Compare services to send fast and fee-free international money transfers.
If you’re looking to send money overseas but aren’t inclined to pay the hefty fees associated with international money transfer services, then you might like to compare the following fee-free services. Some money transfer companies offer your first transfer for free while others maintain a fee-free service for all transfers. If you’re looking to sweeten the deal even further, you can even find online promo codes to make your transfer even cheaper.
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Banks versus money transfer companies
If you want to send money overseas from Canada, you have a couple of options at your disposal. But one thing you can be sure of is that you won’t find a fee-free service if you’re sending money with the bank.
- Bank. Banks are notorious for offering mediocre exchange rates and charging high fees (typically between $20 and $100) on international transfers, so even a small transfer can end up costing an arm and a leg.
- Money transfer company. If you’re looking for a more affordable option, consider the services provided by a wide range of online money transfer providers. These companies offer quick and affordable transactions to thousands of destinations around the globe (with fees between $0 and $20).
What is a fee-free international money transfer?
A fee-free international money transfer will allow you to send money overseas without the hefty cost of high fees. Free money transfer services like WorldRemit, OFX and XE Money Transfer save you money by maintaining a fee-free service or by offering your first transfer free. Others might waive transfer fees if you send large transactions, often exceeding $10,000.
How do fee-free transfer services make money?
It’s possible to find a fee-free money transfer company, but it’s important to be wary of services offering zero fees alongside less competitive exchange rates. Make sure you compare your fee-free service to other services offering low fees to make sure that you don’t end up paying more on exchange rates.
International fee-free money transfer services
- Worldremit. WorldRemit will give you your first money transfer for free when you create an account. Get further savings when you use a WorldRemit promo code.
- Exchange4Free. Exchange4Free doesn’t transfer fees for international money transfers, but they do charge a small margin on the exchange rate.
- XE money transfer. XE Money Transfer offers a range of flexible features to ensure fast and simple international money transfers. With no fees on its transactions, XE Money Transfer allows you to convert from 24 popular currencies into over 50 other currencies from around the globe.
Fee-free services on large transfer amounts
These money transfer providers give you free money transfers when you send large sums of money overseas.
- OFX. OFX is ideal for large money transfers like sending money overseas to purchase a property or a car. OFX offers free money transfers to overseas bank accounts when you send more than $10,000. A flat fee applies for transfers less than this amount.
- HiFX. Like many other money transfer services, HiFX will waive money transfer fees when you send over $10,000. Like OFX, HiFX makes sense for international property owners or students looking to send money overseas.
What are the benefits of sending money overseas for free?
- Save on money transfer fees. Most banks and money transfer companies charge a fee to send money overseas. If you play your cards right, you can save big when you send money overseas with a fee-free service.
- Transfer time. Many money transfer companies can send funds funds overseas in a matter of minutes or days in addition to offering a fee-free service.
- Send money all over the world. You can send money for free to hundreds of countries all over the world. Check the money transfer provider’s website for a list of places where you can send money.
Where can I find promo codes for a free money transfer?
Finder Canada is an online comparison service that compares products side-by-side so you can find the right financial product for you. We also offer promotional discount codes for some of the most popular money transfer services. Tap into the cheapest ways to send money overseas to stay up to date with the latest promotional codes.