees and fair rates for users transferring money abroad. It’s available in 90 countries, has more than 250,000 cash pickup locations and offers real-time payment tracking. Recipients have several options for receiving their money such as through their bank account, pickup locations, mobile money account or delivered to their home address.

Taptap Send: African and Asia immigrants living in Europe can send money back home using this platform because it offers lower rates. Taptap Send is available in 7 European countries and some of the receiving nations are Senegal, DR Congo, Mali, Madagascar, Guinea, Zambia, Ghana, Kenya, Vietnam and Bangladesh. This venture capital-backed platform enables immigrants to send money very fast and at reduced fees of 3% or less thus eliminating the burden of expensive transaction cost found in traditional money transfer methods.

TorFX: Businesses have different needs but this platform adapts its range of currency transfer services to suit them and protect their profits through a competitive exchange rate whenever they make an immediate transfer. Still, users can protect themselves from negative market shifts when making transfers by fixing an exchange rate in advance and this can last for two years.

Transfast: The remittance company targets immigrants who want to send money back home at a fraction of what high-street exchange bureaus offers. The platform is available to Canadian and American clients only. Also, Transfast supports 46 currencies and charges $4.99 and above for overnight transfers and nil for 3 days transfers.

TransferGo: The European-focused payment provider supports over 60 currencies and is available in 63 countries. The platform charges $2.99 for transferring funds within 30 minutes, $0.99 within 24 hours and free for standard delivery within and outside the EU.

Transfermate: The global B2B payments technology solution has been helping the world’ most trusted brands make international payments. These include universities, businesses and banks such as Allied Irish Bank or ING Group N.V. Further, using its innovative payments solutions such as same-day payments recipients can receive the actual amount because there are no expensive wire fees.

Upesi Money Transfer: The fintech money transfer enables Kenyans to receive funds from relatives and friends working abroad. The Kenyan-based remittance company is regulated by the Central Bank of Kenya and the UK’ Financial Conduct Authority (FCA). It also supports money transfers and services in countries across East and West Africa. To guarantee legitimacy, Upesi Money Transfer has partnered with companies like Cash Express, Transfast, Uremit, Moneytrans, WorldRemit, Xoom, and Small World.

Veem Money Transfer: This is a new money transfer services startup that provides both domestic and international money transfers via the blockchain network. Veem supports 68 currencies, transfers are tracked as they move through the blockchain, has highly competitive FX rates and does not charge for making payments in the destination currency.

Virgin Money International Payments: The provider allows transfers of different sizes which are mainly done by business customers. These transfers can be done in 30 currencies and the firm is well regulated compared to other money transfer companies.

VFX Financial: The money transfer company was previously known as VoltrexFX and offers premium solutions for global foreign exchange. It provides international payments in over 60 currencies as well as business foreign exchange services. VFX Financial has won multiple awards.

Vorto Trading Money Transfers: The firm offers international money transfers in over 140 currencies. Its target is the business clients and so it offers them several options and a transfer of huge amounts per transaction.

Wakanda: This is a unique messaging app that offers communication services and remittance and payment services in the African Market. The platform supports both local and international transactions with a view of creating independence in eCommerce, improving the local economy by creating jobs and boosting businesses. Wakanda works with mobile phone operators, local banking institutions and remittance service providers to make the service both affordable and convenient.

Wave: The money transfer service is known for its high speed and free transactions. However, this mobile app is only available on Android devices and in a few African nations. So people in Canada, UK and US can send money to receiving nations like Ghana, Nigeria, Uganda, Kenya, and Tanzania. Clients don’t pay to transact on this platform however it makes money through the base exchange rate which can be worse than the interbank rate. Also, senders must have an account with a debit card linked to it and from Wave-approved nations.

Western Union: This remittance company has a wide network of offices across the globe and supports up to 145 different currencies. Although this is a well-known money transfer provider it’s disliked by many. The company offers only in-person cash withdrawals and pickups even in places where there is no other money transfer providers or banking institutions. The downside of this remittance company is that it’s extremely expensive, has poor customer service and support. Further, users are charged based on the destination, currency and transfer amount. On the other hand, Western Union is regulated by multiple authorities as well as highly trusted money transfer services.

