The best money transfer services when studying abroad

Depending on where you will be studying abroad you (or your parents) might need to send money internationally to help you with your daily expenses. Many banks from you country of origin will offer you “international student packages” but you should be careful with this.Here is a simple guide to help you with the process of sending money abroad and which gives you the best money transfer services to use.




Why use money transfer services?

A common thing expats and foreign students (or their parents) do when they need to transfer money internationally is using their bank to make international transfers. This solution, even if it seems simple, secure and easy, is very expensive. Indeed you generally pay around 10% of the amount in fees. On the other hand, money transfer services are much more cheaper and as secure as banks. They’ve been emerging for the last couple of years on the money transfer market. Transferwise, in Europe is probably the most famous one. Money transfer services unlike banks do not apply hidden fees when sending money internationally. The exchange rate applied is the real one and not a poorer one in order to make even more out of your transaction (yes, banks do that). Expect to pay around 3 to 5% fees on the amount you’re sending. The only question you should then ask yourself is what you’ll do with the extra money you’re saving by not using your bank for your transfers!


How to choose the best money transfer services?

The only issue today with money transfer services is that they are more and more numerous and it is getting harder to choose among all the options. It is even harder because there is no one that is operating on a global scale, each of them are specialised in specific areas. The cheapest ones are not the same depending on how much money you are sending. You might also be looking for the fastest solution if you need to receive money quickly for renting a flat for example.

One thing to remember is to use a comparison platform to help you find the money transfer services that best suit your needs in terms of costs, time delivery and payment mode.


Which money transfer services to use when retiring abroad?

Here you are planning your new life of retiree in Mexico. Dreaming about white beaches, transparent waters and good tacos by the sea. Apart from health insurance, the main thing that might concern you is how to receive your state pension. One thing that is sure is that you’ll need to make international transfers to convert your US dollars into pesos. You might already thought about using your bank or Western Union to send money to Mexico. Take a minute to read this article and discover about money transfer services that are much cheaper than your bank when it comes to international transfer.


Why use money transfer services for international transactions?

Even if your bank seems to be the safest solution to send money to Mexico, the first thing you need to know is that you should forget about it when sending your pension. Indeed, using it will cost you a lot of money: you’ll end-up paying fixed, variable and even hidden fees on your transfer. Most of the time you’ll lose the equivalent of 10% of the amount you sent. You might also be tempted to use operator like Western Union. Same problem here: this option is really expensive.

The only thing left are money transfer services. They recently emerged on the money transfer market with the aim of reducing the global costs of money transfers. Each year, according to the World Bank, money transfers account for $600 billion and the average cost is between 8 to 10%. Imagine a second what you could do with 10% of $600 billion!

These money transfer services operate 100% online, which might explain how they can reduce costs and unlike banks, do not apply hidden fees on each transfer.


How to choose between all money transfer services

The main drawback of choosing to avoid your bank is that you’ll need to find a service that perfectly fits your needs. Indeed there are so many of them today on the market that this selection can be very time consuming. Make sure to use a comparison platform that aggregates all money transfer services to save time and money on your transfers.


the most honest and independent Transferwise review ever – the ultimate Transferwise review

There are so many reviews about money transfer services that are actually kind of fake review. Even the honest money transfer operators request a review only from users who have already rated the company at more than 9 out of 10.

Here I’m going to provide my honest review. I’m completely independent and I get no money for writing my thoughts. I get nothing actually. I just have the hope that some people are going to find the review useful. First thing to talk about is how is the service today: end 2016, beginning 2017. Second important thing is how is it going to evolve, according to the market experience I have.


How is Transferwise today? Here is my Transferwise review

I have been using Transferwise over the last 4 years. The company has been created in 2010 and since 2011 I’m living abroad. That’s why I had to use Transferwise. No actually I chose to choose Transferwise because their service had a good reputation among the fintech industry. It was user-friendly and with an excellent spirit against banks. So good spirit, good rates and quite slow transfers.




