Top 10 Best Money Transfer Services
Are you looking to transfer money to someone? If so, read on to learn about the ten best money transfer services.
Did you know 63% of Singaporeans feel the exchange rate is the most important when transferring money?
Sometimes people have to get money to someone quickly and thanks to the internet it’s possible to send money quicker and with a better rate.
Are you looking to transfer money to someone?
If so, read on to learn about the ten best money transfer services.
Top 10 Best Money Transfer Services
Online money transfers are usually one of those services that you only think about when the need comes up.
When you are not educated on how many services are available to transfer money you might end up going to your local bank and paying HUGE fees.
Nowadays it really doesn’t make sense to do a wire transfer through your bank.
The best money transfer service for you will depend on exactly what you need. The list below will help you see the difference between the money transfer services and make an informed decision.
Knowing who offers what will have you feeling like an expert in no time!
This is the best option for a no exchange-rate markup.
From Singapore, there are 47 different countries money can’t be sent to. Something to keep in mind with Transferwise is that it won’t be same day delivery or next-day delivery but it will be the least expensive option.
Fees will vary depending on the amount being sent. This is a great service when you are not sending money in a hurry and there is time for the other person to receive the money.
This is a very popular service used to transfer money to friends and family for free if you use your bank account. When using a credit card there is a small fee for the sender. This is a very popular money transfer service because of how simple it is to set up a free account, download an app and hit send.
PayPal is available to use in over 200 countries and supports 25 different currencies.
3. World First
This is a great option with competitive exchange rates. They don’t charge fees for clients making personal currency transfers. This transfer service is designed for transferring larger amounts overseas. Read more.
This option has been ranked #1 by the World Bank. It’s one of the most cost-effective platforms in Asia. They feature real-time foreign exchange rates.
They have fast transfer options along with low fees and no hidden costs. Customers can choose from either same day transfer or next business day transfer.
Money can be sent to 55+ countries across the world from Singapore, Australia, Hong Kong, and Malaysia.
This money transfer option has been proving services for over ten years. TorFX has competitive bank-beating foreign exchange.
The process is pretty simple a customer opens a free account online then agrees to a rate. Then a customer is asked to supply details of who will be receiving the money transfer before sending the money to your TorFX account. Once the funds clear in the clients account the money is immediately sent to the recipient.
This is another great option with no transfer fees no matter the amount being sent. The exchange rate markup when sending abroad is usually less than 2% which is also a plus. You have the option to send money abroad to 91 different countries virtually.
Most transfers to different countries take 1-2 business days. Once you send your money you can track it with either their mobile app or in your online account.
This option is one of the cheapest money transfers available. CurrencyTransfer will give you the best transfer option for you which will save on average up to 85% in hidden bank fees normally charged by the bank.
Clients have the option of booking a certain exchange rate for delivery up to twelve months in advance. Another unique feature is that CurrencyTrasnfer doesn’t believe in transfer fees. They have all their cost built into the best exchange rate.
8. Zhongguo Remittance
Transfers done with Zhongguo Remittance can take between 3-5 working days. Their charges vary according to the currency.
They have physical branches you can go to and submit the following to complete your money transfer:
- Completed remittance form
- Supporting documents (if the amount is over SGD 20,000)
- Payment (they accept cash, ATM/Internet Banking transfer)
9. Western Union
This is one of the oldest money transfer services around. It was founded in 1851 which means it has a pretty solid background. It’s available in 200 different countries. The fees for Western Union vary on how fast you need the money delivered.
This option is fairly easy to use. A client can create a profile online and send money virtually or in person.
They have options from being transferred in minutes to a three-day service. Last year their customers made 268 million transfers.
10. Metro Remittance
This money transfer option has been around since 2004. The money is delivered the next banking day. They have a mobile app that can be used to send money easily. This option is used to send money to the Philippines and other nationalities in Singapore.
Their goal is to provide a low cost and reliable money transfer service.
Choosing the Right Money Transfer Service
As you can see above there are quite a few options when choosing the best money transfer services for you.
There is not one best option as mentioned before; it depends on your needs. Two of the main things to consider include: where you are sending money and to whom.
Check out our article on what to look out for when comparing money transfer services.