Money Transfer Best Companies for 2020


# MoneyGram

MoneyGram International Inc. is a giant multinational company that is publicly traded on the Nasdaq Stock Market with a $175 million market capitalization in September 2020. The company, which has over 2500 employees worldwide, has a track record of close to 80 years, during which time it has gone through numerous mergers and acquisitions and has demonstrated significant expertise in the money transfer industry.

MoneyGram has built its reputation through the quality of its service, which provides a convenient and safe way to send money to or from nearly every country in the world. The MoneyGram brand is recognized and trusted globally, thanks in part to its network of agent locations which, apart from Western Union’s, is unmatched by any of its competitors.

MoneyGram is subject to a wide range of laws and regulations of countries around the world. MoneyGram is licensed in all 50 US states, as well as in the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam. In the UK, MoneyGram is licensed as an Authorized Payment Institution under the European Union Payment Services Directive, which allows MoneyGram to provide payment services throughout the European Economic Area.


  • Easy-to-use mobile app
  • Money can be sent and received in 200 countries around the globe
  • Transfers can be flexibly received in cash, in your bank account, and on your mobile wallet
  • Most transactions settle instantly, making MoneyGram a good choice for urgent transfers
  • MoneyGram is fully licensed and authorized
  • A very large number of customers already trust MoneyGram
  • MoneyGram has already transferred at least 5 billion USD for their customers
  • MoneyGram is a long-established company
  • MoneyGram is available in many different languages


  • Outside the US and Canada, you can only pay with a debit or credit card, or in cash at an agent location
  • Usually more expensive than specialized money transfer providers
  • Fees and exchange rates can fluctuate

MoneyGram Exchange Rate

While this generally costs you a couple of percentage points of the amount you are sending, the amount you will pay above the mid-market exchange rate can occasionally exceed 5%. Since some money transfer services are able to offer exchange rates without any margin and save you plenty of money, it’s very important to always compare all available money transfer services before sending money abroad.

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#Ria Money Transfer

Ria is one of the largest money transfer providers in the world. They provide comprehensive currency exchange services through a large network of dedicated shops and affiliate agents around the globe.

Unlike many other currency providers, users can easily send smaller amounts with Ria. In fact, their online platform only allows a maximum of $2,999 to be sent with each transaction although you can increase this amount by providing further identification at a Ria agent location. The maximum amount you can send over 30 days is limited to $7,999.

Although Ria exchange rates are not as competitive as other dedicated money transfer providers, they do offer a convenient, simple and fast service. This is especially true if the beneficiary wants to pick up their money locally. We recommend them if you want to send smaller amounts quickly and conveniently, especially if you or the beneficiary would benefit from depositing or withdrawing cash through a local agent.


  • A local presence in more than 140 countries and over 350,000 locations.
  • Easy to send and receive money via local agents.
  • No minimum on the amount you can send.
  • Serves many locations not covered by other money transfer providers.


  • You can only send a maximum of $2,999 in one transaction, or $7,999 over thirty days.
  • Exchange rates are not as good as through other providers and are typically 1.5% to 2.5% worse than mid-market rates.
  • Rates for sending money do vary between the online platform and when sending via a local agent.
  • Fees for paying for a transfer via credit card or in cash can be expensive.

Ria uses the following measures to protect your money, transactions, information, and identity:

  • Sophisticated security and modeling to identify suspicious login attempts, transactions, and other issues.
  • Industrial-strength online and offline security to protect data and information.
  • A team of security experts who review suspicious transactions.
  • They do not store your debit or credit card information on their servers.

Ria’s platform uses sophisticated security to protect your financial information and payment data. Ria complies with all government and other official regulations regarding data security, financial management and international currency transfers.

So, is Ria safe? Yes — they are a reliable, secure way to send money overseas and have all the necessary security and regulations in place to protect your money and personal information.

Ria exchange rates

Ria’s exchange rates are generally between 1.5% and 2.5% worse than the mid-market, interbank rates — the standard measure for exchange rate currency pairs. That means for every $1,000 you are transferring, you are paying between $15 and $25 more due to the difference between the “best” exchange rate and what Ria charges, in addition to Ria’s fees.

Here’s how that might look in practice.

Transferring $2,000 to GBP

  • Interbank rate of 1,532 GBP.
  • Ria rate of 1,494 GBP.
  • The difference of Ria vs. “Best” exchange rate: $50 or 2.5% of what you’re sending.
  • Additional fee charged by Ria of $5.

Transferring $1,000 to Euros

  • Interbank rate of 866 Euros
  • Ria rate of 884 Euros
  • The difference of Ria vs. “Best” exchange rate: $20 or 2% of what you’re sending.
  • Additional fee charged by Ria of $5.

Transferring $2,500 to Philippine Pesos

  • Interbank rate of 132,025 Philippine Pesos
  • Ria rate of 129,237 Philippine Pesos
  • The difference of Ria vs. “Best” exchange rate: $53 or 2% of what you’re sending.
  • No additional transfer fee charged by Ria.

Please note that all comparisons on exchange rates were made in early 2019, comparing the standard, interbank rate against quotes provided by Ria’s online calculator. Amounts have been rounded.

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# Remitly

Remitly is an online international money transfer service allowing people in the U.S., Canada, the Eurozone, Australia, and the U.K. to send money to over 49 countries around the world. As a digital alternative to traditional money transfer services, Remitly makes money transfers fast, secure and relatively inexpensive.

Remitly is mobile-optimized and you can send money abroad using their online money transfer service or the Remitly app on your smartphone or tablet. Remitly provides its services in English, Spanish, French, German, Polish, Italian, Turkish, Romanian, and Vietnamese.

Due to their focus on digital technology and mobile apps, Remitly fees are reasonable and Remitly provides good exchange rates for money transfers and currency exchange.


  • Extremely easy to use with a simple, user-focused online interface and excellent mobile applications
  • Beneficiaries can collect their money from any participating bank. This includes almost all of the big banking networks in the countries where Remitly is available
  • Several payout methods including cash pickup at over 140,000 locations, bank transfer, home delivery, and mobile wallet deposits
  • Lock in your exchange rates when you place your transfer to avoid currency fluctuations
  • SMS / text message alerts for you and the beneficiary so you can track the transfer and know when it’s been paid and collected.
  • A 100% satisfaction guarantee means you get your fees back if you aren’t completely happy.


  • Not always the cheapest provider, other providers do offer better exchange rates
  • Fixed fees can be expensive if you’re transferring smaller amounts
  • In some locations, you may be limited in how you can send money and how the beneficiary receives money
  • Daily and monthly limits on how much you can send (although these can be lifted)


Remitly Exchange Rate

Remitly’s exchange rates are competitive and are typically between 0.5% and 2% worse than mid-market rates. Create an account with Remitly and log in to see the exchange rates you will be charged, depending on where you are sending to. Exchange rates may vary based on several factors:

  • How much money you are transferring.
  • Where you are transferring money to.
  • How you are funding your money transfer.
  • The transfer service you choose.

Remitly offers a 100% satisfaction guarantee or you will get your money back. If you cancel your transaction at any time prior to its completion you will have all your money refunded in full. If the transaction has already been completed but you are not satisfied, Remitly will refund you their fees in full.

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