With such a large market there are of course many service providers and new money transfer companies entering the market all the time. 

Most people are not aware of the hidden fees that come with international transfers. When you use a Bank, a Foreign exchange broker or a money transfer company to send money abroad there are usually two costs involved. the most obvious is the cost of the service to transfer your funds and then there is the not so obvious cost to convert your money from one currency to another.

Foreign exchange brokers act as a middle man between the customer and the banks, they usually have relationships with a list of banks and attempt to provide the most competitive rates to trade one currency for another. The primarily deal in currency exchange but are able to transfer funds for a fee. However it can take several days to open an account and the process is rather slow. Foreign exchange services are beneficial when purchasing property abroad or for small businesses making international payments. 

Compare the Money Transfer Market Before Sending Money

Because of the internet the number of providers are increasing every year and providers are competing to attract customers. When you Google about international money transfer today or anything to do with sending money the search engine gives you millions of pages listing provider after provider promising the same thing, low costs to transfer funds.

However, some transfer services make it easier to find the exchange rates than others. A quick way to find out what they are offering is to head to a comparison site that will list numerous money transfer services in one place.