Top 10 International Money Transfer Companies (Good Advice)

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September 19, 2023
7 min read
Using your bank to make international transfers will cost you a tonne. Fortunately, there are plenty of other options out there to save you money.

Even in 2022, your bank will still probably charge you the most for an international transfer.

They’ll give you a poor rate of exchange while at the same time charging you a transfer fee.

In comparison, a specialist money transfer company will do the opposite.

You’ll get a much better rate of exchange, with next to no fees.

To top it off, you’ll get great service, too.

In this article, I’ll give you our top 10 international money transfer companies with their pros and cons.

I’ll also talk about safety, rates and features and what to look out for in a money transfer company.

Wise app
Nowadays, there are lots of options for international money transfers

Quick Look: My Top 10 Money Transfer Companies

Company Small Transfers Large Transfers
#1 Key Currency tick
#2 Wise tick
#3 Currencies Direct tick
#4 TorFX tick
#5 Atlantic Money tick
#6 XE tick
#7 OFX tick tick
#8 WorldRemit tick
#9 Remitly tick
#10 TransferGo tick

By small or large transfers, I mean under £5000 worth or over.

If a company has a tick under small transfers, that means they are best suited for transfers under £5000.

And vice versa with a tick under large transfers.

This mostly comes down to the type of service they provide, but I’ll talk more about that further down.

If you want to get a quick free quote from my #1 choice company Key Currency to get an indication of what you get with a currency broker, click on the button below:

What is a money transfer company?

Money transfer companies provide a more cost-effective way to transfer money internationally.

While they offer the same level of safety and security as a bank, their rates are better and fees are less.

There’s a few different types of money transfer companies:

  • Remittance company
  • Money transfer app
  • Currency broker

Remittance companies, like Western Union and Moneygram, are best for ultra-small payments.

I’m talking between £100 and £500, for paying bills or sending money to family.

This is because their rates and fees are high in comparison to the other types.

However, they offer more transfer options and destinations.

Money transfer apps are great for transfers between £500 - £5000.

Examples are Wise and XE.

Their rates are good and fees low, but there’s one caveat.

You download an app, sign up, and do all the work yourself. There’s no one to speak to.

When transferring large amounts, I always like to have someone there to help me.

That’s where currency brokers come in.

For any transfers over £5000, companies like Key Currency and Currencies Direct are best.

This could be for property purchases or sales, or repatriating inheritance.

You’ll get a great rate, and impeccable service. Just call them whenever you want and get the help you need.

When you’re transferring that big of an amount, it’s reassuring to know that you aren’t alone in the process.

You won’t get the same treatment with other types of companies.

Why you should use a specialist money transfer company (and not your bank)

To put it simply, there are no reasons as to why you should use your bank for international transfers.

They might be more familiar, and have that perceived “safety” (which isn’t true), but it’ll still cost you loads more.

Most money transfer companies are just as safe, if not more safe, than your bank.

This is all to do with FCA regulation.

All banks are regulated, and so are most money transfer companies. 

If they aren’t FCA regulated, avoid them (more about this below).

However, if your bank were to go bust, you’d only recover up to £85k of your money.

This is under the Financial Services Compensation Scheme (FSCS).

Money transfer companies do something different.

All of your money that a company holds is “safeguarded”.

Essentially, your money is held in seperate, protected accounts.

This means that if the company goes into administration, you will get all of your money back.

This, in my opinion, makes them more safe than a bank.

Most banks will also charge you around 5-6% more than a specialist firm.

On a large transfer, that’s thousands.

These two reasons alone should be enough to make you seek alternatives.

Most banks charge between 5-6% for currency conversion

Who is the largest money transfer provider?

In terms of company size and value, PayPal is the largest money transfer company.

Followed by Western Union and Moneygram.

However, I wouldn’t recommend these companies to you.

You’ll get some of the worst rates on the market, paired with a not-so-good service.

