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.
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
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."
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.
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
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
If you’re thinking of sending a money transfer with Western Union, read our review of its transfer speed, exchange rates and fees first.
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