Top 10 Money Transfer Companies


If you’re planning to live, work, retire or buy a home in Mexico, you’ll probably find that there is a need to transfer money regularly between your home country and Mexico.

The remittance landscape is expanding at a rapid rate, with an influx of international money transfer companies set up in the last decade to cater to the growing global market of individuals and businesses looking to transfer funds abroad. People no longer rely solely on their banks for remittance advice, as more and more customers realize specialized providers are able to offer lower fees, higher transfer speeds, and a range of other benefits. Find out more about the best of the best in this detailed guide to the Top 10 Money Transfer Companies on the market. 

At a Glance: Top 10 Money Transfer Companies

RankingMoney Transfer CompanyAverage markupGet Started
#1🥇 Wise (formerly Transferwise)0 – 0.5%Compare Rates
#2🥈 Xe0.4 – 1.2%Compare Rates
#3🥉 Instarem0 – 0.5%Compare Rates
#4WorldRemit0.5 – 1.25%Compare Rates
#5TorFX1 – 3%Compare Rates
#6CurrencyFair0.5 – 0.6%Compare Rates
#7OFX0.4 – 1.5%Compare Rates
#8Key Currency1 – 5%Compare Rates
#9Currencies Direct0.5 – 1.5%Compare Rates
#10VertoFX0.3 – 0.6%Compare Rates

What is a money transfer company?

A money transfer company is almost always the cheapest way to send your money internationally. These companies are often able to offer lower transfer costs than banks, but with the same level of security and reliability.
Specialist companies will have different fees for money transfers, often dependent on the current market rate as well as extenuating factors such as where you are sending money from, to, and the amount you are sending. Our comparison tool is designed to compare these factors as well as overall security, reliability, and accessibility to help you make the right choice for your needs.

Compare the best rates now

How does a money transfer work?

Leading online money transfer providers focus on streamlining digital navigation to create a simplified user experience so every customer can benefit from a straight-forward service. The steps to initiating a money transfer are as follows:

Step 1: Choose a money transfer provider

Step 2: Create your free account

Step 3: Set up your transfer

Step 4: Double-check fees and confirm

Step 5: Track your transfer

Getting the best deal: Key features to look for in a money transfer company

While getting the best price for your money transfer is important, it’s also a good idea to consider a few other factors when looking for a reliable, safe money transfer service for your needs.

Ultimately, the cost of your international transfer will be dependent on how much you are sending, the exchange rate at the time, and the fee structure employed by the provider you are using. Below are some important considerations to make when choosing the best way to send money and the best money transfer service for you:


Make sure the money transfer service you’re considering is registered with the appropriate financial authorities in the country they operate in and use secure encryption methods to keep your money safe. Apart from that, you can also be protected by the Financial Consumer Agency of Canada (FCAC) when sending money to Canada

Additionally, it is worth learning about the reputation of a company by reading the reviews from their users. This is a good way of double checking that their services are held to as high a standard as advertised.


Some money transfer providers, such as Wise, will offer money transfers at the mid-market rate, adding on a set fee for their services. Conversely, other companies will add a small mark up on top of the true exchange rate.

To give you an idea of what to expect, most banks add a markup of between 4 – 5%, whereas most money transfer providers usually apply an average exchange rate spread of 1%. The important thing to note is that all providers will charge fees or markups in exchange for their services, but ensuring transparency of those fees upfront, before you make your transfer, is what counts.


With a huge percentage of money being held digitally, you might think all international money transfers will be as instant as sending an email but unfortunately, that’s rarely the case. It’s a good idea to check the estimated transfer time with each provider, bearing in mind that the day you transfer your money will impact transfer times: delivery speeds vary for weekend days and business days.


Make sure the money transfer provider you are looking at supports the transfer route you need. Currently, not every company offers its services to all territories or countries so this is a hugely important factor to iron out before deciding on a service provider.

Blue tick top money transfer companies

The importance of comparing money transfer companies

Not all money transfer services are the same and there is no one-size-fits-all service. While some specialize in smaller transfers, others are better suited to customers sending large amounts of money. The cost and speed of transfer can also vary considerably, as can the payment and withdrawal methods available. 