5 years experience in the money transfer market industry, here is my independent review about Transferwise

Now Transferwise has got almost 5% of the money transfer market. However they cooperate with banks. It’s really different from the original reasons why I joined the service. The ultimate Transferwise review is about telling the truth too. The truth is the fact that Transferwise has never been as fast as today but it has never been as expensive as today too. Their rates tend to increase and it’s bad for the users. It’s still very convenient to use the service and the rates are still quite cheap so there is no reason to stop using them. There are reasons to start comparing them with other money transfer services though.

In the past and in the present, Transferwise is against banks, it’s cheap and the spirit is nice. In the future Transferwise starts to be more expensive but also much faster. And their team starts to cooperate with banks. Good news is it’s still advantageous to use this solution compared to banks. Still, it’s efficient to compare Transferwise review with other reviews.


Is WorldRemit the most convenient money transfer operator?

WordlRemit has been created in 2010 by a Ismael Ahmed from Somalia. When studying at the university in London he realised that there was an opportunity to decrease the costs of international money transfers and to improve the experience of sending money abroad. It turns out that WorldRemit is often the cheapest solution for amounts below €1,000. In 2015, 3.5 million transactions were made using the platform representing over $1 billion.




Currently, WorldRemit operated from 50 countries and delivers money to more than 120 countries around the globe. Money can be delivered to bank accounts, mobile wallets and by cash if needed.

Like most of the new actors on the market, WorldRemit operates exclusively online, this means that you do not have to go to an agent location to make a transfer. They’ve also developed an app that is very user friendly.


One of the most interesting feature from WorldRemit is the possibility to send money to mobile wallets. This enable users to store, send and receive money with their mobile phone. This is particularly interesting for migrants or people who do not have a bank account in developing countries. According to WorldRemit, a third of their transactions are received on mobile phones and the company claims to be the leader of remittances sent to mobile wallets.


Sending money with WorldRemit is quite easy:

  1. Select the country you want to send money to and it will determine your options to receive the money.
  2. Enter the amount you are willing to send and the payout method.
  3. Pay. You can use debit/credit card, make a bank transfer (only if you are in the UK) or use a banking payment service.
  4. Your money is being sent and the delay to receive it will depend on the payout option you’ve chosen.


Like for many online money transfer operators, the fees you’ll be paying vary according to the payout option you’ve selected. However, you can be reassured that the global fees will be much lower than if you had used your bank to make your transfer.


money transfer operators

Little lies from money transfer operators

As an expat or a student living abroad for one semester, you have probably already used money transfer operators to send or receive money, or not. You might have used your bank as well. Let us see which solution is the best.

money transfer operators

Why you should use a money transfer operator

It is very easy to use your bank to make an international money transfer. However it is probably the most expensive solution you can find. Indeed you’ll be charged with various kinds of fees: fixed, variable or even hidden one! Banks will charge you around 8 to 10% of the amount transferred. So it means that if you send 100€, you’ll be receiving between 92€ and 90€. Imagine if you’re doing this each month with bigger amounts… It’s a scandal!

One the other hand, using money transfer operators for this kind of operations will make you save money depending on the one you are using.

Which money transfer operator should you use?

Your options here a numerous, according to the World Bank there are more than 500 money transfer operators around the world. None of them is operating worldwide and some are focused on one specific region. You should be careful with traditional ones such as Western Union or Moneygram, which are well implemented in many countries. Why? Because they are outrageously expensive compared to new actors. Just like banks they will charge you around 10% of the amount sent.

They even advertise about this! A couple of years ago I remember seeing a Christmas add from Western Union saying “for only $5 send up to $50”! That’s a 10% fee but imagine you send less than $50… I call this robbery!

There are other marketing slogans that you should be aware of. For example many money transfer operators argue that their service is totally free. Remember that nothing is really free in this world and that money transfer operators are not NGOs, they need to make profits! If their transfers are “free” then how do they make money? They make money on the exchange rate.

