Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. Best International Money Transfer Organizations
According to the United States Electronic Fund Transfer Act of 1978 it is “a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account”.
EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as “electronic checks” or “e-checks”. In the United Kingdom, the term “bank transfer” and “bank payment” are used, in Canada, “e-transfer” is used, while in several other European countries “giro transfer” is the common term.
Best International Money Transfer Organizations
Wise
Wise is a London-based financial technology company founded by Estonian businessmen Kristo Käärmann and Taavet Hinrikus in January 2011. It is very safe to use to send and receive money from overseas. Wise (formerly known as TransferWise)is a money transfer service send and receive money from millions of customers worldwide. They offer close to the mid market exchange rate with a transparent fee structure. TransferWise is better if you’re sending money internationally due to their transparent fee structure, their more competitive exchange rate, and the fact that they support over 50 different currencies. PayPal may be available in over 200 countries but only supports 25 currencies.
Western Union
The Western Union Company is an American multinational financial services company, headquartered in Denver, Colorado. Western Union tends to provide cheaper fees while MoneyGram generally provides better exchange rates.
OFX
OFX is an Australian online foreign exchange and payments company with headquarters in Sydney. OFX service small and medium businesses, ecommerce retailers, and high-value consumers.
MoneyGram International Inc
MoneyGram International, Inc. is an American cross-border P2P payments and money transfer company based in the United States with headquarters in Dallas, Texas. It has an operations center in St. Louis Park, Minnesota and regional and local offices around the world.
M-PESA Global – Safaricom
The M-Pesa Global Pay Visa Virtual card will allow users to securely pay 100 million foreign merchants like Amazon and Alibaba from their mobile phones, without the need for credit cards or accounts with processors such as PayPal.
WorldRemit
WorldRemit is a digital payments service that provides international money transfer and remittance services in more than 130 countries and over 70 currencies. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe.
PayPal.
PayPal is one of the top online payment services, providing an international money transfer service.
It’s easy to use PayPal to send funds, even without having a PayPal account. You can send money via credit/debit card or bank account. However, you cannot send money using PayPal if your receiving country is Asia or Africa.
Xoom.
Xoom is a popular international money transfer service that allows you to send funds from your bank account or debit/credit card. It’s quick, convenient, and free to sign up (you only pay when you make a transfer).
Your Bank.
Though you need to pay fees for transferring money via your bank, it may be worth it. It’s free to sign up and usually takes 1-2 working days. Prices are competitive with other online international money transfer services, but they can vary depending on the country of origin/destination.
Xe.com
Xe.com is a Canada-based online foreign exchange tools and services company headquartered in Newmarket, Ontario.
CurrencyFair
CurrencyFair is an online peer-to-peer currency exchange marketplace. CurrencyFair is headquartered in Ireland and also has employees in the UK, Australia, Greece, Hong Kong, Poland and Singapore. The company has offices in Newcastle, NSW, Australia, Singapore and Hong Kong.
Currencies Direct
At Currencies Direct, we are able to buy currency at a wholesale rate and we pass the savings we receive from buying in bulk to our customers. You will always get quoted a price for the currency you want to buy or sell whether you trade online or over the phone.
Instarem
Instarem, founded by Prajit Nanu and Michael Bermingham, is a Singapore-headquartered Fintech company offering digital cross-border money transfers to individuals and businesses.” Instarem is now a part of Nium.
Ria.
Ria is an American international money transfer service. It’s easily accessible online or on mobile devices and offers competitive rates. There are no hidden fees, and you only pay the currency exchange fee.
Fees for Ria are usually cheaper than what you’d pay at a bank or Western Union, making it worth it in some cases. International money transfer organizations allow you to send large sums of money overseas quickly, safely, and easily at a low cost.
Remitly
Remitly is an online remittance service based in Seattle, United States that offers international money transfers to over 135 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September of 2021.
Ria Money Transfer
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. Ria initiates transfers through a network of agents and company-owned stores located throughout North America, Latin America, Europe, Asia-Pacific, Africa, and online. Ria is one of the big four remittance companies.
Moneycorp
Moneycorp is an international payments fintech that provides payment products and services. The company was founded in London in 1979.
WorldFirst
World First Netherlands B.V. is authorised by De Nederlandsche Bank (“DNB”) as an Electronic Money Institution with DNB Firm Reference number R161090. The registered address for World First Netherlands B.V. is Herengracht 448, 1017 CA Amsterdam, The Netherlands.
Payoneer
Payoneer Global Inc. is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital.
CurrencyTransfer.com
CurrencyTransfer.com is a British company operating an online marketplace for businesses and private clients that acts as a foreign exchange aggregator. The company was founded in 2014 and has its headquarters in London.
Azimo
Azimo B.V. is an online remittance service headquartered in Amsterdam, Netherlands. It also has offices in Kraków, Poland. Its primary competitors include the fintech startups WorldRemit and Remitly. Azimo offers money transfers to 190 receiving countries in over 80 different currencies.
TransferGo
TransferGo is an excellent money transfer service, highly recommended by the experts at Monito (9.1/10). Fully transparent, TransferGo is a trustworthy provider (10/10) that makes it easy for customers to see fees and exchange rates in all their details before making a transfer.
HiFX
HiFX is a UK-based foreign exchange broker and payments provider that has been owned by Euronet Worldwide since 2014. The company provides foreign exchange and international money transfer services to individuals and corporate customers.
Transfast
Transfast is an international money transfer and cross-border payments company headquartered in New York, with additional offices in India, the UAE, and the Philippines. Transfast is owned by Mastercard.
Unistream
UNISTREAM, sometimes written UNISTREAM Bank, is an international money transfer company and bank based in Russia. The service was originally a department of Uniastrum Bank, but in 2006 became a separate company, with its own banking license. Unistream has operations at 335,000 locations in over 100 countries
