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The Best Money Transfer Services

The 10 Best Money Transfer Services

  1. XE
  2. Ria

What is the Best Money Transfer Service?

Transferring money in this day and age has become as simple as a few taps on your smartphone. Whether you're supporting a friend in another state with their rent or covering your cousin's concert ticket, there are limitless reasons to send (and receive) money on the fly.

However, making sure you have the best money transfer service can be a difficult decision. With so many finance apps and transfer services out there, it can be hard to say which one offers the best features or the best fee schedule. The choice of money transfer service can change from person to person based on their financial needs.

Friday, February 23rd

2024 Money Transfer Service Reviews

Paypal Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

Paypal

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

PayPal, with nearly 400 million users, is one of the most popular and reliable money transfer services out there today. It offers high transfer limits, fee-free domestic transactions, and a shop-now-pay-later option with PayPal Credit. Despite some international transfer fees, PayPal's top-tier security, purchase protection, and efficient customer service make it the top-rated choice for a comprehensive range of money transfer needs.

Venmo Review 4.5 Star Rating

Venmo

4.5 Star Rating

Venmo, a modern money transfer site, focuses on peer-to-peer payments. Part of the PayPal family, Venmo offers top-notch security measures. It has expanded services, allowing payments to vendors, managing money, and investing in crypto. Venmo stands out for minimal fees, except for a 3% fee when using a credit card. It doesn't support overseas payments but offers strong security backed by PayPal's purchase protection. Venmo earns a very high rating for its simplicity, minimal fees, and positive app store ratings, making it an excellent choice for casual spending.

XE Review 4 Star Rating

XE

4 Star Rating

XE provides a comprehensive platform for international money transfers, allowing users to send funds to 220+ countries and territories through various methods, including ACH, wire transfer, and card payments. With a focus on international transfers, XE has gained a solid reputation for user-friendliness and trouble-free transactions. XE stands out with no fees for bank transfers and wire transfers, making it an attractive option for international payments. However, the lack of clarity regarding domestic transfers lowers its rating.

MoneyGram Review 3.5 Star Rating

MoneyGram

3.5 Star Rating

MoneyGram, with over 80 years of experience, provides a versatile money transfer service through various channels. While offering convenient features, MoneyGram's fees, especially for international credit transfers, are relatively high. With a mixed reputation, including an "A+" BBB rating but over 600 complaints, MoneyGram falls behind some companies with fewer complaints. On the other hand, MoneyGram's reviews elsewhere are excellent, receiving praise for its user-friendly app and efficient transfers. While competitive for domestic transfers, cost-conscious users may find better options with higher-ranked services.

Western Union Review 3.5 Star Rating

Western Union

3.5 Star Rating

With a nearly 200-year history, Western Union offers a money transfer service with global coverage. Western Union stands out for low-cost international transfers, charging just $0.99 for cash-to-cash transactions. Another feature is the inclusion of bill payment, but otherwise, the features here are fairly standard. Despite some mixed reviews, Western Union is a strong choice.

Ria Review 2.5 Star Rating

Ria

2.5 Star Rating

Ria, a money transfer service since 1987, offers a full range of services with a mobile app but has smaller, lesser-known cash pickup locations. Concerningly, security measures cause delays, and customer reviews indicate concerns about canceled transfers and slow customer service response. With a mixed reputation, Ria receives a lower rating in our review, suggesting more reliable options may be more worth your time.

Zelle Review 2.5 Star Rating

Zelle

2.5 Star Rating

Zelle, available through over 800 US banks, offers fee-free money transfers within the country. However, it lacks international options, user protection, and dedicated customer support. While Zelle receives praise for speed, its mixed reputation with more than a few 1-star client reviews, raises concerns about reliability. Despite being a convenient service for domestic transfers, Zelle falls short in terms of customer service and international capabilities, earning a lower-than-average rating overall.

Remitly Review 2 Star Rating

Remitly

2 Star Rating

Remitly, a mobile-only app focused on international transfers, allows payments to 170 receiving countries. It excels in offering flat-rate fees for overseas payments, secure SSL encryption, and a delivery guarantee. However, with no option for domestic transfers, Remitly falls behind most competitors. Despite its solid reputation, highlighted by an "A+" BBB rating, Remitly receives a lower-than-average rating for not standing out in comparison to other services in our review.

Xoom Review 2 Star Rating

Xoom

2 Star Rating

Xoom, part of the PayPal family, offers money transfer services with unique features like delivering cash to recipients' doors. However, fees apply to all domestic transactions, ranging from $1 to $5.99. While international transfers have low (or no) fees, the exchange rates are less favorable. With a 2-star rating on Trustpilot and complaints about rejected transfers and poor customer service, Xoom shows a disappointing pattern of lackluster customer satisfaction.