Indeed, most of the time they will apply a poor exchange rate compared to the real one. This allows them to make money without (almost) anyone noticing.

To sum up, remember to use money transfer operators instead of your bank next time you are sending money internationally and that there is no such thing as free money transfer.

Best money transfer services

If we look at the actors in money transfers, we can count on banks, foreign exchange brokers and money transfer services. Who are the best money transfer services? many exist even if most people only know a few. Here is a global overview of these services.

How to know the best money transfer services?

According to you what is the best way to know if a money transfer service is good or not? By looking at the customers’ reviews ! of course. Nothing is better than the customers’ review of a company as it tells you everything about the pros and cons of the company. A trusted source to look at the customers reviews is Many people use it and it is secure. So here we will have a big picture of the money transfer services and their reviews on Trustpilot. We’ll look at the three biggest money transfer services which exist for tens of years: Western Union, Moneygram and Ria money transfer. And then we will look at the new money transfer companies which have appeared in the recent years. There are a lot such as Transferwise, Azimo, Worldremit, TransferGo, Afrimarket, Xendpay, Currencyfair, Worldfirst and others.

  • Western Union is rated 8.7 on Trustpilot. Trusted service because it exists for years, operates everywhere but quite expensive sometime.
  • MoneyGram is rated 1.4 on Trustpilot. Available in many countries but not so easy to use and some customers are really disappointed in this service.
  • is rated 7.7 because it is trustworthy and they offer good rates.
  • Transferwise is rated 9.5 on Trustpilot because it offer very good rates and is simple to use. Good customer service.
  • Worldremit is also rated 9.5 as it provides fast and cheap transfers. The service also allows to receive money by mobile phone and there are several delivery options.
  • Azimo is rated 9 on Trustpilot. It is a great service really easy to use. The cons are they only allow to send money from Europe and they have high flat fees for little amount of money transferred.

Compare money transfer services


Rates of money transfer services are always changing and evolving over time. As the exchange rate between two currencies is always evolving it is the same for the rates of money transfer operators. We can see on the graph above that for a transfer of 1’000$ from the United States to Philippines there are a lot of options. One week one operator offers the best rate and the following week it is not the cheapest. That’s why it is so important to compare and choose the best solution each time you have to do a transfer or send money abroad.

Start now to compare the best money transfer services and exchange rates now.


The Complete Beginners Guide To Money Transfer Services

I have been living in 8 different countries over the last 8 years and now that I am in China I feel like I have the same problem as usual: which operator should I choose among so many money transfer services which are all claiming to be able to help me.

How to choose the best money transfer service?

Horrible, terrible, scandalous! This is how I felt a few days ago, again! I screened many money transfer operators and felt so confused… Indeed they tend to let me think that they will allow me to send money from Canada to China but after my account is ready they always have a reason to not provide the service I need.

Well I felt confused. I feel good since I discovered a new tool

I have to admit that I should have thought earlier about using a money transmitter comparison service. On this comparison service money transfer businesses are listed in real time and that helped me to know in real-time which operator was actually providing the service and which one was the best.


Who are the best money transfer services?

I’m not a perfect writer and I think I feel the energy to share this because I felt really confused before being relieved from my pain.

In order to be able to help other people than only Canadians in China, let’s share a study on operators enabling to send money from UK to Canada, from Canada to UK, from the United States to China and from UK to China, and so on for all services transferring money between China, United Kingdom and United States.

I’ve been digging on the search section of the comparison website and my conclusion was astonishing:

There is no best money transfer service! But there is a way to always find them.

It is impossible to know which money transfer service is the cheapest, fastest or easiest because it is ever-changing. Indeed I started looking into prices from UK to China and found out about 3 interesting companies but a few minutes later I noticed that the order of companies had changed, their prices rank changed! Yes! My god I am so desperate about money transfers. I had a chat with experts from the comparator and found out that the rates, the easiness and the speed is changing every day because of external factors, exchange rates and their promotional methods..

From now on I will use a comparison service every time I need to make a transfer! Period.