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Best money transfer services in 2022

We’ve picked the best companies for 6 different types of international money transfers.

Looking for the best way to send money overseas? With so many options it can be hard to know which is the best for your transfer needs.

Don’t worry, we’ve gone ahead and done the hard work for you. We’ve scoured providers’ fees and compared their exchange rates to come up with our top picks for 6 different transfer options – including large transfers, business transfers and cash transfers. Let’s take a look.

How we chose these services

Top picks are our selection of some of the best money transfer products and services on Finder, but we haven't compared every brand in the market. We've included them on some pages to help you make decisions faster, but keep in mind that our top pick may not always be the best fit for you. Read our full methodology here to find out more.

Best money transfer services in Canada

  • CurrencyTransfer – Best for large transfers
  • XE – Best for small transfers
  • Instarem – Best for fast transfers
  • Remitly – Best for cash transfers
  • OFX – Best for business transfers
  • Wise – Best for exchange rates

CurrencyTransfer – Best for large transfers

If you need to make a large money transfer, you will want to find a provider with no transfer limit but that also offers strong exchange rates and low fees.

CurrencyTransfer is just such a service. When we compared the rates and fees for transfers of $25,000, CurrencyTransfer proved to be the most cost-efficient. We found the combination of its exchange rate and lack of transfer fee made it the cheapest option for a transfer of that size.

Here’s why CurrencyTransfer is our winner for large transfers:

  • No maximum limit
  • Competitive exchange rates
  • No fees
  • Positive user experience and easy-to-use platform
  • Personal account manager
  • Trustpilot score of 4.9 out of 5

Use the table below to see how much CurrencyTransfers could cost you for your next transfer or read our full review.

1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
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XE – Best for small transfers

When it comes to small money transfers, you don’t want the cost of fees or weak exchange rates to eat into the amount your recipient gets.

We picked XE as our best money transfer for small transfers as it has no fees and good exchange rates, resulting in the lowest cost for a $1,000 transfer. You can also “buy now, send later” and lock in a rate in advance. XE does charge a small flat fee for transfers below $500, but anything above that amount has no fees and strong exchange rates when compared to other providers.

Another decent option for smaller transfers is CurrencyFair, but due to its relatively limited reach, it’s best used for major currencies only.

Here’s what made XE our winner for small transfers:

  • No fees on most transactions
  • Competitive exchange rate for smaller amounts
  • Worldwide network
  • Forward contracts available

To get an idea of how much your transfer with XE could cost, use our comparison calculator below or learn more about how it works in our XE review.

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Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
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Instarem – Best for fast transfers

It was neck and neck when it came to picking the best money transfer service for fast transfers. Instarem narrowly won out over Wise because – as the name suggests – it specialises in making instant transfers.

When using Instarem you can expect your money to arrive at your chosen destination within minutes or on the same day. The exact time varies depending on the currencies involved. But if you want to ensure an early arrival, pay with your debit or credit card for an almost instantaneous transfer.

Here’s what we liked about Instarem for fast transfers:

  • Most transfers arrive instantly or within the same day
  • Zero transfer fees for many popular destinations
  • Earn loyalty points for every transfer you make

However, it is worth mentioning that if you are willing to pay a fee – or are happy to pay by credit card (and therefore risk a cash advance fee) – then there are a good amount of providers that support faster transfers.

The table below can show you what your transfer with Instarem might look like. You can also check out our full review.

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Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Instarem
Within minutes
From $0
Use code NEW 20 to access the $250 discount.
Instarem offers zero transfer fees on all transfers.
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Remitly – Best for cash transfers

In an ever-increasing digital world, providers that have a large network for cash transfers can be hard to find. But sometimes when your recipients don’t have a bank account or need cash on hand, cash pickup is the best option for your transfer.

Remitly has partnered with banks across a range of countries in order to provide 100,000s of cash pickup locations for its customers. It has a cash pickup locator in order to help you find the perfect spot to send your transfer. Recipients can also receive a text message to let them know when their cash is ready for pickup.