Depending on where you are sending the money from and to, what currency you are sending, the amount you are sending, and how you are funding the transaction, the best service will vary. Taking all of the above into consideration, we have put together this comprehensive list of the Top 10 Money Transfer Companies, together with a quick overview and their pros and cons so you can find the provider that’s right for you.

1. Wise – Overall best money transfer provider

Wise is one of the best-known names in the industry and for good reason. They are a money transfer company committed to bringing increased transparency to financial services, with a big focus on zero hidden fees. 

One of the biggest selling points of Wise is how transparent they are with their fee structure and exchange rates, from the offset: Wise confirms the exact amount which will reach the recipient account, before the transfer is even made.

Wise has a rating of 4.6 out of 5 on Trustpilot, and with over 12 million people using their services, they are one of the most popular transfer providers out there.


Very transparent fees and clear exchange rate margins

Well-trusted and reliable brand with over 10 years of experience

Offer guaranteed rates for 24 – 48 hours

Fast transfer times available


No option for cash pickups

Emphasis on online service can make troubleshooting difficult at times

Lacking specialized support for larger transactions

How do I send money through Wise?

To use Wise, you need to create an account by providing personal details such as address, phone, email, date of birth, bank account or credit card information, details of the recipient, and the recipient’s International Bank Account Number (IBAN). Once you enter the payment information including the amount and currency, you will be able to see the fees and estimated transfer time for each payment method. You can then make a transfer. 

Fees and exchange rates

The best thing about Wise is that it allows customers access to the mid-market rate – with zero exchange rate markups – with the ability to lock in rates for 24 – 48 hours. The company does, however, charge fees for transfers and these vary depending on how fast you want the money to be delivered, the amount you are transferring, and which currencies you are using. Usually, these take the form of a percentage of the amount being transferred and typically lie in the region of 0.5%.

Transfer speed 

Wise usually takes 3-5 days to transfer your funds to the recipient’s account.

🌎Countries50+ supported countries
💱Currencies20+ provided
🏢Offices20+ offices around the world, including: London, Dubai, New York, Tallinn, Tokyo, Zürich.
📱PlatformsPhone service, online service, mobile app and multi-currency card
⚖️RegulationWise is authorised by the FCA as an Electronic Money Institution (EMI), holds an AFSL, is registered with the FinCEN and is regulated in 12 more countries.
🏆AwardsWise been awarded for Australia’s Best International Money Transfer Provider (2019), WEF Tech Pioneer (2015), and many more awards throughout the years.
🌟ReviewsExcellent 4.6/5 from 147,648 TrustPilot reviews.
💰FeesTransparent and low fees with no hidden charges and no markup
💸Exchange MarkupNo exchange markup
📈Trading VolumeTrading volume to £18.0 billion in 2022. Trading £13.5bn in personal transfer in Q2 2022 and 4.5bn in business transactions. 
🌐Official WebsiteVisit Wise

Take me to Wise

2. Xe Money Transfer

Xe offers international money transfers to over 130 countries, with their most popular routes including Canadathe United StatesAustralia and New Zealand. The brand is well-known in the industry, having carved a name for itself as a trusted authority in the foreign exchange space, over the last 30 years of trading. 

With nearly 50,000 reviews on Trustpilot and an overall rating of ‘Excellent’, Xe is one of our top picks for being a trusted, reliable money transfer service with low fees and some of the most competitive rates available.


Trusted name in the industry with over 3 decades of experience

Enables money transfer in almost 100 currencies to more than 130 countries

24/7 account management

No transfer fees and competitive exchange rates


Card payments not supported

Exchange rate offered only for the time of transfer

Limited payout options

How do I send money through Xe?

You first need to sign up for an account by providing your personal details such as name, address, social security number and occupation. Once the account is approved, you can set up the transfer by providing your payment details, amount to be transferred, the currency you want to send and recipient details. 

One thing to be aware of, however, is that Xe only supports payments through online banking and over the phone – you cannot pay with a card and there is no access to cash pickup services.

