The best alternative companies to XE Money Transfer for sending a money transfer.
XE Money Transfer, formerly HiFX, allows 24/7 online money transfers sent abroad to friends and family. XE is a dedicated foreign exchange provider that offers no-fee transfers at competitive exchange rates. You can use XE to transfer money to more than 170 countries using a variety of payment methods — making it a great option for business accounts.
- Send money to 170+ countries, free of charge
- Competitive exchange rates that are often better than banks
- Transfer up to $500,000 online
- Multiple payment options
- Only bank-to-bank transfers are accepted.
- More documentation requirements than other services
Although XE’s no-fee money transfers are attractive, if you find that they’re not available in the location you’re sending money to, you might check out the other options below.
TransferWise uses peer-to-peer technology to match you with someone sending funds in the opposite direction, for example, if you’re exchanging US dollars to euros, TransferWise can match you with another customer looking to transfer euros to US dollars. This method allows TransferWise to offer cheap international money transfer services.
Although you can send almost $50,000 daily using TransferWise, XE’s maximum online sending limit remains higher at $500,000 (this figure can even be higher if you make the transfer via phone). XE’s zero extra fees also means that it’s a cheaper option than TransferWise.
- Easy to use. Signup and the actual transfer process can take less than 2.5 minutes.
- Affordably-priced. Because of its use of peer-to-peer technology, the costs of sending money abroad with TransferWise are often cheaper than banks and other providers.
- High transfer limits. Individual account holders can send up to $49,999 a day and $199,999 a year.
- Bank-to-bank money transfers only. You can only send money directly to your recipient’s bank account, with no option for cash pickups.
- Two-step process. You must first wire money to TransferWise, which then deposits the money to your recipient’s bank account.
- Requires a Social Security number. A SSN is needed to send money.
OFX is a specialist money provider that offers competitive exchange rates and international money transfers in 55 currencies at absolutely no cost to you. OFX also offers limit orders, forward contracts, and the ability to schedule recurring payments.
Like XE, OFX offers fee-free transfers. However, you can send money to more countries using XE.
- Wide currency support. OFX supports 55 currencies, allowing money transfers to a large number of countries worldwide.
- Fee-free transfers. You won’t be charged any transfer fee when sending money via OFX.
- Flexible options. OFX offers a range of other options, ranging from forward contracts to regular scheduled transfers.
- Bank-to-bank transfers only. There is no cash payment option.
- Required account verification via phone. Although you can sign up for free online, you will need to verify your account with an OFX representative before you can begin sending money abroad.
- High minimum transfer amount. OFX will only accept at least $1,000 per money transfer transaction.
Founded in the UK in 2010, WorldRemit is an online service that allows sending money to more than 140 countries via computer or mobile devices. It’s a convenient alternative to traditional money transfer companies that require you to visit an agent and pay high fees. Its selection of flexible transfer options allows you to fund your transfer from either your bank account or a credit or debit card. The funds you send can be deposited into your recipient’s bank account or mobile wallet or made available for collection from an agent location. You can also use the service to top up a contact’s mobile airtime.
In contrast to WorldRemit, XE only allows bank-to-bank transfers. Both don’t accept cash as a transfer option, though.
- Easy to use. Signup and transfer can take as little as 5 minutes.
- Wide network spread across the globe. With WorldRemit, customers in 50 countries can send money to more than 140 countries worldwide.
- Flexible options. Transfers can be funded using your bank account or a credit or debit card. Funds can either be deposited to your recipient’s bank account or picked up by your recipient from more than 30,000 agent locations.
- Limited coverage. Not all states are covered — Louisiana and New York are out of its network.
- Cash is not an accepted transfer option. You will need either a credit or debit card, or your bank account to fund transfers.
- Requires government-issued ID. You will need to upload a copy of your driver’s license or passport after your first transfer.
- No live chat option. You are limited to calling or filling out an online form if you have any questions.
With support for more than 45 currencies, Travelex International Payments allows customers to send money to 50 countries at competitive exchange rates. Travelex is an affordable option for sending money abroad — transfers smaller than $5,000 are charged a fixed $5 transaction fee while larger transactions are free of charge.
However, XE doesn’t charge any fee at all for transfers.
- Easy to use. Signup and transfer can take as little as 5 minutes.
