September 25, 2021

What are the best currency exchange services?

Using international money transfer companies is the cheapest way to make cross-border payments and exchange currencies. They offer lower fees than most banks and guarantee a high level of reliability and security. Here are some of the best currency exchange services you can use:

Revolut

Revolut is a financial company that was founded by Vlad Yatsenko and Nikolay Storonsky in 2015. The company offers money exchange and transfer to most countries across the world including Norway. If you are looking to send money to Norway or from Norway to other countries, you could consider their services. The same applies to if you are looking for money exchange services. However, you should first read about them on Norske Anmeldelser to know what other people in Norway who have used their services are saying about them.

Norske Anmeldelser

XE

This platform offers money transfer services to over 170 services and they are popular for enterprise-grade security that helps keep their money safe. They offer a low rate on currency exchange and overseas remittance. They provide 24/7 account management services but don’t support card payments. Sometimes, the markup on the exchange rate can be high as well.

Wise

Wise is a well-known money transfer service in the industry. They offer inter-bank international transfers but their service charge is cheaper and there are no hidden costs. They are transparent with their fee system and exchange rates. They have over 8 million users with high positive ratings. However, they have no cash pickup options, difficult troubleshooting due to online services and larger transactions are not supported.

Worldremit

They provide money transfer and foreign currency services in over 90 currencies in about 150 countries of the world. They have different paying methods such as mobile money, cash pickups, etc. Their fees are low and their exchange rate is upfront. They have been positively reviewed by over 4 million customers all over the world. They have quick transfer speeds, a secure encryption system, a wide range of payments, etc. However, their fee structure is complicated and their exchange rate markups are higher.

OFX

This company has over 20 years o experience in the industry with a wide disbursement network. They have offices in cities across the world such as Sydney, San Francisco, Hong Kong, Toronto, etc. They offer services in over 55 currencies and 155 countries. Their customer service runs 24/7 and their exchange rate markups are low. The platform is user-friendly and people can easily get their funds from physical offices.

Payoneer

It is largely meant for freelancers and businesses. The platform is easy to use, with money transfer services provided in 150 currencies and 200 countries. They have a big clientele such as Amazon, Google, Upwork, Walmart, Fiverr, etc. Users enjoy free payments between Payoneer accounts and custom invoices to send to their clients. However, the fee structure is complex and the card payments are expensive.

Remitly

Remitly has over 100,000 agent locations around the world for cash pickups. They are trusted in the industry and are popular for their competitive rates and user-enhanced apps. Their range of payment options includes cash pickup, home delivery, etc. Users can lock the exchange rates when they place their orders.

However, not all payment methods have low fees and the daily limits are low. They offer both economy and express transfers. For express transfers, you have to pay an extra fee for the recipient to get the money within minutes while economy transfers don’t have extra cost but take between one and three days for the recipient to get it.