Why you should compare money transfer services

I’m going to tell you a little story that happened the other day when I was talking with my flatmates about money transfer services the other day.

 

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Who uses money transfer services?

First of all let me set the scene: I am Sophie, 27 and I’ve been living in London for the past 5 years. Ana is from Colombia and she arrived in London 6 months ago. Finally, Erik is from Washington in the USA and he arrived last year. We have been living together in the UK for the last 6 months. We love each other and generally have good times at home. Sometimes our debates can turn into confrontations as all of us like to be right. That’s what happened the other day when we talked about money transfer services.

Basically the conversation started with me saying “I do not understand why people do not compare money transfer services before sending money abroad”. Both Ana and Erik did not understand why I said that as they’ve been using their banks to make transfers and are happy with this.

So I started telling them that there were more than 500 money transfer services operating today all around the globe and that nobody could say that one is the best without comparing them. Even with that they were sticking to their position.

 

Then I got an idea: “Ok so let’s forget money transfer services and let’s talk about flights. Imagine you’re preparing your next holidays, would go on British Airways website to buy your plane ticket? NO! You’d go to websites like Skyscanner or Kayak that compare flights and help you find the cheapest one. RIght? So why don’t you do the same when it comes to sending money abroad?

 

You should have seen their face at that moment! They were speechless!

 

Why compare money transfer services?

For the same reason you are comparing flights before buying one: to find the cheapest, the fastest or the one that suits your needs better. For example you might need to receive cash quickly or send money to a bank account, then you might be using the same provider for each transfer.
Just keep in mind that comparing money transfer services is the new black 😉

Lost in the jungle of money transfer services? Here is your survival guide

For the last couple of years you have probably seen new actors entering the money transfer services market. Until then you may not have questioned yourself too much regarding the solution you were using to send money abroad and used your bank. However the market is changing and it is changing quickly for the better as these new actors are helping reducing the costs of transferring money internationally.

 

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What are the main money transfer services?

Money transfer services are services that allow you to send money in a foreign country. The most famous ones are probably the banks and Western Union. They have been dominating the market for the last decades or even the last century. But recently, things have changed a little bit: new actors arrived on the market with much lower prices such as Transferwise or WorldRemit. They operate 100% online and offer a very good service for 2 to 4% of the amount sent (nothing compared to the nearly 10% of banks!). According to the World Bank there are today more than 500 money transfer services worldwide that allow you to send money internationally. Very few of them are operating on a global scale (except dinosaurs like Western Union or Moneygram) and those who do are very expensive. Just like airplane companies, you might use a British operator to send money from Australia to New Zealand but the probability that you know about it is quite low unless you have used a comparison platform.

 

The growing need to compare money transfer services

As we have just said there are more and more operators in the world of international money transfer services today and finding the one that perfectly suit your needs can be tricky. Indeed, one can have many reasons to send money abroad: a retiree who needs to get his pension, a student who needs his parents to send him money, an expat who needs to pay back a loan in her home country, a mexican worker living in the USA and who needs to send money home. Depending on your situation you will not be sending the same amount of money. This directly impacts the money transfer service you’ll be using as some are cheaper for small amounts and other are better at sending large amounts of money (brokers). This explains why there is a growing need to compare the operators, just like we started to compare airplane companies or hotels when planning holidays.

 

2 things to remember: Banks are expensive when it comes to send money overseas and you need to compare money transfer services before making a transfer to make sure you find the best solution.

What it’s like to meet money transfer services in a conference

Hello guys! Last october, I was at the Money20/20 conference, the world’s Largest Payments & Financial Services Innovation Event. Let’s say it: I loved it. It was amazing. I met a lot of people, assisted to a lot of great and interesting talks, and discovered the tomorrow’s major actors of money transfer market.

What is Money20/20?

Money20/20 is the biggest event about financial services innovation in the world. Occurring in Las Vegas during 4 days, you can imagine how crazy it is. An amercican show where the most brilliant people worldwide comes and creates the world of tomorrow.

Some key numbers. Money20/20 is:

  • 11’000+ attendees
  • 1’000+ CEOs
  • 540+ speakers
  • 4’300+ companies
  • From 85 countries (yes, it is completely worldwide)

As in any event, you have talks, booths, events, activities, parties, private parties (the most important ones), and of course a lot of drinks.

The speakers were from big companies like Google, Pinterest, Visa, Square, Paypal, WesterUnion, Firstdata, Stripe but also from important media like Forbes, Techcrunch etc.

The whole tech and finance world, reunited in one place. Amazing. It’s a beautiful mix of people and companies walking there.

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Why Money20/20 is cool as hell

You know, I am personally concerned about money transfer market for people living abroad. That’s why for me, it was the good time to meet the money transfer services I use everydays.

