Here Are 5 Top Money Transfer Services Worth Using

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These days, cashless payments are as simple as a touch of a button from your mobile phone. But when it comes to other forms of money transfer, it’s not always as easy. Depending on the requirements, some require international checks, which can take weeks to clear. And oftentimes, banks don’t bother to help their customers deal with the issues that arise from such transactions as this.

Moreover, some banks charge incredibly high rates for foreign exchange rates, as well as the other transfer fees that are usually involved. And since banks can make the entire process incredibly inconvenient, other forms of payment portals have become necessary.

Thankfully there are other forms of specialized money transfer services that not only lessen the costs that come with money transfers, but basically simplify the entire process of sending money to anywhere around the world. Some of the better money transfer services even offer certain benefits, like same-day delivery, as well as a variety of options when choosing the payment method they prefer.

If you’re looking for some new options and easier ways to send money, there are some lending money transfer services that will not only help you save money, but the actual money transfers will be done quicker too.

Here are the top 5 money transfer services to consider using today.

1. PayPal

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PayPal has been around since March 2000, and it’s one of the easiest ways to transfer funds internationally, when needed. Millions of people use PayPal every single day for a variety of transactions, mostly because this particular platform has inexpensive fees, as well as almost instantaneous clearing as money is sent. Moreover, PayPal can also be used to send and receive money in almost every single country across the globe.

Using PayPal is quick and easy. Just open up an account, which doesn’t cost a thing. Transferring money via PayPal to close relatives and friends has no fees, but when it’s used for international money transfers, there are some fees involved. You can even set your account to keep different balances for a number of currencies you use, or to automatically change your funds into the required currency.

PayPal Pros

  • Make easy and quick money transfers to and from your bank account
  • Most funds are instantly available at transfer
  • Foreign currencies can be converted automatically

PayPal Cons

  • The actual foreign exchange rates of PayPal are expensive
  • The person you’re sending funds to must also have a PayPal account
  • PayPal is known to freeze accounts for petty offenses


2. Venmo

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Venmo happens to be another payment app that’s owned by PayPal. The company describes their service as a way to send money that is “safe, simple and social.” You can even use it to make purchases from the mobile app on your phone, online, or even in person. Unlike PayPal, it has a smart feature that allows you to use it as you would a social networking app where you can add friends, message other Venmo users, and even share transactions like rent or splitting a bill in a restaurant or bar. But when using a credit card to fund any purchases, there is an additional 3 percent fee.

Venmo Pros

  • Seamless integration with its mother company, PayPal
  • There are no fees for one-time payments
  • You can send money using the app on any device, such as an iPhone, Android, or from a desktop


3. MoneyGram

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MoneyGram makes it easy to send money using cash or your actual bank account. You can even use the MoneyGram to transfer money within their stores at any of the 350,000 locations found all over the world.

Their online money transfer services make sending money very easy, except you cannot pay in cash. MoneyGram has a number of store partnerships where you can transfer money without the need to visit a portal online. Moreover, you don’t even need a bank account to use MoneyGram. But in some cases, you will still have to provide the company with some private financial information.

MoneyGram Pros

  • You can use your bank account to transfer money online
  • You can send money internationally using cash
  • The MoneyGram app allows you to manage your money transfers easily

MoneyGram Cons 

  • While MoneyGram claims to support international transfers, customers tend to report difficulties when attempting to send money to other countries
  • MoneyGram has expensive fees in comparison to other money transfer platforms
  • MoneyGram tends to have a bad rating in online reviews


4. XE


XE happens to be one of the most inexpensive money transfer services available to customers. There are no fees or commissions that are charged for regular, ordinary transfers. But rather, the company earns money by exchanging currencies at a profit for its customers.

Moreover, XE also provides a wide range of foreign currency solutions for its customers. The basic service can deposit money into a bank account via wire transfer or using ACH. It also provides services with reduced foreign exchange spreads for customers wanting to transfer big amounts of money. XE is more ideal for those who want to lessen the cost of their money transfer overall.

XE Pros

  • There are no fees involved for transactions, or a reduced fee for foreign exchange spreads with larger transactions
  • XE is competitive with their basis of price, meaning the service will give easier access to cheaper money transfers
  • There is no money limit for transfers of any currency or type of transaction

XE Cons

  • There are only 24 different currencies for money conversion
  • There are no cash options are available, both parties will need to use their bank accounts
  • They don’t allow credit cards for their transactions


5. Western Union

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Having been around since 1851, Western Union has been and still remains the global leader in the money transfer industry. You can use this platform to transfer money via their stores, but also by going to the online portal to do your transfers electronically.

Despite being one of the longest standing money transfer companies on the globe, it has managed to go with the times by partnering with certain social media apps like WeChat, Viber and many others. This allows users to send money to more than 200 countries worldwide. In addition, Western Union also has a “Money in Minutes” service where you can send and receive funds internationally, in less than an hour at that.

Western Union Pros

  • You can send and receive money using a wide range of transfer modes
  • Their service allows for simple international transfers without expensive fees
  • The company has very good reviews

Western Union Cons

  • Some fees are considered expensive for smaller transfers
  • Money transfers can take a week or more to arrive
  • Western Union is often used by scammers, which calls for vigilance for users


How To Choose the Right Money Transfer Service For You

Considering the wide number of money transfer services available on the market, deciding which one is best for you can be extra difficult. Since each money transfer company has different pros and cons, the best way to decide which one is for you is by comparing a few of them and figuring out which one has the requirements you need. Going online is probably the quickest and fastest way to get the answers you need.