1. Wise (formerly TransferWise)
Wise was launched as TransferWise in 2011, and now has over 13 million users around the world. You can make cheap, fast international payments or open a Wise multi-currency account to hold and exchange 50+ currencies in one place.
The company’s headquarters is in London and some of their offices are in New York and Tallinn, Singapore, Brussels, Tokyo, Budapest and Sydney.
Wise is often recognised for its fast transfers and highly competitive exchange rates. As an alternative to XE, Wise is a great option for smaller transfers up to $10,000, but it can also offers automatic fee discounts when you send a large transfer.
- Offers the real exchange rate, based on the mid-market rate.
- Fees are based on a percentage of transfer amount.
- Straightforward and easy to use online through their app.
2. OFX
OFX is another excellent alternative to XE. We like them because their rates and fees are generally much lower. You can also make much larger transfers with them, if you need to. However, OFX does not offer cash pick-up as an option.
OFX is also one of the larger global transfer companies. They support international money transfers from over 190 countries in more than fifty currencies. If you’re making an online transfer, it is definitely worth looking at OFX as an alternative to XE.
3. WorldRemit
Like XE Money Transfers, WorldRemit is a UK based company. They offer money transfer services for both individuals and businesses alike. While their headquarters is located in London, they have offices spanning throughout Asia Pacific, Europe and Africa.
WorldRemit have a maximum transfer amounts depending on where you are sending the money.
- Very low fees and excellent exchange rates for transfers to India, the Philippines, Africa and South America.
- Their website and app is easy to use and allows you to pay by credit or debit card.
- Great alternative when you need cash pick-up.
4. Currencies Direct
Currencies Direct is a UK based company that are especially good for larger international money transfers. If you’re making a transfer of more than $30,000, they could be a good alternative to XE. Currencies Direct don’t have any transfer fees and have excellent customer support.
They have offices spanning throughout Australia, the UK, Europe, the USA and South Africa.
- They don’t charge any direct fees or commissions.
- Access to a dedicated account manager and excellent customer service.
- Great exchange rates for transfers above $10,000.
5. PayPal
If you have a PayPal account, you've probably already considered making an international money transfer with them. They are one of the world’s most popular payment systems to purchase goods and pay for services. It's a convenient way to transfer money to people in the same country and internationally, especially if they also use PayPal.
So if you’re thinking of using PayPal as an alternative to XE, it’s important to keep a couple of things in mind. Firstly, the person you’re sending money to must also have a PayPal account. Secondly, know that XE will generally be cheaper than PayPal.
- Are good for sending money within the same country, but can be expensive internationally.
- Accept a variety of payment methods.
- If you’ve used them before, the process is straightforward.