So I met them. I went to their booth, but not only. Let’s start with the booths and the talks.

The booths

Startups have money. All the booths were amazing. Beautiful, and some good concepts. Technology is really something crazy.

I met a lot of people from the money transfer services, such as the customer support, technical people, salesmen, etc.

Also, I met some important CEO. As if you meet a politician, you will complain. That’s what I did with some of them, to get a better service for us, users but people.

The parties

The most interesting part is the parties in the night. You know how it goes. People starts to drink and talk.

I can’t tell everything I heard because I respect privacy, especially when this one has been destroyed after 3 shots of vodka; but I can tell you what we are going to see in the next months is AWESOME. Trust me.

Money transfer services to send money to family or friends abroad

To send money to friends or family abroad, you can use your usual bank, the post office or specialised money transfer services such as Western Union or Paytop. Before christmas, our comparison will help you to find the safest, cheapest, easiest and fastest way to send money abroad.

Lost or robbed credit card, one of your children has some troubles abroad. You can help him by sending him cash with several networks. Depending of which one you choose, speed, easiness or prices will vary a lot (sometimes you can pay six times more).

Note: this guide is specific if you send money from France, but globally it is the same in most of occidental countries.

Bank to bank: 3 to 5 days

The safest way to transfer money abroad is to use your bank to send from an account to another one. But as you can imagine, it is possible only if the person has a bank account in the country, which is not the case for a tourist or a short-term traveler.

You can ask to your agency the prices and delays. The cost will vary according to your relationship with your banker and your needs. Expect 3 to 5 days.

Post office: 2 to 5 days

From a post office, you can send an international cash mandate, until 3’500€ to 52 countries. The fees will depend on the distance and the amount sent.

You do everything, 4 to 5 days later for Europe, the recipient receive money in a local post office. It’s 8 to 10 days in Africa, for example.

More expensive but faster, express international mandate makes you able to send in 2 to 5 days to around 30 countries.

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Moneygram, Paytop, Western Union: dans l’heure

You also can ask to a service specialised in instant money transfers such as MoneyGram, Paytop, Western Union. MG & WU help you to send cash to 200 countries in minutes. You can do it in a withdraw office, or online with credit cards. The cost will be higher from a local office.

Paytop organize money transfer in 26 countries, mostly on the African continent. You will have to do it online.

Moneytis

As you read, it’s very complicated: a lot of money transfer services exist worldwide, and they don’t cover every currency routes.

Using Moneytis will give you access to all the information in 2 seconds and help you to find the best solution according to your needs.

The importance of money transfer services reviews

Money transfer services are numerous on the market and it can be difficult to know which one to use for a specific transfer. Here is a quick overview of money transfer services reviews with the pros and cons and the most famous services.

Money transfer services reviews

We often hear about the importance of choosing money transfer services by comparing the prices their offer. But one thing is very important too: is this operator easy to use? and does it provide a good service? There is no such thing than the customers’ reviews of a company because customers know everything. A good source to trust is Trustpilot. If you have some doubts about a company you can go on Trustpilot to see all the reviews on this company.

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Money transfer services: pros and cons

Here are reviews of the most well-known money transfer services: Western Union, MoneyGram, Ria money transfer and Transferwise.

Western Union is the biggest money transfer service existing on the market. It has more than 50% of the market. Western union is present almost everywhere and it allows to do cash-to-cash transfer because there are agencies in almost every countries. The con is the fees are not so cheap. They began to develop online solutions which are cheaper.

MoneyGram is the second biggest operator. It’s kind of the ame of Western Union: agencies everywhere to do cash-to-cash transfer. Allow to do online transfer but only from the United States.

Ria money transfer is the third biggest operator on the market. It provides good rates for some countries and try to develop online solutions too.

Transferwise is a new money transfer service. They develop the peer-to-peer technology which is revolutionary in the money transfer world. Even if it represents a small part of the market the company began to be famous and it offers good rates.

Top 3 most powerful money transfer services

When you are an expat, you can struggle a lot when it comes to money transfer services you can use and conditions you can get. Hidden fees, numerous solutions, very long delay, difficult to use. How to transfer your money easily? You can find below 3 most powerful money transfer services you can use to help you achieve your goal to always get the most of it. They will help you to transfer you money and in same time, save time and money.

XE : the currency exchange rate service

XE currency is a tool specialized in the exchange rate. When you are buying something in a foreign currency you can use Xe Currency to know how much it cost in your own currency.

It’s very useful for daily purchases and money transfers. So with Xe Currency, you can follow your foreign exchange cost without surprises at the end of the month.

Moneytis : all money transfer services in one place

Moneytis is a transparent money transfer service which allows you to find the best way to send money thanks to a real-time comparison of any money transfer services. Thanks to his numerous partners, Moneytis established an average score of each according to the delay of the transfer, the payment methode, the easiness, and a lot of other criterias…

According to the average, it offers the best solution to send your money from one country to another one.

