Until the turn of the last century, banks and high street brokers accounted for a very large percentage of funds crossing borders, but that is no longer the case. With the widespread usage of the Internet came a slew of predominantly online companies, giving individuals and businesses quick, easy, and cost-effective ways to transfer funds from one country to another. Here are some of the leading international money transfer companies that have used technology to change the landscape of how this field operates.
TransferWise
This FinTech unicorn (a startup that reaches $1 billion in valuation) has been around since 2011. It traces its origins to Estonia, where it still maintains an office. Now headquartered in the UK, it also has offices in U.S., Hungary, Ukraine, Australia, Japan, and Singapore. Access to its website comes in English, Spanish, French, Portuguese, Italian, Russian, Hungarian, and Chinese. The newly launched TransferWise Borderless account for businesses lets you hold funds and receive payments in multiple currencies. This company does not provide hedging alternatives.
World First
World First began operations in 2004. UK-based, this FinTech company also has offices in the U.S., Australia, Singapore, and Hong Kong. It operates dedicated websites for the UK, the U.S., France, China, Singapore, Hong Kong, Japan, and Australia, access to which comes in some local languages such as French, Japanese, and Chinese. Its World Account for online sellers provides a local banking experience in different currencies. World First lets you choose from spot orders and forward contracts.
OFX
Headquartered in Australia, this company began operations in 1998, as OzForex, an information-only website. It is now among the leading FinTech companies in this realm, with offices also in the UK, the U.S., Canada, New Zealand, and Hong Kong. OFX operates dedicated websites for Australia, the UK, the U.S., and Canada, but website access comes only in English. Its offering for online sellers comes with receiving accounts in different currencies. OFX provides spot orders, forward contracts, and limit orders.
WorldRemit
This UK-based overseas fund transfer company began operation in 2010. Now, it also has offices in the U.S., Canada, Australia, New Zealand, and Japan. Access to the WorldRemit website comes only in English. It does not provide services for businesses and online sellers.
Currencies Direct
Currencies Direct is among the oldest FinTech companies in this sphere, having begun operations in 1996. It has its headquarters in the UK, with offices also in Spain, Portugal, France, South Africa, and India. It operates dedicated websites for the UK, the U.S., Spain, France, Portugal, Germany, Italy, Norway, and China, which you may use in local languages. This company lets you choose from spot transfers, forward contracts, and limit orders.
HiFX
HiFX is a UK-based company that has been around since 1998, when it began operations as Halewood International Foreign Exchange Limited. It operates dedicated websites for the UK, the U.S., Australia, and New Zealand, access to which comes only in English. It offers spot transfers and forward contracts.
CurrencyFair
Headquartered in Ireland, CurrencyFair has been around since 2009. It also has offices in the UK and Australia. A unique aspect about this company is it lets you bid for preferred exchange rates using its Exchange platform. Website access comes in English, French, and Polish. This company does not provide hedging alternatives.
FC Exchange
FC Exchange began operations in 2005. UK-based, this company also has offices in Cyprus and South Africa. Other than its global website, it operates one for online sellers from China. While you may use the former only in English, access to the latter comes in English and Chinese. This company lets you choose from spot transfers, market orders, and forward contracts.
Frontierpay
Frontierpay began operations in 2009. Once you register with this company, you get access to a personal dealer. Access to its website comes only in English. This company provides spot transfers, forward contracts, and market orders.
Azimo
Azimo began operations in 2012. Access to its website comes in English, Spanish, French, Portuguese, Italian, Polish, Russian, German, and Romanian. This company does not provide services for businesses and online sellers. It does not provide hedging tools.
TorFX
TorFX has been around since 2004. This overseas fund transfer company is headquartered in the UK and it also has an office in Australia. It operates a global UK-based website as well as one dedicated for the Australian market. Website access comes only in English. TorFX lets you choose from spot transfers, forward contracts, limit orders, and stop loss orders.
Conclusion
The number of FinTech overseas fund transfer companies that let your send and receive money across borders is bound to grow in the future. What’s to be seen, though, is the level of service and customer satisfaction they provide, which, in a way, will distinguish the good from the bad.
