25 Jul

XE

XE

URL: https://www.xe.com

 

Description:

 XE.com has been around since 1993. Starting out in Canada, they became famous for their currency converter and have added a number of FX services since. XE is part of Euronet – a money transfer network. XE claims to work with 33,000 customers and 2,000 businesses for money transfer across 127 countries.

 

Free to open an account?

Yes.

 

Payment structure:

This isn’t clear from the website.

 

Same Day Payments?

This isn’t clear from the website.

 

Minimum Transfer Amount:

£100, €100 (EU), or $100 (USA)

 

Where You Can Transfer To:

US, Canada, Mexico, Switzerland, Denmark, Euro, Israel, Hungary, Norway, Sweden, Turkey, Botswana, Kenya, Mauritius, Tunisia, South Africa, UAE, Bahrain, Hong Kong, Jordan, Japan, Kuwait, Omani, Philippines, Qatar, Saudi, Singapore, Thai, Australia, New Zealand

 

Special Features/Benefits:

None.

 

Accreditation:

UK: FCA

USA: Financial Crimes Enforcement Network (“FinCEN”

Australia: ASIC

New Zealand: FMA

 

Offices In:

Canada

 

Awards:

None

  

Recent Headlines:

25 Jul

WorldFirst

WorldFirst

URL: https://www.worldfirst.com/us/

 

Description: Established in 2004, Worldfirst offer tailored accounts for individuals and online sellers. They operate 24/7, and claim that you will always talk to a real person within three rings. They also claim to have conducted the world’s first international money transfer on a wearable device, which we think is pretty cool.

 

Free to open an account? Yes

 

Payment structure: Transfers cost $10 for transfers under 10,000 and are free for transfers above that.

 

Same Day Payments?

 

Worldfirst say it will be possible ‘for most currencies.’

 

For EUR, GBP and USD it will be possible if payment made before these cut-off times EST:

 

EUR payments: 10:00

GBP payments: 10:50

USD payments: 11:00

 

Minimum Transfer Amount: £1000, $1000 or €1000.

 

Where You Can Transfer To:

 

Australia, Canada, USA, UK, Europe, Germany. The company say: ‘the list is endless and so are the currencies. The best way to double check if we can support your specific currency requests (which we probably can!) is to ask.’

 

Special Features/Benefits:

 

Spot contracts, forward contracts. You can become an affiliate partner, meaning you earn revenue when you refer others to Worldpay. You can also ‘white label’ their service and work with a dedicated relationship manager.

 

Accreditation:

 

UK: FCA

 

US: FinCEN and OFAC

 

US State-specific license info:

 

The full list is available here

 

Offices In: London

 

Awards:

 

World First selected Most Convenient in 2017 Money Transfer Award

 

Fintech Breakthrough Award 2017

 

Trade streaming Awards, Best New Payments Player

 

The Queen’s Award for Enterprise, International Trade 2016

 

Sunday Times HSBC International Track 2016

 

First Class Accreditation in the Sunday Times Best Companies Guide 2015

 

Real Business Hot 100 2015

 

UK Customer Experience Award 2013

 

National Business Awards UK 2012

 

Feefo Gold Trusted Services – 2017, 2016, 2015

 

Customer Experience Awards in 2013

 

UK National Business Award in 2011

 

Sunday Times Virgin Fast Track 100 in 2011

 

Recent Headlines:

 

Payments Source, March 2016: World First Opens Its Tech to Confront a Fierce Global Transfer Market

 

payments.com, April 2016: A Global Payments Study Guide For SMEs

 

Austin Business Journal July 2016, Why fintech giant World First is bullish on Austin

 

25 Jul

Western Union

Western Union

 

URL: https://www.westernunion.com/us/en/home.html

 

Description:

 For such a well known brand, there’s a surprising lack of answers to our questions available on the website.

 

Free to open an account?

 We’re awaiting this information.