It’s a totally free service for the particular, you just have to give the country from, the country to and the amount you want to send.  With Moneytis, you can find the easiest, fastest and cheapest way to do your money transfer. Don’t be robbed by any service anymore.

At the end of the year, you will be surprised by the money that you saved compared to a bank service.

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An exchange rate notification tool

Ok, here it concerns Moneytis again. They develop a tool to get alerted when are the best moments to send money abroad according to the exchange rate. What else? Nothing, actually.

Those 3 money transfer services are the best for you to optimize your money transfers.

What are the best money transfer services?

Finding the best money transfer services is not an easy task. I went through this a couple of months ago as I started a new expat life in the USA. I needed to send money back to France to pay back my student loan, on a monthly basis. I’m happy to share with you my experiences of testing banks, online operators and all the things that let me to find the best service according to my needs.

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Search for the best money transfer services

You basically have three options here. The easiest one being to use your bank. As an expat I guess you’ve kept a bank account in your home country (we are all planning to come back at some point, aren’t we?) and obviously opened one in the country where you are now living to receive your salary and for your everyday life. One thing you should be aware of is that using your bank is probably the most expensive solution you could opt for!

What happens when you send money with your bank? You end up paying a fixed fee, a variable one (depending on the amount sent) and hidden ones. Hidden fees can be found in the exchange rate that is applied at the moment of your transfer: it is poorer than the real one, almost all the time!

Another that might tempt you is to go for the worldwide leader Western Union. I cannot blame you for that. Especially because they are very good at marketing! I remember seeing an ad last year about Christmas offer that said: “$5 fees for $50 sent”. euuu how is this supposed to be a special offer? 10% fee does not look attractive AT ALL to me! But you know, they used a Christmas tree and everybody is nice when Christmas is coming..

Last but not least: online operators. You should definitely go for them. They take between 2 to 5% fees, the cheapest you can find today. The only problem is that none of them is operating on a global scale so there is no big leader that I could send you to. You need to do some research and find the best one covering  your countries.

How to choose the best money transfer services?

You probably do not have time to compare all the operators to find the best money transfer services but there is a platform that did the job for you. It is called Moneytis and it only takes you 3 clicks to get a comparison of all the operators between 2 countries and for a given currency. Thanks to them I’ve found the best money transfer services and I keep on returning on the platform as depending on the exhcange rates the best one varies.

Online money transfer services

The first place people go when they have to transfer money abroad is to their bank. A few use an money transfer service. However according to the World Bank more than 300 online money transfer services exist. Here is an exhaustive list of them.

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Online money transfer services