Wari.com: The Dakar, Senegal-based global digital platform offers low-cost financial and commercial services across 60 countries across the world. These include money transfer, bill payment, airtime purchase, taxi, credit and insurance services. Aside from supporting domestic companies that transact with their suppliers, employees and partners, Wari offers low-cost international transfers. These are carried out through the mobile app, terminals in-store, website, pick-up points, ATMs and cards. This fintech company has partnered with more than 150 international organizations to ensure flawless services. They include reputable firms like WorldRemit, MasterCard, Ecobank, and TransferTo among others.

Wirex: The groundbreaking remittance company conducts fast and cheap money transfers using cryptocurrency. Although the company is facing some allegations, users across 130 countries can access its crypto services. It also has a multicurrency payment card but is only accessible in UK Singapore and EEA. Wirex offers 9 traditional currencies and 9 crypto and transactions are only done via an app.

Wise: The international money transfer was formerly known as TransferWise and focuses on borderless banking. Wise allows its users to register a single account for managing multiple currencies and so a perfect choice for individuals who regularly exchange money between currencies or those that make regular money transfers. Still, clients with Wise accounts can access their money in different currencies through their MasterCard. The minimum deposit is $25 and they can sign up using Apple, Google or Facebook. Wise services are available in more than 70 countries.

WorldFirst: Recently, Alibaba Group purchased this international money transfer and this availability of funding has helped it to rise very fast. The platform offers the most favorable FX margins in the entire online money transfer industry. Thus it’s the best solution for users who wants to send huge amounts at a fixed margin. Additionally, its close relationship with Alibaba has helped it to offer several useful services to eCommerce merchants. WorldFirst supports 130 currencies and serves other parts of the world apart from the USA.

WorldRemit: This is an international money transfer available in over 140 countries. Users can access both mobile transfers and cashless transactions. Most of its services can be done on the app or the website. Still, WorldRemit fees are affordable compared to the industry standards. Also, based on the transfer method used, the transaction can a few minutes for card transfers or a few days for bank transfers. The only downside of using the WorldRemit is that it has a lower transfer maximum compared to other services.

XE Money Transfer: Euronet owns this international money transfer provider since July 2015 but in January 2019 the company merged with HIFX. More so, XE supports 98 currencies, has no set minimum transfer amount and can be accessed through mobile apps and website platforms. Further, the remittance company has offices in Australia, Canada, New Zealand, the UK and the US. After the merger, all the XE money transfers in Europe are done by HIFX Europe Limited.

Xoom: The money transfer provider supports 79 currencies and is accessible in over 131 countries. The provider is popular for small personal transfers because it offers cheaper remittances. However, for the international money transfers, the more amount the higher the fees. So then it’s recommended to use Xoom for money transfers but not business transfers or large investments.

How to Choose an International Money Transfer

Money transfer service involves different currencies, countries, and financial services companies. As a result, these providers differ from one another based on different factors such as:

Transfer Times: This refers to the length of time it takes the money to reach the recipients. So a user sending money to someone experiencing an emergency back at home or mortgage payment with a specific due date should opt for an instant transfer service. Some remittance companies take several days to complete the transactions.

Processing Fees: International money transfer companies charge a processing fee which is usually a percentage of the amount being sent. The majority of these remittance companies provides a breakdown of these charges on their website or get from the agent when making an in-person money transfer. Still, some companies don’t charge fees while others do, so it’s important to shop around for those with better charges.

Exchange Rates: There is no standard exchange rate in the market and so each international money transfer service provider set their own rates and at different times. Therefore, the sender should compare rates before picking a provider.

Sending and Receiving: Some service providers require a bank account while others offer in-person pickup. Therefore, it’s important to consider such details before making the transfer because with in-person pickup there must be a nearby agent where the recipient lives.