 

Payment structure:  

Fees differ depending on location you’re sending to/from, and whether you want to send to a bank account, or to have the recipient pick up cash from a Western Union location.

 

Same Day Payments?

 Sending from US to Philippines, for instance, takes 4 days. Some destinations take minutes, some take 4 – 5 days.

 

Minimum Transfer Amount:

No minimum listed on the site.

 

Where You Can Transfer To:

Over 200 countries.

 

Special Features/Benefits:  

We’re awaiting this information.

 

Accreditation: 

We’re awaiting this information.

 

US State-specific license info:  

This page on the website doesn’t work.

 

Offices In: US, UK.

We’re awaiting further information.

  

Awards:

We’re awaiting this information.

 

Recent Headlines:  

We’re awaiting this information.

 

25 Jul

Travelex

Travelex

URL https://www.travelex.com/

 

Description:

Operating since 1976, Travelex is a money wire service, and offers pickup facilities at Travelex depots, or a deliver-to-your-door service, which is free for over $1,000.

Focused heavily on the traveler – Travelex have depots in 28 countries, many at airports and tourist locations.

 

Free to open an account?

We’re awaiting this information.

 

Payment structure:  

Simply the exchange rate on any given day. You can see this when you order through their website.

Additional payment is required for delivery on orders under $1,000.

 

Same Day Payments?

Yes. Door-to-door payments may take up to 24 hours.

 

Minimum Transfer Amount:

$50.

 

Where You Can Transfer To:

They say “We sell over 60 currencies online but not all currencies are available from Travelex.”

We think this could be clearer.

 

Special Features/Benefits:  

We’re awaiting this information.

 

Accreditation: 

We’re awaiting this information.

 

US State-specific license info:  

We’re awaiting this information.

 

Offices In: US, UK,

We’re awaiting further information.

 

Awards:

We’re awaiting this information.

 

Recent Headlines:

We’re awaiting this information.

 

25 Jul

Transferwise

Transferwise

URL: www.transferwise.com

 

Description:

 

Founded in 2011, Transferwise uses a model of transferring money whereby you pay into their bank in your country and they pay your recipient from their account in their country, using the real exchange rate. Customers are updated via email at each stage of the transfer, receive human customer support, and get all fee information before the transfer is made. It also offers the option of borderless accounts.

 

Payments can be made via online platform, mobile application, chat or email.

 

Free to open an account? Yes

 

Payment structure: Commission, but Transferwise charges £2 fees on transfers lower than £400.

 

Same Day Payments? Not guaranteed

 

Minimum Transfer Amount: £1, $1

 

Where You Can Transfer To: Transferwise offers payment to 59 countries

 

Special Features/Benefits: They offer a ‘borderless account’ which includes: instant local bank details, easy multicurrency exchange, real exchange rates, and bank-level security.

 

Particular Tech: Transferwise enables you to pay lots of people in one go by updating and uploading a spreadsheet.

 

Accreditation:

 

UK: FCA

 

Offices In:

 

UK, Australia, Brazil, Canada, Switzerland, Germany, Spain, France, United Kingdom, Hong Kong, Italy, Japan, New Zealand, Singapore, United States.

 

Awards:

WEF Tech Pioneer in 2015

 

EY Entrepreneur Of The Year UK 2015

 

FT’s Boldness in Business Award, 2014

 

Best European Startup, Europas European Tech Startup Awards, 2013

 

Recent Headlines:

 

The Motley Fool Australia, June 2016: Why OFX Group Ltd is facing big competition from Transferwise

 

The Local Fr, June 2017: Why you are paying too much to send money abroad

 

Crowdfund Insider, June 2017: Transferwise Updates on US Business Progress

25 Jul

TorFX

TorFX

URL: http://www.torfx.com/

 

Description: Founded in 2004, TorFX prides itself on its exchange rates, free transfers, and speed of transfers.

 

Free to open an account? Yes

 

Payment structure: Fees.

 

Same Day Payments?

