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.
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 INR
Transfer speed
1-2 days
1-2 days
Minutes
Amount received
INR145,512
INR145,266
INR145,510
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.
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.
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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