SuperMoney

Compare Money Transfer Services

Back in the day, the options for transferring money quickly across distances were limited to wire transfers – either into the recipient’s bank account or via a commercial service like Western Union. Today, money transfer services are plentiful. Powered by the Internet, such services allow transfers of funds virtually anywhere. With all the available options, choosing a money transfer service relies heavily on your particular needs.

Types of Transfer Services

The money transfer services below offer a broad range of features and services. The service you choose depends on the money transfer services you need.  If you just need a means to occasionally send 50 dollars to your son or daughter or cover your share of gas on a road trip, a transfer service geared toward individual customers will suffice. On the other hand, if you conduct an online business or have a client base that extends across state lines or overseas, you’ll need a full-scale money transfer service that allows business transfers or which has a provision for specialized business accounts. A third type of money transfer service functions much like a bank account, including services like bill payments.

  • Western Union – commercial wire transfer service
  • Amazon Payments – online payments for consumer and business customers
  • Serve – prepaid debit card with bank account features
  • Moneybookers/Skrill – international online transfer service
  • Escrow.com – money transfer service for large-dollar transactions
  • Dwolla – digital account-to-account money transfer service
  • MoneyGram – commercial wire transfer service
  • PayPal – online payments for consumer and business customers

Transfer Requirements and Regulations

For individuals, services with low or no minimum transfer amount requirements make the most sense, while such regulations likely have little or no impact on commercial clients. On the other hand, both business and individual clients may need to be able to transfer funds overseas, to and from bank accounts or by debit or credit card. Many money transfer services require users to establish accounts or facilitate transfers between individuals and commercial users that have accounts in common.

Transfer Speed

Many money transfer services use the Automated Clearing House (ACH) system to process transfers to and from bank accounts. As a result, such transfers can require several days. Instant transfers are also possible with some money transfer services, although fees or dedicated debit or prepaid cards are usually involved.

Services and Perks

Some money transfer services offer features formerly limited to banks, including online bill pay and dedicated debit or prepaid cards. Others provide mobile apps for use on tablets and Smartphones. Still others operate out of one or more physical locations, allowing users the opportunity for face-to-face exchanges with customer service staff.

Fees

Like other commercial ventures, money transfer services exist to make money. One of the most common means of making money is through fees. Many, but not all money transfer services impose monthly fees while others limit costs to per-transaction charges. 

Rating and Ranking

 

Ensuring that the financial institution you’re considering to administer money transfer services personal banking services is properly licensed is essential. It’s also wise to check out its rating with the Better Business Bureau (BBB).

 

Compare Money Transfer Services

Back in the day, the options for transferring money quickly across distances were limited to wire transfers – either into the recipient’s bank account or via a commercial service like Western Union. Today, money transfer services are plentiful. Powered by the Internet, such services allow transfers of funds virtually anywhere. With all the available options, choosing a money transfer service relies heavily on your particular needs.

Types of Transfer Services

The money transfer services below offer a broad range of features and services. The service you choose depends on the money transfer services you need.  If you just need a means to occasionally send 50 dollars to your son or daughter or cover your share of gas on a road trip, a transfer service geared toward individual customers will suffice. On the other hand, if you conduct an online business or have a client base that extends across state lines or overseas, you’ll need a full-scale money transfer service that allows business transfers or which has a provision for specialized business accounts. A third type of money transfer service functions much like a bank account, including services like bill payments.

  • Western Union – commercial wire transfer service
  • Amazon Payments – online payments for consumer and business customers
  • Serve – prepaid debit card with bank account features
  • Moneybookers/Skrill – international online transfer service
  • Escrow.com – money transfer service for large-dollar transactions
  • Dwolla – digital account-to-account money transfer service
  • MoneyGram – commercial wire transfer service
  • PayPal – online payments for consumer and business customers

Transfer Requirements and Regulations

For individuals, services with low or no minimum transfer amount requirements make the most sense, while such regulations likely have little or no impact on commercial clients. On the other hand, both business and individual clients may need to be able to transfer funds overseas, to and from bank accounts or by debit or credit card. Many money transfer services require users to establish accounts or facilitate transfers between individuals and commercial users that have accounts in common.

Transfer Speed

Many money transfer services use the Automated Clearing House (ACH) system to process transfers to and from bank accounts. As a result, such transfers can require several days. Instant transfers are also possible with some money transfer services, although fees or dedicated debit or prepaid cards are usually involved.

Services and Perks

Some money transfer services offer features formerly limited to banks, including online bill pay and dedicated debit or prepaid cards. Others provide mobile apps for use on tablets and Smartphones. Still others operate out of one or more physical locations, allowing users the opportunity for face-to-face exchanges with customer service staff.

Fees

Like other commercial ventures, money transfer services exist to make money. One of the most common means of making money is through fees. Many, but not all money transfer services impose monthly fees while others limit costs to per-transaction charges. 

Rating and Ranking

 

Ensuring that the financial institution you’re considering to administer money transfer services personal banking services is properly licensed is essential. It’s also wise to check out its rating with the Better Business Bureau (BBB).

 

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Company

Reviews

Transfer Speed (days)

Processing Fee

Processing Commission

Minimum Amount

Additional Details

Company Website

TransferWise

TransferWise

2
 
1
3 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee $3 Processing Fee
Processing Commission 1% Processing Commission
Minimum Amount $10 Minimum Amount
HiFX

HiFX

Be the first to rate

Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee $5 Processing Fee
Processing Commission N/A Processing Commission
Minimum Amount $100 Minimum Amount
PayPal

PayPal

5
 
2
7 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee N/A Processing Fee
Processing Commission 2.9% Processing Commission
Minimum Amount $0.02 Minimum Amount
CurrencyFair

CurrencyFair

1
 
 
1 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee $3.18 Processing Fee
Processing Commission 0.35% Processing Commission
Minimum Amount $1.06 Minimum Amount
Dwolla

Dwolla

 
1
 
1 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee $0 Processing Fee
Processing Commission 0% Processing Commission
Minimum Amount $1 Minimum Amount
Remitly

Remitly

3
 
3
6 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee $3.99 Processing Fee
Processing Commission N/A Processing Commission
Minimum Amount $10 Minimum Amount
Western Union

Western Union

1
 
1
2 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee N/A Processing Fee
Processing Commission 5% Processing Commission
Minimum Amount $1 Minimum Amount
  • Physical Location
Chase QuickPay

Chase QuickPay

 
 
8
10 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee $0 Processing Fee
Processing Commission 0% Processing Commission
Minimum Amount $1 Minimum Amount
Money Mart

Money Mart

 
 
1
1 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee N/A Processing Fee
Processing Commission 5% Processing Commission
Minimum Amount $1 Minimum Amount
  • Physical Location
Facebook Payments

Facebook Payments

 
 
1
1 total votes
Transfer Speed (days) 1 Transfer Speed (days)
Processing Fee $0 Processing Fee
Processing Commission 0% Processing Commission
Minimum Amount $0 Minimum Amount