There are plenty of choices to choose from, whether you’re trying to send money domestically or abroad. Wire transfers are provided by many banks and financial institutions, but they can also be costly. They may also involve a lot of data about you and the individual to whom you are sending money.
According to Matt Oppenheimer, CEO and co-founder of Remitly, a digital money transfer service, the key things to consider when searching for an online money transfer platform are where and to whom you’re sending the money.
Oppenheimer continues that fees and customer service appear to be the main drawbacks in money transfers. The lower the rates, the more money your beneficiary gets,” he says.” His guidance? “To make sure they’re fair, look into transfer fees and exchange rates.”
It could go without saying, but at some existing money transfer firms, customer service may also be lacking. “Look for an open, transparent company that lets you know exactly when your money is going to reach your recipient,” says Oppenheimer. “To help you, find one that will share updates along the way, or is easily accessible 24/7.”
We’ve assembled a list of the top five online money transfer sites with those criteria in mind. Read on to find the one for you that is right.
Most often used: PayPal
The odds are high that they have a PayPal account if you want to give money to friends or family. It’s the most widely used smartphone app for sending money, according to The Pew Charitable Trusts.
Cash-outs fast: Google Wallet
No matter the form of transfer, Google Wallet is free to use. What sets it apart from the competition, however, is its pace
If you give cash to someone who has a debit card as their default payment form in Google Wallet, Google Wallet is best.
Best experience on mobile: Venmo
Managed by PayPal, for money transfers, Venmo is kind of a social network. In the account feed, you can add friends and see their transactions (but not the amounts).
If you use your Venmo balance, checking account, debit card or prepaid debit card, Venmo transfers are free. You can pay a fee of 3 percent if you want to transfer money using a credit card. Usually, bank transfers take one business day.
Affordable transfers of foreign money: OFX
OFX is a relatively cheap platform for transfers of foreign currency. The platform does not charge any transfer fees for most major currencies and has no transfer restrictions. However, it does have a minimum of $150 transfer.
Large global reach: the Western Union
Western Union’s vast worldwide network may be your best bet, depending on where you need to move money. The platform operates in more than 130 currencies in over 200 countries and territories, giving it a broader overall scope than OFX.