What international money transfer services exist in the world?

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What international money transfer services exist in the world?

Hi there! Thank you for your question on World Money Transfer Services. It was not possible to list 50+ international money transfer services, together with details on each of these services as required under "What does success look like", within the given 2-3 hours of research. Corporate websites and trusted media sites were used to gather the provided information. Below you will find an overview of the companies that we were able to research, and a detailed list of all company data is provided in the following spreadsheet: https://docs.google.com/spreadsheets/d/1-kIBwOoR3bfiXfK39tnHMOZ2k59jsWCBQrQbJ8aZ5Lg/edit#gid=0.
I was able to gather most information required from each company's website. The spreadsheet details the company name, the year established, the types of clientele, the number of currencies the company deals with, the minimum transfer allowance, how a client can participate in currency trading/exchange, the locations of the companies’ offices, the fees associated with transfers, their market share and whether they are VC funded.

As for the financial data, after an extensive search, I was not able to locate evidence regarding the market shares of the international money transfer industry. Therefore, I have included their most recent revenue, for your information. Also, in regard to Venture Capital funding, I used the Owler website to gather as much data as possible, but due to the private nature of most companies, this information was generally undisclosed. Any red boxes on the spreadsheet mean that the information was not obtainable through our research.

Most companies are open to all international clients, though a couple exclude the United States or are specific to the country where the Headquarters are located. Below I have detailed the pros and cons of each company, as provided by an overview of client reviews.
The advantage of MoneyGram is that they deal with cash pickup. The disadvantage is that there are no bank-to-bank transfers.
The pros for Ria are that it is one of the largest providers in the world, has a wide global reach, provides a professional website and support, and offers fair rates for remittances. The cons are that its services are limited to U.S. clients, they have a maximum of $2,999 per transfer, and their fees for large transfers are not great.
The benefits of Currencies Direct are that they have over 150,000 active clients, they transfer £4.5Bn annually, and there are 18 offices worldwide. The negative is that their services are not available in some U.S. states.

The advantages of HiFX are that they deal with a variance of currencies and have a strong establishment. The disadvantages are that their fixed fees are high and their mobile application is badly rated.
The pros for PayPal are that their service is fast, secure, and great for small transfers. The con is that both parties must have a PayPal account to initiate a transfer.
The benefit of Global Reach Partners is that they are an industry leader with £5.5bn traded annually. The negatives are that they don't have a mobile application and their services are not accessible to U.S. based clients, which results in them being smaller than other money transfer companies.
The advantages of Currency Solutions are that they have no currency limitations and they currently have about 135,000 active clients. The disadvantages are that don't have a mobile application and they have set a high sending limit of £1,000+ per transfer.
The pros for TorFX are that they have 50,000 personal clients and a staff of 100+ traders. The cons are that their offices are only in the UK and Australia, their mobile application is only accessible to Android users, and they have a smaller trading volume than other companies.
The benefits of World First are that they have 75,000+ active clients, a guarantee of the best rate in the UK, they have one of the largest varieties of currencies, and they have an easy 2-minute sign-up. The negatives are that their services are unavailable in some U.S. states and their minimum transfer amount is £1,000 or equivalent.
The advantage of OFX is that they have offices worldwide, with local bank accounts in the UK, USA, Hong Kong, and Australia, NZ (online sellers). Additionally, they have a large trading volume of $20 billion annually, which makes them an industry leader. The disadvantage is that some trades can only be done by phone call.

The pro for FC Exchange is that they move $5.5 billion per annum in foreign currency. The cons are that they don't have a mobile application and they do not accept U.S. based clients.

No client reviews were found for Payoneer but the other information is available here.

No client reviews were found for Halo Financial but the other information is available here.
The pro for FairFX is that they have no fees, no matter the transfer size. The cons are that there have a single office in the UK and they do not accept U.S. based clients.
The positives for Currency Index are that they are rated as one of the best small brokerages and have the lowest fixed rate of 0.495% on large transfers. The negatives are that they don't have an online platform and their service is not available in the U.S.
The advantage of CurrencyFair is that they have a 0.35% overall Mark-up Report. The disadvantages are that they have varying fixed fees, which could be significant depending on the total amount being transferred and there are additional withdrawal fees.
The pros for Kantox are that they have already transacted $2 billion since inception and they offer an advanced platform. The cons are that they have a single office in the UK, they have a short track record, and client feedback is difficult to find.
The benefit of TransferWise is that it has a large trading volume. The negatives are that they offer no discounts for high volumes and they do not offer FX options.
The advantage for Key Currency is that they have no minimum trade volume. The disadvantages are that they have a small number of international offices, no mobile application, and they are relatively small and new.
The pro for MoneyCorp is that it has £22.6Bn in annual turnover. The con is that the mobile application is only available to Apple users.
The positives for Lebara is that it is a fast-growing service with an excellent mobile application. The negatives are that they have a short track record and they are not appropriate for large transfers.
The benefits of Skrill are that it is simple and convenient to set up, they have high transfer limits and there is no minimum on withdrawals. Additionally, they are rated as one of the fastest-growing services that operate within Europe. The negatives are that their services require a government-issued ID and their fees are 3.99% above Skrill’s wholesale exchange rates.
The pro for Remit2India is that they are a specialized service that sends money to India from 23 countries (including the U.S.). Additionally, they have several transfer options, including wire and check transfers. The con is that you can only send money to India.
To sum it up, to keep the request within scope, within 2-3 hours, we have compiled detailed information for 23 companies. Kindly submit another request if you like us to carry on research for the full 50-100 companies. You can also find a source for pre-compiled lists of other Money Transfer companies through Worldwide, Finder, and Compare Money Transfers.
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