Best 5 International Money Transfer Services in 2024

Contents

We tested and reviewed 15+ money transfer companies

New Zealand, a country known for its beautiful landscapes and welcoming locals, has become a popular destination for expats, international students, and global businesses. Transferring money across borders has become an essential part of life for many Kiwis in today’s interconnected world. Finding the best international money transfer service is critical for getting the most value and ensuring a smooth experience, whether you’re sending money to loved ones, paying for overseas tuition, or managing international business transactions.

In this article, we’ll look at the best international money transfer services in New Zealand, taking into account things like exchange rates, fees, transfer speeds, and customer satisfaction so you can make an informed decision and move your money with confidence. Prepare to find the ideal match for your international money transfer requirements!

How we rank money transfer services

We considered the following ranking criteria when reviewing and comparing the best international money transfer services:

  • Exchange Rates: The competitiveness of the offered exchange rates in comparison to mid-market rates and other providers.
  • Fees: The cost of transferring funds, including any fixed fees, percentage-based fees, and hidden charges.
  • Transfer Time: The amount of time it takes for funds to be transferred and received by the recipient.
  • Currency and Country Supported: The number of currencies and countries that the service supports for sending and receiving funds.
  • Transfer Methods: The various ways to initiate transfers, such as online, via mobile apps, or in-person.
  • Transfer Limits: The smallest and largest amounts that can be transferred per transaction and over a given time period.
  • Ease of Use: The platform’s usability, including the registration process, user interface, and overall customer experience.
  • Customer Support: The availability, responsiveness, and quality of customer support via various channels such as phone, email, and live chat.
  • Security and Regulation: The safeguards put in place to protect customer funds and data, as well as compliance with relevant regulatory authorities.
  • Valued Added Services: Forward contracts, regular payment plans, and multi-currency accounts are examples of additional services.
    Customer Reviews and Ratings: Overall customer satisfaction as reflected in reviews and ratings on platforms such as Trustpilot.

We hope to provide a comprehensive and unbiased comparison of the top international money transfer services available to New Zealand residents by taking these criteria into account.

Top 5 Money Transfer Companies for 2024

CriteriaSend PaymentsXE Money TransferOFXWiseTorFX
Exchange RatesCompetitive ratesCompetitive ratesCompetitive ratesMid-market ratesCompetitive rates
FeesFixed fees and percentagesVary by destinationFixed fees and percentagesPercentage-based feesNo transfer fees
Transfer Speed1-3 business days1-4 business days1-2 business days1-2 business days1-2 business days
Supported Currencies and Countries50+ currencies, 80+ countries130+ currencies, 170+ countries55+ currencies, 190+ countries50+ currencies, 80+ countries60+ currencies, 120+ countries
Transfer MethodsOnline, mobile appBank transfers, onlineBank transfers, onlineBank transfers, online, cardsBank transfers, online
Transfer LimitsVaries by destinationMin: $1; No fixed maxMin: $200; No fixed maxMin: $1; Max variesMin: £100; No fixed max
Ease of UseUser-friendly platformUser-friendly website and appUser-friendly website and appUser-friendly website and appUser-friendly website
Customer SupportPhone, email, live chatPhone, emailPhone, email, live chatPhone, email, live chatPhone, email
Security and RegulationRegulatedFCA, FinCEN, FINTRACFCA, ASIC, FinCEN, and othersFCA, FinCEN, ASIC, and othersFCA, ASIC
Additional ServicesBusiness solutionsForward contracts, businessForward contracts, businessMulti-currency accountsForward contracts, limit orders
Customer Reviews and Ratings4.9/5 starts (Trustpilot)4.2/5 stars (Trustpilot)4.2/5 stars (Trustpilot)4.4/5 stars (Trustpilot)4.9/5 stars (Trustpilot)
Languages SupportedEnglish and othersEnglish, French, SpanishEnglish and othersEnglish and multiple languagesEnglish and others

1. Send Payments

Best all-round provider

Send Payments

Send Payments is an Australian-based money transfer service that provides individuals and businesses looking to conduct international transactions with fast, secure, and cost-effective solutions. Send Payments was founded in response to a growing demand for more efficient and competitive alternatives to traditional banks, with the goal of streamlining the process of sending money overseas.

Send Payments was founded by a group of financial professionals who wanted to improve international money transfer options for Australians. The founders saw a need for more transparent, user-friendly, and cost-effective alternatives to traditional banks, which frequently imposed high fees and provided less competitive exchange rates. Send Payments has expanded to support a wide range of currencies and countries since its inception, making it a popular choice for individuals and businesses in need of international money transfer services.

