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The increasingly competitive online money transfer space is a buyer’s market that offers lower fees, stronger rates and more flexibility than your local bank. Add to that the handful of providers running special offers or promo codes for free transfers or no commission, and you've got one big incentive to try out a digital money specialist.
Do free international money transfers actually exist?
Yes. But money transfer specialists aren't in the business of offering something for nothing.
Companies that advertise a "free" service — such as no commission or transfer fees — make up for it by applying a "spread" or margin on the mid-market rate, or the rate rate financial institutions use when trading currency among themselves. This margin varies by country and currency but can be anywhere from 0.1% to 10%, depending on the company and where you're sending to. The cost of the margin markup can outweighs the "free" transfer, which makes for an unpleasant surprising.
Charging a transfer fee can be a way for transfer companies to offer stronger exchange rates, which benefit large transfers. With research, you might find a company that waives transfer fees for new customers.
Ways to get a free money transfer
With so many companies angling for a piece of the remittance pie, the best deal may involve a promotional push for new customers or a promo code for waived fees or discounts off your total.
Money transfer companies make you pay through fees or mid-market markups — and sometimes both. To transfer money for free:
- Use a promo code. A promotional code for a company without a markup on the mid-market rate will allow you to transfer for free. A list of our current coupons and promotions can be found below.
- Transfer with a company that doesn't charge fees. Some money transfer companies forgo flat fees by adding a small percentage on top of the exchange rate. International money transfer services offering free transfers include:
- OFX. Standard transfers come with no transfer fee through OFX.
- WorldRemit. Create an account with WorldRemit, and you won't pay fees on your first money transfer.
- Hawk FX. Meet its $10,000 minimum for fee-free transfers through Hawk FX.
Compare money transfer services
Table: sorted by promoted deals first
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Let's crunch the numbers: The cost of a free transfer
To put this into perspective, let's see what a free transfer actually looks like when sending $3,000 AUD to INR. Compared using live exchange rates from 6 May, 2020.
| $0 fee transfer | Strongest exchange rate | Low fee, strong exchange rate | |
|---|---|---|---|
| Fee | $0 | $20 | $3 |
| Exchange rate | 1 AUD = 48.504 INR | 1 AUD = 48.747 INR | 1 AUD = 48.552 MXN |
| Transfer speed | 1-2 days | 1-2 days | Minutes |
| Amount received | INR145,512 | INR145,266 | INR145,510 |
| Overall |
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Depending on the amount you are sending, it may be best to pay a small fee to secure a stronger exchange rate. Comparing a large amount of transfer options can be tricky unless you're using a comparison table that compiles data based on your sending amount and destination.
Where can I find a promo code for a free money transfer?
Many digital money specialists promote free money transfers through codes on their own sites. Or you can keep it simple by comparing your options through Finder and checking out our independent reviews for promo codes.
Deal
Better exchange rate on your first transfer
Available for transfers to the Philippines, India, Nepal, Pakistan, Sri Lanka, Bangladesh and more.
Deal
First two transfers free for new customers
Pay no fees on your first two transfers, up to $3,000.
Deal
10 free transfers for new customers
Sign up and receive your first ten transfers for free.
Code
Zero fees on your first THREE money transfers
Send money with WorldRemit using the code '3FREE' and pay no fees on your first three money transfers
Deal
Get 5 FREE transfers when you sign up through Finder
Sign up today and pay zero fees on your first five transfers. T&Cs apply.
Code
Zero Fees on Your 1st Money Transfer
Your first transfer is free with WorldRemit when you use this coupon code. Send to 140+ countries.
Deal
Exclusive exchange rates for Finder readers + $0 fees
Visit the OFX site to see your savings. T&Cs apply.
Bottom line
With so many money transfer specialists in the market for your money — longtime mainstays and new digital names — customers both new and old can find promo codes and deals to waive fees on transfers worldwide. Weigh rates, fees and flexibility when comparing international money specialists.
