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Online Money Transfer Abroad

A MoneyTransferComparison.com Guide

mtclogoemailIf you need to conduct an online money transfer to a bank account abroad, you will find this page useful. We have rated the top company choices specifically for international online money transfers.

Our requirements are as follows:

  • Vast, user-friendly, online platforms with all functionality embedded.
  • International companies which operate on a global scale.
  • Great rates even if on a low amount.
  • Low minimum transfer amounts.
  • No flat “wire fees”.
  • Rate is clearly stated on the online platform.
  • Fund your transfer either by a bank transfer or a debit/credit card.

 Best Online Money Transfer Services 2017

Best Online Provider

transferwise-250

Overall Rating: 87%  

Online Platform Rating: 99%

  1. Great fixed rates starting from 0.5%
  2. Entire journey is online – no need for phone calls, ever!
  3. Hot startup – backed by Skype and Paypal founders
  4. Excellent feedback from tens of thousands of clients so far
Best Online Provider - Runner Up

currencyfair-250

Overall Rating: 83%  

Online Platform Rating: 92%

  1. Great fixed rates starting from 0.33%
  2. Entire journey is online – no need for phone calls, ever!
  3. Marketplace functionality  – find matching transfers for ultra low fees
  4. Promo – first free transfer for our readers
20+ Years in The Business, Veteran

Overall Rating: 95.2%  

Online Platform Rating: 90%

  1. Tighter margins for bigger trades
  2. Dozens of offices worldwide
  3. Industry leader since 1996
  4. Business functions like mass payments, rate alerts and FX options
Transferring 20bn in Foreign Currency Each Year

ofxlogosmall

Overall Rating: 90.8%  

Online Platform Rating: 90%

  1. Tighter margins for bigger trades
  2. Expertise in the Australian market
  3. Large, publicly-traded, firm
  4. Recent re-brand with new platform and website

Is DYI Online Money Transfer for you?

Using an online provider to conduct a money transfer abroad requires a bit of self-confidence. That’s all. If you are certain you can navigate through an online system, and input the correct details when requires, there is no reason why would the transfer go wrong. In fact, Transferwise has been hailed and praised all over the internet for their excellent services and they are an “online-only platform”.

Below are the pros and cons of online money transfers in comparison to telephone or email transfer with a dedicated currency dealer (some of the online money transfer services featured on this page like Currencies Direct or OFX do offer that, in addition to an online platform).

Much quicker than phone
You see the rates in front of you on the platform and you can compare it to the current interbank rates
Straightforward and you can follow the status of your transfer anytime online
 You don’t get individual guidance on your transfer (is it the right time to trade? are there additional fees that may be incurred for the receiver?)
You can’t haggle about the rate. What you see online is what you’re going to get.
You can’t receive payments from abroad, clear checks, or book FX options online.
Somewhat more prone to money transfer scams of all sorts.

 

Bottom Line

We recommend that transfers of £5,000 or equivalent will be done through the phone or email (or a face to face meeting for corporate FX). An expert guidance is not something we recommend passing on so easily, and with larger amounts you can actually negotiate the margins with your currency dealer.  If you want to view your options on that view our recommended international money transfer companies.

For transfers below that mark you are bound to receive much better rates with our top choices (Transferwise and Currencyfair are the cheapest of the bunch). For these amounts you don’t really need any extra guidance and there is absolutely no reason to waste your time discussing strategies with anyone.

How does it work?

View the tutorial video by Transferwise below. One of the reasons we have selected it as our top service for international wire transfers is the simplicity and ease of use. It will take literally 3 minutes of your time to conduct the transfer (and even less to register).

Funding your transfer: debit or a bank transfer?

One of the most common questions we face in this industry for online money transfers is what is the best way to fund your account? With the companies we have presented (and hundreds more online), you can choose one of two options. Here is a side by side comparison.

Debit Card Bank Transfer
Instant In some countries like the UK it would be instant, others would take more time
Very easy Usually easy to do online from your bank’s website but could be difficult
Expensive – companies will incur 1%-2% additional on your transfer Cheap, usually it costs you nothing to pay for a domestic wire (there are some exceptions like US)
Apt for small transfers where a small additional markup doesn’t matter Apt for the vast majority of transfers and normally more recommended

Online Money Transfer Via Mobile

The newest trend in the world of online money transfer services is mobile apps. Everyone use their mobiles all the time to perform every day to day activity, right? So why not turn this common device into a means in which you can send and receive funds from.

We have a comprehensive money transfer app directory in which you can read about all your options for a mobile money transfer online to an overseas bank account (we also cover some domestic payment apps like Circle but this is not out main focus). We also maintain a list of the best expat mobile apps.

Further read:

 

 

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