Send Payments is committed to providing competitive exchange rates, low fees, and exceptional customer service. To ensure a seamless user experience and fast, secure transactions, the company is constantly investing in its technology and infrastructure. Send Payments has become a trusted name in the Australian money transfer market due to its commitment to innovation, transparency, and customer satisfaction.

  • Founded: 2018
  • Headquarters: Sydney, New South Wales, Australia
  • Services: International money transfers, business solutions, and currency exchange
  • Supported Currencies: 50+ currencies
  • Supported Countries: 80+ countries
  • Transfer Methods: Online platform and mobile app
  • Transfer Speed: 1-3 business days
  • Minimum Transfer Amount: Varies by destination
  • Maximum Transfer Amount: Varies by destination
  • Security and Regulation: Compliant with Australian regulatory authorities
  • Customer Support: Phone, email, and live chat
  • Website: https://sendpayments.com

2. XE Money Transfer

Best global coverage

XE Money Transfer

XE Money Transfer is a leading global money transfer service that provides individuals and businesses with a wide range of foreign exchange and international money transfer solutions. XE has established itself as a popular and reputable choice for international money transfers by focusing on providing competitive exchange rates and a user-friendly platform.

XE was founded in 1993 as Xenon Laboratories, with the intention of initially providing currency information and tools over the internet. The company has evolved and expanded its services over the years, launching XE Money Transfer in 2002 to meet the growing demand for efficient and affordable international money transfer services.

Euronet Worldwide, a leading global electronic transaction processing and distribution company, acquired XE in 2015. This acquisition strengthened XE’s market position and allowed it to tap into Euronet’s vast resources and expertise.

Today, XE Money Transfer is known as a trustworthy and dependable service for sending money overseas, with competitive exchange rates and clear fees. XE has become a top choice for individuals and businesses looking to make international money transfers due to its commitment to excellent customer service and user experience.

  • Founded: 1993 (as Xenon Laboratories); XE Money Transfer launched in 2002
  • Headquarters: Newmarket, Auckland, New Zealand (Global Headquarters)
  • Subsidiary of Euronet Worldwide since 2018
  • Services: International money transfers, currency exchange, and business solutions
  • Supported Currencies: 130+ currencies
  • Supported Countries: 170+ countries
  • Transfer Methods: Bank transfers and online platform
  • Transfer Speed: 1-4 business days
  • Minimum Transfer Amount: $1
  • Maximum Transfer Amount: No fixed limit
  • Security and Regulation: Regulated by FCA (UK), FinCEN (US), FINTRAC (Canada), and other relevant authorities
  • Customer Support: Phone and email
  • Trustpilot Rating: 4.2 out of 5 stars (as of March 2023)
  • Website: https://www.xe.com

To learn more read our full review of XE Money Transfer.

3. OFX

Best for large transfers

OFX
OFX (formerly OzForex) is a leading provider of international money transfer services, specializing in competitive exchange rates and efficient solutions for individuals and businesses worldwide. OFX has built a strong reputation as a reliable choice for international transactions by focusing on transparency, security, and customer satisfaction.

OFX was founded in 1998 in Sydney, Australia, with the mission of providing individuals and businesses with a more cost-effective and user-friendly international money transfer alternative to traditional banks. The company quickly grew and expanded its services, attracting customers from all over the world by offering competitive exchange rates and low fees.

OFX debuted its initial public offering (IPO) on the Australian Securities Exchange (ASX) in 2013, with the ticker symbol ‘OFX.’ This significant milestone enabled the company to strengthen its market position and continue its global expansion.

In 2015, OFX rebranded from OzForex to reflect the company’s growing international presence and commitment to providing seamless money transfer services across multiple markets. OFX is now a well-known name in the international money transfer industry, renowned for its security, transparency, and superior customer service.

OFX remains a top choice for individuals and businesses looking to transfer funds overseas, thanks to its global network of offices and comprehensive range of services.
  • Founded: 1998
  • Headquarters: Sydney, Australia
  • Services: International money transfers, currency exchange, and business solutions
  • Supported Currencies: 55+ currencies
  • Supported Countries: 190+ countries
  • Transfer Methods: Bank transfers, online platform, and mobile app
  • Transfer Speed: 1-2 business days
  • Minimum Transfer Amount: $200 or equivalent
  • Maximum Transfer Amount: No fixed limit
  • Security and Regulation: Regulated by ASIC (Australia), FCA (UK), FinCEN (US), and other relevant authorities
  • Customer Support: Phone, email, and live chat
  • Trustpilot Rating: 4.2 out of 5 stars (as of March 2023)
  • Website: www.ofx.com

To learn more read our full review of OFX.

