Sites like Travelex for international money transfers

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 doesn’t have any transfer fees at all and also has no maximum transfer limit.

Pros

• No transfer fees
• 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

Cons

• Bank-to-bank transfers only
• No same-currency transfers
• Exchange rate comparison tool not available until after you’ve registered with the site

2. TransferWise

TransferWise 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, TransferWise 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 TransferWise 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 TransferWise — which charges fees on all of its transfers.

Pros

• $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

Cons

• Transfers to bank accounts — no cash pickup option
• No same-currency transfers
• Two-step process means you must first wire your money to TransferWise, which then deposits the money to your recipient’s bank account
• Requires a Social Security number to send money

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.

Pros

• Low minimum transfer amount of $1
• Available in over 140 countries worldwide
• Flexible payment options, including debit or credit card, bank transfer, Android Pay and ApplePay
• Transfers to mobile wallet accounts
• Cash pickup available
• Mobile airtime account transfers
• Home delivery available

Cons

• The higher your transfer, the greater the transfer fees
• Low maximum transfer amount of $5,000

4. 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.

Pros

• 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
• Cash pickup available
• Trusted provider for over 160 years

Cons

• Weak exchange rates that can be nearly 5% more than the mid-market rate
• High fees, whereas other companies offer free transfers or low-fee transfers
• Low maximum transfer amount of $5,000

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5. 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.

Pros

• 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

Cons

• 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

6. 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.

Pros

• Widespread network of agents 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 available
• Low minimum transfer amount of $1

Cons

• Rates and fees depend on location
• Maximum sending limit of $6,000 per transaction — with a maximum of $6,000 per 30 calendar days

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7. 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.

Pros

• Low transfer fees starting at just $2.99
• Low minimum transfer amount of $20
• 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 states
• Only offers one-off transfers
• Can only transfer money to 21 countries, which are largely limited to South America and select Asian countries
• Exact location must be specified for cash pickup
• Low maximum transfer limits of $2,999.99 every 15 days, and $9,999.99 every six months

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8. 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.

Pros

• No transfer fees
• 24-hour customer support
• Available in 195 countries and territories and 55 currencies
• Offers scheduled and recurring transfers
• iOS and Android apps available for mobile transfer and tracking

Cons

• Bank-to-bank transfers only — no cash payment or pickup
• Verify new accounts by phone
• High minimum transfer amount of $1,000 per year

9. 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.

Pros

• Wide variety of transfer options, including cash, debit card, credit card and bank account
• Worldwide transfer network, with over 316,000 agent locations in more than 144 countries
• Online price calculator simplifies money conversion
• Great exchange rates that are stronger than most US banks
• Cash pickup available
• Home delivery option in select countries

Cons

• 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

10. 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.

Pros

• Multiple transfer options including spot contracts, forward contracts, limit orders and stop loss orders
• No transfer fees
• Competitive exchange rates with fixed exchange rate protection — often beating banks by more than 3%
• Best rate guarantee
• Offers transfers in 60 different currencies
• Free registration allows you to get access to free market analysis and expert advice
• Low minimum transfer amount of $150

Cons

• Can only send from Australia
• Bank-to-bank transfers only
• Users report technical and administrative problems that delay transfers

11. 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.

Pros

• No fees for 90% of its transactions
• Supports 60 market currencies
• Competitive exchange rates
• Low minimum transfer of $100
• Supports large transactions at a seemingly unlimited max
• Monitors exchange rates for your ideal transfer

Cons

• No cash pickup option — bank-to-bank wire transfers only

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.

Pros

• 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

Cons

• Transfer fees vary depending on where you’re sending money to, the amount you’re sending and the method you choose

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13. Currency Online

Unlike Travelex, which offers money transfers to all residents of the US, Currency Online does not. This money transfer company does, however, exchange more than 25 different currencies — 20 less than Travelex does — with low minimum transfers amounts of $50 and no maximum amounts. Like Travelex, Currency Online only offers bank-to-bank transfers and has a quick turnaround, disbursing funds in one to four days.

Pros

• Exchanges more than 25 different currencies
• Multiple services like spot contracts and market orders
• Quick turnaround in 1 to 4 days
• Low minimum transfer of $50
• No maximum transfer amount

Cons

• No cash pickup — bank-to-bank transfers only
• Not available in the US, Japan or Quebec, Canada
• Threshold fee charged for some amounts

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14. 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.

Pros

• Send money inside the US for free
• Available in 203 countries
• Offers recurring payments
• Low minimum amount of $1
• Multiple digital safeguards in place to protect against fraud and hacking

Cons

• Fees are proportionate to the amount transferred — the larger the transfer, the more money it charges
• Fees vary by location of transfer and method, with better deals for using a PayPal credit card or account
• No cash pickup option available

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