- Affordable fixed transfer fees for smaller amount. There’s a fixed $5 fee for transactions worth less than $5,000.
- Fee-free transfers for larger amounts. If you’re sending more than $5,000, you won’t have to pay any fees.
- Cash is not an accepted transfer option. Only bank-to-bank money transfers are supported.
A foreign exchange service provider operating in the US, Europe, Australia and South Africa, TorFX provides business and personal services using a variety of transfer options. To ease the transfer process, you’ll be guided by an account manager when using the service.
While TorFX and XE both don’t charge any fees for money transfers, XE supports more currencies.
- No limits, no fees. TorFX doesn’t charge a fee for money transfers and it doesn’t have any transfer limits.
- Excellent exchange rates. TorFX will match any competitor’s quote, so long as it’s above the interbank rate which large institutions use for buying and selling foreign exchange.
- Limited supported currencies. AUD and NZD are the only supported currencies in the US.
6. World First
World First offers simple international money transfers with assistance from its award-winning customer service. World First has multiple options for transfers, like forward contracts and recurring payments. Overseas transfers of $10,000 or more are free of charge.
Like XE, World First offers fee-free transfers for transactions of $10,000 or more. Regardless of the amount, XE doesn’t charge any fees for money transfers.
- Competitive exchange rates.
- Flexible payment options, including spot contracts, forward contracts, and hedging options.
- Weekly updates on market exchange rates.
- Fee-free transfers for amounts worth $10,000 or more.
- Limited number of supported currencies.
Founded in 1996, Currencies Direct has branches in the US, London, Spain, France, Portugal, South Africa, India and China. It’s currently the only money transfer provider with a large retail presence, phone service, online service and mobile app. Currencies Direct also offers foreign exchange services to businesses.
Like XE, Currencies Direct waives fees for money transfer transactions. It also doesn’t have a maximum transfer amount. On the other hand, XE has a $500,000 online maximum transfer amount.
- No money transfer fees. Regardless of amount, money transfers are free from any charges.
- Flexible transfer limits. Low minimum and no maximum transfer amounts.
- Wide range of supported currencies. Currencies Direct supports some 60 currencies.
- No cash pickup option. Only bank-to-bank money transfers are supported.
With over 500,000 agent locations in 200 countries, Western Union is the world’s largest provider of international money transfer services. Using Western Union, transfers can be made in person, online or by phone using a toll-free number. Money can be deposited either directly into your recipient’s bank account or be made available for pick up within minutes after a transaction. It only takes minutes for funds transferred online or through a Western Union agent to appear in your recipient’s mobile wallet.
With over 200 countries served, Western Union covers a wider area than XE’s more than 170 countries. It also allows cash pickups, which are not possible with XE. However, XE offers fee-free transfers and a higher maximum transfer limit.
- Wide coverage. You can choose from 130 currencies to send to over 200 countries worldwide.
- Cash pickup supported. Recipients can pick up their money from any agent location.
- Large worldwide network. More than 500,000 agent locations means it’s easy to send or receive money.
- Flexible payment options. Money to be transferred can be funded using a cash or debit card.
- Low transfer limits. There’s a $10,000 limit for international money transfers.
A money transfer provider founded in New York City in 1987, Ria is currently the world’s third largest international money transfer services provider, with over 240,000 agent locations in 130 countries. It offers a simple service that allows you to send money overseas within minutes.
Ria offers cash payments and pickups, which are not possible with XE. It also offers courier delivery. On the other hand, XE offers a much higher online maximum transfer limit at $500,000.
- Cash option is supported. Cash payments and pickups are allowed across Ria’s large network of agent locations.
- Offers other payment options. Aside from cash payments, you can also send money using your credit or debit card, or via a deposit from your bank account to your recipient’s bank account.
- Supports door-to-door cash. Ria allows delivery to homes or offices in selected locations.
- Competitive exchange rates. Ria offers better exchange rates than banks.
- Fast transfers. Money transfers take only minutes.
- Low maximum transfer limits. You are limited to sending $3,000 or less per day.
- Fees depend on transaction amount. You might need to pay a transfer fee when sending money via Ria.