4. Wise (formerly TransferWise)

Best for small transfers

Wise

Wise (formally known as TransferWise) is a leading international money transfer service known for its low-cost, transparent, and user-friendly solutions, especially for small and medium-sized transfers. Wise, which was founded with the goal of making international money transfers fairer, faster, and more accessible, has earned a strong reputation as a preferred choice for individuals and businesses all over the world.

Taavet Hinrikus and Kristo Käärmann founded Wise in 2011 after becoming dissatisfied with the high fees and hidden charges associated with traditional bank transfers. They set out to create a more transparent and cost-effective solution for international money transfers. Wise quickly gained traction as a result of its innovative peer-to-peer model and commitment to providing mid-market exchange rates, making it a popular choice for budget-conscious users.

As the company expanded its services, it added multi-currency accounts, debit cards, and business solutions to better meet the needs of its customers. Wise went public on the London Stock Exchange (LSE) in 2021, trading under the ticker symbol ‘WISE,’ cementing its position as a major player in the international money transfer market.

Because of its competitive exchange rates, low percentage-based fees, and fast transfer speeds, Wise is highly recommended for small to medium-sized transfers. Wise has become a trusted and reliable option for individuals and businesses looking to send money overseas at a lower cost due to its strong focus on transparency and user experience.

  • Founded: 2011
  • Headquarters: London, United Kingdom
  • Services: International money transfers, multi-currency accounts, debit cards, and business solutions
  • Supported Currencies: 50+ currencies
  • Supported Countries: 80+ countries
  • Transfer Methods: Bank transfers, online platform, mobile app, and debit cards
  • Transfer Speed: 1-2 business days
  • Minimum Transfer Amount: $1 or equivalent
  • Maximum Transfer Amount: Varies by destination and transfer method
  • Security and Regulation: Regulated by FCA (UK), FinCEN (US), ASIC (Australia), and other relevant authorities
  • Customer Support: Phone, email, and live chat
  • Trustpilot Rating: 4.6 out of 5 stars (as of September 2021)
  • Website: www.wise.com

5. TorFX

Best for business transfers

TorFX

TorFX is a well-known international money transfer service known for its competitive exchange rates, personalized services, and business-specific solutions. TorFX Australia has built a strong reputation as a trusted choice for businesses conducting international transactions by focusing on transparency, security, and excellent customer service.

TorFX was founded in 2004 in the United Kingdom to provide international money transfer and currency exchange services. The company quickly rose to prominence due to its competitive exchange rates, no-fee transfers, and personalized customer service from dedicated currency brokers. TorFX expanded to Australia in 2013, establishing itself as a leading money transfer service provider in the region, following its success in the UK market.

TorFX is recommended for business transfers because of its competitive exchange rates, personalized account management, and business-specific solutions. The firm provides risk management tools such as forward contracts and limit orders to assist businesses in managing currency exposure and optimizing international transactions. TorFX also provides market updates and expert advice to help businesses make informed decisions when transferring funds overseas.

TorFX has become a trusted and reliable option for businesses looking to efficiently manage their international money transfers due to its strong focus on customer satisfaction, security, and transparency.

  • Founded: 2004 (UK); TorFX Australia established in 2013
  • Headquarters: Gold Coast, Queensland, Australia
  • Services: International money transfers, currency exchange, and business solutions
  • Supported Currencies: 60+ currencies
  • Supported Countries: 100+ countries
  • Transfer Methods: Bank transfers, online platform, and telephone
  • Transfer Speed: 1-2 business days
  • Minimum Transfer Amount: $100 AUD or equivalent
  • Maximum Transfer Amount: No fixed limit
  • Security and Regulation: Regulated by ASIC (Australia) and FCA (UK)
  • Customer Support: Phone, email, and online chat
  • Trustpilot Rating: 4.9 out of 5 stars (as of March 2023)
  • Website: https://www.torfx.com.au

How To Transfer Money Online

Because of its convenience, speed, and security, online money transfers are becoming increasingly popular. Here’s a step-by-step guide to transferring money online via various methods.