Fees and exchange rates

Xe sending fees are low, ranging between 2 – 4 USD, but additional third-party bank and payment method fees may also apply. For example, some issuers may charge up to 5% in cash advance fees, when sending money using a credit card

Transfer speed

Most fund transfers happen the same day, however, depending on the currency being used, the sender and recipient banks, it may take 2 – 4 days for the funds to arrive with your recipient.

Take me to Xe

3. Instarem 

Instarem is a digital payment solutions company based out of Singapore, serving global markets across multiple continents. With tailored services for personal and corporate clients, the company is well positioned to facilitate a range of payment types, but is only suitable for customers sending AUD, CAD, EUR, HKD, GBP, INR, MYR, SGD, and USD. Through their fast and secure mobile platform the company is able to offer safe, verified transactions to more than 55 countries around the world.


Low fees and bank-beating exchange rates

Sophisticated data encryption and strict security protocols

Rewards scheme for repeat customers

On-the-go availability with mobile access


Limited available currencies

Account verification can take up to 24 hours

Credit card payments not supported

How do I send money through Instarem?

Customers will need to enter the relevant information about their location and email address. For businesses, further information is required including phone number, registered business name and the country of registration. 

Users will then need to follow the mobile verification steps to confirm their identity. This means you will receive a confirmation code via phone, and later in the process, provide verification of a relevant piece of ID. Alternatively, you can use a bank statement, utility bill, or drivers license. 

Once verified you can set up your first transfer by entering the details of your receipt and confirming the amount of money you wish to send. 

Fees and exchange rates

  • Transfer Fees– The fees Instarem charges depend on the amount you are transferring and the country of origin. For instance, when transferring from Hong Kong or Australia, you will pay about 0.5% of the amount you are sending. On the other hand, sending from the UK or Hong Kong gives you a much lower percentage fee of 0.25%.
  • Exchange Rates– Instarem uses the real-time interbank rate. This means they do not charge any margin on their rates. What you see is what you get.
  • Other Fees– Apart from the transfer fees, Instarem doesn’t charge any other fees. However, banks on the sending and receiving ends may charge you fees that can range anywhere between $25 and $50.

Transfer speed

Known for their speedy transfers – far quicker than any bank – Instarem helps customers send money instantly online. However, depending on the currency pair, the country you are sending to, and how you pay for your transfer, it can take up to 5 business days to transfer funds. The fastest available service is provided to those paying using a debit card as the funds become available almost instantly to Instarem so that the transfer process can begin.

Take me to Instarem

4. WorldRemit

WorldRemit allows you to make transfers in 70 currencies to over 130 countries around the globe, with over two million people using their services to make a transfer last year. The company offers different methods to send money internationally such as bank deposits, cash pick ups and mobile money, they are known for being able to process most transfers within minutes with low fees and an upfront exchange rate. WorldRemit has an average rating of 4.4 out of 5 on Trustpilot with over 4 million customers globally.


Worldwide presence in over 130 countries, with 70 currencies available

Quick transfers in minutes

Support for different payment methods such as credit card, debit card and bank transfers

Fees and exchange rates displayed up-front with no hidden fees


More complex fee structure and higher cost than some other providers, particularly for larger amounts

WorldRemit imposes a maximum sending limit depending on the country, and it’s $9,000 from the US

How do I send money through WorldRemit?

It’s quick and easy to sign up and start using the services of WorldRemit. All you need to do is enter your personal details and provide valid proof of address and verification. You can simply scan and upload the documents. Once your account has been approved you can transfer money using a variety of payment options, including bank transfer, debit card, and cash pickup.

Fees and exchange rates

WorldRemit charges both a transfer fee and a markup on the mid-market exchange rate. Additionally, you’ll have to watch out for possible extra charges by your bank. WorldRemit is up front about the fees charged, however, and you’ll know exactly how much your transfer will cost before it is carried out.

You may have to pay a delivery fee of between $3.99 and $24.99 depending on the currency, country, and delivery option. While WorldRemit charges a markup on exchange rates, these are still lower than what banks offer. Normally, the provider charges no more than 1%-1.5% markup.  

