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.
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.
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:
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.
| 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 | | - 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.
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.
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
Deal
$10 bonus on first time transfer to Ghana or Nigeria
Must send at least $100.
Deal
Better exchange rate on your first transfer
Available for transfers to India, Philippines, Pakistan, Bangladesh, Sri Lanka and Nepal.
Deal
10 free transfers for new customers
Sign up and receive your first ten transfers for free
Cheapest ways to send money overseas
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.
