There is a long list of financial institutions that offer online money transfer services:
Transferwise, Worldremit, Westernunion, Neteller, Skrill, Worldfirst, EasySend,TransferGo.
We will talk about each one to see their advantages and disadvantages. I tried all the financial institutions listed above to send /receive money.
Sending money abroad could cost you a lot, especially if you aren’t aware of the hidden fees. Money transfer companies and banks earn money by not only charging you a transfer fee, but also usually by offering you an exchange rate with a hidden markup. You could save a lot of money by comparing exchange rates and transfer fees in real-time.
In my opinion the best financial institution for online money transfer is Transferwise.
Is an innovative international money transfer provider and its focus is on making bank transfers more affordable than traditional banks by charging low and transparent transfer fees and converting money at the true mid-market exchange rate.
TransferWise currently supports sending money to 71 countries and sending money from 43 countries. The company covers 1000+ routes (country combinations) across 49 currencies, and they are also one of the few companies offering the true mid-market rate.
Most currencies supported by TransferWise offer one option: a bank transfer from one bank to another. For some currencies, you can pay with debit and credit cards or use a SOFORT transfer option. Apple Pay or Android Pay is also available for certain currencies via the TransferWise iOS and Android apps. In most cases, the recipient will get the money within one to two business days.
Why is it the best international money transfer? Not just because of the low and transparent transfer fees, but they are very flexible and the customer services are excellent.
I tested by sending money to Pakistan .
Why Pakistan? The person from Pakistan where I had to send the money develops a game for me and must be paid. Generally, banks do not accept transfers to Pakistan due to the restriction imposed.
So, we focused on looking for an online money transfer financial institution that accepts the destination country for receiving money, Pakistan. Because I already have an account with Transferwise, it was very easy to send money to a person in Pakistan.
TransferWise is a top choice for international money transfers. Thanks TransferWise !
The disadvantage is that for the moment Transferwise does not accept to send or receive money in Pakistan from/to companies .
You can only send/received money only through bank account (but I think this is not so important because the transaction is much safer through bank account).
Is an online money transfer service allowing people around the world to send money to their friends and family abroad. The company was created in 2010 by Somali migrant Ismail Ahmed while studying at university in London, who first recognized the opportunity to make money transfers cheaper and improve the experience of sending money.
As of 2018, WorldRemit’s service enables senders in 50 countries to send money to 150 countries across the world. Depending on the country combination, customers can send money to bank accounts, as cash to local cash pick-up agent locations, to mobile wallets (which fosters financial inclusion within the unbanked populations) or as airtime top-up (a popular option for migrants to stay connected with their friends and family back home).
In fact, a third of the WorldRemit money transfers are received on mobile phones and the company claims it is now the leading sender of remittances to mobile wallets worldwide.
Well, I opened an account, I sent all the necessary documents to verify the identity. Ther’s a lot of personal information required. The account was verified and approved in a few minutes.
After I initiated the transfer to Pakistan, I received an email announcing me that the money were put on hold until I got in touch with them over the phone. I immediately called the London telephone number from the Contact us section(no email address or phone number to which you can contact is displayed in the received email) to clarify the transfer details. I had to wait about 15 minutes to talk to someone.
The worst experience. Customer service is deplorable. I was ‘interrogated’ on the phone about 30 minutes. Why do I send money to Pakistan, Do I know the person I send money to, From where do I know the person, I have ever been to Pakistan, Has the person from Pakistan ever been to Romania (my country of residence), Is he a friend or part of the family…etc.
Hey, it’s not like I’m getting married with this person, he is just a friend who develops a game for me and I have to pay him for this service.
OMG! I told the person who interviewed me that I can no longer stay on the phone and that if it is not possible to complete this transfer simply cancel it and return the money by the payment method used during the transfer.
A few minutes after the phone call, I received an email which inform me that my account was disabled:
”We regret to inform you that your account does not meet our approval criteria and we have therefore suspended your account in accordance with our terms and conditions. Unfortunately we will not be able to provide you with our services for the time being.” and the transfer was canceled and the money will be refunded within 21 days.
After 21 days? It only took 1 minute to take the money from my card, and it will take you 21 days to return it ? Maybe this money can be sent through another financial institution which provide international online money transfer to Pakistan. Now will I have to wait up to 21 days to get my money back? That is not fair !
I look forward to your comments regarding this experience or maybe you had such experiences you too.
*Muvison may earn an Affiliate Commission if you purchase something through recommended links in this site. Thank you for your support.