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The Best Money Transfer Services

The 7 Best Money Transfer Services

Who Offers the Best Money Transfer Service?

Sending and receiving funds has never been easier, whether you're helping your abuela in Mexico to pay for some post-hurricane repairs or splitting a Starbucks tab with your friends. The service you choose will largely depend on the type of money transfer you need, how you want to fund it, and how quickly you need the funds to be available to your recipient.

One of the most convenient developments in transferring money is the fact that it can be done 100% online if you choose. In the past, people had to visit in-person locations in unfamiliar neighborhoods with cash in hand - and that rarely felt comfortable or safe! Now, you can send money from your bank account to your recipient's, from your credit card to their debit card, or any number of combinations - all from your home or even on the go through your smartphone.

Monday, September 26th

2022 Money Transfer Service Reviews

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


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

Everyone knows PayPal. Whether you use it to send money to a friend, get money from a client, or to buy things online and in person, you'll find that it's uncomplicated and reliable. You'll have to use a PayPal partner service for overseas transactions, but other than that you'll be able to use this platform for most money transfers - and they're free when you pay with your PayPal balance or bank account. PayPal earns our top spot among money transfer services.

Xoom Review 4.5 Star Rating


4.5 Star Rating

As a PayPal service, Xoom has a strong reputation and some solid guarantees that your money will arrive without problems. You've got options for transferring money both inside and outside of the US, and cash pickups are possible at easy-to-find Walmart locations as well as partners in the Ria network. Xoom charges fees on almost every type of money transfer, but those fees are lower than many of their rivals'. This is a solid option among money transfer services.

Venmo Review 4 Star Rating


4 Star Rating

Venmo is one of the newer money transfer platforms and is one of three such services offered by PayPal. This one excels in the domestic person-to-person area and lets you "get social" with your payments - adding emojis and deciding whether or not to make your transactions visible in your "news feed" . Most transactions using Venmo are fee-free, but you won't be able to use it for in-person cash transfers or for sending/receiving overseas funds. For the average smartphone user, Venmo will be the service of choice for transferring money.

Western Union Review 3 Star Rating

Western Union

3 Star Rating

Western Union might be the first name that comes to mind when you think about money transfers. With good reason: they've been around since the 1850s! While they still have plenty of the traditional, in-person cash transaction options available, Western Union now offers many ways to send money that can be done online and via mobile app. This service tends to have higher fees than most, and mixed customer reviews keep Western Union from earning a better ranking.

Money Gram Review 3 Star Rating

Money Gram

3 Star Rating

MoneyGram has some convenient perks, like a rewards program for frequent users and the ability to pay bills like your electricity or your car payment. And, unlike some money transfer services, this one gives you the option of bringing in cash in person and sending it almost anywhere in the country - or the world. You'll pay for the privilege, though, with fees for both sending and receiving funds in most cases. Plus, some past issues with the FTC and DOJ keep MoneyGram from earning a strong recommendation.

Ria Review 2.5 Star Rating


2.5 Star Rating

Ria has been available for almost 25 years, mostly specializing in transactions from the US to other countries. You may have spotted their logo at 7-11 or Walmart as their preferred partner for in-person money transfers. Unfortunately, Ria's fees are much more expensive than average, without delivering a superior level of service to match. You'll have a better experience using a different money transfer platform.

Zelle Review 2 Star Rating


2 Star Rating

Zelle is used by over 800 banks and credit unions in the US as a way of transferring money directly from one account to another. Funds are available within minutes and there are no fees charged by Zelle to use the service. But, you have to take up any payment disputes with your bank because Zelle doesn't offer any customer care, and your funds could be stuck in limbo if you send them to the wrong person. There are much more reliable money transfer services out there, and Zelle winds up at the bottom of our rankings.

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Continued from above...

But, if you need to use cash to fund your money transfer, or if your recipient needs to receive the funds in cash, don't worry. There are still plenty of options to do that as well. And, many money transfer platforms allow you to pay your bills, from car payments to trash collection, for a small fee.

How can you decide which money transfer service to choose? Actually, you may opt to use more than one, depending on where you're sending money and for what purpose (like paying bills vs. buying something online). Here are a few criteria to consider that can help you narrow down the options:

  • Types of transfers. Some platforms focus mostly on person-to-person transactions, like paying your friend for something she ordered and shared with you or your hairstylist after your latest cut. Others are more for sending money domestically and overseas, with heavy emphasis on cash transactions that can be picked up in person.
  • Fees. Depending on which service you use, you could transfer money for free or with significant charges. This is where having more than one option at your disposal comes in handy: use one platform for free transactions when you can, while using the fee-based services only when needed.
  • Reputation. What do other users say about their experiences with the money transfer service? Has the company gotten a favorable rating from the Better Business Bureau?
  • Guarantees. Does the platform guarantee that your funds will be transferred successfully? If you're using it to pay for goods and services, do you have any options for filing a dispute if something goes wrong?

TopConsumerReviews.com has reviewed and ranked the best money transfer services in the industry. We hope this information helps you choose the right platform for sending (and receiving) money easily and affordably!

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