The 10 Best Bank Transfer Solutions

In a world where global borders are shrinking due to international business, increased connectivity through the internet, and the rise of nomadic lifestyles, you need money transfer solutions that work for the best interest of you and your money. 

Whether you’re a business with international dealings or a person sending money to family abroad, your primary goal is always to save the most money. That’s why you need a money transfer service that offers competitive rates and accurate, real-time readings of exchange rates. 

Below, we’ve broken down a list of the best 10 transfers in the UK to help you choose the best one for your needs.

0 1

Xoom

Launched in 2001 and owned by PayPal, Xoom is a money transfer provider where you can send money from the US, Canada, and Europe (which includes the Eurozone, non-Eurozone countries, including the UK) to over 130 countries worldwide. You can make these payments using your credit, debit card, or bank account. The money can be delivered as cash, a bank deposit, or airtime top-up. It can even be delivered to the receiver’s home address.

The Pros

Use PayPal-linked bank account, credit, or debit. Just keep in mind that you cannot withdraw out of your PayPal balance. You also receive text updates and email notifications to stay informed on the status of your transfer.

The Cons

Negative reviews about Xoom involve not being transparent about the markups in exchange rates. It also seems like the total costs surpass competing money transfer providers.

0 2

WorldRemit

Launched in 2010, WorldRemit facilitates sending transfers overseas, including, bank deposit, mobile money, and cash pickup. They boast that over 90% of all transfers are approved within minutes. Customers are using 90 different currencies, from over 150 countries all over the world.

The Pros

Pay-in methods include bank transfers, debit and credit cards, SOFORT, Android and Apple Pay, Poli, Interac, Trustly, and ACH. You can transfer money anwhere, at any time using either the WorldRemit website or the mobile app. There is a large and currently growing number of countries for eligible payouts. Easy to setup and use.

The Cons

It is not the most affordable for the transfer of large amounts or to bank accounts. Some customers were confused with the wording on the website. Best for smaller transfers since the fixed fees are lowered due to the decrease.

0 3

Veem

Founded in 2014, Veem is a secure payment network that specializes in wire payments. Unlike traditional bank wires, Veem utilizes more of an advanced and “tech-based” method to send and receive money. The standard bank wire involves numerous and costly handling fees, not to mention delays in payments.

The Pros

Veem uses blockchain to efficiently process payments safely, by way of a “digital ledger of transactions’ ‘. This eliminates the banks and their fees. Veem is a free payment processing service. However, there is a $20 fee if the receiver requests to receive his international transfer in U.S. currency. It currently works with more than 60 countries. You can integrate your Veem account with Xero and QuickBooks Online Accounting. It’s also user-friendly.

The Cons

Negative reviews about Veem from users claim that they have experienced delays with their payments. For larger payments, users reported a delay of about a week. 

0 4

Azimo

Azimo was founded in 2012 and began offering business solutions around 2019.

The Pros

Online and mobile platforms available for easy account management. No minimum transfers, making it good for both business and personal use. You can send transfers to 195+ countries in over 60 currencies. Exact delivery times are shown after a transfer is completed and most are completed within a day. Emails and SMS message notifications. They offer over 300,000 cash pick-up locations in over 50 countries. Quick and easy sign-up.

The Cons

Lack of transfer fees information disclosed on their website. Only your first two transfers are fee-free. No transfers over the telephone. No dedicated dealer assigned to help with your account.

0 5

Currency Solutions

Currency Solutions specialized in large currency transfers, such as international property purchasing.

The Pros

Accounts are assigned a dedicated currency broker to help customers navigate currency solutions. Supports over 25 currencies. No transfer limits when they are processed over the phone. Allows for Visa debit, Mastercard debit and bank transfer for payments. Quick and easy sign-up.

The Cons

No transfer fees for transfers above £3,000, making it a bad option for those wishing to transfer lower amounts. Online transfer limits are £20,000 on personal accounts and £50,000 on business accounts. You have to speak with your personal dealer to set up scheduled payments.

0 6

XE Money Transfer

XE Money Transfer is a NASDAQ listed company that offers personal and business money transfer solutions.

The Pros

They do not charge fees for transfers, monthly account activity, opening an account, receiving money, or on foreign exchange transactions. Transfers in 60 currencies to over 170 countries. Monitor transfers with their app or website, and receive SMS and email alerts. Most transfers are completed in one day.

The Cons

They don’t disclose exchange rates upfront. Card transfers are not supported and some banks may charge fees when transferring money with them. The list of banks that charge fees are not provided. Some transfers can take up to four days. Local cash pick-ups are not offered.

0 7

MoneyCorp

MoneyCorp is one of the largest foreign exchange businesses and has offices in the UK, USA, France, Spain, Hong Kong, Australia, and more.

The Pros

Account transfers can be managed with a personal account manager on the phone, or 24/7 online or through their mobile app. Automatic rate alerts and purchases help you get the best deal. Ability to setup scheduled direct debits.

The Cons

Limited information on their website. According to reviews, the sign-up process can take a little longer than average. Minimum transfer of £50.

0 8

OFX

OFX has global offices located in London, Sydney, San Francisco, Toronto, Hong Kong, and Singapore.

The Pros

No transfer fees. Most major currency transfers are processed within 24 hours. Monitor transfers with their app or website, and receive SMS and email alerts. You can send money to over 15 countries. No maximum transfer amounts. Customer service available 24/7. Quick and easy sign-up.

The Cons

They only offer bank-account-to-bank-account transfers, so you can’t use debit or credit cards. Smaller amounts of transfers may end up being more expensive. No local cash pick up options. No delivery options for same-day or overnight. Minimum transfer of £1,000.

0 9

Currencies Direct

Currencies Direct offers business and personal accounts. They have over 20 branch locations, including London, Spain, France, India, China, and USA.

The Pros

Transfers available 24/7 online, over the phone, or through their app. Transfers to over 200 countries in over 40 currencies. Transfers are free. You can create rate alerts so you are able to buy at the best time. Local collection accounts, batch payments, and risk management tools for businesses. Most funds are transferred the same day and can be tracked online or through their app. Multiple awards for their money transfer services. Quick and easy sign-up.

The Cons

Minimum transfer of £100.

10

TransferWise

TransferWise has created a name for itself by providing mid-market rates and a transparent fee model with no surprises. They offer personal and business accounts, and have 12 different international offices providing service in over 59 countries.

The Pros

Clear pricing is shown upfront. No minimums for a transfer. Fees seem to be lower than other competitors, though transfer times might be longer as a result. Offers account management online and through their app. Borderless account available that services 30+ countries and comes with a free MasterCard.

The Cons

Reviews state that bank transfers tend to be slower when compared to other providers. Cash deposits may cost a fee.

Provider of the Month

Why Xoom

Transfer money online securely and easily with Xoom and save on money transfer fees. Xoom offerers fast, easy, and secure ways to send money, reload phones, and pay bills for family and friends around the world. And now we’re part of PayPal, the global leader in digital payments.

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