- Fee-free transfers
- 30+ currencies
- Easy to use
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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.
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.
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:
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|
|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|
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.
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.
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.
New customers use code AZIMO50 to get GBP 5 off when you transfer GBP 50+. Valid till 31 October 2021. T&Cs apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.
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