Money transfers with zero online transfer fees

Do free international money transfers actually exist?

Yes, it is possible to send money overseas without having to pay a commission or transfer fee. However, this doesn't mean the transfer is completely free.

Companies that advertise a "free" money transfer 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 depending on which country you want to send money to and the currencies you're using, but typically ranges from 0.5% to 4%.

This markup can easily outweigh any money you might save by not paying a fee, which is why you should always double check the total cost of a money transfer before you confirm the transaction.

How to get a free money transfer

There are a few ways you can send money overseas without paying a fee (and even potentially avoid paying a margin as well):

1. Use a promo code

The only way to transfer money overseas completely free is by using a promo code for a money transfer service that waives any commission or transfer fee, as well as any spread or margin.

You can check out the latest money transfer offers and promotions below:

Deal

Exclusive exchange rates for Finder readers + $0 fees

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

Get deal

Deal

3 Months Fee-Free Transfers

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

Get deal

Deal

First two transfers free for new customers

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

Get deal

Code

Better exchange rate on your first transfer

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

Show code

2. Use a fee-free money transfer service.

Some money transfer companies forgo flat fees or commissions by adding a small percentage on top of the exchange rate. This is known as a "spread" or margin and can have a big impact on the actual cost of sending money overseas.

International money transfer services offering free transfers include:

OFX. You'll pay no fee when you transfer $10,000 or more using OFX.¹
WorldRemit. Create an account with WorldRemit, and you won't pay fees on your first 3 money transfers.²
CurrencyFair. New customers get 10 free transfers after signing up.³
TorFX. TorFX charges no fees or commissions on standard money transfers.⁴

3. Use a bank offering fee-free transfers

Some Australian banks like NAB and CBA offer fee-free international money transfers for banking customers, with some conditions.

NAB does not charge a fee for any international money transfers via internet or app banking, provided the currency is not Australian dollars.⁵

CBA won't charge a transfer fee on any international money transfers via internet and app banking, provided it's not an AUD to AUD transfer.⁶

However, like money transfer services, you'll still be charged a spread on the exchange rate when using a bank to transfer money overseas.

Our expert says: Be careful of hidden fees

"While it's possible to get fee-free money transfers, it's actually the spread you pay that can end up costing you. If you're looking to send money overseas, it's important to get a quote with a number of providers and see which is actually going to give you the best deal after any fees, spreads or other costs are included."

Thomas Stelzer

Journalist

Are "free" money transfers the most cost-effective option?

To demonstrate how both the fee and the spread can impact the cost of international money transfer, we've calculated how much a "free" transfer may cost when sending $3,000 AUD to INR (Indian rupee) compared to other options:

	$0 fee transfer	Best exchange rate	Low fee, strong exchange rate
Fee	$0	$20	$3
Exchange rate	1 AUD = 53.2 INR	1 AUD = 53.57 INR	1 AUD = 53.35 INR
Transfer speed	1-2 days	1-2 days	Minutes
Amount received	INR159,600	INR159,639	INR159,890
Result	While you pay no fee, this option is actually the most expensive	The superior exchange rate means you get a better deal than the fee-free transfer.	Despite a small fee, this is the most cost-effective option.

As you can see above, depending on the amount you are sending, it may be cheaper to pay a small fee to secure a better exchange rate or a lower spread.

Compare money transfer services

{"niche":"AUFMT"}

20 of 23 results

Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
TorFX	Finder Score 8.7 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site More info	loading
Xe Business Transfers	Finder Score	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 130+ currencies.	Go to site More info	loading
OFX	Finder Score 9.3 Excellent	24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site More info	loading
Xe Money Transfers	Finder Score 9.4 Excellent	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.	Go to site More info	loading
TorFX Business Transfers	Finder Score	24 hours	$0	TorFX guarantees to match any competitor's exchange rate. T&Cs apply.	TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site More info	loading
OFX Business Transfers	Finder Score	24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site More info	loading
Xe Large Transfers	Finder Score 9.3 Excellent	24 hours	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.	Go to site More info	loading
OrbitRemit	Finder Score 9 Excellent	Within minutes	$0-$4	Get a $0 fee and special promotional rate on your first transfer with OrbitRemit. T&Cs apply.	OrbitRemit sends to over 45+ countries for a flat fee and transparent exchange rate.	Go to site More info	loading
Send Payments	Finder Score 8.4 Great	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site More info	loading
TorFX	Finder Score 8.8 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site More info	loading
Remitly	Finder Score 9.3 Excellent	Within minutes	From $0	Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site More info	loading
WorldFirst	Finder Score	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.	Go to site More info	loading
Send business	Finder Score	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site More info	loading
Send Payments	Finder Score 8.1 Great	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site More info	loading
Qantas Business Money	Finder Score	Within minutes	$0	Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.	Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.	More info	loading
Revolut Business	Finder Score	Within minutes	$0	Revolut allows your business to move money around the world quickly and cheaply with 30+ currencies and no maximum limit transfers. Plan fees apply.	More info	loading
Airwallex	Finder Score	Within minutes	$0	0% foreign exchange margin and $0 fees on your first $20,000. T&Cs apply.	Streamline global payments across 150+ countries with fast settlements and competitive rates in over 60 currencies.	More info	loading
Western Union	Finder Score 9.5 Excellent	Within minutes	From $0	Get Western Union's best exchange rate and $0 fee on your first online transfer. T&Cs apply.	Western Union sends money online to 200+ countries, with competitive rates for new customers.	More info	loading
MasterRemit	Finder Score 7.9 Great	Within minutes	From $0	Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.	More info	loading
Commonwealth Bank	Finder Score 8.2 Great	3 days	From $0	{{ GENERAL.TABLE_DESCRIPTION }}	More info	loading

Showing 20 of 23 results

Finder Score for money transfer

We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.

Read the full methodology

Sources

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Written by

Shirley Liu

Publisher

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio

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Free international money transfers

How you can send money overseas without a fee (and the hidden fees you need to look out for).