When looking for the “best” money transfer service, it’s important to consider what factors are most important to you: fees, exchange rates, speed, security, and convenience (e.g., cash pickup, bank deposit, mobile wallet). Many services excel in different areas.

Based on current information and common needs, here are 5 top money transfer services, with a focus on international transfers:

1. Wise (formerly TransferWise)

Best for: Low fees, transparent exchange rates (mid-market), and fast transfers to bank accounts.

Pros: Often the cheapest option, especially for bank-to-bank transfers. Excellent for managing multiple currencies with their multi-currency account and debit card. Transfers can be instant to within 2 business days.

Cons: Not ideal for cash pickups.

2. Payoneer

Best For: Payoneer is best if you want a convenient way to receive, manage, and withdraw international payments easily with lower fees compared to traditional bank wires.

Pros:

• Send and receive payments in over 200 countries and multiple currencies.
• Ideal for freelancers, Amazon/eCommerce sellers, and businesses needing international payments.

Cons:

• Charges for receiving funds from other Payoneer accounts (free) vs receiving from marketplaces (fees apply).
• Currency conversion fees (~2-3.5%) are applied during withdrawal.
• Inactivity fee if your account is dormant.

3. XE Money Transfer:

Best for: International transfers, competitive exchange rates, and a wide range of currencies and countries supported.

Pros: Very well-known and regulated, offering services to over 200 countries and 98 currencies. They also offer a comprehensive currency converter. Good for both individuals and businesses.

Cons: Fees can vary, and transfers might not always be instant.

4. WorldRemit

Best for: Diverse delivery options, including cash pickup, bank deposits, and mobile wallets, making it very migrant-friendly.

Pros: Wide global reach (70+ currencies, 130+ countries) and often offers fast transfers, sometimes within minutes, especially for cash pickup. User-friendly interface.

Cons: Fees might be slightly higher than some other online-only providers, and exchange rate markups can apply.

5. Remitly:

Best for: International family remittances, especially to countries like the Philippines. Offers flexible delivery options and competitive rates for popular corridors.

Pros: Multiple delivery methods (cash pickup, mobile wallets, bank deposits). Choice between “Express” (faster, potentially higher fee) and “Economy” (slower, lower fee) transfers. Strong focus on security.

Cons: Pricing can vary significantly by destination country.

6. Western Union:

Best for: Extensive global network for cash pickups, especially useful for recipients without bank accounts.

Pros: Unmatched physical agent network in over 200 countries and territories. Funds can often be picked up in minutes.

Cons: Generally higher fees and less favorable exchange rates compared to online-only services. Best for urgent cash needs rather than large, low-cost transfers.

Important Considerations for Choosing a Service:

• Compare Exchange Rates AND Fees: Some services advertise low fees but have less favorable exchange rates, and vice versa. Always check the total cost the recipient will receive.
• Transfer Speed: If you need money to arrive quickly, prioritize services that offer instant or same-day transfers, but be aware they might have higher associated costs.
• Recipient’s Needs: Consider how your recipient prefers to receive the money (bank deposit, cash pickup, mobile wallet).
• Security: Ensure the service is regulated by financial authorities in relevant jurisdictions and has strong security measures (e.g., 2FA, encryption).

It’s always a good idea to check the specific rates and fees for your desired transfer amount and destination on each platform before making a decision.

Wise vs Payoneer: Which One Is Best for Online Payment

News Rank1 One June 29, 2025

In the world of cross-border payments, two major players stand out: Wise (formerly TransferWise) and Payoneer. Whether you’re a freelancer, remote worker, digital nomad, or business owner,… Read more