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 Trustpilot.com. 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.
- Riamoneytransfer.com 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.