Here are some of the reasons we picked Remitly for cash transfers:

  • 100,000s partner cash pickup locations
  • Promotional fees and rates for new customers
  • Delivery promise

Read more about how Remitly works in our review.

Take a look at our guide for the best cash pickup services.

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Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Remitly
Within an hour
$1.99
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
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OFX – Best for business transfers

If you are a business that makes regular international money transfers, you will be looking for a service which offers tools such as recurring payments or forward contracts to help you lock in the best rate in advance.

We compared the best business transfer services around and our top pick is OFX. It has a feature which means that you can easily set up recurring transactions to pay salaries or invoices. Added to this there are no transfer limits and flexible options. So you can fix your rate up to 12 months in advance using a forward contract.

It was a close-run competition between OFX and CurrencyTransfer, but we picked OFX for its wide reach of over 50 currencies and 190 countries.

Our main reasons for picking OFX as our top pick for business transfers are:

  • Recurring payments
  • Forward contracts and limit orders
  • Wide range of currencies
  • No transfer fees

Get a sense of how much your transfer could cost using our comparison calculator below or learn more in our OFX review.

Deep dive into business money transfers in our extensive guide.

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Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
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Wise – Best for exchange rates

It’s hard to beat Wise when it comes to exchange rates as it is one of the few providers to offer the mid-market rate. The mid-market rate, or the interbank rate, is the one banks use to exchange currencies with each other. Money transfer providers typically add a markup to the mid-market rate in order to make money from the transfer.

Wise prides itself on offering the mid-market rate, choosing instead to add a transfer fee as its way to make money. This means that whatever exchange rate you are quoted by Wise is going to be the best exchange rate around. However, exchange rates are just one piece of the puzzle, so it is still worth comparing the overall cost of the transfer to make sure you are getting the best deal for you.

Close runners-up were OFX and Remitly. OFX offers competitive exchange rates but doesn’t quite have the same reach or easy-to-use user experience as Wise. Meanwhile, if you are a new customer with Remitly, you can benefit from a promotional rate which makes them very competitive. But if you are an existing Remitly user, then the exchange rate is comparatively weak.

Here are the key features that meant we picked Wise as our winner for best exchange rates:

  • Always offers the mid-market rate
  • Wide reach – send money to 80 countries
  • Multiple payment options including Google Pay & Apple Pay

Use the table below to see how much Wise could cost you for your next transfer or read our full review.

Learn more about how to get the best exchange rate in our helpful guide.

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Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
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How did we pick these providers?

Our top picks are made from our selection of some of the best money transfer products and services on Finder, based on our extensive research and market experience. We have highlighted brands that our analysis shows are the best fit for specific categories. Our researchers tried their services based on the important feature of that category and compared this with other providers. We also took into account any additional services we felt would be relevant.

When choosing a money transfer service, be sure to consider your own personal objectives, needs and circumstances before making a decision using our top picks.

Still interested in other options?

Check out the table below to see some other money transfer specialists and what they can offer. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.

1 - 11 of 11
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Xe Business Transfers
Xe Business Transfers
Within minutes
$0
Xe Money Transfer can help your business unlock international transfers. Forward contract and limit order options available.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Remitly
Within an hour
$1.99
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Wise (TransferWise) - Under 10k
24 hours
From 0.35%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Africhange
Within an hour
$0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Instarem
Within minutes
From $0
Use code NEW 20 to access the $250 discount.
Instarem offers zero transfer fees on all transfers.
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Bottom line

There isn’t a one size fits all approach when it comes to international money transfers, as it depends on what your transfer needs are. This makes it difficult to declare a “best overall money transfer service”.

Having said that, there are some stand-out money transfer specialists that are worth considering. We believe that Wise, Instarem and CurrencyTransfer offer pretty good and versatile services overall, covering most of what you would need from a money transfer service.


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