Alternatives to Travelex

1. 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 Travelex 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. Both Travelex and XE allow for transfers to over 200 countries, but XE wins the currency game, offering trade in over 120 currencies. Moreover, XE offers low fees and also has no maximum transfer limit.

2. 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 it’s unique platform, Wise doesn’t allow for same-currency transfers like Travelex does, but it does have a lower minimum transfer amount of just $1 — compared to Travelex’s $500 minimum. Both Wise and Travelex only allow for bank-to-bank transfers, but Travelex’s offer of no fees on transfers over $5,000 sets it apart from Wise — which charges fees on all of its transfers.

3. WorldRemit

Both WorldRemit and Travelex provide transfers to over 140 countries worldwide, but WorldRemit stands out for offering more payment options. The company lets you pay for a transfer using a debit or credit card, bank account or mobile wallet, and the recipient can get their funds through their bank account, mobile wallet, mobile airtime account, cash pickup or home delivery. Meanwhile, Travelex only offers bank-to-bank transfers. Travelex’s simple fee policy wins out over WorldRemit’s fees, which vary by country you’re sending funds to and the global exchange rate at the time of your transfer. Ultimately, WorldRemit is ideal for small businesses, offering transfers from $1 to $5,000.

4. 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 — not quite as wide of a reach as Travelex’s 177 countries — but it’s still the third-largest international money transfer provider in the world. Unlike Travelex, which only offers bank-to-bank transfers, Ria offers a wide variety of payment options, including cash, debit card, credit card and bank account, as well as cash pickup and home delivery in select countries. Ria’s rates and fees depend on the amount, location and method of transfer, while Travelex has a simpler fee structure — offering a flat $5 fee for any transfers under $5,000 and no fee for transfers above that.

5. TorFX

Unlike Travelex, which allows you to send money from anywhere in the US, 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. Both TorFX and Travelex only allow for bank-to-bank transfers and both offer price promise guarantees that they can beat competitor exchange rates for your transactions. While TorFX has no transfer fees and has a low minimum transfer amount of $150, compared to Travelex’s $500 minimum, the fact that you can only send money from Australia makes this company limiting for many individuals.

6. Currencies Direct

Unlike Travelex, which charges a flat $5 fee for transfers under $5,000, Currencies Direct is a fee-free international money transfer service, or at least 90% of the time it is. With a low minimum transfer of $100, you can make payments in 60 currencies — a slightly wider variety than the 45 currencies Travelex offers. Both companies only offer bank-to-bank transfers, but it should be mentioned that Currencies Direct supports large transactions at a seemingly unlimited maximum amount.

7. Western Union

Both Western Union and Travelex offer money transfers to over 177 different countries and territories around the world, but the two companies have a few key differences to keep in mind when considering your transfer options. While Western Union offers multiple transfer options including paying with cash, debit card, credit card or bank account, and also allows for cash pickups, Travelex only offers bank-to-bank transfers. Then there’s the fees and exchange rates to look at: Western Union is known to have weaker exchange rates and high fees — as compared to Travelex’s simple fee policy and price promise that they’ll beat any price you find elsewhere.

8. MoneyGram

The second-largest international money transfer service in the world, MoneyGram transfers currencies in over 200 countries and territories to more than 350,000 agent locations worldwide. Unlike Travelex, which only allows for bank-to-bank transfers, MoneyGram offers online and in-person transfers to be collected via cash pickup or deposit into a bank account or mobile wallet, as well as home delivery. However, Travelex’s simple policy of charging a flat fee of $5 for transfers under $5,000 and no fee for any amount over that is less complicated than MoneyGram’s fees, which vary depending on payment type and transfer destination.

9. Walmart

Known for its retailing business, Walmart offers money transfer services to over 190 countries thanks to a partnership with MoneyGram — quite comparable to the 177 countries Travelex offers transfers to. However, Walmart outshines Travelex with its wide variety of transfer options, including debit card, credit card, cash or bank account — and its home delivery and cash pickup options. Travelex solely deals in bank-to-bank transfers. With a low minimum transfer amount of $1 and low maximum limit per day of $6,000, Walmart is ideal for smaller businesses looking to make one-off small-dollar transfers.

10. Sharemoney

Sharemoney is a part of the Omnex group, a company that’s specialized in money transfers for over 25 years. Unlike Travelex, which offers transfers to 177 different countries and territories around the world, Sharemoney can only transfer money to 21 countries, which are largely limited to South America and select Asian countries. Sharemoney also has limited state availability and is only licensed to operate in 36 out of 50 states. However, the transfer company does allow for more transfer options including cash, bank transfers and home delivery, while Travelex only offers bank-to-bank transfers. And while both companies have low transfer fees, Sharemoney offers a lower minimum transfer amount of just $20 — compared to Travelex’s $500 minimum.

11. OFX

Like Travelex, OFX offers transfers and exchanges to over 190 countries and territories and over 45 different currencies. Both companies only offer bank-to-bank transfers, meaning no cash payments or pickups are allowed. While Travelex has transfer fees for payments under $5,000, OFX offers no fees for any transfers — period. OFX’s minimum transfer amount of $1,000 per year is higher than Travelex’s $500 minimum. Ultimately, if you’re a larger business looking to pay for exports or just need to transfer a larger sum to an account overseas, this service may be ideal.

12. Xoom

Xoom is a leading provider in the digital money transfer market that offers transfers to 57 countries around the world — just a third of the 177 countries Travelex offers transfers to. However, Xoom has a low minimum transfer amount of $10, compared to Travelex’s higher $500 minimum, and it also offers cash pickup and home delivery in select countries. Moreover, Xoom offers a unique money-back guarantee if your transfer doesn’t arrive on time — a perk few money transfer companies have.

13. 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 — slightly less than the 45 currencies Travelex offers transfers in. When it comes to minimum transfer amounts, PayPal offers a low minimum of just $1 — compared to Travelex’s $500 minimum. However, while Travelex has a simple fee structure and offers no-fee transfers over $5,000, PayPal’s fees are proportionate to the amount transferred — meaning the larger the transfer, the more money it charges.