TransferGo Review 1.5 Star Rating

TransferGo

1.5 Star Rating

TransferGo, established in 2012, offers affordable and swift international money transfers. However, it does not support transfers from the United States, limiting its usability for US customers. While praised for its flat-rate fees, clear exchange rates, and high customer satisfaction, especially outside the US, TransferGo receives a low rating for its significant usability restrictions and inability to facilitate domestic or international transfers from the US.

Compare the Best Reviews

Continued from above...

In the current era, one of the most notable conveniences of money transfers is the ability to complete the entire process online. The days when you had to visit physical locations with cash in hand, navigating unfamiliar neighborhoods - an experience that often felt uncomfortable and less secure - are long gone. Nowadays, whether you want to send money from your bank account to a friend or transfer funds between credit and debit cards, you can effortlessly manage it all from the comfort of your home or while on the go through your smartphone.

And you're not even missing out if you want to send cash. If your recipient needs to receive funds in cash, tons of modern money transfer options offer cash transfers with in-person pickup at secure partner locations. And if that wasn't enough, many money transfer platforms now offer the added convenience of paying bills, from utilities to subscription services, or even shopping from your favorite retailer. Some services even integrate directly into your pre-existing banking app for minimal stress if you don't like making tons of new app accounts.

Selecting the right money transfer service might seem overwhelming. The good news is that you can opt for more than one, depending on your destination and the purpose of the transfer - whether it's covering everyday expenses or making online purchases. For example, you might be looking to make international payments whereas someone else might just want to send a birthday surprise to someone close by.

To help you make sense of all the numbers, percentages, and fees, and make an informed decision, consider the following factors when narrowing down your options:

  • How you send money. Some apps and websites are mainly designed for sending money directly to your pals, like when you want to reimburse your friend for paying for a movie or send an extra tip to your nail tech. Meanwhile, other platforms are more geared towards sending money internationally. Some have different waiting periods for free transfers, so speed can be a factor too.
  • Costs. The fees for transferring money can vary significantly depending on the service you choose. While certain platforms may allow you to send money without any charges, others might have substantial fees. This is why having multiple options is beneficial; you can use a service with no fees for routine transactions and resort to those with fees only when necessary.
  • Reputation. What have other people said about their experiences using the money transfer service? Did they have positive encounters with the company? Checking if the Better Business Bureau has given the company a good rating can also provide insights into its reputation, and reviews can help you see how customers just like you fared during the money transfer process.
  • Assurances. Does the platform assure you that your money will be successfully transferred? Are there any promises for reimbursement or purchase protection? You want a transfer service to have your back if something goes wrong, so make sure those protections are in place before you start sending and spending.

To help you get a handle on money transfers, Top Consumer Reviews has carefully evaluated and rated the top money transfer services on the market today. We hope this helps you select the ideal platform for effortless and cost-effective money transfers. Whether you choose one or multiple apps to serve your needs, you'll be sending and receiving money in no time!

The Best Money Transfer Services Compare Money Transfer Services Compare Money Transfer Service Reviews What are the best Money Transfer Services Best Money Transfer Service Reviews

Money Transfer Service FAQ

It's just like the name suggests. Money transfer services let you send and receive money as needed. Most services can be used for personal reasons, like sharing a restaurant tab with friends, or for business purposes such as paying a babysitter or contractor.
That depends on the service you choose. There are options for going to an in-person location with cash and the recipient gets paid in cash, or 100% online services that let you do everything through an app connected to your bank account and/or credit card. Your money could be transferred immediately, or it might take several hours or more.
Yes, sometimes. Most of the person-to-person services that use an app or online platform have no-fee options, particularly if you're using your bank account (and not a credit card) to fund the transfer. However, if you're sending cash or using a credit card to pay for your transfer, expect per-transaction flat fees and a percentage fee based on the amount of money involved.
Some services allow that. You'll have to go in person to a location near you. Keep in mind that there will be fees associated with your money transfer, so bring enough cash to cover those as well.
Some of them do. In fact, there are money transfer services that specialize in international transactions only and don't offer any domestic options. If you're trying to send or receive money internationally, check that the transfer service offers that capability before you create an account online.
That's an important question. Not every money transfer service guarantees that your funds will arrive where you send them! It's a good idea to see what other customers have said about a service before you trust it with your money.
Sometimes. You could see a limit of $2,000 per day, especially for cash transfers. Online-only money transfer services tend to have higher limits, if they have any at all.
Check the terms of service for any platform you're considering. Particularly among the online money transfer services, there are restrictions as to how they can legally be used. Alternately, there may be certain guarantees (and fees!) when sending or receiving a transaction as a payment for goods and services, compared with doing it as a "friends and family" type of exchange.
The Best Reviews of Money Transfer Services