15 largest money transfer companies in the world

In this article, we will list the 15 largest money transfer companies in the world. Click to jump forward and jump to 5 largest money transfer companies in the world. Today, the world is more connected than ever. With air travel having become incredibly common over the past few decades, people now have the ability to travel between continents separated by thousands of miles of seawater without any difficulty. If one can afford it, an urgent trip to visit family members in another country can be accomplished in a matter of days.

Additionally, the contribution of technological advancements such as the internet and social media networks has helped make our vast planet look even more like a “global village”. Today there are more than a dozen applications designed for communication in the consumer market, and many more are still in development. Apps such as Zoom (NASDAQ:ZM), Google Meet (NASDAQ:GOOG), and Discord have enabled employees of the same company to communicate with each other without ever leaving their homes. The freelancing industry has also benefited greatly, with platforms such as Fiverr and Upwork becoming incredibly mainstream. Instead of working for a specific company, anyone can sell their skills to an interested buyer for a set price. In this way, talented people from all over the world have the opportunity to earn money for themselves, regardless of where they live. Apart from purchasing services, people can also purchase a wide range of products from online stores. With the touch of a screen, users can purchase products worth hundreds of dollars from the comfort of their own home.

15 largest money transfer companies in the world

Pixabay/Public Domain

Naturally, as people around the world become more connected to each other, the need for money transfer methods has begun to resurface. Some needed a surefire way to send part of their salary to their families back home. Others needed a secure way to pay employees living in a different country or state. Once the money is transferred, families or individuals can use the money to purchase assets, invest in real estate, or repay a loan. To find out who to consult about these decisions, see the list of the 16 largest financial services companies in the world.. But before these decisions can be made, there must be a process in which the money is securely transferred. Money transfer companies have played a huge role in facilitating these interactions.

This brings us to our list of the biggest money transfer companies in the world. The money transfer market is huge and growing. In 2018, the value of transactions related to money transfers amounted to more than 64 billion dollars. This number is expected to increase significantly and even reach a value of around $143 billion by 2020 alone. However, the coronavirus pandemic may negatively affect this number, as remittances to developing countries have dropped significantly since the virus hit. World Bank spokeswoman Alexandra Klopfer Hernandez said: “We expect a further decline in remittances due to high global unemployment among migrants and the economic crisis.”

Although they have suffered a loss of business due to the pandemic, money transfer companies are still of great importance to many users around the world. For this reason, we have prepared a list of the biggest money transfer companies in the world. To prepare our ranking, we used Owler as a source, ranking companies by company revenue, as well as mentioning company assets, profits, and employees, where applicable. We have excluded from our list companies that do not operate in Asia. Now let’s take a look at the top 15 money transfer companies in the world, starting with number 15:

15. Fair Currency

Total company revenue in 2019 (millions of dollars): 8

Total number of company employees in 2019: 70

In business for over 10 years, CurrencyFair is a solution for expats looking for a cheap and easy way to transfer money to and from their home country. This money transfer company has grown from a mere conception to a global organization, now boasting over $10 million in exchanges since its inception.

Pixabay/Public Domain

14. TransferMate

Total company revenue in 2019 (millions of dollars): 20

Total number of company employees in 2019: 250

Founded in 2010, TransferMate is part of TaxBack, a global financial services giant. It provides an easy, simple and cost-effective solution for transferring money internationally. TransferMate tries to solve the problems faced by companies making cross-border payments, including delays and costs. TransferMate has also worked with banks and regulators, obtaining licenses and managing regulations internationally.

Pixabay/Public Domain

13. Azimo

Total company revenue in 2019 (millions of dollars): 33

Total number of company employees in 2019: 160

Founded in 2012, Azimo is a money transfer company with reach in over 200 countries and territories around the world. Their mission is to democratize financial services and make them affordable and accessible to all its users. Today, Azimo’s IOS and Android apps are award-winning, with nearly one million downloads and 30,000 five-star reviews on the App Store and Google Play.

