5 Similar Money Remittance Alternatives to WorldRemit

5 Alternatives to WorldRemit

Are you looking for alternatives to WorldRemit to send money overseas? Some alternative money transfer companies also offer affordable and convenient ways to transfer money overseas. In this article, we take a look at companies that offer similar services to WorldRemit.

Below are 5 alternative companies you can use to WorldRemit. 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.

1. Remitly

Alternatives to WorldRemit

Remitly is a very close competitor of WorldRemit. They both specialise in remitting money overseas online.

Just like WorldRemit, Remitly are excellent at sending money to South America, Asia and Africa, but online via your computer or mobile app.

Pros and cons of using Remitly

  • Very low fees and excellent exchange rates for transfers to India, the Philippines, Africa and South America.
  • Their website and app is easy to use and allows you to pay by credit or debit card.
  • Great alternative when you need cash pick-up.
  • Daily and monthly limits on transfers
  • You can only fund your transfer with bank transfer, debit or credit card

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2. TransferWise

Alternatives to WorldRemit - TransferWise

TransferWise is a peer to peer money transfer service. Therefore, the way they transfer your money is different to WorldRemit. Having said this, they’re just as secure and their website is also user-friendly. The company’s headquarters is in London and they have offices in New York and Tallinn.

Pros and cons of using TransferWise

  • Offers the real exchange rate, based on the mid-market rate
  • Fees are based on a percentage of transfer amount
  • Straightforward and easy to use online through their app
  • Not open to everyone worldwide yet
  • Transfer fees can get costly when transferring larger amounts of money due to percentage-style calculation
  • Does not yet support sending money to and from all currencies offered

TransferWise is often recognised for fast transfers and highly competitive exchange rates. As an alternative to WorldRemit, TransferWise is a great option for smaller transfers under $10,000.

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3. XE Money Transfer

TransferWise is an alternative to TorFX

If you want to use a large and established company for your transfer, XE could be the company for you. They are especially good for making transfers online. XE don't charge any fees, which puts them at an advantage to WorldRemit, who charge a small fee depending on the amount and where you are sending the money to. They also have competitive exchange rates in the same way WorldRemit do.

Pros and cons of using XE

  • Have competitive exchange rates
  • They don't charge any fees or commission for making a transfer
  • Large and well established global reach
  • There is a minimum transfer amount of $175 AUD for one-off payments and around $900 AUD for recurring payments.

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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4. TorFX

Alternatives to WorldRemit

TorFX is also a UK based company that are especially good for larger international money transfers. If you’re making a transfer of more than $10,000, they could be a good alternative to WorldRemit. Unlike WorldRemit, TorFX do not have any transfer fees.

Pros and cons of using WorldRemit

  • 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

TorFX have offices spanning throughout Australia, the UK, Europe, the USA and South Africa. Unlike WorldRemit, who have limited phone support, TorFX are licensed to give personalised advice to you over the phone if you need it when making your transfer.

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5. PayPal / Xoom

Alternatives to OFX - PayPal / Xoom

If you have a PayPal account, you've probably already considered making an international money transfer with them. They are one of the world’s most popular payment systems to purchase goods and pay for services. It's a convenient way to transfer money to people in the same country and internationally, especially 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 WorldRemit, it’s important to keep a couple of things in mind. Firstly, the person you’re sending money to must also have a PayPal account. Secondly, transferring money using WorldRemit will generally be cheaper than PayPal.

  Value   

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  WorldRemit
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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 WorldRemit we recommend in order of preference:
  1. Remitly and TransferWise are our best rated and our overall recommended service for foreign exchange when compared to WorldRemit. They offer a large amount of countries from around the globe with similar exchange rates, fees, speed and ease of use.
  2. XE offer a competitive exchange rate when compared to WorldRemit. While they offer a large number of countries to compare currencies online, they don't send to as many countries as WorldRemit in reality.
  3. TorFX are recommended for transfers over $10,000. Both money transfer companies offer competitive rates on large amounts, good speed and ease of use online.
  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