Our Best Online Money Transfer Services April 2025

Online Money Transfer 

Transferring money online has never been easier, quicker, and safer. With just a few clicks of a mouse—or taps of your finger—you can send money online to other people, companies, banks, merchants, and more, both locally and internationally. Whether you need to send cash online or perform an international money transfer online, these services have made the process seamless.

Online money transfer is becoming increasingly more popular because of its convenience; whereas people used to need to go to the bank or wiring office to transfer money, today all you need is access to a computer or a smartphone. In fact, now you can easily send money transfer online without leaving your home.

Sending Money Online: How Does it Work?

While there’s a lot of sophisticated technology behind online money transfer, the premise is this: instead of transferring paper money, you’re transferring data. The data then translates into money leaving your account and entering the recipient’s account. However, because you’re transferring data and not paper money, online money transfer is often instantaneous. And in many cases, all you need to complete the transfer is the recipient’s phone number or email address.

If you need to send money online internationally, it's important to understand the process. Practically, in order to wire transfer online, you’ll need to create an account with a money transfer service like MoneyGram, Western Union, or TransferWise. Once you create an account, you’ll have different options for sending money. You can send online to a bank account or eWallet, or you can send cash online to a physical kiosk. In some cases, the recipient will need an account with the money transfer service in order to receive the funds.

Top 3 Money Transfer Companies

Company	Transfer Fees	Explore
	$0	TorFX CHECK RATES
	Low	Currencies Direct CHECK RATES
	Low	XE CHECK RATES

Money Transfer Fees and Rates

There are four factors that determine the fees and rates of each online money transfer:

1. The company you use
2. How much money you’re transferring
3. Where you’re sending the money (local versus international)
4. How you’re sending the money (bank account, debit card, credit card, etc.)

Unless you regularly send money online, you probably won’t know the transaction fee until you begin the money transfer process. However, if you’d like to get an idea of how much your online cash transfer will cost, many companies offer fee estimates, like MoneyGram, Western Union, and TransferWise.

How Long Does It Take?

Just like the fees and rates of transferring money depend on a few factors, so does the amount of time it takes. Sending money from your credit or debit card to someone else’s card or to a kiosk typically takes a few minutes, whereas online amount transfer from/to a bank account usually takes 1-2 days.

The discrepancy in transfer time is due to the banks themselves; when you transfer money online, strict anti-fraud measures are implemented, which is why it takes longer for the recipient to get the money.

Similarly, when you wire transfer online to international banks, in addition to anti-fraud measures, a time delay can result due to the difference in time zones, regulatory issues in each country, and other factors.

While these delays can be frustrating, at least you know it’s because banks are trying to protect their customers. Understanding these factors can help you better plan your international money transfer online.

Easy money transfers abroad

TorFX CHECK RATES

How Much Money Can You Send?

Online money transfer services usually have limits on how much money you can transfer at one time or in the span of a certain time period. One of the reasons for these limits is for the companies to protect themselves and keep costs down; other reasons include fraud prevention and compliance with national and international regulations.

While almost every money transfer service has limits, most offer some sort of premium service for regular, verified customers that includes higher limits. Whether you're performing a small online amount transfer or a large wire transfer online, it's essential to be aware of these limits.

Since each service has its own transfer limits, it’s up to you to do some research if you need to send a large sum of cash.

Where Can You Send Money To?

When you send money online, you can send it to virtually anywhere in the world—and not only that, you can send it to a recipient’s bank account, eWallet, or to a physical kiosk for pickup.

Not only do people have friends and family around the world, but there are hundreds of thousands of workers who reside in foreign countries and send money online home to their families every month. For these workers, international money transfer online is literally a lifesaver.

How to Find the Best Money Transfer Company

Finding the best money transfer company means doing a little bit of online research. Reading unbiased reviews is the first step—doing so can help you weed out the scams from the legitimate services.

If you’ve read reviews and are debating between a few well-reviewed companies, you can then focus on what’s important to you:

• Rates and fees? If this is the deciding factor, you can use fee estimating tools to see which service will offer you the best rates for your transfer needs.
• Security? Choose a company that is known for its security features and one that will allow you to sleep well at night.
• Fast transfers? If time is of the essence to you, choose the company that offers the fastest transfers.

Easy money transfers abroad

TorFX CHECK RATES

If one company offers better rates and another offers faster transfers, you can use each one to suit your needs for each particular money transfer. Just because you start out using one company doesn’t mean you can’t switch to a different company or use two simultaneously. Remember, you’re paying for the service, so you deserve to get the most out of it.