The online money transfer space is a buyer\u2019s 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\u2019ve got one big incentive to try out a digital money specialist.<\/p>
Yes. But money transfer specialists aren\u2019t in the business of offering something for nothing.<\/p>
Companies that advertise a \u201cfree\u201d service \u2014 such as no commission or transfer fees \u2014 make up for it by applying a \u201cspread\u201d 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\u2019re sending to. The cost of the margin markup can outweighs the \u201cfree\u201d transfer, which makes for an unpleasant surprising.<\/p>
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.<\/p>
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.<\/p>
Money transfer companies make you pay through fees or mid-market markups \u2014 and sometimes both. To transfer money for free:<\/p>
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\u2019ll find it on our unbiased review pages.<\/p>