The banking system in the world is an advanced one. One of the major functions of the bank is to transfer money from one place to another. In spite of their popularity and reach, people prefer to go to the money transfer services. This may sound puzzling to some. However, the reason is a very simple one.
The banks have a different way of functioning. They have to abide by a set of rules and regulations. Of course, the money transfer services have to follow the rules of the land as well. However, the rules are not as stringent as they are in the banks. Secondly, money transfer is one of the myriad services banks provide to people. In the case of the money transfer services, this is the only service they provide.
Not everyone in the world has a bank account. When you transfer money from a bank account, it necessarily has to go to a person having an account in a bank. This is not the case with the money transfer services. It is not compulsory for you to have a bank account in order to receive money from a money transfer service. You can transfer money to people not having bank accounts as well. However, there is a restriction on the amounts one can receive in cash.
We shall now see the list of the Top 10 best money transfer services in the world. There are hundreds of money transfer services working all round the clock. To choose the top 10 among them is a tough task. However, we have considered criteria such as popularity, the ease of sending and receiving money, charges, safety of funds, etc.
10. Currency Solutions
Established in 2004, Currency Solutions is a UK based money transfer service. A company, dealing exclusively in foreign exchange, you can expect some of the best rates for conversion. As on date, this company offers transfer of currency in 29 currencies. Dealing with this company is easy. You can do so by phone as well. Having its officer in UK and Cyprus, this company is at No. 10 in the list. They do not charge any fees for the transfer of money. However, there is a drawback. They have fixed a minimum amount for transferring. It is £ 1000 for private clients and £ 10000 for business clients.
9. Xpress Money
At No 9 on this list, we have Xpress Money. Based in the UK, this is a popular money transfer service. The advantage of dealing with Xpress Money is that is has more than 18000 agent locations in about 160 countries. You need not have a bank account to receive the money. You need not have a bank account to send the money as well. There is one drawback in this service. It accepts the payments in cash alone. They make their payments in cash as well. You can receive your money in the bank as well as a payment wallet. They do not have an online method of transfer. However, they have now come up with a mobile app, Xoxo, available in the UK alone.
Founded in 2001, Xoom is a service created by PayPal to facilitate easy transfers without having to incur high transaction fees. As on date, you can send money to around 60 countries. The advantage of using Xoom is that you can send the payment using your credit card, debit card, or your bank account. The recipient gets the amount instantly into his or her account. At No 8, Xoom is gradually becoming popular. Using Xoom, you can reload phones, pay bills, etc. easily. People usually use Xoom for personal transfers whereas PayPal is for personal as well as business transfers. This service is very easy to use as well. It is a pure online service.
At No. 7 we have TorFX, one of most easy to use money transfer services. This service offers their transfer services in 59 countries. You have the facility to transfer online or through the telephone. Having its offices in UK and Australia, the minimum amount of transferring via TorFX is $ 100 for the US. The minimum amount is the same in the respective currencies for UK, the European Union, and Australia. The biggest advantage of using this service is that they do not charge anything for the transfer.
Established in 1987, Ria caters to American clients alone. However, you can transfer funds to other countries in Africa and Asia as well. Having its base in California, you can transfer funds online or through its branches. The best part of their services is that there is no minimum amount. However, there is a cap on the maximum amounts to send to some states. You cannot send more than $ 2999. However, this is a popular money transfer website because of the ease of its operations. However, this Company charges the sender for his remittances.
One of the most common methods of money transfers today, both individuals as well as business enterprises can use their services. However, you need to have a bank account to send as well as receive money. You cannot send cash. The transaction has to be through the banking channels alone. The advantage of using PayPal is that the transfer is almost immediate. However, the withdrawal takes time. For regular users, there is no restriction on the amounts to receive or send. In case of a new account, there is a lock in period that can extend up to six months. KYC norms are compulsory.
At No. 4 we have a popular money transfer service, WorldRemit. Having its presence in the UK, US, Canada, and Australia, you can remit funds to almost 110 of the major countries in the world. The best part of their services is that this is an online platform. Secondly, you can transfer as low as £ 1. Their charges are also as low as £ 1. The transfers take place in the fastest possible time. This Company is famous for its transparency in its rates. This makes it a popular service.
In business since 2011, this money transfer service has improved in leaps and bounds to reach the No. 3 spot in a very short time. The best aspect of this service is that you get the advantage of real rates. This helps you in saving a lot of money as well. You can use a variety of ways to send mail such as online, email, and chat as well. The minimum amount of transfer is as low as $ 1 in the US and Canada and £ 1 in the UK. Having its offices in seven countries, this Company caters to 38 currencies worldwide. This service is renowned for charging the lowest fees among its contemporaries.
One of the oldest companies in the business, MoneyGram is at No. 2 in the list. Catering to around 58 currencies, this organization has more than 100 thousand outlets all around the world. There is no restriction on the minimum amount of transfer. You have the facility of transferring money through cash as well. The sender and the receiver need not transact through the banking channel. This makes it very popular among the middle and the lower middle class people. However, they charge very high amounts that may go up to 10% of the transfer amount.
1. Western Union
The oldest money transfer service company, Western Union is also the No. 1 on the list. Established in 1851, this company offers its services in 145 currencies. It has its service locations in practically every city in the world. You can see Western Union having its outlets in the rural areas as well. Naturally, the person who does the maximum business will have the maximum complaints as well. You have the option of receiving the money in cash. If you do not have a banking account, you can still receive the money. The transfer is almost instantaneous. The receiver has to share the secret code sent by the sender with the agent to receive the money. The only drawback is the high charges that usually work out to a percentage of the transfer.
Transferring money to any part of the world has become very easy now. One need not have a bank account to either send or receive money. PayPal is the sole exception. You can receive money sharing codes just like the smugglers in the old movies used to do. This makes this activity an interesting one.