Pro and Cons | 8 online money transfer providers: Xoom, Epay, Transferwise …
With the popularity of smartphones, more and more people prefer to transfer money via mobile phones, which facilitating the rise of various online payment platforms. So, which one should you choose in so many platforms? Follow the article to select one that suitable for you best.
Xoom is a PayPal service that offers secure money transfers in 67 countries. Xoom can move as little as $10 at competitive rates.
Pros
- Send $10 to $2,999 worldwide a day.
- Protect your money with 128-bit encryption and a money-back guarantee.
Cons
- Transfers come with both a variable fee and spread on the exchange rate.
Founded in 1986, Currency Online was one of the first to offer online money transfer services. It continues to offer low competitive rates today by cutting your typical banking fees out of the picture.
It has joined forces with XE, the world’s trusted currency authority, to become a better, even more powerful XE.
Pros
- Third-largest money transfer provider in the world, offering safety and security.
- Competitive rates and no fees on your transfer, period.
Cons
- Turnaround can require up to three business days.
- Exchange rates not available until you sign up for an account.
- No credit card payment.
- No cash pickup.
Epay focuses on providing one-stop financial services such as global remittance, online payment, currency exchange, and online recharge for individuals and remittance merchants.
Epay Global Remittance Network is an international money transfer product developed by Epay based on its experiences in international payment industry over the past five years.
Pros
- Legitimate. Obtained Hong Kong financial services licence, MSB in the US and PCI security certification.
- Fast. Adopt new technology to speed up the whole remittance process.
- Transparent. Clearly state fees and exchange rates and will keep you informed about how your transition is tracking.
- Competitive exchange rate.
- Support cash pay and pickup
Cons
- 17 currencies are supported only at the moment
As one of the first online money transfer firms to focus heavily on mobile-to-mobile remittances, on the sending side WorldRemit is 100% cashless. For those receiving money, WorldRemit offers a wide range of options including bank deposit, cash collection. Founded in 2010, WorldRemit had around 3 million users in 2018.
Pros
- Easy site takes you from signup to transfer in minutes.
- Offers bank-to-bank transfers, cash pickups and mobile top-ups.
- Pay by bank account, credit card or debit card.
- Moves your money to more than 140 countries around the globe.
Cons
- Because fees are a percentage of your transaction, you’ll pay more for higher transfers.
- Not available to residents of Louisiana or New York.
- Requires government-issued ID after your first transfer.
TransferWise focus on making bank transfers more affordable than traditional banks by charging low and transparent transfer fees and converting money at the true mid-market exchange rate.
However, its advantages come with a drawback: Your recipient may wait up to five days to receive your money.
Pros
- Easily sign up to start transferring money in minutes.
- Hardly any limitation on the amount depending on your account.
- Get a strong mid-market exchange rate with no hidden fees.
Cons
- No option for cash pickup.
- Two-step process takes 5 days to receive money sometimes.
- Social Security number required.
Travelex provides quick, easy online money transfers to more than 50 countries at rates that can beat your local bank. In fact, it’s so confident about its rates, it promises to beat a more affordable deal you find online within 30 minutes of your transfer.
Pros
- Flat $5 fee for transfers of up to $5,000 and no fee on larger amounts.
- Schedule recurring payments, or lock in rates with forwarding contracts and limit orders.
Cons
- High $500 minimum transfer.
- No cash pickups — even at official Travelex storefronts.
- With Travelex as the middleman, it’s not your fastest option.
OFX is one of the leading cross border payment providers that was founded in 1998. OFX charges a spread on the exchange rate — but here it’s an average 0.4% above the mid-market rate, making for a more affordable transfer.
Pros
- No-max transfers to 195 countries and in 55 major and exotic currencies.
- Competitive rates and no transfer fees.
- Do not have to pay any fees if the transfer amount exceeds a predetermined fee-free threshold.
Cons
- Transfer funds only to bank accounts and not to cash pick up locations.
- You can use the OFX website only in English.