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In this article, we will list the 15 largest money transfer companies in the world. Click to move forward and go to 5 largest money transfer companies in the world. Today, the world is more connected than ever. With air travel becoming incredibly common over the past few decades, people now have the ability to travel between continents separated by thousands of miles of seawater with little difficulty. If one can afford it, an urgent trip to visit family members in another country can be accomplished in a matter of days.

In addition, the contribution of technological advances such as the Internet and social media networks has helped make our vast planet feel even more of 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. Applications such as Zoom (NASDAQ: ZM), Google Meet (NASDAQ: GOOG) and Discord have allowed employees of the same company to communicate with each other without ever leaving their homes. The freelance industry has also benefited greatly, with platforms like Fiverr and Upwork becoming incredibly mainstream. Instead of working for a specific company, anyone can sell their skills to an interested buyer for a fixed price. In this way, talented people all over the world can have a chance to make money for themselves, no matter where they live. In addition to purchasing services, people can also purchase a wide variety 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 homes.

15 largest money transfer companies in the world

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

That brings us to our list of the biggest money transfer companies in the world. The money transfer market is huge and is only growing. In 2018, the value of money transfer transactions was over $ 64 billion. That number is expected to increase significantly and even reach a value of around $ 143 billion by 2020 alone. However, it is possible that the coronavirus pandemic is negatively affecting that number, as remittances to developing countries have declined significantly since the virus struck. World Bank spokesperson Alexandra Klopfer Hernandez said: “We expect a further drop in remittances due to high global unemployment among migrants and the economic crisis.

Despite 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 largest money transfer companies in the world. To prepare our ranking, we used Owler as a source, ranking businesses based on the company’s revenue, as well as mentioning the company’s 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. CurrencyFair

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

Total number of company employees in 2019: 70

Operating 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 simple conception to a global organization, now with more than $ 10 million in exchanges since its inception.

Pixabay / public domain

14. TransferMate

Total company revenue in 2019 (in 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 to transfer money internationally. TransferMate attempts to address issues faced by businesses 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 (in millions of dollars): 33

Total number of company employees in 2019: 160

Founded in 2012, Azimo is a money transfer company present in more than 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. Direct Currency

Total company revenue in 2019 (in 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 “Provided Money Transfer of the Year” award.

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

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

Pixabay / public domain

11. Remitly

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

Total number of company employees in 2019: 800

Remitly is an online money transfer service that operates primarily in the US, UK, and Canada. They claim to be successful because of their business motto, which is to always keep their services fast, secure, and inexpensive. Users can transfer money worldwide through the company’s website and mobile app.

Pixabay / public domain

10. OFX Group Ltd.

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

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

Total number of company employees in 2019: 250

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

Belarus money

Belarus money

Pixabay / public domain

09. WorldRemit

Total company revenue in 2019 (in 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 a large international network and send more than 180,000 money transfers around the world every month. Company founder Ismail Ahmed first 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 an agent would cause. His philosophy for the business is to help make the money transfer process easier for anyone who wants to send money home to loved ones.

Pixabay / public domain

8. MoneyCorp

Total company revenue in 2019 (in 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 around the world. They have a diverse customer base on their website, including global companies, 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 exchange reserves in the world

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

RomarioIen / Shutterstock.com

7. TransferWise

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

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

Total company assets in 2019 (in 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 large reach, with more than 750 currency routes around the world. A service-oriented company, TransferWise enables people to send money internationally at very low costs. This is made possible by their policy of using only real exchange rates and eliminating hidden charges that may be characteristic of their competitors.

Pixabay / public domain

6. Payer

Total company revenue in 2019 (in 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 allows 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.

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Disclosure: No position. 15 largest money transfer companies in the world was originally published on Insider Monkey.

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