Top Money Transfer Services

Sending money overseas has been made easier by these top money transfer services, but which one is the best with the lowest fees? Find out now!

 

✔ Last updated: 2020-09-28

Back in the old days, it was really hard and expensive to send money abroad. But thanks to these top money transfer service for making it easier and cheaper for us to send and receive money.

Here are some of the best money transfer services that you can find online. We made sure that these services are legit and have the lowest fees! They also have good exchange rate! Check them out now!

 

Rank

Service Provider

Features

Visit Site

★★★★★
100+ Ratings

Receive instant or near-instant transfers of $5,000 or less

✔ Low transaction fees
✔ Minimum transfer: none
✔ Instant or near-instant transfers

★★★★★
100+ Ratings

Get competitive rates and send money from your bank account

✔ No fees, competitive exchange rates
✔ Minimum transfer: none
✔ Transfer time: 1-4 business days

★★★★★
100+ Ratings

Cut out hidden charges by paying the mid-market rate

✔ Low transaction fees
✔ Minimum transfer: none
✔ Transfer time: few hours – 2 days

★★★★
100+ Ratings

Send money overseas without the hassle of dealing with your bank

✔ Fee: none
✔ Minimum transfer: none
✔ Transfer time: same day

★★★★
100+ Ratings

Get lower foreign exchange rates than your bank, with no added fees

✔ No transfer fees
✔ Daily limit: none
✔ Transfer time: 1-2 days

★★★★
100+ Ratings

Get live rates from a network of regulated money transfer services

✔ No transfer fees
✔ US dollars and 22 other currencies
✔ Transfer time: 1-2 days

How Does Online Money Transfer Work?

Online money transfer is where the old concept of sending money meets the modern technology of electronic money transfer. In this day and age, you have probably used this electronic money transfer already from one bank account to another bank account. Data is exchanged, but there is no paper money involved. Using a debit card to pay for an online store is also a form of money transfer.

But please be informed that online money transfer is somewhat different from electronic money transfer. Money transfer services are like wire transfer services: You can send money to someone instantly by merely transferring money from your account to another person.

Why Should I Use Online Money Transfer?

One of the main reasons why someone chooses to use online money transfer is that it is faster and very convenient.

If you send money through mailed checks, it can take days or even weeks to be delivered, and it is not exactly safe. It can get lost, or even stolen. And if you are sending money internationally, there are currency conversion fees which are more expensive than the money transfer fee. Online money transfer will allow you to send and receive money instantaneously.

Are There Transfer Limits?

Of course, there are limits on how much money can be transferred in a period of time.

The top money transfer services usually cap any online transfer coming out of the United States at $3,000.– Each. You can send more, but it will be broken up into little amounts.

But bear in mind that these money transfer services have different caps transfer so you might want to check their policies first.

How Much Will It Cost?

This is one of the first questions you will ask your preferred money transfer service: how much will it cost me? It usually depends on how much money you want to send. For example, Western Union can charge anywhere from 8 to 10 percent of the total amount of money you would be sending.

However, there are services like MoneyGram that charges a flat rate of 8 percent, no matter how much money you want to send. But unlike Western Union where you can get the cash in just matter of seconds, MoneyGram has a three to five-day transfer service where you will only be charged by 3 percent. So if you do not think that your recipient would be needing the money right away, then you better avail this service as it will cost you little compared to instant services.