Out of the companies I would recommend, Wise is the largest.

Their revenue came out at nearly £600m for 2022.

What to look for in a money transfer company

When choosing your provider, you should look out for a couple of things.

Then, you can compare each one and rank them to your needs accordingly.


As I said before, most companies will be regulated by the FCA or their countries' equivalent.

But, you still need to check.

If you go with a company that isn’t regulated, there’s no recourse if any issues arise.

Just take a look at the bottom of their website.

There should be a line about their regulation.

Key Currency regulation
Check the footer on the website of the provider to find out how they're regulated

If not, dig a little deeper or contact them and ask.


You need to find out how much a transfer would cost compared to other brokers.

There are two main costs:

  1. Exchange rates
  2. Transfer fees

The better the rate, the less it’s going to cost you.

So, you’ll want to find the provider with the best rate.

But, don’t forget about fees too.

For example, Wise offers the best rates on the market, but their fees can sometimes put them behind other providers.

If you’re looking for providers with no fees, we’ve found that Key Currency is the best. 


When I say availability, I mean transfer options and available destinations.

If a company cannot send money to your destination country, then obviously they aren’t suitable.

You might also need a certain type of transfer, for example cash or airtime.

In this case, only a select few can help, like Remitly or WorldRemit.

For vanilla transfers like Euros or Dollars to common countries, most providers will be able to assist.

How important is it to compare providers?

In short, very.

Every provider is different.

They will all have different costs, speeds, services and availability.

It mostly depends on the currencies you are exchanging and the countries you are sending from or to.

Your chosen payment method may also have an effect.

By comparing providers, you’ll not only find the cheapest one, but also the one that suits your needs the most.

I would have a sit-down and shortlist a few companies to compare before making your decision.

Top 10 International Money Transfer Companies

Here is our top 10, complete with some helpful knowledge and pros & cons.

1. Key Currency

Key Currency logo
Key Currency logo

Key Currency, founded in 2016, is a high-volume currency broker based in Cornwall, UK.

They provide an old-fashioned, service-orientated brokerage service, conducting all of their business via telephone and email. 

By operating out of Cornwall, they save a hell of a lot of money on business expenses and wages compared to their London counterparts.

This allows them to pass the savings onto their customers in the form of better rates.


Yes, Key Currency is safe.

They are authorised and regulated by the Financial Conduct Authority.

Not only that, but they have over 1000 customer reviews on Trustpilot.


Key Currency offers tight spreads with a no fee policy.

For large transfers, you probably won’t get a better deal elsewhere.

For transfers of £200k and up, I’ve worked out their spread to be around 0.2%.

Compared to most banks, this is thousands upon thousands of savings.


Key Currency offers standard trading options like forward contracts and limit orders.

Most destination countries are available to send to.

However, there is a lack of African currencies available.


If you have a large transfer to perform, then yes.

Key Currency’s rates and level of service is tailored for high-volume transfers.

This could be for an international property sale or purchase, or repatriation of inheritance.

However, if your transfer is small, you might be better suited for a money transfer app.

Key Currency Pros Key Currency Cons
4.9/5 stars on Trustpilot No mobile app
Very thin FX spreads No way of viewing rates online
Great service - no hold times Not available to some customers in the U.S.A

2. Wise

Wise logo
Wise logo

Wise (formerly known as TransferWise), is an online and mobile money transfer app.

They’re known in the industry for being one of the cheapest providers. 

They IPO’d on the London Stock Exchange in 2021, being the first of its kind to do so.

This took Wise’s market value to over £11 billion.


Being a publicly traded company, Wise is very safe.

They’re also fully regulated in 14 countries.

Over 150k customers have left reviews on Trustpilot.


Wise is one of the cheapest options for transferring money abroad.

This is shown in their prices, only charging 0.41%.

Technically, they offer interbank rates with the 0.41% being the fee.

So if you transferred £1000, you’ll be charged roughly £4.10.


