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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 definitely find this page useful. We have rated the top company choices specifically for international online money transfers.

Our requirements are as follows:

  1. Vast, user-friendly, online platforms with all functionality embedded.
  2. International companies that operate on a global scale.
  3. Great rates even on low amounts.
  4. Low minimum transfer amounts.
  5. No flat “wire fees”.
  6. Rate clearly stated on the online platform.
  7. Ability to fund your transfer either by a bank transfer or a debit/credit card.

Discover the best international money transfer company overall.

 Best Online Money Transfer Services 2017

Best Online Provider

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

moneycorp

Overall Rating: 92.8%  

Online Platform Rating: 92%

  1. Great rates specifically for our referrals, using our link
  2. Unique technology to make online registration smoother
  3. Expertise in the market – free assistance from traders
  4. Promo – all regular transfers are fee-free
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 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).

Much quicker than phone
You see the rates in front of you on the platform and you can compare them 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 (e.g., 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.

 

Is transferring money abroad online safe?

The major concern most people have with online money transfers is the safety element. While a bank is a government-backed establishment which can hardly collapse, you do hear here and then about 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 companies which are recommended on moneytransfercomparison.com are authorised as e-Money Providers or Authorised Payment Institutions. What does that mean? that all clients funds are segregated in an account separated from the company’s accounts. If the online provider has collapsed, bankrupt, or revoked of its license, clients’ funds are well-reserved within the bank and registered on the name of the client who transferred them. It is obviously not a foolproof solution, but it reduces the risk to a bare minimum.

Bottom Line

We recommend that transfers of more than £5,000 or its equivalent be done over the phone or through email (or a face-to-face meeting for corporate FX). An expert guidance is not something we recommend passing on, 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 lower 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 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 CardBank Transfer
InstantIn some countries like the UK it would be instant, but others would more time
Very easyUsually easy to do online from your bank’s website but could be difficult
Expensive – companies will incur 1%-2% additional on your transferCheap, 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 matterApt 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 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.

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.

Further reading:

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.

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