Money Transfer Companies

What are money transfer companies

Money transfer companies streamline the process of sending money internationally, with their biggest selling point – offering competitive rates than traditional banks.
These companies have risen in popularity due to their ability to undercut the hefty fees banks typically charge and by offering better exchange rates and their “no transfer fees” policy.

Essentially, they pass on the savings from operating thinly into their customers (as opposed to big banks).

Setting up is straightforward: once you’ve signed up and your account is all set, you can initiate transfers with just a few clicks online or through the phone, depending on the company you opted to use.

Money Transfer Companies in Australia

RankingCompany NameType of Service
1Send PaymentsBrokerage and Online Payments
2TorFXBrokerage and Online Payments
3WiseOnline Money Transfer App and Multi-Currency Accounts
4RevolutOnline Money Transfer App and Multi-Currency Accounts
5OFXBrokerage and Online Payments (Including App)
6XEBrokerage (Above $50,000) and Online Payments
7WorldFirstB2B Payments
8CurrencyFairOnline Payments and App
9InstraREMRemittances-Oriented Online Money Transfer
10World RemitRemittances-Oriented Online Money Transfer
11RemitlyRemittances-Oriented Online Money Transfer
12PayoneerB2B Payments
13TransferMateB2B Payments

Background about Australian money transfer companies

RankingCompany NameYear FoundedFounders
1Send Payments2019Paul Billing, Ian Cragg
2TorFX2004Jon Beddell
3Wise2011Kristo Käärmann, Taavet Hinrikus
4Revolut2015Nikolay Storonsky, Vlad Yatsenko
5OFX1998Matthew Gilmour
6XE1993Steven Dengler, Beric Farmer
7WorldFirst2004Jonathan Quin, Nick Robinson
8CurrencyFair2009Brett Meyers, Jonathan Potter, Sean Barrett, David Christian
9InstaReM (Nium)2014Prajit Nanu, Michael Bermingham
10World Remit2010Ismail Ahmed, Catherine Wines, Richard Igoe
11Remitly2011Matthew Oppenheimer, Josh Hug, Shivaas Gulati
13TransferMate2010Terry Clune, Barry Dowling

In-Depth Analysis into market leaders

View our detailed money transfer company reviews below.

Send Payments

Get insights and read reviews on Send Payments for informed decisions.
Send Payments Reviews

PayPal

Discover what users say about PayPal for money transfers.
PayPal Reviews

TorFX

Explore reviews for TorFX and make your transfer with confidence.
TorFX Reviews

Types of money transfer companies

There are brokerages (more personal touch), apps (completely streamlined online process) and there are crosses i.e. money transfer companies which are a combination of the two.

These firms make their money on the ‘spread’—the difference between the buying and selling price of currency. They keep this spread modest, ensuring they remain competitive against banks and other currency transfer services. This business model has proven effective, providing a win-win for both the companies and their customers who are after a more economical and efficient service.

How do money transfer companies operate

Money transfer companies operate in two main models.
One being – all online, which means that while there is a support team, there is no access to a currency dealer.
The second one, a brokerage.
That means that you have an account manager of some sort with professional expertise in currencies.
The first one is more geared towards people who are both internet-savvy and confident, and for the most part for a smaller transfer.
The latter, a broker, is for those who prefer to conduct business over the phone or on email rather than through an online system.
Those who use a broker can have a bunch of specific requirements, for example wanting to hedge a future trade, that online money transfer companies don’t allow.

Largest money transfer companies in the world

RankCompanyRevenue (in AUD)
#1PayPal$41.678 billion
#2Western Union$6.146 billion
#3Wise$1.539 billion
#4MoneyGram$1.876 billion
#5Remitly$1.219 billion
#6Payoneer$1.106 billion
#7Moneycorp$400.582 million
#8WorldRemit$270.62 million
#9OFX$228.9 million

Out of the 9 largest money transfer companies, the vast majority operate in Australia.
The exception is only Moneycorp, which is a UK brokerage, which does not take on Australian customers.
Out of the 9 largest companies, 5 are remittances oriented.
All 9 offer online money transfer services.
Wise is the fastest growing company in the bunch, relative to year established and market size.