Wise offers a multi-currency account and a debit card to pair.

I’ve personally used this feature and I must say, it is brilliant for travelling.

You can top up any currency at any time, using only one card for all currencies.

Wise will know which currency to debit based on where you are in the world.

However, they don’t offer trading options like forwards or limit orders.


If you’re sending money to friends and family, then yes.

If you’re travelling or going on holiday and want your currency on a debit card, then also yes.

If your transfer is large, you’ll want someone to speak to to make sure it goes through without any problems.

Wise do not offer that possibility.

So, for larger transfers, use a currency broker instead.

Wise Pros Wise Cons
Very cheap service Customer service isn’t the best
Multi-currency account and debit card Some customers have reported slow transfers
Publicly traded company No cash transfers

3. Currencies Direct

Currencies Direct logo

Currencies Direct was founded in 1996 out of London.

They were the first non-bank money transfer provider in Europe.

As of 2021, they have 20 offices around the globe covering nearly every continent.


Currencies Direct is authorised and regulated in multiple countries.

This includes the UK, Spain, USA, Canada and South Africa.

They also have over 6k customer reviews on Trustpilot.

I don’t think they could be safer.


Currencies Direct’s spread is between 0.5% and 1%.

This means that for every £10000 you transfer, they make between £50 and £100 profit.

To put it into perspective, most big UK banks set their margin between 5-6%.

So, you’re making big savings.

Currencies Direct doesn’t charge any fees, either.


Alongside the usuals like forward contracts and limit orders, Currencies Direct offer a few other things, too:

  • Mobile app
  • Batch payments (business clients)
  • Risk management solutions (business clients)
  • Options (business clients)
  • Multi-currency accounts (business clients)

If you’re a business owner, these features can help you hedge your currency exposure.


Currencies Direct can help you with all transfers of any size.

However, their large team of personal account managers make them a great option for large volume transfers.

They’ll be there every step of the way to make sure your money gets from A to B safely.

They offer some great features for business clients, too.

Currencies Direct Pros Currencies Direct Cons
4.9/5 stars on Trustpilot Limited African currencies
Veteran company - 25+ years experience No cash pickups
More trading features available Smaller amounts can cost more

4. TorFX

TorFX logo

TorFX was founded in 2004 in Penzance, Cornwall.

As one of the leading money transfer companies, they focus on providing the best possible service for their clients.

In 2011, TorFX was acquired by the same company that owns Currencies Direct.


TorFX is authorised and regulated by the Financial Conduct Authority.

Being regulated provides the highest level of protection and safety for customers.

Any company that is regulated is safe to use.

They also have over 5k customer reviews on Trustpilot.


TorFX’s spread is usually between 1-2%, getting lower with large volumes.

With most banks charging 5-6%, there’s great savings to be made.

TorFX does not charge transfer fees.


Although being 15 years old, TorFX still offers the basics.

This includes forward contracts, limit orders and stop losses.

However, they do have a fancy mobile app which you can use for smaller transfers.


TorFX is a high-volume currency broker.

They have over 100 personal account managers.

While you can use them for small transfers, I recommend using them for international property sales and purchases.

You’ll get a good rate of exchange and great service.

TorFX Pros TorFX Cons
4.9/5 stars on Trustpilot, 5000+ reviews Not available to customers in the U.S.A
Mobile app available Exchange rate can get worse with small amounts
100+ traders Bank transfers only

5. Atlantic Money

Atlantic Money logo
Atlantic Money logo

Atlantic Money is a new mobile-only money transfer app.

They launched in March 2022, with the aim to disrupt the money transfer industry.

With other providers like Wise and Revolut offering very cheap transfers, Atlantic Money is looking to one-up them even more.

They’re doing this by offering their customers the mid-market rate, with a fixed £3 fee.


Atlantic Money is authorised and regulated by the FCA as a payment institution.

Any company regulated by the FCA is safe to use.

