Hi again guys!
I found this thread using a software called ahrefs.com
which discovers fresh mentions of my website. I get daily alerts for that sort of things. I assure you no spying was involved in the process :)
@bmay: Thanks for the specs and I am happy to chime in. I will write the my input below.
@simmo: Got your specs as well, thanks.
Points to consider:
- Funding your transfer: Stick to companies that have USA offices and bank accounts so you can transfer money domestically to them, OR companies that accept debit card payments (which have much worse fx rates but at $50-$200 it doesn't make a big difference).
- Receiving countries: all big foreign exchange companies deal with the aforementioned currencies. So that should not be a problem at all.
- Recipient: all platforms are geared towards payments, so there would be absolutely no issue to make payments with any of them.
- Signing up: the issue is the KYC process for US-based clients. Canadians and Australians, as commonwealth countries, are likely to sign up very quickly, possibly with online verification without needing to send through any documents besides a photo ID.
- Transfer size: most companies are geared towards medium to large payments, so small payments could be a problem.
--> I see 3 companies that may fit those requirements:
- Currencies Direct, their minimum is $100, but they have USA offices and deal with a lot of American, Australian and Canadian clients. I send through quite large numbers so I know people do manage to sign up and transfer, and I know clients are happy because they use them more than once. They have a great online payment system which is quite easy to use.
- Moneycorp: USA offices and now able to accept clients from all states, and I think their on-boarding process really improved as a result of a local partnership there. Very low minimum of $50. Very reliable company with most experience.
- Transferwise: They have USA offices, amazing payment system, and better rates on very small transfers than other companies. Less track record than the other two, less "expertise" perhaps, and it is possible their on-boarding would be a bit longer.
Additional companies mentioned on this thread:
-- World First, which has been mentioned on this thread, has the easiest on-boarding process for Americans clients. I sent through a mystery shopper from Florida and it took only 2 days to complete the registration. Their online system is also one of the most intuitive. So it's a perfect fit for "online and simple" requirements. Alas, the minimum amount to send is USD / CAD / AUD 1,000, so I don't think it fits your needs. You can definitely sign up with them for the bigger transfers though.
-- WorldRemit is really about remittances, their rates are higher and it's sort of a misuse to use them for payments though it may be possible. I would not use them for this particular purpose.
-- Moneybookers/Skrill: It's extremely expensive to use for foreign currency transfers. At $50 it doesn't matter much but at $1,000 you could be paying as much as $70 in fees which is too much. Have a look here: http://moneytransfercomparison.com/ewallets/
-- CurrencyFair: I don't think they take American clients, but this has changedConcluding words
Both Currencies Direct, Moneycorp and Transferwise are really good for your purposes. CD and MC are a bit more "flexible" - if you ever need a larger payment in the future, you can use their best functionality, speaking to a dedicated dealer that provides guidance and can set you rate alerts (this is when transferring more than $5,000 in one payment or setting up a regular transfer). Transferwise are a bit cheaper in terms of rates, and "purely" online with no dedicated foreign exchange dealers or all of that.
I suggest you simply try them. I would be very happy to hear about your experiences and embed your experiences into my review. If there are enough people from this forum who would join either Moneycorp or Currencies Direct, I can try to get a special discount rate for them! But I will need a volume of at least 10 people to request something like that.
One last thing - I would be happy if you sign up through my website's links. My business is based on referrals and this is how I make my money.
I hope this was somewhat helpful and I am looking forward for more questions. Thanks!