5 Safe Money Transfer Alternatives to TransferWise
As a money transfer service, TransferWise is a transparent and easy to use option. But if you’re making an international money transfer, it can be worth looking at some of TransferWise’s competitors to see which is the best option for you.
While they are known for their transparency and low fees, for some transfers there are companies that can be cheaper than TransferWise. It’s always good to know what your options are. In this article, we take a look at companies that offer similar services to TransferWise and how they compare.
Similar Sites to TransferWise
Below, we’ve listed 5 companies you can use as alternatives to TransferWise. We’ve taken their level of convenience, cost and security into consideration so you can decide who to use for your next international money transfer.
Similar to TransferWise, Remitly is a company that was born online and has grown rapidly. Unlike TransferWise, however, they specialise in sending smaller transfers amounts or remittances to countries in South America, Asia and Africa.
Remitly offer to send your money "Express" which is faster, but comes with a higher fee or "Economy" which is cheaper, but can be slower.
Like TransferWise, their site is easy to use and their fees, exchange rates and services are clear at each step of the way when making a transfer.
- Very easy to make a transfer
- 24/7 customer support online or over the phone
- Maximum transfer sizes apply
Learn more about Remitly
Customers that have used TransferWise are likely to feel comfortable using WorldRemit. The most important thing the two companies have in common is transparency. From the start, it's easy to find out what exchange rates and fees you'll pay when sending money overseas.
It's also important to know what makes them different. Firstly, WorldRemit has much lower transfer limits. If you are looking to send more than $10,000 they might not be the right option for you. Secondly, unlike TransferWise, WorldRemit offer cash pick-up for many countries which is really handy if you don't have the bank details of the person you are paying.
- Very low fees and excellent exchange rates for transfers to India, the Phillipines, Africa and South America.
- Their website and app is easy to use and allows you to pay by credit or debit card.
- Great alternative when you need cash pick-up.
Learn more about WorldRemit
If you want to use a large and established company, XE could be the one for you. They are a really good option for making transfers online. Unlike TransferWise who charge a service fee, XE do not charge any flat fees. They do take an exchange rate margin which means their exchange rates are never as good as TransferWise.
Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending.
- Have competitive exchange rates.
- They don't charge any fees or commission for making a transfer.
- Large and well established global reach.
Learn more about XE Money Transfers
OFX have an easy to use website and app, much like TransferWise. So if you like doing everything online, they could be a good option. OFX have a large number of currencies they support and countries they can transfer between. This means they operate in most of the same countries that TransferWise do.
OFX support international money transfers from over 190 countries in more than 55 currencies. If you’re making an online transfer, it is definitely worth looking at OFX as an alternative to TransferWise.
Learn more about OFX
If you have an account, you may have considered making an international money transfer with PayPal. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.
If you’re thinking of using PayPal as an alternative to TransferWise, it’s important to keep a couple of things in mind. Firstly, the person you’re sending money to must also have a PayPal account. Secondly, know that TransferWise will generally be cheaper than PayPal.
- They are good for sending money within the same country, but can be expensive internationally.
- Accept a variety of payment methods.
- If you’ve used them before, the process is very straightforward.
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