Transfer speed

WorldRemit offers near-instant fund transfer in most cases, especially when transferring cash. However, bank transfers may take 1-3 days to be credited to the beneficiary’s account.

Take me to WorldRemit

5. TorFX

Another industry-leading money transfer company is TorFX, which offers transparent foreign exchange services at a far more competitive rate than banks. With a near-perfect customer rating of 4.9 out of 5 on Trustpilot, TorFX is widely regarded as a trustworthy and efficient provider of personal and business transfers. Their round-the-clock customer support means every customer has a direct line to an expert Account Manager who can walk them through each step of the transfer process. This service provider is highly recommended for anyone sending large amounts of money abroad. 

TorFX money transfers


Fee-free transfer service, no hidden costs

Over 60 available currencies

Flexible transfer options including spot and forward contracts

No maximum transfer limits, ideal for customers sending large money transfers


Larger minimum transfer threshold

Less favorable exchange rates for smaller transfers

Bank transfer is the only payment method

How do I send money through TorFX?

There are two different ways to get started with TorFX; either receive a free quote or sign up right away. If you opt to receive a quote, TorFX will connect you with a personal account manager to guide you through the process by asking relevant questions. 

If you are signing up for an online account right away you are given a username and password. You can do this online or on the phone.

Once this is done, simply enter the details of where you want to send the money, double checking all the information is verified and correct. 

Submit payment for your transfer via bank transfer and then track the funds as they make their way to your recipient. 

Fees and exchange rates

  • Transfer Fees– TorFX does not apply any kind of fixed fees to transfers
  • Exchange Rates– Instead of employing a fee structure, TorFX receives revenue from the difference between the mid-market rate and the rate it charges its customers. On average, TorFX charges between 1.91% for larger transfers and 2.71% for smaller transfers of about $1000.

Transfer speed

Once you set up the transfer account, it can take anywhere between 1-3 days to complete your TorFX transfer. This depends on the country you are sending from and the destination, the currencies involved, the time of the transfer, verifications, and security checks.

Transfers involving more remote, less commonly traded currencies may take up to 4 days for the money to reach the recipient.

Take me to TorFX


Very reputable peer-to-peer international money transfer provider that offers a minimal percentage markup. With CurrencyFair you can send money internationally in just a few steps and it is an affordable money transfer provider for all transfer sizes.

CurrencyFair Logo


Very competitive exchange rate margins

Low transfer fees

Easy to use mobile app

It allows you to transfer money to 157 countries in the world


In Africa, the Middle East and Asia, users cannot open a CurrencyFair account

Only 20 currencies are supported

How do I send money through CurrencyFair?

Signing up for a CurrencyFair account is easy and simple, thanks to the company’s intuitive online platform and mobile app. Once you have entered your details, you will be taken through several verification steps.

After you have created a CurrencyFair account, you will need to set up your transaction details and then, enter the details of your recipient, choosing the name of the account holder, the country where the account is held, account number and bank code, recipient reference and the purpose of the transfer. Finally, transfer your money.

Fees and exchange rates

The following fees and exchange rates apply to CurrencyFair money transfers: 

Exchange Rates–  CurrencyFair applies a foreign exchange spread that ranges between 0.5 – 0.6% above the mid-market rate. The company’s approach to currency exchange is far more transparent and substantially cheaper than the average charges applied by traditional banks

Generally, apart from a small fixed fee of €3 (or its currency equivalent) and cash advance fees if you use a credit card to pay for your transfer, there are no other hidden fees to worry about with CurrencyFair.

Transfer speed

CurrencyFair transfers typically take 1-3 days to arrive with recipients. Additionally, CurrencyFair will give you an estimated arrival time when making your international money transfer.

Compare CurrencyFair to Other Providers

7. OFX

OFX has more than 20 years of experience providing money transfer services and has handled transactions totaling over £67 billion to date with an average Trustpilot score of 4.4 The company has a very wide disbursement network, with offices in London, San Francisco, Auckland, Hong Kong, Toronto, and Sydney. With OFX you’ll also benefit from 24/7 customer service and low fees and exchange rate markups.


