Foreign currency online

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Foreign currency online

Companies that sell foreign currency online are XE Money transfer, Western Union, MoneyGram, Ria, and PayPal. The companies are headquartered in the US or Canada and operate globally.

RESEARCH STRATEGY

To identify the companies that sell foreign currency online similar to Travelex and potential competitors to TD Bank, we looked for pre-compiled lists through credible sources like iCompareFX, Finder, Craft.co, and Owler, which listed the competitors of TD Bank and focus mostly on the banking aspects of the comparison/company. Post that we looked for companies similar to Travelex in the US and Canada and based our search on lists provided by iCompareFX and Finder. We corroborated the data in iCompareFX from data in Finder and created a list of companies that are headquartered/focused in US or Canada, with services in the US, Canada, and other parts of the world.

We have then classified them as the "potential" and/or "top" competitors on the fact that they have a huge network, operate across the world, and are ranked the largest international money transfer services. We have listed them from 1-5 based on their number of agents/accounts across the world. Post this, we concluded the list and have provided details regarding their name, website of their currency exchange service, and made sure to explain why it was chosen, what makes their foreign currency exchange offering unique and what they offer as per. We have also provided the names of few companies that are headquartered outside the US and Canada but provide services online.

FOREIGN CURRENCY ONLINE

1. PayPal Holdings, Inc

PayPal's headquarters are in San Jose, California, US. The company’s digital payments platform has 267 million active account holders through online, on mobile devices, on the firm's app, or in person transactions. PayPal can be accessed in more than 200 markets globally and includes other platforms that enable consumers and merchants to receive money in "more than 100 currencies, withdraw funds in 56 currencies, and hold balances in their PayPal accounts in 25 currencies." These platforms include Braintree, Venmo, and Xoom

PayPal offers online transfers, bank account to bank account transfers, 24/7 transaction monitoring, next-level encryption, and dispute resolution options. PayPal is extremely resistant to fraud due to its “deep learning artificial intelligence technology."

2. MoneyGram International Inc.

MoneyGram is headquartered in Dallas, TX United States and is the second-largest international money transfer service in the world. MoneyGram, which has over 350,000 agents globally, help clients make transfers using their services in over 200 territories and countries. The company offers different money transfer services such as in-person transfers, which can be collected via bank deposits made into a bank account or mobile wallet, home delivery or online transfers.

Money transfers through MoneyGram can be made via deposits to a bank account from another bank account, agents, international money order, cash or online transfer. The company’s money transfer is the fastest with only one-day transfers compared to other services which take 3-5 days. MoneyGram can transfer money to an in-person agent across the world and through Facebook messenger app by their MoneyGram Sendbot, apart from their direct online service. The company has also partnered with Walmart to offer money transfer services to over 190 countries.

3. Ria Money Transfer

Ria Money Transfer is headquartered in Buena Park, California, United States. The company has been in business for more than 30 years and has more than 316,000 agent locations in 144 countries in its network. Ria Money Transfer is ranked "the third-largest international money transfer provider in the world."

Payments offered by Ria Money Transfer include cash, cash pick up, debit and credit cards, bank accounts, and in select countries, home delivery is possible. The company is known for its multiple payments and delivery options across the world. Ria Money Transfer’s clients can use the company’s online price calculator to help them with a simple way of converting currencies. The company also offers better exchange rates that are stronger than many banks in the US.

4. The Western Union Company

Western Union is headquartered in the Denver, Colorado, United States. Western Union offers multiple money transfer options including cash, bank accounts, debit and credit cards, and cash pickups to over 177 countries. Travelex, a subsidiary of the parent company of Western Union, only offers bank-to-bank transfers.
Western Union allows transfers through online, phone, agent, bank account to bank account, international money order, with transfer options of regular payments, and one-off payments. The company has become a trusted provider for domestic and international money transfers since 1871 and has a huge network of "more than 500,000 agent locations around the world", which give flexible transfer and cash pickup options to their customers.

5. XE Money Transfer

XE Money Transfer is headquartered in Canada and has offices in the U.S. and the UK. The company started its operations in 1993 and is comparatively better than Travelex for emigrating or purchasing property overseas, for offering trade in over 120 currencies to over 170 countries, no transfer fees for personal transfers, and also has "no maximum transfer limit".

XE Money Transfer allows transfer through online, phone, bank account to bank account and their transfer options include one-off payments, market orders, and forward contracts. The company doesn’t charge any transaction fees, commissions or ongoing fees and specializes in global currency markets, unlike banks. XE Money Transfer offers competitive and affordable solutions in sending money overseas.

ADDITIONAL FINDINGS

Other global companies that sell foreign exchange currency online include CurrencyFair, TransferWise, OFX (Previously OzForex), WorldFirst, TorFX, Currencies Direct, FrontierPay, Azimo, FC Exchange, WorldRemit, and Currency Online.


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