If you need to conduct an online money transfer to a bank account abroad, you will definitely find this page useful. We have rated the top companies specifically for international online money transfers.
Our requirements are as follows:
- Vast and user-friendly online platforms with all functionality embedded.
- International companies that operate on a global scale.
- Great rates even on low amounts.
- Low minimum transfer amounts.
- No flat “wire fees”.
- Rate clearly stated on the online platform.
- Ability to fund your transfer either by a bank transfer or a debit/credit card.
Best Online Money Transfer Services 2020
- Min Transfer: £/€/$ 100
- Online Platform rating: 96%
- Overall company rating 97.8%
- Most Global Offices and Reach
No Fees from Anywhere
96% Client Satisfaction
- Min Transfer: £/€ 50
- Online Platform rating: 92%
- Overall company rating 92%
- Best Known Money Transfer
- Min Transfer: NO MIN
- Online Platform rating: 99%
- Overall company rating 89%
- Low Fees for All Transfer Sizes
Regulated by Bank of Ireland
- Min Transfer: £/€/$ 100
- Online Platform rating: 90%
- Overall company rating 90%
- Publicly Traded Company, $20bn Annual Turnover
Razor Sharp Margins
High Quality and Availability of Support
More details about our recommended online money transfer systems
Is DIY Online Money Transfer for You?
Using an online provider to conduct a money transfer abroad simply requires a bit of self-confidence. That’s all. If you are certain that you can navigate through an online system, and input the correct details when required, there is no reason why the transfer would 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 transfers 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).
Is transferring money abroad online safe?
The major concern most people have with online money transfers is the safety element. While some banks are often considered ‘too big to fail’ , you do occasionally hear of smaller financial institutions / providers collapsing and leaving clients puzzled and furious ((recent example including The Lifetime Sipp Company. It is not an unrealistic concern to have, but with proper scrutinisation of online money transfer providers, as we did on this page, potential clients are minimising the risks.
All the international currency transfer companies which are recommended on moneytransfercomparison.com are authorised as e-Money Providers or Authorised Payment Institutions. What does that mean? All client funds used specifically for a payment they’ve set up are segregated in an account separated from the company’s accounts. If the online provider has collapsed, gone bankrupt, or revoked of its license, clients’ funds are well-reserved within the bank and registered in the name of the client who transferred them. It is obviously not a foolproof solution, but it reduces the risk to a bare minimum. Be sure to also understand what it means for you when your money isn’t directly funding a transfer, such as money you may hold in an online curre
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 their simplicity and ease of use. It will take literally 3 minutes of your time to conduct the transfer (and even less time to register).
Funding your transfer: debit or a bank transfer?
One of the most common questions we face in this industry regarding online money transfers is concerns 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 should be instant via a faster payment , but others could 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. Be careful to understand the payment limit with your bank if you need to fund larger transfers for a house purchase etc.|
Concluding word of guidance from MoneyTransferComparison’s managing director, Alon Rajic:
If you intend to conduct a large online transfer off of your debit card, against our recommendation, make yourself aware of your card’s limitations. Depending on which card you use and what is your personal situation, your payment may be refused.
Online Money Transfer via Mobile
The newest trend in the world of online money transfer service is the mobile app. Everyone uses their mobiles all the time to perform everyday activities, right? So why not turn this common device into a means by which you can send and receive funds from too.
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 our main focus). We also maintain a list of the best expat mobile apps.
We offer a lot more on MoneyTransferComparison!
Do you want to learn more about banking and currency rates, or read expert articles relating to expatriation or small businesses? Use the links below to find the content that you may enjoy from.