Competitive exchange rates

Wide banking network with numerous physical offices across the world

Intuitive online platform and mobile app


Minimum transfer amount of $200 per transfer and $1,000 per year

Payment via bank transfer only

How do I send money through OFX?

Like most other services, you need to follow two simple steps to start using OFX: registering online and verifying your identity by providing documents such as a driving license, passport, or utility bill. Once you login, you can set up a transaction. You can do this either on phone or via their online platform. 

You can fund your account using one of the available methods depending on your country. Electronic bank transfer is available to residents of Australia, US, UK and Canada. US and Canada residents can use wire transfers as well. Debit card transfers are available for only UK residents. Something else to be aware of is that the minimum transfer amount is $1,000, so OFX is not ideal for users wanting to send smaller amounts.

Fees and exchange rates

OFX charges no flat rate transfer fee, and the level of the exchange rate markup applied to each transfer depends on the amount being transferred and the currencies used. The larger the transfer amount, the better rates you will get, but in general you can expect exchange rate margins of about 1.5% above the mid-market rate. 

Transfer speed

OFX transfers typically take between 1 and 5 days to be completed, with North American and European payments often received the same day. 

Take me to OFX

8. Key Currency

Founded in 2015, this UK based service provider is able to offer highly competitive, fee-free international money transfers due to lower operating overheads than the big banks and currency brokers. Key Currency is passionate about providing first-rate customer service and competitive, up-to-date foreign exchange data, to ensure users get the best deal for their transfer needs. The company is best suited to those needing assistance with transferring large amounts of money overseas and business currency exchange.


Rated 4.9 out of 5 by customers on Trustpilot

Personalised customer experience, with exoert representatives on hand

Bank-beating exchange rates

No transfer fees for personal or business


Not available to customers in the USA

Bank transfer only; customers must send funds to a segregated client account

How do I send money through Key Currency?

It is free for customers to sign up with Key Currency and, once registered, customers will be assigned a representative who will guide them through the different available transfer services, exchange rates and payment procedures, helping them send money to their chosen recipient. 

Fees and exchange rates

There is a lack of transparency when it comes to live and transparent foreign exchange rates available through Key Currency. However, what the company lacks in widespread transparency, it makes up for with tailored, one-on-one customer service, once users have signed up with Key Currency. 

There are no transfer fees or additional charges associated with Key Currency which means saving money on bank charges, while receiving access to expert advice and currency exchange data.

Transfer speed

The average delivery time it takes for a Key Currency transfer to arrive with the desired  recipient is 1 – 5 working days. These transfer windows differ depending on the transfer route and method: for example, SEPA transfers take just 1 – 2 days to be delivered, whereas SWIFT transfers outside the EU can take up to 4 days.

Take me to Key Currency

9. Currencies Direct

Starting out in the remittance industry in 1996, Currencies Direct is a long-standing brand name known within the sector for providing bank-beating rates and flexible cross-border payment services. Popular routes include transfers to Australia, Canada, the USA and South Africa, with more than 60 currencies available to customers making Personal or Business payments overseas. 


Services available in 10 different languages; English, French, Spanish, Portuguese, Italian, Norwegian, Swedish, Deutsche, Chinese and Korean

Alerts available for tracking target exchange rates

Over 60 currencies available

No fees for larger transfers


Limited pay-out options: Currencies Direct only support bank-to-bank transfers to overseas recipients; there is no option to arrange airtime top up or cash transfers

Limited African currencies: Customers sending money to Africa may be disappointed by the lack of currencies available

How do I send money through Currencies Direct?

Get started sending money with Currencies Direct by signing up for a Personal, Business or Online Seller account and completing the application. 

Once all your details have been entered correctly and submitted, you will receive an SMS or email containing your secure PIN which can be used to activate your account. You will also be contacted by a Currencies Direct account manager by email or phone. 

After this verification process has been completed you can set up your first transfer online, by choosing the currency and amount you want to send, and entering. the recipient’s details. As soon as Currencies Direct receives your payment, it will send the funds directly to your recipient.