Atlantic Money has been audited, examined and scrutinised to see exactly how their systems work and how they keep their customers safe.

They’ve then been given the green-tick to say that they’re a safe company.

For the customer, it’s the highest level of protection you can receive.


Atlantic Money provides the mid-market exchange rate for all transfers.

It’s the best possible rate you can get at any given time.

They don’t make any money by applying a margin or spread onto the rate, unlike most other companies.

Atlantic Money charges £3 for every transfer, to any currency and of any size.


Atlantic Money currently only provides money transfers via their iOS and Android apps.

They don’t provide any additional features like forward contracts, limit orders and stop losses.

They also do not have a web platform. It’s all done via your phone.

Atlantic Money currently only provides 10 currencies.


Atlantic Money can perform transfers of up to £1m.

However, I’d only recommend using them for smaller transfers.

Their customer service is only provided via text message.

WIth larger transfers, you'll need a 1-on-1 account manager to give that comfort and peace of mind.

Most currency brokers come with an account manager.

Atlantic Money Pros Atlantic Money Cons
They provide the mid-market rate of exchange No online platform, mobile only
Only a £3 transfer fee for every transfer, of any amount They're a new company, so little online reviews
Authorised and regulated by the Financial Conduct Authority Limited number of currencies

6. XE

XE logo
XE logo

XE is an app-based money transfer company and currency conversion tool.

They were founded by two friends out of a basement in Canada, in 1993.

XE was acquired in 2015 by Euronet, a NASDAQ company, for $380 million.

XE Pros XE Cons
98 different currencies available May experience long wait times for customer service
Owned by a NASDAQ traded company Rates can get worse for smaller amounts
50000+ reviews on Trustpilot Opening an account can sometimes be slow

7. OFX

OFX logo
OFX logo

OFX is an Australian currency broker.

They are publicly traded on the Australian Stock Exchange, completing their IPO in 2013.

They’re one of the biggest brokers in the industry, transacting over £20 billion annually.

OFX Pros OFX Cons
Positively reviewed mobile app Customer support can be slow to get hold of
Extra features for business clients No cash transfers
Publicly traded company Often eager to decline accounts

8. WorldRemit

WorldRemit logo
WorldRemit logo

WorldRemit is a digital cross border remittance and currency conversion app.

They specialise in small, frequent payments through less common corridors, such as Africa and Asia.

If you have family abroad or are working overseas, WorldRemit could be for you.

WorldRemit Pros WorldRemit Cons
130+ currencies More expensive than most
Can collect cash They charge transfer fees
Lots of ways to pay for your transfer Not as highly rated as others

9. Remitly

Remitly logo
Remitly logo

Remitly is an online remittance app based in the United States.

Similar to WorldRemit, they specialise in small payments to exotic countries.

If you’re an expat or just need to send money home, Remitly could be for you.

Remitly Pros Remitly Cons
Publicly traded on the NASDAQ More expensive than most
Can collect cash or get home delivery Transfer fees can be expensive
Highly rated mobile app Some major countries aren’t available

10. TransferGo

TransferGo logo
TransferGo logo

TransferGo is an international money transfer provider.

They market themselves as a solution for “paying family, friends and bills, for less”.

With that said, they are best for travellers and expats who need to send money home.

TransferGo Pros TransferGo Cons
Transparent rates and fees More expensive than most
More countries available Payout options can be limited
Multilingual support team Customer support is not 24/7


In this article, I’ve given you some helpful advice on why to use a money transfer company, and how to choose one.

Then, I’ve given you my top 10 money transfer providers.

In short:

  • Using your bank will most likely cost you significantly more
  • When choosing a money transfer provider, look for security, cost and availability
  • Comparing providers will ultimately save you time and money
  • Key Currency is best for large transfers (£5k and over)
  • Wise is best for smaller transfers (£5k or less)

Just below, you can get a quote from the leading money transfer providers and compare their rates.

Compare and save on your money transfer


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