Image source: Shutterstock

12. CurrenciesDirect

Total company revenue in 2019 (millions of dollars): 44.1

Total number of company employees in 2019: 173′

With a mission to make money transfer the best it can be, Currencies Direct is a money transfer service that has been around for almost 15 years. Today, the company has been authorized by the Financial Conduct Authority, recognized by the World Economic Forum. In 2020, they won the MoneyAge ‘Money Transfer Provided of the Year’ award.

Top 25 countries with the highest foreign currency reserves in the world

Top 25 countries with the highest foreign currency reserves in the world

Pixabay/Public Domain

11. With remission

Total company revenue in 2019 (millions of dollars): 80

Total number of company employees in 2019: 800

Remitly is an online money transfer service that operates primarily in the United States, United Kingdom, and Canada. They claim to be successful due to their company motto of always keeping their services fast, secure and cheap. Users can transfer money globally through the company’s website and mobile app.

Pixabay/Public Domain

10. OFX Group Ltd

Total company revenue in 2019 (millions of dollars): 103.61

Total company profits in 2019 (millions of dollars): 11.47

Total number of company employees in 2019: 250

An Australian-based international online payment services company, OFX Group Limited offers one-time and recurring money transfers, foreign exchange and many other services. Their customer base is very diverse, with users from all over the world. OFX Group Limited provides its services to both private and professional clients, making it a popular choice.

Belarusian money

Belarusian money

Pixabay/Public Domain

09. WorldRemit

Total company revenue in 2019 (millions of dollars): 117.5

Total number of company employees in 2019: 1,000

A leading company in mobile money transfers, WorldRemit is an online money transfer company that allows customers to send their money to family and friends using a variety of payment options. They have an extensive international network and send over 180,000 money transfers worldwide each month. Company founder Ismail Ahmed originally came up with the idea as a student in London in the 1980s when he wanted to send money to his family in East Africa but was wary of the hassle that an agent would entail. His philosophy for the company is to make the money transfer process easier for anyone who wants to send money to loved ones.

Pixabay/Public Domain

8. MoneyCorp

Total company revenue in 2019 (millions of dollars): 139.7

Total number of company employees in 2019: 788

Aiming to be the first choice for international payments and foreign exchange transactions, MoneyCorp is a popular choice for money transfers across the world. They have a diverse customer base on their website, including global corporations, importers and exporters, online sellers, and personal customers. The company was founded in 1962 and is headquartered in London, UK.

Top 25 countries with the highest foreign currency reserves in the world

Top 25 countries with the highest foreign currency reserves in the world

RomarioIfr/Shutterstock.com

7.TransferWise

Total company revenue in 2019 (millions of dollars): 244.9

Total company profits in 2019 (millions of dollars): 14.1

Total company assets in 2019 (millions of dollars): 1,517

Total number of company employees in 2019: 2,200

Based in London, England, TransferWise is an online money transfer service founded in 2011 by two Estonian friends, Taavet Hinrikus and Kristo Käärmann. It is a company with a very wide reach, with more than 750 currency routes around the world. A service-oriented company, TransferWise allows people to send money abroad at very low costs. This is possible thanks to their policy of only using real exchange rates and eliminating hidden fees that may be characteristic of their competitors.

Pixabay/Public Domain

6. Payer

Total company revenue in 2019 (millions of dollars): 300

Total number of company employees in 2019: 1,395

Based in New York, USA, Payoneer is a pioneer in today’s digital world, enabling seamless cross-border payments to millions of businesses and professionals. The company enables businesses, online sellers and freelancers to get paid around the world with the same ease as they would in a local format. It is one of the most popular money transfer services in the freelance world today.

Please continue to see the top 5 money transfer companies in the world. Suggested items:

Disclosure: No post. 15 Biggest Money Transfer Companies in the World originally posted on Insider Monkey.

Comments are closed.