  1. Select a money transfer service: There are numerous online money transfer services available. To find the best option for your needs, research and compare their fees, exchange rates, transfer speeds, and customer reviews. Or go with our above recommendations.
  2. Create an account: After you’ve decided on a provider, you’ll need to set up an account. Sign up using your email address, phone number, or social media account by visiting their website or downloading their mobile app. For identity verification purposes, you may also be required to provide personal information such as your full name, date of birth, and address.
  3. Verify your identity: Most providers require you to verify your identity before you can make a transfer in order to comply with anti-money laundering regulations. Uploading a government-issued ID (such as a passport or driver’s license) and sometimes proof of address is required (e.g., utility bill or bank statement).
  4. Add a funding source: Before you can transfer money, you must first add a funding source to your account. A bank account, debit card, or credit card can all be used. You may be required to provide your bank account number, routing number, or card details depending on the provider. It should be noted that using a credit card for transfers may result in additional fees.
  5. Enter the following information for the recipient: Give the necessary information about the person or company to whom you are sending money. Their full name, email address, phone number, bank account number, and bank routing number or SWIFT/BIC code may be included (for international transfers).
  6. Select your currency and amount: Choose the currency to send and the amount to transfer. The provider will display the exchange rate as well as any transaction fees. Examine this information thoroughly to ensure its accuracy.
  7. Review and approve the transfer: Check all of the information you’ve entered, including the recipient’s information, transfer amount, and fees. Confirm the transaction if everything appears to be in order. You may receive a confirmation email or text message from the provider, along with a tracking number or transaction reference number.
  8. Track the status of your transfer: Most providers allow you to track the status of your transfer online or via their mobile app. Use the tracking number or transaction reference number to track the progress and confirm when the funds have been delivered to the recipient.
  9. Keep the following transaction information: For your records, save the confirmation email or take a screenshot of the transaction details. This information may be useful if there are any disputes or problems with the transfer. Keep in mind that transfer times may differ depending on the provider, destination, and funding method. Before starting a transfer, double-check the estimated delivery time, especially if it’s time-sensitive.

Money Transfer Fees & Costs

Fees for money transfer services vary depending on factors such as transfer amount, destination, payment method, and delivery options. The following are some of the most common fees you may encounter when using money transfer services:

  • Transfer fee: The main fee for sending money, which can be a flat fee or a percentage of the transfer amount. It varies according to the destination country, the amount sent, and the provider.
  • Exchange rate margin: The provider may apply a margin or markup to the mid-market or interbank exchange rate when converting money from one currency to another. This rate difference is an additional cost to the sender, which is frequently included in the overall fees.
  • Payment method fee: Additional fees may apply depending on the payment method used to fund the transfer, such as a debit card, credit card, or bank account. Due to processing costs and potential cash advance fees charged by the card issuer, credit card payments frequently incur higher fees.
  • Fees for receiving funds: Some money transfer services may charge a fee for receiving funds, especially if the transaction involves cash pickup or delivery. This fee is typically deducted from the recipient’s payment.
  • Bank fees: Both the sending and receiving banks may charge fees if you send money via bank wire transfer. Processing fees, intermediary bank fees, and receiving fees are examples of these charges.
  • Additional service fees: Some providers may charge additional fees for certain services, such as expedited transfers, guaranteed exchange rates, or transfers exceeding a certain threshold.
  • Account maintenance fees: Certain money transfer companies may charge monthly or annual fees for keeping an account with them, especially if you hold multiple currencies or use specialized services.

To get the best value for your money and minimize fees, compare different money transfer providers, taking into account the various fees they charge. Look for providers who are transparent about their fees and exchange rates, and think about using comparison websites or tools to find the best deal for your specific needs.

Conclusion

In summary, navigating the world of international money transfers in 2023 has never been easier, thanks to an incredible array of efficient and cost-effective services at your disposal. Our top five picks for the best international money transfer providers strike the ideal balance of speed, affordability, and security, ensuring a smooth experience for users all over the world.

Remember to keep your unique needs in mind as you take the next step in your global financial journey, and don’t be afraid to explore different options to find the perfect match. With the right provider on your side, you can send money across borders with confidence, knowing that you’re getting the best value and service for your money. Good luck with your transfer!

Frequently Asked Questions

How long does it take to transfer money online?

The length of time it takes to transfer money internationally is determined by a number of factors, including the countries involved, the banks or financial institutions involved, the transfer method, and the currency being transferred. The following are some general timetables for international money transfers:

Traditional bank transfers (SWIFT): International bank transfers via the SWIFT network typically take 1-5 business days, though this can vary depending on factors such as intermediary banks, time zones, and local bank holidays.

