There are many different international money transfer services. In this article, we will cover Wise, OFX, and WorldRemit. Which ones are the best? Which one has the lowest fees? So how do you ensure you’re getting the best international money transfer rates?
Wise
Wise’s international money transfer service has an impressive array of features. Customers can transfer money between different countries at a low rate. Wise moves money between other currency pools, and as such, it does not have to deal with standard bank networks. Instead, it uses local exchanges to keep costs low. However, Wise is notorious for delays and inaccuracies. As a result, users have complained about receiving their funds at odd times.
Unlike banks, Wise does not charge an exchange rate markup fee. Instead, they charge a small percentage of the amount transferred. The fees depend on the method of funding the transfer and the currency and are typically between 0.4 and 1.4% of the transferred amount. Users can calculate fees with the help of an online calculator. Wise’s exchange rates are based on a mid-market rate. This means you’ll avoid any hidden charges, making your transfers much easier.
OFX
OFX offers a wide range of payment options, including BPAY, Electronic Funds Transfer, and Direct Debit. After completing your transfer, OFX sends you an email containing a full list of payment options. You can also pay using cash, cheques, or debit cards, but OFX does not accept these. So whether you’re making a quick transfer or need to send money overseas for business purposes, OFX is the place to go.
OFX has been around for 20 years and has 1 million customers in over 50 countries. In addition, OFX is registered with the UK’s Financial Conduct Authority, which imposes strict rules and regulations. Lastly, OFX protects customers’ information by encrypting personal data and establishing secure connections with website browsers.
WorldRemit
Founded in 2010, WorldRemit has 5.7 million customers worldwide. The company is regulated by the Financial Conduct Authority (FCA) and has numerous government-issued licenses. The WorldRemit website and app are available for Android and Apple devices, and users can save their contact details and receive daily price alerts. They can also track their transfers and contact customer support from any device. In addition, WorldRemit’s website and app use Norton-certified security technology to ensure funds are not misused.
In conclusion, many best international money transfer services can help you save money on your transactions. By taking the time to compare your options, you can find the service that is right for you.
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