The 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 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 to. The cost of the margin markup can outweighs the “free” transfer, which makes for an unpleasant surprising.
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:
Instarem. Get $250 off on your next transfer with Instarem.
Compare money transfer services
Keep your hunt for low-cost money transfers simple by first narrowing down a digital money specialist that fits your sending needs. If that service offers a promo code for free transfers, you’ll find it on our unbiased review pages.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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 CAD to MXN. Compared using live exchange rates from April 12, 2020.
$0 fee transfer
Strongest exchange rate
Low fee, strong exchange rate
Fee
$0
$70
$4.99
Exchange rate
1 CAD = 15.8983 MXN
1 CAD = 16.3301 MXN
1 CAD = 16.1601 MXN
Transfer speed
1-2 days
1-2 days
Minutes
Amount received
MXN95,389.80
MXN96,837.49
MXN96,897.96
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.
Deal
3 Months Fee-Free Transfers
New customers get unlimited fee-free transfers for their first 3 months. 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.
Kelly Suzan Waggoner is a Personal Finance Editor at AOL and the former US editor-in-chief at Finder, where she worked 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. See full bio
Kelly Suzan's expertise
Kelly Suzan has written 4 Finder guides across topics including:
An international money order may not be the best option for sending money overseas. Learn more about money orders in Canada, and find out about other ways to transfer funds abroad.
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