Top 5 Services for International Money Transfer: Strengths and Weaknesses
The modern world cannot be even imagined without international money transfers. We send money abroad to support our loved ones, pay for education, treatment, goods or services, run a business, and for many other reasons.
Choosing a reliable service for international money transfers is a task that must be approached with full responsibility. After all, the safety of your funds, delivery speed, commission size and ease of use depend on it.
In this article, we will take a detailed look at the top 5 transfer services, review key criteria for choosing a service and help you decide on the best option based on your individual needs.
Why is Service Reliability above All Else?
Trust is a key factor when choosing a service for international money transfers.
A reliable service guarantees:
Security of your funds. Your money will be delivered to the recipient safe and sound. This is ensured by using state-of-the-art encryption and data protection solutions, as well as by strict adherence to international security standards.
Protection of personal data. Confidential information that you provide to the service will not fall into the third parties’ hands. The service is obliged to comply with the privacy policy and ensure the protection of data from unauthorized access.
Compliance with deadlines. You can be sure that the money transferred will be delivered on time, within the agreed timeframe. Reliable services do their best to deliver transfers on time.
Transparency of terms. You can clearly understand what fees are charged, how the exchange rate is calculated and what additional costs may be incurred. Reliable services provide complete and valid information about their rates and terms.
Professional support. If you have questions or face problems, you can receive prompt and professional assistance. The support service of a reliable service is always ready to answer your questions and help solve any problems that may arise.
O!Bank is a reliable international money transfer provider. We offer a range of transfer types not requiring to open a bank account. All transactions comply with international security standards. Learn more about money transfers by O!Bank.
How to Choose the Perfect Service for International Money Transfers?
A number of factors should be taken into consideration in choosing the best service.
Key assessment criteria:
Fees and hidden charges:
Compare fees charged by different services. Do not limit yourself to reviewing the declared per cent only. Pay attention to fixed fees which can significantly increase the cost of the transfer especially when sending small amounts.
Find out how the exchange rate is calculated. Some services may offer low fees but overstate the exchange rate which will ultimately lead to additional costs. Find out which conversion rate is used: the market rate or the service's internal one.
Review the refund policy for canceled transfers. Find out what deductions may apply to refunds and how long it takes to get your money back.
Transfer speed:
Decide on how urgently you need to send money. If you need the transfer urgently, choose services that offer instant or urgent transfers.
Check how long it takes to deliver a transfer using different methods. Compare the delivery time of a transfer to a bank account, to a card, in cash or by other methods offered by the service.
Keep in mind that the transfer speed may depend on the recipient's country, currency and time of day. In some cases, the transfer may take longer due to time zone differences, weekends or holidays in the recipient's country.
Availability in different countries:
Make sure the service you choose works in the recipient's country. Check the list of countries the service works with on its website or mobile app.
Check if the service has offices or partners in the recipient's region. The presence of offices or partners of the service in the recipient's region can facilitate the process of receiving the transfer.
Find out what methods of receiving a transfer are available in a specific country. Check whether the recipient can receive the transfer in cash, to a bank account, to a card, or in other ways that the service offers.
Convenience:
Make sure you clearly understand the transfer terms and process. Before sending money, carefully read all the terms, rates, and rules of the service.
Check how accessible the support service is. Find out how you can contact the support service, how quickly they respond to requests.
Find out what methods of communication with the service are available. Check if you can contact the service by phone, email, online chat, or through social networks.
Currencies accepted:
Make sure the service works with the currencies you need. Check if the service supports sending and receiving transfers in the currencies you need.
Check what exchange rates are offered. Compare the exchange rates offered by different services to choose the most cost-efficient option.
Pay attention to currency conversion fees. Find out what fees are charged for currency conversion and take them into account when comparing the total cost of the transfer.
Reliability and security:
Check if the service has a money transfer license. Make sure that the service has all necessary licenses and permits.
Read customer reviews about the service. Read reviews by other users about the service to learn about its reliability and quality of service.
Make sure the service uses state-of-the-art solutions to protect user data and money. Find out what encryption and data protection solutions the service employs to ensure the security of your funds and personal information.
