The 10 Best Bank Transfers Solutions

In a world where global borders are shrinking due to international business, increased connectivity through the internet, and the rise of nomadic lifestyles, you need money transfer solutions that work for the best interest of you and your money. 

Whether you’re a business with international dealings or a person sending money to family abroad, your primary goal is always to save the most money. That’s why you need a money transfer service that offers competitive rates and accurate, real-time readings of exchange rates. 

Below, we’ve broken down a list of the best 10 transfers in the UK to help you choose the best one for your needs.

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Azimo was founded in 2012 and began offering business solutions around 2019.

The Pros

Online and mobile platforms available for easy account management. No minimum transfers, making it good for both business and personal use. You can send transfers to 195+ countries in over 60 currencies. Exact delivery times are shown after a transfer is completed and most are completed within a day. Emails and SMS message notifications. They offer over 300,000 cash pick-up locations in over 50 countries. Quick and easy sign-up.

The Cons

Lack of transfer fees information disclosed on their website. Only your first two transfers are fee-free. No transfers over the telephone. No dedicated dealer assigned to help with your account.

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Currency Solutions

Currency Solutions specialized in large currency transfers, such as international property purchasing.

The Pros

Accounts are assigned a dedicated currency broker to help customers navigate currency solutions. Supports over 25 currencies. No transfer limits when they are processed over the phone. Allows for Visa debit, Mastercard debit and bank transfer for payments. Quick and easy sign-up.

The Cons

No transfer fees for transfers above £3,000, making it a bad option for those wishing to transfer lower amounts. Online transfer limits are £20,000 on personal accounts and £50,000 on business accounts. You have to speak with your personal dealer to set up scheduled payments.

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XE Money Transfer

XE Money Transfer is a NASDAQ listed company that offers personal and business money transfer solutions.

The Pros

They do not charge fees for transfers, monthly account activity, opening an account, receiving money, or on foreign exchange transactions. Transfers in 60 currencies to over 170 countries. Monitor transfers with their app or website, and receive SMS and email alerts. Most transfers are completed in one day.

The Cons

They don’t disclose exchange rates upfront. Card transfers are not supported and some banks may charge fees when transferring money with them. The list of banks that charge fees are not provided. Some transfers can take up to four days. Local cash pick-ups are not offered.

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MoneyCorp is one of the largest foreign exchange businesses and has offices in the UK, USA, France, Spain, Hong Kong, Australia, and more.

The Pros

Account transfers can be managed with a personal account manager on the phone, or 24/7 online or through their mobile app. Automatic rate alerts and purchases help you get the best deal. Ability to setup scheduled direct debits.

The Cons

Limited information on their website. According to reviews, the sign-up process can take a little longer than average. Minimum transfer of £50.

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Virgin Money

A multi-national conglomerate, Virgin Money has had international dealings since the 1970s.

The Pros

No transfer fees. They guarantee to beat rates given to account holders at other high street banks as long as you request a quote from them within three hours of receiving their competitor’s quote. Book a rate for a transfer for up to three years into the future, which is great for overseas property purchasing. They allow you to setup regularly scheduled payments. Quick and easy sign-up.

The Cons

£50,000 limit per trade and you can’t exceed £100,000 for daily online trades. Minimum transfer of £1,000.

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OFX has global offices located in London, Sydney, San Francisco, Toronto, Hong Kong, and Singapore.

The Pros

No transfer fees. Most major currency transfers are processed within 24 hours. Monitor transfers with their app or website, and receive SMS and email alerts. You can send money to over 15 countries. No maximum transfer amounts. Customer service available 24/7. Quick and easy sign-up.

The Cons

They only offer bank-account-to-bank-account transfers, so you can’t use debit or credit cards. Smaller amounts of transfers may end up being more expensive. No local cash pick up options. No delivery options for same-day or overnight. Minimum transfer of £1,000.

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Global Reach

Global Reach offers corporate and personal accounts. They have offices in the UK, South Africa, and the Netherlands.

The Pros

They can lock-in exchange rates for up to two years, which is helpful for overseas property purchasing. Access to a knowledgeable team that can help you navigate the market. Partnership programme available for businesses. Automatic stop-loss trade thresholds to save you from losing money. Offers a best exchange rate guarantee, though terms do apply. There are no fees for wires. Quick and easy sign-up.

The Cons

They don’t have an app for account management. Minimum transfer of £1,000.

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TorFX offers business and personal accounts, and operates secured client bank accounts through Barclays Bank. Offices located in the UK and Australia.

The Pros

Voted the Consumer Moneyfacts International Money Transfer Provider of the Year 2016, 2017, 2018 and 2019. Allows for transfers over the phone or online, anytime. An app is also available for convenient account management. Accounts are overseen by a dedicated account manager. Free account creation with competitive exchange rates. They also do not charge transfer fees or commission. Quick and easy sign-up.

The Cons

Minimum transfer of £100.

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Currencies Direct

Currencies Direct offers business and personal accounts. They have over 20 branch locations, including London, Spain, France, India, China, and USA.

The Pros

Transfers available 24/7 online, over the phone, or through their app. Transfers to over 200 countries in over 40 currencies. Transfers are free. You can create rate alerts so you are able to buy at the best time. Local collection accounts, batch payments, and risk management tools for businesses. Most funds are transferred the same day and can be tracked online or through their app. Multiple awards for their money transfer services. Quick and easy sign-up.

The Cons

Minimum transfer of £100.

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TransferWise has created a name for itself by providing mid-market rates and a transparent fee model with no surprises. They offer personal and business accounts, and have 12 different international offices providing service in over 59 countries.

The Pros

Clear pricing is shown upfront. No minimums for a transfer. Fees seem to be lower than other competitors, though transfer times might be longer as a result. Offers account management online and through their app. Borderless account available that services 30+ countries and comes with a free MasterCard.

The Cons

Reviews state that bank transfers tend to be slower when compared to other providers. Cash deposits may cost a fee.

Provider of the Month

Why Azimo

Fast, economic global money transfers. When you need a transfer, you shouldn’t have to wait. Safe & secure money transfers. Send to 195+ countries and 60+ currencies. Most transfers completed in less than 24 hours. Instant cash delivery to over 50 countries.

See Our Full Review
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