5 Safe 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.

e’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.

5 Alternatives to TransferWise

1. CurrencyFair

Alternatives to TransferWise - CurrencyFair

CurrencyFair started about the same time as TransferWise and has also grown largely thanks to excellent exchange rates and raving customer reviews. Similarly to TransferWise it is a peer-to-peer currency exchange company that specialises in exchanging and transferring money internationally. It allows people to trade currency directly with each other, instead of making these transfers through a bank.

Pros and cons of using CurrencyFair

  • No minimum transfer overseas and maximum is very high
  • Flexibility to wait for the best exchange rate or make an automatic transfer
  • Great security for your account online, your money and their website
  • You are unable to secure exchange rates unless you have money in CurrencyFair's account
  • Cash pick up, mobile wallets and bill payments not available
  • If you want the very best exchange rate you might have to wait a while for an exchange rate match to come through

CurrencyFair provide you with the option to exchange straightaway or use their peer-to-peer network. About 40% of their customers use the peer-to-peer option. If you choose to use the peer to peer option you will set an order to buy currency at your given exchange rate. CurrencyFair’s market place will match your price at a margin to interbank with another peer trading in the opposite direction at 0.15% where possible.

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10 Free Transfers

The Currency Shop has partnered with CurrencyFair to offer 10 fee free money transfers. Click on this offer, register your details and avoid paying a fee to transfer money overseas.

  • Easy to use online platform
  • Excellent exchange rates for sending money to and from Australia
  • Rated Excellent 4.7 out of 5 by over 4000 customers on independent review site Trustpilot.

Terms and conditions do apply but you can learn more about them here

Learn More About CurrencyFair

2. XE

Alternatives to TransferWise - XE

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.

Pros and cons of using XE Money Transfer

  • Have competitive exchange rates
  • They don't charge any fees or commission for making a transfer
  • Large and well established global reach.
  • While XE compare exchange rates for hundreds of currencies, they have a limited list of currencies they can actually transfer
  • XE customer service is only available through business hours
  • XE doesn’t accept payment via credit card, cash or cheque

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.

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Learn more

3. OFX

Alternatives to TransferWise - OFX

Like TransferWise, OFX have an easy to use website and app. So if you like doing everything online, either could be a good option. They are also one of the larger global transfer companies. This means they operate in most of the same countries that TransferWise do.

Pros and cons of using OFX

  • Great exchange rates across a range of currencies and amounts
  • Also does not charge fees for transfers more than $10,000
  • Access to 24/7 customer support.
  • The minimum transfer amount is $250 AUD or more
  • You can only fund your transfer via an EFT or BPay
  • You can’t pay via cash or check

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.

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Learn more

4. WorldFirst

XE money transfer is an alternative to TorFX

Like TransferWise, WorldFirst is a UK based company. They offer money transfer services for both individuals and businesses alike. While their headquarters is located in London, they have offices spanning throughout Australia, Hong Kong, Singapore, the Netherlands and USA.

Pros and cons of using WorldFirst

  • Good exchange rates for amounts between $2,000 and $10,000
  • No direct fees for making a transfer
  • Access to customer service for small business and corporate customers
  • The lowest amount you can transfer is $1,000 USD or equivalent
  • You can only fund the transfer via a domestic wire transfer, not credit or debit card
  • You can’t pay via debit card, credit card, cash or cheque

WorldFirst has a minimum transfer amount of $2,000, which you don’t find with TransferWise. However, WorldFirst don’t charge any fees for making an international money transfer.

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5. PayPal / Xoom

Alternatives to OFX - PayPal / Xoom

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.

Pros and cons of using PayPal / Xoom

  • 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
  • Adds a mark-up to the exchange rate that differs with each currency, amount and transfer method. This is often not clear and close to the retail exchange rate, making it far more costly than other providers.
  • Expensive for international money transfers.

If you’re thinking of using PayPal as an alternative to OFX, it’s important to keep a couple of things in mind. Firstly, the person receiving the money must also have a PayPal account. Secondly, know that OFX will generally be cheaper than PayPal.

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Summary

Transferring money is simple and easy when transferring with the right provider. We know it can be tricky to know who to choose.

 

Here's the overall list of alternatives to TransferWise we recommend in order of preference:
  1. CurrencyFair provide the closest match for a money transfer service to TransferWise. They are another peer-to-peer exchange. Both money transfer companies offer competitive rates for sending money, good speed and ease of use online.
  2. XE is a good choice for the large range of countries you can send money and offers similar exchange rates. Both offer good transfer speeds. TransferWise tends to be easier to use online.
  3. OFX and WorldFirst are good alternatives to TransferWise for transfer amounts over $10,000. All 3 money transfer companies offer good transfer speed and ease of use online. OFX and WorldFirst are known for their excellent customer service.
  4. PayPal's Xoom service is a highly rated option by thousands of customers globally. Although they cost you more than other transfer providers (hence why we've placed them fourth), they offer a lot of flexibility, security and range of services which are supported by PayPal.

We hope the above five alternatives have helped you to choose the best one for you. For more information, visit us online!

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By Arlene Mc Donnell Updated September 23rd, 2020