 

TorFX say their transfers are often made on the same day for EUR, GBP and USD transactions. It will be done immediately if they have funds on account prior to booking the transfer, subject to normal banking cut off times. Other currencies will be transferred within 1 to 2 working days.

 

Minimum Transfer Amount:

 

They say that their regular overseas service is designed for recurrent transfers of between £500 and £10,000, but online you can also move £100 without paying a fee.

 

Special Features/Benefits:

 

Forward Contracts – fix your exchange rate for a future currency need.

 

You can buy your currency at a predetermined level, or set a maximum or minimum buying rate.

 

TorFX will send you a £50 Amazon gift card for every client you introduce who takes up the regular overseas payments plan or who makes an international payment above £10,000. That applies to regular overseas payments plans above £500 per month.

 

Accreditation: UK: FCA

 

Offices In:

 

TorFX has offices in the UK, mainland Europe, Australia, the USA and South Africa

 

Awards:

 

Moneyfacts Consumer Award 2016 and 2017: Best Customer Service and International Money Transfer Provider of the Year

 

Cornwall Business Awards – Customer Focus, Best Employer, Winner of Winners (2017)

 

Sunday Times Fasttrack 100 awards, 2nd Place (2008), 23rd Place (2010)

 

Best European Currency Broker, Overseas Living Magazine, (2010, 2011)

 

Recent Headlines

 

Business Cornwall, January 2017: Awards brace for TorFX

 

25 Jul

Ria

Ria

 

URL: https://www.riamoneytransfer.com

 

Description:  

It’s worth noting that Ria are the only provider who seem to have the top-level SSL installed on their website – showing they take security and peace of mind very seriously.

Established in 1987, Ria is one of the most established money transfer companies in the world. Ria focuses on personal money transgers.

 

Free to open an account?  

We can’t see this information on the website, so we’ll update this when we receive the information from Ria.

 

Payment structure:  

This isn’t clear from the website, so we’ll ask the question. We’d like to see some indication from the website.

 

Same Day Payments?

 Credit card payments within about 15 minutes. But bank transfers take 4 days, which seems quite a lot.

 

Minimum Transfer Amount:  

No minimum is listed – but there’s a maximum of $2,999.99 per day. If you need to send more, it requires higher security clearance.

 

Where You Can Transfer To:  

146 different countries.

 

Special Features/Benefits:  

 

Accreditation: 

USA: Office of Foreign Asset Control (OFAC

 

US State-specific license info:

 We’re awaiting this information.

 

Offices In:

Australia, Belgium, Canada, Chile, China, Denmark, El Salvador, France, Germany, India, Ireland, Italy, Mexico, Netherlands, New Zealand, Norway, Puerto Rico, Poland, Senegal, Spain, Sweden, Switzerland, United Kingdom, United States

 

Awards 

We’ll update this once we have the information from Ria.

 

Recent Headlines:  

Ria Money Transfer Recognizes Customers and Migrant Workers on Annual International Day of Family Remittances

Ria Money Transfer Announces New Strategic Partnerships and Expands its Network in India to Serve World’s Largest Diaspora Group

25 Jul

Payoneer

Payoneer

 

URL: https://www.payoneer.com

 

Description:

Payoneer was established in 2005, trades in 200 countries, with 150 currencies, and offers 24/7 support for its customers. They’ve also got offices in 12 countries, the central office being in New York.

Payoneer focus on international B2B transactions.

 

Free to open an account?

 Yes, but we’re awaiting full clarification on this, as it looks like there’s a charge to set up a trading account in a different country. We’ll update when we clarify.

 

Payment structure:

 3% on credit card (all currencies) and 1% on eCheck (US only).

 

Same Day Payments?

 They say that transfers take 1 – 3 business days.

 

Minimum Transfer Amount:

 We can’t find this information on the website, but as it’s a B2B service, we think there would be a minimum.

 

Where You Can Transfer To:

200 countries, 150 currencies – you can probably transfer where you need to.

