Sharemoney is a part of the Omnex Group, a company that’s specialized in money transfers for over 25 years. Its constantly expanding service range and offer door-to-door and cash pickup options on top of the usual transfer techniques.
Pros
Low minimum transfer of $20
Low transfer fees starting at just $2.99
Exchange rate calculator helps you see just how much money you’ll get for your dollar, with rates updated hourly
Fast and easy service, with cash and bank transfers taking as little as 15 minutes to 24 hours
Door-to-door delivery in as short as 48 hours
Discounts available on Facebook
Cons
Limited state availability, with Sharemoney only licensed to operate in 36 out of 50 US states
Only offers one-off transfers
Can only transfer money to 21 countries — largely limited to South America and select Asian countries
Exact location must be specified for cash pickup
Low transfer limits of $2,999.99 every 15 days, and $9,999.99 every six months
Xe Money Transfer
Xe Money Transfer is a service designed to help you transfer your funds to a bank in a foreign currency — it doesn’t allow same-currency transfers like Sharemoney does. If you’re working far from home, Xe is ideal for getting cash to your family or making investments overseas. Given how easy it is to transfer your money to foreign companies in their currency, it’s especially ideal for business accounts. Unlike Sharemoney, which only allows for transfer to 21 countries, Xe allows you to transfer funds in over 120 currencies to more than 200 countries. However, it doesn’t offer the option of cash pickup or delivery — one of the pluses of going with Sharemoney.
Trade in over 120 currencies, allowing for money transfers to over 200 countries
Competitive exchange rates save you money in the long run
Quick turnaround means transfer is complete in 3 to 5 days
No minimum or maximum transfer limit
Low transfer fees
Downsides
Exchange rate comparison tool not available until after you’ve registered with the site
Bank-to-bank transfers only
No same-currency transfers
Wise
Wise is a money transfer site designed to help you save money on exchanges through a peer-to-peer system. Its unique system allows you to exchange your funds with those of another seeking to convert their money to your currency. It’s basically trading money with another person, but it doesn’t cross borders. Because of its unique platform, Wise doesn’t allow for same-currency transfers like Sharemoney does, nor does it offer a cash pickup option. But two things they have in common are their low minimum transfer amounts and low fees starting at just $3. However, while Sharemoney only allows you to send $2,999.99 every 15 days and $9,999.99 every six months, Wise has much higher transfer limits, allowing you to send up to $49,999 a day and $199,999 a year.
$3 fee for transfers up to $300; a fee of 1% of the amount sent for transfers up to $5,000; a fee of 0.7% on any amount over the initial $5,000
Low minimum transfer amount of $1
High transfer limits — can send up to $49,999 a day and $199,999 a year
Apps for both iOS and Android
Uses mid-market exchange rate with no hidden fees
Downsides
Transfers to bank accounts only — no cash pickup option
No same-currency transfers
Two-step process means you must first wire your money to Wise, which then deposits the money to your recipient’s bank account
Requires a Social Security number to send money
WorldRemit
Unlike Sharemoney, which only allows for transfers to 21 countries, WorldRemit provides online, bank-to-bank and cash transfers to more than 140 countries worldwide. Fees vary by country you’re sending funds to and the global exchange rate at the time of your transfer. WorldRemit is ideal for small businesses, offering transfers from $1 to $5,000 — a higher maximum amount than Sharemoney’s $2,999.99 limit. While both Sharemoney and WorldRemit allow for cash pickup, WorldRemit also allows you to transfer money to mobile wallet accounts.
Why pick WorldRemit instead?
Low minimum transfer amount of $1
Flexible payment options
Easy three-step transfer process
Transfers to mobile wallet accounts
Cash pickup available
Mobile airtime account transfers
Downsides
The higher your transfer, the greater the transfer fees
Low maximum transfer amount of $5,000
Ria
In business for more than 30 years, RIA is a global monetary transfer network with more than 316,000 agent locations in 144 countries — a notably larger reach than the 21 countries Sharemoney offers transfers to. In fact, RIA is the third-largest international money transfer provider in the world. Both Ria and Sharemoney offer cash pickup and home delivery in select countries and have a maximum daily transfer cap of $2,999.99.
Why pick Ria instead?
Wide variety of transfer options, including cash, debit card, credit card or bank account
Worldwide transfer network, with over 316,000 agent locations in more than 144 countries
Great exchange rates that are stronger than most US banks
Home delivery option in select countries
Downsides
Maximum daily transfer cap of $2,999.99; maximum amount you can send in 30 days is $7,999
Rates and fees depend on amount, location and method of transfer
Does not offer forward contracts or limit orders
TorFX
Unlike Sharemoney, which allows you to send money from 36 US states, TorFX only allows money transfers from Australia. It’s a stricter money exchange and transfer company than others, and requires that funds be cleared by individuals who hold TorFX accounts — meaning the money must be sent in advance before the transaction can be performed. While TorFX guarantees that it can beat competitor exchange rates for your transactions, a protection that Sharemoney doesn’t offer, the fact that you can only send money from Australia makes this company limiting for many individuals. Moreover, whereas Sharemoney allows for home delivery and cash pickups on top of other options, TorFX only allows for bank-to-bank transfers.
Why pick TorFX instead?
