- Use promo code 3FREE to get three free transfers
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So you want to send money overseas but you don’t want it to cost an arm and a leg? We’re here to help. Check out our handy guide to compare international money transfer services and find the best exchange rates.
When it comes to securing the best exchange rates, the first thing you need to decide is whether you want to send money with your bank or a dedicated money transfer service. While we can’t necessarily tell you which is the right option to choose, we can break down a couple of key differences between the two services to help you make an informed decision.
Put simply, exchange rates are the amount of one currency that can be exchanged for another. These rates can be either flexible (determined by the foreign exchange market) or fixed against the US dollar or another currency. Flexible exchange rates fluctuate on a moment-by-moment basis depending on several factors, such as the central bank’s interest rates, the country’s debt levels and the strength of its economy while fixed rates are typically stationary.
When it comes to securing the best exchange rate, we don’t have all the answers, but we do have some recommendations! Check out some of the tried and true methods we’ve discovered for getting the best deal.
If you find yourself traveling in some exotic location, and are looking for the best rates for currency exchange on the ground, you can save yourself some cold hard cash by considering the following:
Below is a comparison of the advertised rates for three different money transfer companies and one bank. When making a comparison, be sure to get an accurate quote from the provider rather than using the advertised rates where possible.
|$1 CAD to||Bank||OFX||MoneyGram||TransferWise|
|US dollar (USD)||0.7342||0.7523||0.7286||0.7528|
|British pound (GBP)||0.5545||0.5716||0.5537||0.5718|
|Indian rupee (INR)||50.108||50.768||51.040||51.424|
|Japanese yen (JPY)||80.122||82.714||80.588||82.827|
Fees updated as of 19 June 2018 (subject to change) – you can visit many of these websites directly by clicking ‘Go to Site’ on the interactive transfer comparison table at the top of the page.
As you can see from the comparison table above, exchange rates fluctuate by service provider based on destination country. TransferWise offers the most competitive rates in every case, with OFX in second place. MoneyGram beats out OFX in only one case (Indian rupee) but is less competitive than the bank for USD and GBP. This quick comparison illustrates how important it is to compare money transfer services to determine exchange rates. This comparison doesn’t take transfer fees, speed or delivery method into account.
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