Small World Money Transfer review 2023: Fees, rates, safety

Personal Finance Tips Small World Money Transfer review 2023: Fees, rates, safety Adam Rozsa 21.06.23 (updated more than 1 year ago) 4 minute read Looking to send money internationally from the US? It can be expensive to use your bank, so you might want to try an online money transfer service instead. One option you might consider is Small World Money Transfer. But how does it work, is it safe and crucially, how much does it cost? Find out everything you need to know here in our Small World Money Transfer review. We’ll also look at an alternative – Wise. You can send money worldwide with Wise, for low fees and great exchange rates. What is Small World and how does it work? Small World Money Transfer is a UK-based company, but it has a presence in 19 countries. It launched more than 13 years ago and is used by more than 15 million customers.¹ With Small World, you can send and receive money in lots of different ways. You can use the website, mobile app or its extensive network of branches and agent locations.¹ Delivery options (depending on the destination) include:¹ Delivery to bank accounts in 90+ countries Cash collection in 170+ countries Home delivery Mobile top-up Mobile wallet Cash card reload. You can pay for transfers with Small World using your credit or debit card. Small World fees No review of Small World money transfers would be complete without a look at cost. It’s not the only factor to consider, but it is important. Small World charges transfer fees which vary depending on where you’re sending to, and how your recipient wants to get the money. The good news though is that you can check the fee before you send on the Small World website or app. The company also runs promo offers, which can make your transfer cheaper. For example, at the moment new customers can get their first transfer with Small World for a $0 fee.² What exchange rates does Small World use? When you send money overseas with Small World, it uses your US-issued debit card to fund the payment. This is denominated in USD, which means that a currency conversion will be required at some point. For example, to turn your USD into EUR if you’re sending to Europe. Like some other providers and banks, Small World adds its own margin or markup to the mid-market exchange rate.³ Also known as the interbank rate, this is considered to be one of the fairest you can get. By adding a small margin on transfers, the company makes a profit on the transfer. Unfortunately though, it makes the transfer more expensive for you. We’ll show you how much it’ll add to the cost in just a moment. Looking for an alternative to Small World? Try Wise If you want better exchange rates with no margin on top, use Wise to send money internationally. It’s a great alternative to Small World, and could even work out cheaper. Open a Wise Account online and you’ll get all these fantastic benefits: Bank details in 10 currencies The option to hold, send, spend and convert 40+ currencies at once Send money overseas with low and transparent fees, Order a Wise card for a one time fee of just $9 – for use in 174 countries Mid-market exchange rates on all transactions. It’s quick, easy and free to open a Wise account online. And there’s even a handy Wise app so you can manage everything from your phone. Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information. A quick price comparison – Wise vs. Small World For a better idea of how much the exchange rate can affect the overall cost of an overseas payment, let’s run through a quick hypothetical transfer. Let’s imagine you want to send $1,000 to a friend or family member living in the United Kingdom. Here’s how much it’ll cost with both Small World and Wise, when you factor in both the transfer fee and exchange rate for each: ProviderTransfer feeExchange rateRecipient receives Wise⁴$6.930.807559 – mid-market rate£801.96 GBP Small World²$3.990.7954£795.45 GBP Fees as of 06/05/2023 So as you can see from this example, the exchange rate really is important. Even though Small World charges less than Wise in fees, it still costs more overall – all because of that margin on the exchange rate. As Wise sticks to the mid-market rate, it comes out on top. Less money is lost in currency conversion, and your recipient gets a larger payout. This is why it always pays to compare exchange rates as well as fees when sending money internationally – or whenever a currency conversion is involved. How to send money with Small World To start using Small World, you firstly need to create an account. You can register on the Small World website or app, and it should only take a few minutes. You’ll need to provide a valid email address, and upload a document confirming your identity.² With your account created, you can send your first transfer. You’ll need to add your credit or debit card details, and the following information for your transfer: Your recipient’s name The amount you want to send The country and currency Your choice of delivery method (i.e. bank transfer, cash pickup etc.) You’ll be shown the fee and exchange rate before you go ahead. How long do Small World transfers take? Small World transfers are pretty quick, with payments sent to bank accounts arriving within minutes.² The same goes for cash pickup, where your recipient can collect in just a matter of minutes. However, the transfer time can depend on where you’re sending and the delivery method. In some cases, it can take longer. Which countries can I send to with Small World? From the US, you can send money to over 90 countries⁵ using Small World. You can check whether a particular country is supported on the Small World website or app. Are there any limits with Small World? Small World transfer limits are $2,499.99 per day, when you pay with a credit or debit card.⁵ Is Small World safe? Security is really important when sending money online, especially if you do it regularly or send large sums. So, it’s always a good idea to check out security features before choosing a transfer service. Small World Money Transfer is a regulated financial services company which handles over a million transactions a month.⁶ It uses advanced technology to protect your money, and only works with official financial partners. It also has a Security Center offering advice on avoiding scams and protecting yourself when sending money online. The company also has a dedicated number and email for reporting fraud. You can find the contact details here. Bottom line Hopefully, after reading our review of Small World for cash pickups and money transfers, you’ll have a better idea of whether it’s right for you. Is Small World a good option for money transfers? Yes, it’s a convenient and competitively priced service, which offers lots of delivery methods and a long list of supported destinations. But it can be beaten on cost, when you factor in that all-important exchange rate. Send money with Wise, and you’re guaranteed the mid-market exchange rate, along with low, transparent fees. Learn more about Wise Sources used for this article: Small World – About Us Small World – Money transfer Small World – USA Customers Agreement Wise – Send money Small World – Sending money from the USA Small World – Home Sources checked on 05-Jun-2023. *Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. 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