Competitive exchange rates with fixed exchange rate protection — often beating banks by more than 3%
No transfer fees
Free registration allows you to get access to free market analysis and expert advice
Low minimum transfer amount of $150
Downsides
Can only send from Australia
Bank-to-bank transfers are your only option
Users report technical and administrative problems that delay transfers
Currencies Direct
Unlike Sharemoney, which has transfer fees starting at $2.99, Currencies Direct is a fee-free international money transfer service, or at least 90% of the time they are. With a low minimum transfer of $100, you can make payments in 40+ currencies — a wider variety than the 21 countries Sharemoney offers its services to — but they only allow for bank-to-bank wire transfers. So if you’re looking to have your money delivered to your recipient or prefer a cash pickup option, then you’re better off sticking with Sharemoney or another money transfer company that offers those options.
Supports large transactions at a seemingly unlimited max
Monitors exchange rates for your ideal transfer
Downsides
No cash pickup option — bank-to-bank wire transfers only
OFX
Unlike Sharemoney, which only offers money transfers to 21 different countries, OFX offers transfers and exchanges to 195 countries and territories in 55 different currencies. With a higher minimum than Sharemoney’s $20, OFX may be ideal if you’re a larger business looking to pay for exports or just need to transfer a larger sum to an account overseas. It doesn’t have transfer fees like Sharemoney does, and it even offers scheduled and recurring transfers.
Available in 195 countries and territories, and 55 currencies
Offers scheduled and recurring transfers
iOS and Android apps available for mobile transfer and tracking
No transfer fees
Downsides
No cash payment or pickup. OFX only delivers funds through bank deposit.
Verify new accounts by phone
High minimum transfer amount of $1,000 per year
MoneyGram
The second-largest international money transfer service in the world, MoneyGram transfers currencies in over 200 countries and territories around the world to more than 350,000 agent locations worldwide. In that aspect, it has Sharemoney’s measly 21 countries beat. Both money transfer services have low minimum transfer amounts and offer home delivery as well as cash pickup.
Extensive global network of 350,000 agent locations in over 200 countries and territories
Large pool of services available for sending, receiving or financing
Fast transfers, with same-day service in many locations
Home delivery and cash pickup options
Low minimum transfer amount of $1
Downsides
Maximum online transfer amount of $6,000
Fees vary depending on payment type and transfer destination
Transfers must be made in US dollars from the US (no exchanges before transfer)
Local exchange rates vary by transfer destination
Walmart
Known for its retailing business, Walmart offers money transfer services to over 190 countries and territories thanks to a partnership with MoneyGram — a much larger reach than the 21 countries Sharemoney offers transfers to. Both Walmart and Sharemoney offer low minimum transfer amounts with some transfers in as little as 10 to 15 minutes, and allow for cash pickup or home delivery.
Why pick Walmart instead?
Widespread network of agents offers transfers to more than 190 countries and territories with 350,000 agents worldwide
Efficient transfers in as little as 10 minutes
Wide variety of transfer options, including debit card, credit card, cash or bank account
Home delivery and cash pickup options
Low minimum transfer amount of $1
Downsides
Rates and fees depend on location
Maximum sending limit of $6,000 per transaction — with a maximum of $6,000 per 30 calendar days
Western Union
Unlike Sharemoney, which only offers transfers to 21 countries, Western Union allows you to transfer money to over 200 countries and territories worldwide. Both Sharemoney and Western Union have low minimum transfer amounts, allow for cash pickups and can sometimes get your money transferred in a matter of minutes. However, Western Union is known to have weak exchange rates that can be nearly 5% more than the mid-market rate, along with higher fees.
Why pick Western Union instead?
Low minimum transfer of $1
Send money in minutes
Transfer to over 200 countries and territories across the globe
Multiple transfer options including paying with cash or your debit card, credit card or bank account
Trusted provider for over 160 years
Downsides
Weak exchange rates that can be nearly 5% more than the mid-market rate
Higher fees, whereas other companies offer free transfers or low-fee transfers
Low maximum transfer amount of $5,000
Xoom
While Sharemoney only offers transfers to 21 countries, primarily in South America and Asia, Xoom has a larger reach of 57 countries worldwide. Both Xoom and Sharemoney allow for cash pickup and home delivery and have low minimum transfer amounts of $10 and $20 respectively, although Xoom has a higher maximum limit of $10,000 — compared to Sharemoney’s $2,999.99 limit. Xoom also offers a unique money-back guarantee if your transfer doesn’t arrive on time — a perk few money transfer companies have.
Why pick Xoom instead?
Low minimum transfer amount of $10
Money-back guarantee if your transfer doesn’t arrive on time
Cash pickup and home delivery available, depending on where you’re sending your funds to
Downsides
Transfer fees vary depending on where you’re sending money to, the amount you’re sending and the method you choose
PayPal
You likely know PalPal’s digital service for online purchases, but you may not know that it supports wireless overseas transfers. Its popularity around the world makes it possible to transfer up to 20 currencies across more than 200 countries — a much wider reach than the 21 countries Sharemoney offers transfers to. Both Sharemoney and PayPal have low minimum transfer amounts of $20 and $1 respectively, but only Sharemoney allows for cash pickup or home delivery.
Multiple digital safeguards in place to protect against fraud and hacking
Downsides
Fees are proportionate to the amount transferred — the larger the transfer, the more money they take
Fees vary by location of transfer and method, with better deals for using a PayPal credit card or account
No cash pickup option available
Still looking for other options?
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Leah Fallon is a freelance journalist and editor, specializing in personal finance and small business. She owns Birch Tree Bookstore in Leesburg, Virginia.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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