Which Money Transfer Company is Right for You?

There are many different money transfer companies out there. Every one of them caters to a different set of people, and they all have a variety of money transfer specialties or capabilities. There are so many choices, you may feel overwhelmed! So, how do you find a money transfer company that fits your needs best? How do you go about comparing them all? We know that money transfers are already an emotionally tense experience. You’re transferring your money to make an impact – whether it’s to support family abroad, to buy a house, etc. So, we’ve put together a list of steps to take when choosing a money transfer company as well as a few other key facts to know.

Step One: Make a List of Your Needs

Your needs are going to be the most important deciding factor when selecting a money transfer company, as each of them will cater to a different set of requirements. Ask yourself the following questions:

• Where do I need to transfer money to?
• Why am I transferring money?
• How often will these transfers need to occur?
• How large are my money transfers?

All of these questions will influence your search and your final decision – so answer them with as much detail as possible. You never know when you will find a money transfer company who fits your exact needs – and you’ll definitely struggle to find them if you don’t know what your needs are!

Step Two: Make a List of Potential Money Transfer Companies to Use

There are many money transfer companies available for you to use, and each of them has a different set of services and fees that they charge. We suggest starting with a few reputable, large money transfer companies. Larger companies generally have more experience, better security, lower fees, a faster transfer rate, and they serve more countries. If you work with a smaller company that is relatively unknown, it will be harder to guarantee an excellent service offering. Of course, part of this is also that you’ll need to research company reviews to ensure that what they are selling you as their services and fees are, indeed, accurate. A few companies to consider are:

• OFX
• TransferWise
• CurrencyFair
• WorldFirst
• MoneyGram

These are just a few popular money transfer companies – there are many, many more you could consider during this process.

Step Three: Evaluate Their Platform, Services, and Fees

Given the list that you came up with in Step Two, you’ll want to evaluate the platform that each of these companies operates on, their services, and their fees. Note any extra offering one company has that another does not – this might make or break your final decision. To give you an example, we’ve done this with our five examples listed above.

Your notes don’t have to specifically detail every single service or offering one company has. Pick the things that strike you. For example, if you are a business owner who does work internationally but you also need simple money transfer services for sending money abroad to family, you may look for a service that offers both. Or if you need to transfer to a small or exotic country, you won’t want to work with a company who only offers transfer options to large countries.

Step Four: Decide What’s Best for You

Even if a money transfer company has amazing rates, no transfer fees, and gets your funds transferred in less than 24 hours, if they don’t transfer in the way you prefer or to the country you need them to they’re worthless to you. If you require a cash pickup at a physical money transfer location, a fantastic company that only does online transfers won’t make sense. Make your decision based on what you need out of your money transfer company. If you can’t find answers to your questions, reach out to their customer support team. A company who is worth working with will either try and solve your dilemmas or point you in the right direction.