Fees and exchange rates

Currencies Direct provides customers with direct access to a list of live exchange rates, around the clock, which reflect the true mid-market rate. However, when it comes to setting up an international transfer, customers will be given a slightly lower rate than the ones displayed. This is because the company makes its profits from the foreign exchange spread applied to the buy and sell rates of the different currencies. Regardless of the markup, Currencies Direct exchange rates remain competitive and far cheaper than most banks.

In terms of other costs, Currencies Direct is known for its fee-free policy, any other charges may be issued by third-party providers which are out of the company’s control. 

Transfer speed

Typically, Currencies Direct transfers take between 24 to 48 hours to get to the recipient; this is quicker than most high street banks. We recommend asking a member of the customer support team about the approximate delivery date, before initiating payment, to avoid any disappointment. Transfers where one or both currencies are classified as “exotic” take longer to complete compared to more popular major currencies.

Take me to Currencies Direct

10. VertoFX

The final member of our top 10 is a specialist in the field of business transfers, VertoFX. Catering to the specific needs of B2B cross-border payment solutions, this currency exchange platform has made waves in the global remittance space since it was launched by two ex-bankers in 2017. The VertoFX business model is an ambitious one and this review will take a closer look at how effective the company has been at solving the various problems that face businesses making foreign currency transfers.


Useful business products like multi-currency accounts, mass payments and ecommerce tools

Send and receive instant payments globally through a single API or the online platform

Dedicated account manager for 24/7 support


Not suitable for personal transfers

Certain features are available to US and UK customers only

How do I send money through VertoFX?

Customers wanting to sign up with VertoFX can do so for free, by selecting a Business Account and following the simple steps as outlined on the company website. These include entering company information, contact details and creating a secure profile. 

Once your business and identity has been verified you will need – this may take a few working days due to the thorough and vigorous security checks in place to protect customer data – you will be able to set up a money transfer with the help of a designated representative of the VertoFX team.

Fees and exchange rates 

There are over 39 different currencies to choose from when using VertoFX for an international currency transfer. Clients will be given a foreign exchange rate typically in the range of 0.3 – 0.6% above the mid-market rate, which is very competitive, and will greatly benefit any large transfer amounts. 

According to the currency conversion calculator on the VertoFX website, there would be no fees for any international money transfer and no hidden fees. However, this does not account for any transfer fees charged by the receiving and intermediary financial institutions. There is a disclaimer on the website which states: “fees vary from one provider to another, amount sent or receiving amount.”

Transfer speed

It is unfortunately not possible to gauge a guaranteed transfer speed from the information provided by VertoFX online, however, once registered for a free account, clients will be able to acquire all the relevant information from their designated account manager. The company may not offer total transparency when it comes to the delivery expectations of a foreign currency transfer, but they do guarantee that all payments will be processed faster than any bank.

Take me to VertoFX

Why do money transfer providers charge fees?

The fact is, money transfer providers need to make a profit for their business to keep running – and those profits are found in the fees or markups applied to each money transfer arranged through them. This is why you’ll rarely (if ever) find a money transfer service for the exact mid-market exchange rate (the rate banks use to trade between themselves) on any particular day – most providers will mark up the exchange rate to cover their costs, or will add a set fee onto the mid-market rate when calculating your money transfer.

This is why we’d always recommend being wary of providers that advertise ‘no fees’ or ‘zero commission’ – many times, this simply means there are hidden fees that you’re not being told about.

Are there any other ways to send money abroad?

The cheapest way to send money internationally is almost always going to be by using a money transfer provider as listed in this review. 

An alternate method is to transfer money directly using your bank. This is a more convenient option for some as you don’t need to set up and verify another account through your provider, and instead can arrange to wire money directly from your bank account to the recipient.

Bear in mind, however, that this convenience does come at a cost. Banks typically add a 4 – 5% markup on the exchange rate, compared to the average 1% markup money transfer providers charge.

Read our guide to International Bank Transfer Fees


So, there you have our top 10 money transfer companies. All of the names in this list have strong reputations in the industry and offer a variety of services to their users. It’s always important to remember, however, that the best service for one transfer might not be the best for another. In order to ensure you’re getting the best deal for your transfer, take a minute to use our free money transfer comparison tool that will instantly compare your options to find you the best company.

Mexico Daily Post