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Take advantage of a free money transfer

Yes, it is possible to send money overseas for free.

Given how competitive the money transfer space has become, it means more providers offer lower fees, stronger rates and more flexibility than your local bank. Add to that the handful of providers running special offers for free transfers or no commission, and you've got one big incentive to try out a new 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. This margin varies by country and currency but typically ranges from 0.5% to 4%. The markup can outweigh the "free" transfer, which makes for an unpleasant surprise.

Ways to get a free 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. New customers can get fee-free transfers and introductory rates on 7 currencies with OFX.
      • WorldRemit. Create an account with WorldRemit, and you won't pay fees on your first money transfer.
      • CurrencyFair. New customers get 10 free transfers after signing up.
      • TorFX. Standard transfers come with no transfer fee through TorFX.

Compare money transfer services

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
TorFX Business Transfers
24 hours
$0
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.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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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 transferStrongest exchange rateLow fee, strong exchange rate
Fee$0$20$3
Exchange rate1 AUD = 48.504 INR1 AUD = 48.747 INR1 AUD = 48.552 INR
Transfer speed1-2 days1-2 daysMinutes
Amount receivedINR145,512INR145,266INR145,510
Overall
  • $0 = worse exchange rate
  • Best exchange rate = higher fee
  • Small fee = best overall transfer

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

Exclusive exchange rates for Finder readers + $0 fees

Visit the OFX site to see your savings. T&Cs apply.
Deal

3 Months Fee-Free Transfers

New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
Deal

First two transfers free for new customers

Pay no fees on your first two transfers, up to $3,000.
Code

Better exchange rate on your first transfer

Available for transfers to the Philippines, India, Nepal, Pakistan, Sri Lanka, Bangladesh and more.

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.

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