There are 4 types of companies out there:
- Currency brokers
- Money transfer apps
- Remittance companies
On this page, you'll find all of our in-depth reviews, where we've investigated and rated each company based on their safety, cost, customer reviews and service.
I'll also explain a little about what each type of company does and what they're best for.
This, alongside our money transfer guides, should arm you with all the knowledge you need to make an informed decision.
A currency broker is a type of money transfer company that provides a predominantly phone-based service.
We recommend using a currency broker for transactions over £20k (or equivalent).
You'll be assigned a 1-on-1 account manager who'll help you every step of the way, and also try to get you the best exchange rate possible.
Transferring large amounts of money abroad can be a stressful task, and the personalised service really gives some peace of mind.
It might be helpful for you to check out our guide on the best currency brokers.
Here's all of our currency broker reviews:
Money Transfer Apps
A money transfer app is exactly what you think it is: an app for transferring money abroad.
You basically do all of the work yourself instead of having someone help you.
Some people prefer it this way.
However, when transferring large amounts abroad, it's important to have someone there to speak to.
If anything goes wrong with your transfer, it's a lot of money to worry about.
That's why we recommend you only transfer up to £20k worth with a money transfer app, and use a currency broker for larger amounts.
That way, you can guarantee a stress-free experience (we hope).
Here are our money transfer app reviews:
Remittance companies specialise in sending money home to countries in Africa, Asia and South America.
You'll find that a lot of currency brokers and money transfer apps either won't send to or make it difficult to send to these types of countries, simply because of the risk level involved.
Remittance companies have come in and made it easier.
Therefore, naturally, they are the more expensive option.
They'll provide better rates than your bank, but they won't be the best on the market.
Remittance companies typically provide sub-par customer support, with no added features to their service.
Here are our remittance company reviews:
Using your bank to transfer money abroad will be by far the most expensive option.
They provide the worst rates around, coupled with poor customer service and no personal touch.
If the banks provided good rates and great service then currency brokers, money transfer apps and other alternatives wouldn't exist.
That's why we recommend you avoid banks entirely.
We've written a number of guides on transferring money with UK banks, what to look out for and the alternatives available.