Choosing a Money Transfer Service

When receiving international money transfers, it is important to use channels that are safe and secure. Safe and secure money transfer services include the following platforms include Western Union, Remitly, Xoom (owned by Paypal), Moneygram, Wise and Worldremit.

  • Each listed money transfer service supports money senders and recipients in various countries, so recipients should verify with the sender which service they can use in their country. If recipients wish to receive a transfer into a bank account within a different country, they should verify that a specific transfer service supports bank transfers to their bank account location.

  • Money transfer services will charge senders varying fees for money transfers. While recipients will not be charged for the transfer, some transfer services will deduct these fees from the total amount being sent by the sender. Recipients should verify that the senders have taken this into account.

  • Transfer delivery speeds vary based on the sender’s country, the recipient’s country, the transfer service, and the transfer type. Transfer services’ platforms will list expected delivery times for the various transfer delivery options they offer. Keep in mind that some transfer options will not be delivered immediately and as such should not be relied upon as emergency funds.

  • There are several options for receiving money via money transfer services. It is important that recipients explain to senders their specific needs and limitations regarding receiving money transfers, so that the sender can choose a money transfer service that offers the appropriate transfer delivery option.

  • Most transfer services allow senders and recipients to track the status of the transfer.

Things to consider when choosing a transfer delivery type

  • The money transfer will automatically be deposited into the recipient’s bank account, so is relevant for people with debit cards or credit cards that may be used internationally. This option usually takes longer than other available options, which may not be suitable for receiving emergency funds.

  • This option involves the recipient arriving at a specified location, and upon presenting the necessary information (specified below), the recipient will receive the transfer amount in cash. Cash pick-up does not require the recipient to have a bank account, and is often a quicker money transfer option (limited to the operational hours of the pick up location).

    Generally, a recipient must present the recipient’s passport (matching the transfer details), information regarding transfer and sender (such as sender name, transfer amount, sender’s country), and the tracking or reference number of the transfer (provided at the time that the transfer was carried out by the sender). It is a good idea to call the cash pick-up location ahead of time to confirm what information and documentation will be required.

  • Event if mobile wallets are available as a payment option in the country you will be visiting, they are usually reliant on having a local bank account. As such, it is not advisable to rely on a mobile wallet and instead to choose a transfer delivery option, such as a bank account transfer (if you have a debit or credit card which can be used internationally) or cash pick-up.

  • This option allows the sender to remotely recharge a recipient’s pre-paid phone plan, which can often be activated within minutes of the transaction. If choosing this delivery option, the recipient should verify beforehand that the chosen transfer service supports the relevant phone carrier.