5 Safe and Trusted Alternatives to XE Money Transfers

Are you looking for alternatives to XE money transfer to send money overseas? XE is easy to use and offer good exchange rates, but other companies can do the same. In this article, we take a look at companies that offer similar services to XE to see how they stack up.

We’ve listed 5 companies you can use as alternatives to XE. We’ve taken their level of convenience, cost and security into consideration so you can decide who to use for your next money transfer.

5 Alternatives to XE Money Transfers

1. WorldFirst

Alternatives to XE money transfer

WorldFirst is a UK based company. They offer money transfer services for both individuals and businesses alike. While their headquarters are 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 minimum transfer amount is $2,000 AUD or more
  • You can only fund your transfer via a domestic wire transfer, not credit or debit card
  • You can’t pay via debit card, credit card, cash or check

   Value   

   Speed   

    Ease    

 Both
  Both
  Both

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 XE money transfer, TransferWise is a great option for smaller transfers under $10,000.

   Value   

  Speed  

    Ease    

  TransferWise
  Both
 Both

3. OFX

Alternatives to XE Money Transfers - OFX

OFX is also one of the larger global transfer companies. They support international money transfers from over 190 countries in more than fifty currencies. If you’re making an online transfer, it is definitely worth looking at OFX as an alternative to XE.

Pros and cons of using OFX

  • Great exchange rates across a range of currencies and amounts
  • Lower fees than XE
  • 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 is also one of the larger global transfer companies. They support international money transfers from over 190 countries in more than fifty currencies. If you’re making an online transfer, it is definitely worth looking at OFX as an alternative to XE.

  Value   

  Speed  

   Ease

 OFX
  Both
  Both

Fee Free Offer

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

  • After 20 years, OFX is one of the oldest money transfer companies and they have the expertise to go with it.
  • Their rates are often better than the banks, especially for larger transfers.

Learn More About OFX

Learn more

4. TorFX

Alternatives to WorldRemit

TorFX is a UK based company that are especially good for larger international money transfers. They have offices spanning throughout Australia, the UK, Europe, the USA and South Africa. If you’re making a transfer of more than $50,000, then TorFX is a good option as they have no minimum or maximum transfer limits.

Pros and cons of using TorFX

  • 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 can be a better alternative to XE in terms of the excellent customer support you receive. While XE has phone support, TorFX are licensed to give personalised advice if you need it when making your transfer.

  Value   

   Speed   

   Ease   

 TorFX
  Both
  Both

Learn more

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 XE money transfer, 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 XE money transfer will generally be cheaper than PayPal.

  Value  

  Speed  

   Ease   

  XE
  Both
 Both

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 XE Money Transfer we recommend in order of preference:
  1. WorldFirst and TransferWise are our best rated and our overall recommended services for foreign exchange when compared to XE money transfer. They offer a large amount of countries from around the globe with similar exchange rates, fees, speed and ease of use.
  2. OFX offer a competitive exchange rate when compared to XE money transfer, particularly for money transfers over $10,000. While they do charge $15 for transfers under $10,000, their customer service is well rated within the industry and they are a very secure company to use.
  3. TorFX are another recommendation for money 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 9th, 2020