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.
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, or the 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 it to. The cost of the margin markup can outweigh the “free” transfer, which makes for an unpleasant surprise.
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.
Ways to get a free money transfer
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:
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:
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
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 $6,000 USD to MXN. Compared using live exchange rates from Jan 28, 2020.
$0 fee transfer
Strongest exchange rate
Low fee, strong exchange rate
Fee
$0
$60
$3.99
Exchange rate
1 USD = 18.737 MXN
1 USD = 18.831 MXN
1 USD = 18.755 MXN
Transfer speed
1-2 days
1-2 days
Minutes
Amount received
MXN112,419
MXN111,854
MXN112,457
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. You’ll find exclusive discounts with popular services like WorldRemit and Ria.
Code
Zero fees on your first THREE money transfers
Send money with WorldRemit using the code '3FREE' and pay no fees on your first three money transfers
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.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Kelly Suzan Waggoner is editor-in-chief at Finder, where she works with a talented team of expert writers and editors focused on helping readers to save money, earn money and grow their wealth. She joined Finder in 2016 as an editor, germinating the site from money transfers to include the wide scope of personal finance.
Kelly has worked with publishers, magazines and nonprofits throughout New York City to develop best practices around editorial, SEO, plain language and accessibility, including Black Dog & Leventhal Publishers, HauteLife Press and Queerty. She is quoted on such sites as Lifehacker and CertifiKid, and ghostwrote Copyediting and Proofreading for Dummies, published by Wiley.
Kelly earned a BA in English from Russell Sage College and a Poynter ACES Certificate in Editing from Poynter News University. She is trained in digital and website accessibility and plain language, and is a member of ACES: The Society for Editing and the Center for Plain Language. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma’s world domination.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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