Transfer Money Overseas with These 6 Cheaper Alternatives

Just about all of us have a bank, and that’s why we trust them. But banks often take advantage of this trust.

For many years, banks have been ripping people off on remittances. They charge exorbitant fees and provide bad exchange rates, which means they take a lot of the money your recipient should be receiving.

You might not realise there are actually a large number of alternatives. Remittance companies specialise in overseas money transfers, and tend to charge lower fees and exchange rates much closer to the mid-market rate.

In this article, we compare six different remittance companies. We will arm you with all the information you need to decide how you want to send money overseas. We consider many of the positives and negatives of using particular services, ultimately giving our verdict on the best company to use.

So, what are the best companies to send money overseas with?

Western Union

Trustpilot: 4.2

Their promise

“Send money in minutes for fast cash pickup and easily track your money along the way.”

Offer

“Our best exchange rate and $0 transfer fee* for your first online transfer.”

Features

• Western Union transfers are relatively quick. You can expect them to be complete within one business day most of the time, even with large sums of money.
• The process is quite simple, with fairly straightforward KYC and an easy to understand app.
• Decent exchange rates for a number of different countries.

Issues

• The website is not always reliable, with many reviewers explaining that it freezes regularly.
• Rewards codes are not always applied correctly.

Western Union review

“Most of the time everything goes smoothly”.

Remitly

Trustpilot: 4.4

Their promise

“Transfer money internationally across 100+ currencies with no hidden fees.”

Offer

“We promise every money transfer is delivered on time, or we’ll refund your fees.”

Features

• Remitly offers a number of delivery methods: bank account, mobile wallet and cash pickup.
• As long as you make only one transfer a day, their same day money transfer means your recipient does not have to wait too long.
• They don’t tend to hide fees; what you see is what you get.

Issues

• They don’t always address accusations of fraud in a satisfactory manner.
• Inconsistent customer service, including sarcastic consultants and too many hold periods.

Remitly review

“Smooth process, no apparent glitches in the app”.

WorldRemit

Trustpilot: 3.7

Their promise

“Fast, flexible and secure money transfers”.

Offers

“If this is your first time sending money abroad with us, your first three money transfers will be free of any WorldRemit transfer charges.”

Features

• WorldRemit are 46% cheaper than banks on average, making them a very good alternative to the big banks.
• They have no hidden fees, meaning you always know how much of your money will be taken.
• You know the exchange rate before you send your money.

Issues

• They have been known to shut down accounts without any warning or explanation.
• Customer service is often poor, with customer service representatives leaving mid-conversation.

WorldRemit review

“My transfers are now delivered in minutes as long as they are within the required limit.”

Wise

Trust Pilot: 4.3

Their promise

“Save on fees when sending money abroad”.

Offer

“Get dedicated support for large transfers”.

Features

• They have an entirely dedicated section to business transactions, which provides reasonable exchange rates.
• Should you decide to, you are able to withdraw your money from your account quite quickly.
• Most transfers are completed extremely quickly – instantly in some circumstances.

Issues

• The 2-Factor Authentication process is very unreliable, and some customers suggest there are too many documents and steps required to prove your identity.
• Some people have lost money with Wise, with issues ranging from money being sent to the wrong account, to money simply never arriving.

Wise review

“Rapid transfers with great mid market exchange rates. The fees for business payments have more than doubled though.”

OFX

Trust Pilot: 4.4

Their promise

“We move money securely and simplify global expenses and payments so you can do more and achieve more.”

Offers

“Access 30+ currencies directly from your OFX Business Account with our new corporate multi-currency card.”

Features

• They have a very highly regarded app, making transfers reliable and convenient.
• They are a very secure company, with reports of people losing money being extremely rare.
• OFX and also regulated by ASIC and AUSTRAC, and have been ASX listed for over a decade.

Issues

• Many customers report completing the KYC process, but then having to add random pieces of information at later stages.
• They often have lengthy wait times on the phone.

OFX review

“Fairly pain-free and quick and reliable transfer process.”

e-Pocket

Trust Pilot: 4.4

Our promise

Sending money internationally has never been easier.”

Offer

“Powering money transfers with zero fees for transactions below $10,000.”

e-Pocket Features

• Instant transfers for business owners sending money overseas.
• Our KYC processes are very simple and easy. Once we have the required information, we won’t ask for it again.
• Unlimited transfers.
• No cap on transfer sizes.
• A history of ZERO fraud and no money lost for any customer.
• No hidden fees, ever.
• You’ll know exactly how much money your recipient will get.
• Better value for money than every single bank on remittances.
• We will never shut down your account for no reason.
• Get your own account manager on business transactions.
• Smooth, simple 2-Factor Authentication
• A very reliable website, with an easy registration process.
• A safe and logical app.
• Transfers are always delivered in reasonable time.
• Multiple delivery methods, including bank account, mobile wallet and cash pickup. We also partner with over 100 banks worldwide.
• Extremely competitive exchange rates for each of the 100+ countries on our platform.
• A referral program that comes with very generous rewards.
• Friendly, supportive customer service team, with no wait times.
• $20 bonus upon sign up.
• Instant money withdrawal.
• Money is always sent to the right account.
• The highest levels of security.
• Registered with AUSTRAC since 2018.

e-Pocket review

“I have only started using e-Pocket recently to remit money to my family abroad. I don’t think I will ever use another portal going forward.”

Our conclusion: Choose e-Pocket

The banks have a lot to recommend them, but it is clear that remittance companies are the best option when transferring money overseas.

Furthermore, the big players listed in this article have significant brand recognition.

However, whilst most of the big remittance companies have a lot of positive elements, they still have issues that are present across the board. For example, the big companies rate poorly on customer service, long wait times and automated messages are commonplace and they are known to shut down accounts without explanation, especially those with large transactions.

On the other hand, e-Pocket has fantastic, consistent customer service. We also pride ourselves on transparency, meaning we will absolutely never close your account for no reason. Good rates and low fees are basically a given, as well as the many other benefits listed above.

This is the reason why when it comes to transferring money overseas, you should avoid banks, be sceptical of the bigger remittance companies and use e-Pocket.