MoneyGram is the world’s second largest international money transfer services provider, with a global network of more than 350,000 agent locations. Aside from transfers placed through its agents, MoneyGram offers a range of online, mobile, account deposit and ATM transfer options. With MoneyGram, you can transfer funds to more than 200 countries around the world.
Moneygram services more locations worldwide, compared to XE. However, its $6,000 maximum transfer limit is much lower than XE’s $500,000.
- Established reputation. MoneyGram has been in operation since 1940.
- Easy online money transfers. You don’t have to open an account to use Moneygram’s online transfer service.
- Large network of agent locations. This means more convenient money transfer services.
- Limited maximum transfer amount online. The maximum amount you can transfer online to most countries is $6,000. You can send more via an agent.
Owned by PayPal, Xoom lets you send funds to 70 countries online, making international money transfers simple and convenient. You can also use Xoom to pay utility bills in 10 different countries or reload the mobile phone of someone overseas. Fees vary depending on several factors, including how you pay for your transfer, where you’re sending your funds and the amount of money you send. You’ll get lower fees when you pay using your bank account and you can send as little as $10 to $10,000 per day.
Xoom covers a relatively limited area, compared to XE’s 170 countries. Although it offers a money-back guarantee, its $10,000 maximum transfer limit is much lower than XE’s $500,000 limit.
- Easy to use. Signup and transfer is easy.
- 24/7 support. Phone and email support is available any time of the day if you need help with a transaction.
- Competitive and affordable. Compare the exchange rates and fees charged by Xoom with those of other money transfer providers to determine how affordable this service is.
- Safe and secure. Xoom uses 128-bit encryption to secure your funds, while its money-back guarantee provides extra peace of mind.
- Track your transfers. Receive a text message when your money arrives. Xoom will also email you and your recipient to keep you both informed of progress. You can also log on to your account any time and track the transaction there. Or call customer service and receive an update from a live representative.
- Money-back guarantee. Xoom offers a money-back guarantee to refund your transaction in full if the money you send doesn’t arrive to your recipient.
- Not worldwide. You’ll need to look elsewhere if you want to send money to a country that Xoom doesn’t currently service.
- Requires government-issued ID. You’ll need a government-issued ID — like a license or passport — and a recent bank statement to send money.
For fast transfers to South America and parts of Asia, Sharemoney is the go-to service, having specialized in money transfers for more than 25 years. Sharemoney keeps your money safe and secure with a tracking number and offers a range of delivery options that include door-to-door and thousands of pickup locations.
Sharemoney offers a home delivery option, which XE doesn’t have. In terms of maximum transfer limit, XE still leads with a $500,000 limit, compared to the relatively small $2,999 every 15 days with Sharemoney.
- Simple conversions. Sharemoney updates current international rates hourly and transparently shows you how much money your recipient will receive.
- High-speed transfers. With transfers occurring in as little as 15 minutes (depending on your transfer method), your cash gets into the hands of your recipient much faster.
- Home delivery option. Sharemoney can deliver the amount you sent directly to your recipient’s home.
- Simple, clear tracking. Sharemoney provides various notification settings and tracking options to ensure that your money arrives safely at the hands of your recipient.
- Low minimum. You can send as little as $1 overseas.
- Limited state availability. Sharemoney is licensed to operate in only 36 out of 50 states.
- Not all countries are available. Sharemoney’s services are largely limited to South America and select Asian countries.
- Low transfer limits. Sharemoney has a transfer cap of $2,999 every 15 days and $9,999 every six months, so Sharemoney may not be ideal for those making large regular transfers.
- Exact pickup location needed. If you choose cash pickup, you must specify the exact store where your recipient can receive the money.
- No live chat option. If you have questions, you’ll need to call or submit an online form for help.
Walmart offers fast, reliable, yet affordably-priced money transfers through the following services:
Powered by Ria, Walmart2Walmart allows sending money to any Walmart in the US, including Puerto Rico.
Powered by Moneygram, Walmart2World allows sending money to any MoneyGram location in over 200 countries.
The areas covered by the Walmart2Walmart and Walmart2World services might be larger than XE’s coverage in 170 countries, but XE still beats both services in terms of maximum transaction limits.
- Large network. All Walmart stores in the US offer these services.
- Low-cost alternative to other transfer services. Prices start at $4.
- For Walmart2Walmart, you can only send amounts of up to $3,000 on a daily basis.