Real Transfer
MoneyGram
Money2anywhere
Western Union
WorldRemit
Transferwise
Orbit Remit
Money Chain Foreign Exchange
Ceylon Exchange
Ria
SUPAY
Aussie Forex & Finance
KlickEx Pacific
mHITs Remit
IMEX Money Transfer
Xpress Money
GMT Money
InstaReM
money2India (ICICI Bank)
Foreign Exchange Central
Remit2India
Trans-Fast Worldwide Money Transfer
Fast Remit
TSS Worldwide Money Transfer
FLASHremit
PFG Money
Citilink Finance
EZ Money Express
Kangaroo Service
Sydney Forex Pty Ltd
Bux.com
BM Express
Triple 8 Remittance Services
J&J Express
I-Remit to the Philippines
Forex Australia
iRemit
Jalandoni Money Changer and Remittances
LBC Express
Hai Ha Money Transfer
Peramax
PFG Smart Credit
KlickEx
Dahabshiil
Kapruka
Vina Money Transfer
Universal Money Transfer
exchange4free.com
Azimo
Xendpay
TransferGo
Lulu Exchange
UAE Exchange
Ezremit
SBI Express
BIIECO
Bahrain Financing Company
La Poste via Western Union
Atena Money Transfert
MoneyTrans
Small World FS-LCC
Sigue Money Transfers
B&T Associados Corretora de Cambio
OM Distribuidora de Titulos e valores Mobiliarios
Money Express
MoneyTT
CAM
Unitransfer
ZipZap
Remit2India.com
RemitGuru
AGR Money Transfer
Rapid Remittance
Trans-Fast
Habib Express
Dollar Links
Remitty Money Transfer
Metro Remittance
Reliable Peso Remit
Thisal Financial
LeGoiTienLe
MORE Money Transfer
Afex
Argenper
Giros Hispanas
Teledolar
Orange Money
Moneypolo
Unistream
Caribe Express
Girosol
La Poste
Flouss
Moneyglobe
Small World
Postbank via Western Union
Universal Money Transfer Gmbh
Skrill
IME (International Money Express)
GMT Money Transfer
Poste Italiane via MoneyGram
Unicredit Banca via Western Union
Valutrans
NEC
Extrabanca
Banca Intesa SanPaolo via Western Union
I-transfer
Smith & Smith
SBI remit
Brastel Remit
NTT Docomo
GoRemit
Kyodai
Queen Bee Capital
JRF
JME
CTRemit
DCOM Money Express
SMTJ
LBC Remit
Abu Skeikha Exchange
Alaweneh Exchange
ABC Bank
Aman Exchange
Al Muzaini Exchange
Bahrain Exchange Company
Al Mulla Exchange
Kuwait India International Exchange
CBL Money Transfer
NBL Money Transfer
Prabhu Money Transfer
Agrani Remittance House
Doowit
E-remit
Merchantrade Money Transfer
KL Remit Xchange
Mandiri International Remittance
EZ Money
Rabobank
Unity Monetary Services BV
Suri-Change
Amal Express
Kaah Express
NZ Forex
Kiwibank
TSB
moneytransfer.co.nz
Lotus Foreign Exchange Ltd
EcoRemit
Relianz Forex
iPadala
LM Money Transfer
Pacific Ezy Money Transfer
Frankie Money Transfer
Samoa Finance Money Transfer
Lulu Now
Asia Express Exchange
Musandam Exchange
Mustafa Sultan Exchange Co
UBL Tezraftaar Cash
Al Fardan Exchange
OMM
Lari
Al Dar Exchange
Eastern Exchange Co
Arabian Exchange Company
Speed Remit
NBL Remit
RBB Remit Online
City Exchange Company
Habib Qatar International Exchange
Blizko
Interexpress
Anelik
Contact
Leader
Zolotaya Korona
Zolotaya Korona (retail)
Leader Leomoney
Leader alfa-click
MTN
Tigo
Use Remit
Express Money
TeleMoney
Al Zamil Exchange
Saudi American Bank (SAMBA)
Enjaz Easy
Al Amoudi Exchange
Ameer Tech Remittance
Agrani Exchange House (Agrani Bank)
Ameer Tech Remittance (MoneyGram)
Brunphil (MoneyGram)
Singtel mRemit
GPL Remittance
Zhongguo Remittance
Golden Dragon
BKK Forex
A-Express Remit
Brunphil Express
Pay2Home Remittance
Haratan Servicing
All Best Enterprise
Mass Express
Mong Lee Enterprise
JC Money Change
Raffles Money Change
Pinoy Express
Kabayan Remittance
I-send
Sir Money Changer
East Asia Forex
Remitco
Thaithanawat
Esary Trading PTE, Ltd
Nai Nguan Remittance Service
Thai Mail & Parcel Service
First National Bank of South Africa
Hello-Paisa
Mukuru
Mama Money
Maccorp Exact Change
Santander Envíos
BBVA Dinero Express
Money Exchange
Telegiros
Exact Change
Iftin Express
Amaana Express
Tawakal Express
Juba Express
Swiss Post
M-Pesa
SpeedSend
PTT-UPT
PTT-Western Union
GCC Exchange
Al Ansari
Wall St Exchange
Emirates International Exchange
Al Halia
Sangerwal Money Transfer
Parwaz Money Exchange
Lebara
BA Exchange
IFIC Money Transfer
Saajan Worldwide Money Transfer
AN Express
Speedfast
Trans-fast (Imporium Brazil)
YaYeh Instant Services
First African Remittances
PayAfrique.com
Unity Link
Samba Money Transfers
Jamaica National
Equity Direct
Lyca
MB Transfers
Opal Transfer
Kantipur Services
Moneyline UK
Double Crown International
Multi Money Transfer
Sami Swoi
Tonio
Intelexpress
Kanson Services
Mustaqbal Express
Easy Exchange
Tranzfers.com
ExpressLinks UK
1st Contact Forex
Global Exchange Ltd
FastCash
Kapook
Sonali Exchange Company
Klinnk
Placid Express
ShareMoney
Viamericas
Xoom
Vigo
Quisqueyana
Envios de Valores La Nacional
Casa de cambio Delgado
Uniteller
Remesas Pujols
BHD Remesas Dominicana
Cibao
La Nacional
Alante Financial
Al-Mustaqbal Express
Dahabshil
Transfast
Banrural Corp.
Ficohsa Express
Dolex Dollar Express
Orlandi Valuta
Muncha
Thamel Remit
Envios 22-24
PakRemit
Uno Money Transfer (Omnex Group)
Remitly
M.Lhuillier Financial Services
Lucky Money

How to decide which money transfer service to use

With a list of more than 300 money transfer services it can be hard to decide which one to use because you have first to know which ones provide the currency route you need and then to know which ones offer the best rates. For these reasons some comparison platforms appeared in the recent years in order to know all that information.