11 Best International Money Transfer Services in 2024: The Ultimate Guide for Small Businesses

Expanding overseas brings complexity in sending funds abroad. With money on the line, choosing the right international transfer service matters.

As an entrepreneurship consultant who has shepherded countless SMBs through global growth, I‘ve tested a wide range of providers. In this comprehensive guide tailored to small business needs, we‘ll compare the top 11 money transfer services across critical factors like fees, speed, emerging market accessibility, and customization options.

By outlining key decision criteria supplemented by hard data, my goal is to equip you to select the best platform to send funds internationally based on your priorities. Let‘s dive in.

Overview of Top Providers

Before comparing services in-depth, here is a snapshot of leading money transfer providers:

Provider Key Highlights
Wise (Transferwise) Lowest fees, best exchange rates, fast transfers
WorldRemit Wide network across emerging markets
OFX Specializes in large transfers, multi-currency account
Xoom Owned by PayPal, high maximum limits
Remitly Excellent multi-lingual customer service
Azimo User-friendly interface, mid-market rates

Now let‘s explore key factors to determine the best fit for your small business.

Critical Considerations for SMB Owners

As an entrepreneur well-versed in international transfers, these are the criteria I advise clients to evaluate:

1. Transaction Fees and Exchange Rates

Hidden fees erode your hard-earned profits. Wise (Transferwise) is the most transparent in surfacing all charges upfront without bait-and-switch tactics. Across transfer amounts from $500 to $50,000, they offer the lowest fees and best exchange rates losing only ~1% vs. banks that lose 5-7%.

However, for transfers above $10K, OFX provides better rates given their specialization in large sums suited to big ticket transactions like overseas vendor payments.

2. Transfer Time

Do you need funds delivered in <60 minutes or is 48 hours adequate? Remitly and Xoom are strong for urgent transfers, while Currencies Direct and WorldRemit take over 3 business days on average.

3. Recipient Options

If paying remote staff or vendors overseas, allow them to choose how they are paid – bank wire, cash pickup, or mobile wallet deposit may suit different recipients. WorldRemit has the most flexibility here, integrated across over 110 currencies and available in 90% of countries globally.

4. Security Protections

Fraud and misdirected transfers are costly headaches, especially for small businesses on tight budgets. Azimo offers best-in-class authentication protocols while OFX provides multi-factor verification for added security.

5. Bulk Payments

Do you make monthly mass transactions to offshore contractors or staff? InstaREM‘s batch payment feature lets you easily route payments to up to 200 people while saving substantially on fees.

6. Customer Support

When issues inevitably crop up, someone needs to resolve them quickly so your money keeps moving. Both TransferWise and Remitly offer 24/7 multi-lingual live chat, email, and phone access to real people who can solve problems.

As this overview indicates, needs vary business to business. Let‘s see how real-world users rate top providers.

Trustpilot Ratings: Real SMB Experiences

Aggregate ratings provide transparency into actual customer experiences:

Provider Trustpilot Rating
Wise (Transferwise) 4.8/5 (Excellent)
OFX 4.4/5 (Great)
Azimo 4.1/5 (Very Good)

Positive reviews praise Wise‘s transparent fees, OFX‘s large transfer expertise meets business needs, and Azimo‘s intuitive interface for managing high volume batches.

However, every service inevitably faces criticism. Even high scorers like Wise get dinged for slow transfers to certain countries or miscalculating complex currency combinations. This proves why you need options when sending funds internationally.

When Large Transfers Are Required

For transfers above $10K, specialty providers beat banks on exchange rates and fees:


  • No upper limit, better rates on sums above $100K
  • Integrates with Xero, Quickbooks
  • $0 transfers for sums above $10K


  • £100K annual transfer limit
  • Fixed 0.5% commission per transfer
  • Registered in UK, EU, Australia, and South Africa

Wise (Transferwise)

  • Upper limit of £1 million per transfer
  • 0.44% average fee on £100K transfer
  • Exchange rate markups apply on bigger sums

So in summary – purposes, countries, currencies, and urgency vary transaction to transaction for SMB owners. Requirements aligning to your needs makes transfer service selection personal. This guide outlined objective criteria supplemental by real user experiences and pricing data so you can match business priorities to pick the best platform. Reach out as a trusted advisor if more guidance is needed!