Top 5 Services for International Money Transfers
Let’s compare market leaders.
Zolotaya Korona
A popular money transfer service known for its high speed, wide branch network and user-friendly online management.
Strengths:
High transfer speed. Transfers by Zolotaya Korona are usually delivered very quickly, sometimes within a few minutes.
Wide branch office network. Zolotaya Korona has many service points, so receiving a transfer will not be a problem.
A range of ways to receive a transfer. The transfer can be received in cash at a service point, on a bank account or a card.
Weaknesses include the limited geography. Zolotaya Korona may be unavailable in some countries or regions.
MoneyGram
Another major player in the international money transfer market. The service has a large agency network around the world and can send cash.
Strengths:
A large network of agencies worldwide. MoneyGram has a huge number of service points around the world which makes receiving a transfer available almost anywhere in the world.
Cash sending option. MoneyGram offers the option of sending cash. This can be convenient for recipients who do not have a bank account or card.
Various ways to receive a transfer. The recipient can receive a transfer in cash at a MoneyGram service point, on a bank account or a card.
Weakness: as a rule, fees are higher than those charged by some other services.
Western Union
One of the oldest and most famous international money transfer services. It offers a wide range of services including sending cash, transfers to bank accounts and cards, and other financial services. Western Union has global coverage and is represented in almost all countries of the world.
Strengths:
Global coverage. Western Union has offices and agencies in almost every country, making it the perfect choice for sending money even to the most remote corners of the world.
Low fees. Western Union offers its customers favorable fees. Transfer fees may vary depending not only on the destination country but on the sender's country too.
High reliability. This is a time-tested service with a long history and an impeccable reputation. It guarantees safety of your funds and confidentiality of your information.
User-friendly online management. The service offers a website and a mobile app so that you can easily arrange a transfer, track its status and obtain necessary information.
Weaknesses:
High cost. Western Union fees are generally higher than those of many other money transfer services.
Limited range of currencies. Although it offers a wide range of currencies, Western Union still has limitations: not all currencies are accepted for all transfer directions. This is due to regulatory, economic, and technical factors.
AstraSend
A relatively new service on the international money transfer market. It offers low fees and user-friendly online management. AstraSend allows you to send money to bank accounts and cards, as well as receive them in cash at partner service points. However, the number of currencies that AstraSend works with is limited yet.
Strengths:
Low fees. AstraSend offers some of the lowest fees on the international money transfer market.
User-friendly online management. Clients are provided with a user-friendly website and mobile app.
Fast transfers inside Kyrgyzstan and abroad.
Weaknesses:
Limited range of currencies. AstraSend works with a limited number of currencies which may be inconvenient for some users.
Limited geography. AstraSend is available in a limited number of countries.
Express and Bereke
These are regional services that specialize in transfers inside Kyrgyzstan.
Strength of the services: quick and convenient domestic money transfers. Currencies accepted: KGS, USD, EUR, RUB, KZT.
Weaknesses of the services: limited availability. International money transfers are not available.
Learn more about the services on the O!Bank website.
How to Choose the Best Service for Your Needs?
When choosing a service, it is important to consider your individual needs and carefully review the terms of each option.
Answer the following questions to make the right choice:
Where are you sending money to? (country, region)
How urgently do you want your transfer delivered?
What is the transfer amount?
How does the recipient prefer to receive money? (in cash, on a bank account or card)
What fees are acceptable for you?
Recommendations:
For frequent transfers of small amounts: choose services charging low fees such as AstraSend.
For large-amount international transfers: prioritize high-security services such as Western Union.
For transfers without opening a bank account: MoneyGram or Zolotaya Korona are perfect due to their wide network of cash pick-up offices.
Conclusion
One should choose a service for international money transfers based on careful analysis of one’s needs and after comparing available options.
There is no ideal service that would suit everyone and in any situation. That is why it is so important to understand the key selection criteria and be able to evaluate the strengths and weaknesses of each option.
We hope that this article will help you make an informed choice and ensure safety and convenience of your international money transfers.
