It is not always straightforward to transfer money, especially larger sums from Africa to the USA, UK or Australia.
There are a number of ways you can send money from Africa to friends and relatives or for business purposes abroad. I have researched and put together, the best available options for you.
However, you might want to consider the transfer fees, accessibility and convenience, time of payment delivery, customer support service, and choose the money transfer option that suits your needs.
When it comes to international money transfers, you need to equally understand the exchange rates offered by the money transfer service providers.
What are the best international money transfer websites?
1. World Remit
WorldRemit is a legitimate online/App money transfer platform that allows users to transfer money in a secure, fast and affordable way. It has options for bank transfers, cash pickups and direct mobile money transfers.
World Remit thrives on its extensive global reach of over 130 countries and almost every African country with over 70 currencies to choose from. It has a 4star reviews from over 56,000 customers.
- What are the offers of WorldRemit?
The foreign exchange rate spread of WorldRemit for currencies such as the US Dollar or GBP has a markup between 0.5% to 1.25%. This is better option compared to traditional banks with typically 4% – 6%.
According to WorldRemit, 95% of its transfer ready in minutes. However, its bank transfers take between 2 – 3days to complete.
The maximum sending amount is $10,000 with a range of payout options (including debit cards, credit cards and direct mobile money transfer).
In terms of card transfers, users will incur an additional transfer fee of up to 3%. Click here to sign up for free with WorldRemit as an option for your money transfers;
OFX is a legitimate online/App money transfer platform with coverage in over 190 countries with 50+ currencies.
It has a high security service as it is ASX-listed and monitored by over 50 regulators globally. It has a 4star reviews by over 4,800 customers.
- What are the offers of OFX?
OFX doesn’t charge fees for money transfers and its exchange rate markups tend to be less than 1%. OFX has a minimum transfer limit of $500 with no maximum limit, making it an ideal choice for amounts above $10,000.
According to OFX, most of its transfers are delivered within 24hours. It also has a 24hour customer support service plus a loaded FAQs on its website. To create an account with them for your money transfers abroad, click on this link;
You might have heard of PayPal. It is one of the best online/App money transfer platform for peer to peer international money transfer and payment.
PayPal thrives on its high security, very fast send money options and mix of fees. PayPal is widely trusted and accepted and available in more than 200 countries and supports a lot of currencies.
- What are the offers of PayPal?
PayPal has an exchange rate margin of about 3% as at the time of writing. It has a fixed rate for money transfers depending on the currency and, charges 1% of the transfer amount, with a maximum fee capped at $10.
PayPal charges an additional 2.5% when a recipient withdraws the money to their bank account. So, you can expect to incur a total fee of about 5% of the transfer amount. PayPal processes international money transfers in 1 – 2 working days.
CurrencyFair is a fully licensed and regulated company with over 10 years track record for quick, low-cost money transfers. You can securely send money to over 150 countries in 20+ currencies.
It is known for its bank-beating exchange rates which it claims to be 8× cheaper. It is rated 4.6 of 5 stars by its 5600 customers on Trustpilot (an independent review site). According to CurrencyFair, most of its international money transfer are completed within 24hours.
- What are the offers of CurrencyFair?
CurrencyFair has the some of the best and lowest exchange rate markup. The provider has an on-site calculator that you can use to work out the exchange rate pricing.
CurrencyFair charges a small flat –rate of €3 (or currency equivalent) in spite of the amount being transferred.
The company states on it website that, the average transfer fee is 0.45% per transaction compared to 4 – 6% of traditional banks. If you sign up through my link; CurrencyFair , you get 5 FREE transfers.
As a plus from WEALTHVOGUE: If you are a regular traveler and you want an easier way to move money around, Wise is among the best money transfer options.
Wise, formerly called TransferWise is a legitimate online and App platform, ideal for international money transfer of small amounts.
Their team is focused on building a ‘borderless banking’ system with multiple currencies.
Wise is the ideal choice for world travelers who repeatedly send or exchange cash into foreign currencies. Opening an account with Wise is completely free and typically requires an initially deposit of only $25. Click on Wise to sign up for FREE