Online money transfer services: When compared to traditional banks, these services generally offer faster transfer times. Depending on the service, countries involved, and the verification process, transfer times can range from a few minutes to a few business days. It is critical to verify the estimated transfer time provided by the specific service you select.

Instant money transfer services: These services enable near-instant cash pickups at agent locations all over the world. However, factors such as the recipient’s location, the service option selected, and the operating hours of agent locations may all have an impact on the speed.

It’s important to note that transfer times can vary greatly depending on the specifics of each transaction. To get an accurate estimate of the transfer time, always check with the financial institutions involved or the money transfer service you’re using.

What are wire transfers?

Wire transfers are a method of transferring funds electronically from one financial institution to another, typically across different countries or banking networks. They are a safe and dependable method of sending money both domestically and internationally. A wire transfer requires the sender to provide the recipient’s banking information, such as their account number, bank routing number, or SWIFT/BIC code, as well as the amount to be transferred. The funds are then transferred between the accounts after the sending bank communicates with the receiving bank. Wire transfers can take anywhere from a few hours to several days to complete, depending on the banks and countries involved, and they are frequently accompanied by fees levied by both the sending and receiving banks.

What is the best way to find a money transfer provider near me?

Online search: Use search engines like Google or Bing to search for money transfer providers in your area. Include your city or neighborhood name along with keywords like “money transfer,” “remittance service,” or “international money transfer.”.

All of the companies listed above can provide services throughout New Zealand though.

Do bank transfers go through on weekends?

Bank transfers in New Zealand generally do not go through on weekends or public holidays. The majority of banks in the country operate on a business day basis, which means that transactions are typically processed only during regular business hours on weekdays (Monday through Friday).

Some New Zealand banks, however, offer real-time payments, which can sometimes be processed on weekends or after business hours. However, it should be noted that this may not apply to all types of transfers or to all banks. If you want to know if your bank supports weekend transfers, you should contact them directly to inquire about their policies and processing times.

What to do if money transferred to wrong account?

If you’ve transferred money to the wrong account by mistake, you must act quickly to try to recover the funds. Take the following steps:

Confirm the mistake: Check the transaction details to ensure you haven’t sent money to the wrong account. Examine the account number, bank routing number, and recipient’s name for any discrepancies.

Please contact your bank: Contact your bank or financial institution as soon as you realize the error. Inform them of the situation and provide transaction details, including the amount, date, and incorrect account information. Request that they initiate a transaction recall or reversal.

Provide the following information: To process the reversal, your bank may request additional information or documentation. Prepare to provide any relevant information they may require.

If possible, contact the recipient: Contact the individual who received the funds and explain the situation. They might be willing to return the money to you on their own. If you don’t know the recipient or can’t reach them, your bank will have to handle the recovery process.

Check in with your bank: Maintain contact with your bank and monitor the status of the reversal request. They will most likely communicate with the recipient’s bank in order to recover the funds.

Please be patient: Recovering funds sent to the wrong account can take time, especially if multiple banks and jurisdictions are involved. It is critical to be patient and understand that the process may take some time.

Please keep in mind that there is no guarantee that the funds will be recovered in every case. The success of the recovery process is dependent on a number of factors, including the recipient’s bank’s cooperation and whether the funds have already been spent or moved. However, acting quickly and providing accurate information can help you recover the money.

What is the mid-market rate?

When transferring money internationally, understanding the mid-market rate is crucial for a transparent and fair transaction. The mid-market rate, often referred to as the interbank rate, is the midpoint between the buying and selling prices of two currencies on the global market. It represents the most accurate exchange rate available at any given moment.

This rate is constantly fluctuating due to changes in the global currency markets, influenced by factors like economic data, market speculation, and geopolitical events. It is the rate that banks and financial institutions use when trading large amounts of foreign currency and is considered the fairest and most transparent rate for currency exchange.

However, it’s important to note that while the mid-market rate is the benchmark for currency exchange, most money transfer services and banks do not offer this rate to their customers. Instead, they add a margin or markup to the mid-market rate, which is how they make a profit on currency exchange. This means the rate you’re offered for a money transfer may be less favorable than the mid-market rate.

For individuals looking to transfer money internationally, it’s beneficial to compare the rates offered by different services against the current mid-market rate. This comparison can help you understand the cost of your transaction and find the most cost-effective service.