 

Special Features/Benefits:

Payoneer have a few whitepapers on their site which you can access, and get some advice on international payments.

 

Accreditation:

EUR: FSC

USA: Financial Crimes Enforcement Network (“FinCEN”)

Hong Kong: Hong Kong Customs and Excise Department.

Japan: Kanto Finance Bureau

 

US State-specific license info:

Licensed as a Money Transmitter in 48 US states.
Licensed as escrow agent by California, Arizona and Idaho

 

Offices In:

US, Hong Kong.

 

Awards:

 2017 Red Herring North America: Top 100 Winner (could be anywhere from 1 – 100)

Featured in Inc. Magazine’s Best Workplaces 2017

CNBC Disruptor 50 List 2017

PYMNTS 2017 Innovator Awards, Best Small Business Innovation Category

Owler’s Hot in New York Award 2016

People’s Choice Award for Best Financial Services Company 2016

 

Recent Headlines:

Payoneer Invests in the UK; Unveiling London Office

ShareASale Partners with Payoneer to Power Global Payments

25 Jul

OFX

OFX

URL: http://ofx.com

 

Description:

 

Founded in 2005, OFX is particularly appropriate for individuals who are looking to get started with small-scale online businesses. They offer specific services for Amazon Fulfilment, Landed Cost, E-commerce Solutions, Online Payment Solution, Payment Service Providers, International Online Retail Business, Selling on Amazon, Etsy and eBay.

 

It is one of the transfer companies to offer recurring transfers, the option to buy now but transfer later, to set your target rate, as well as forward exchange contracts and target rate orders.

 

Free to open an account? Yes

 

Payment structure: Commission.

 

Same Day Payments?

 

OFX offers same day payments for certain currencies only, but the clock starts ticking from the moment they receive the money.

 

Minimum Transfer Amount: £100, €100 or $100.

 

Special Features/Benefits: OFX lets you track your transfer online or via its app.

 

Accreditation:

 

US: FinCEN

 

US State-specific license info: Full listing here

 

Offices In: US, (San Francisco), Australia, Canada, Hong Kong, New Zealand, the UK and the USA.

 

Awards:

 

Deloitte awards every year from 2005-2011 (Fast 50, Fast 500 Asia Pacific).

 

BRW Fast 100, 2005

 

UK Trade & Investment International Business Awards Finalist, 2006

 

Recent Headlines:

 

CMO Innovation, June 2017: How and international money transfer business did a global rebrand,

 

marketwired.com, August 2016: US Small Businesses Planning for Global Expansion Finds New USForex Survey

 

Businesswire, May 2017: OFX debuts new currency calculator

25 Jul

Moneygram

Moneygram

 

URL: https://secure.moneygram.com/?locale=en_US 

Description:

 Moneygram has existed in various credible guises since 1940, but its recent history dates back to around 1998 (which is still a long time).

This is a proper wire-transfer service, which side-steps the need for banks. Moneygram has over 350,000 locations worldwide, and has established itself as a trusted industry leader.

 

Free to open an account?

 Yes.

 

Payment structure:

They say

“Fees vary depending on where you are sending, how much, and how you are paying. Fees are typically lower if you pay with a bank account (must be a U.S. Checking account). If you pay with your credit or debit card, the fees are slightly higher.”

 

Same Day Payments? 

They say

“Money is typically ready for cash pickup within minutes after the transfer has been sent successfully, regardless of the payment method used, subject to operating hours, availability, local laws/regulations and compliance requirements.”

  

Minimum Transfer Amount:

We didn’t see any information on the website regarding this, so we’ll ask the question.

 

Where You Can Transfer To:

Over 200 countries.

 

Special Features/Benefits:

 

Accreditation:

 USA: Financial Crimes Enforcement Network (“FinCEN”)

 

US State-specific license info:  

None that we can see

 

Offices In: US, UK. Waiting for clarification on more.

 

Awards:

   

Recent Headlines: