From my experience, your first choice for international money transfers shouldn’t be your bank. You’ll likely pay lower costs and get your money there faster by using one of these licensed money transfer companies. Here are four to consider.
1.Epay
2.Transferwise
3.OFX
4.MoneyGram
Coverage: A few countries only.
Cost: One of the cheapest. Epay offers some of the best exchange rates you can find and provides the lowest fee no matter a small amount or a large amount to be sent. For example. to send 1000 HKD or 10,000 HKD to the Philippines, the cost is always 12 HKD. and the exchange rate is even higher than other providers.
Speed: Same-day delivery is possible. Because Epay has local remittance agents or local bank accounts in both the sending and receiving country, all the payment can be transferred through local bank. You know how fast is it to transfer between local banks. so same-day delivery is very possible.
Coverage: Over 70 countries.
Cost: For a combination of a flat fee such as $1 and a percentage that’s less than 1% of the transfer amount you can choose Transferwise. For a large amount, I suggest you have another choice.
Speed: Normally, it takes 2 days. if you want to same-day delivery, it’s not generally the case for transfers using bank accounts. A transfer using a debit or credit card can arrive within minutes, while a transfer using a bank account can take, on average, about one to three business days, depending on the destination.
Coverage from the U.S.: Over 80 countries.
Cost: OFX charges no transfer fees regardless of how much gets sent. Exchange rate markups tend to be less than 1%, so you get favorable rates too.
Speed: No same-day delivery option. OFX generally receives your bank transfer within one to two business days and delivers the money to your recipient in another one to two business days, depending on the destination.
Coverage from the U.S.: Over 200 countries with 350,000 locations.
Cost: On the higher end. Upfront fees for transfers funded by bank account tend to be low, but fees for other payment methods as well as MoneyGram’s rate markups, which can go over 3%, tend to be high.
Speed: Delivery can be within the same day, regardless of payment choice, but can be longer, depending on banking hours and other factors.