Yes, it is possible to send money overseas for free.
The increasingly competitive online money transfer space is a buyer’s market. There’s a handful of providers that offer free money transfers. Some services give you your first transfer for free, while other providers don’t charge a commission at all. You can even find promo codes to make international transfers cheaper. Expensive banks are no longer the only option to transfer money overseas.
Our pick: TransferWise
When you need to send money, benefit from competitive mid-market exchange rates and straightforward fees with TransferWise.
- Fair service fees and mid-market rates — a major market differentiator.
- Next-day delivery to your loved ones and businesses.
- Trusted the world over, with five-star ratings on Trustpilot.
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What’s a free international money transfer?
A free money transfer is a no commission remittance. Remittance is a technical term for the delivery of money at a distance. Free money transfer remittance services like WorldRemit and OFX either don’t charge an upfront fee at all, give you your first transfer for free or offer free transfers for transactions of a certain size, like sending more than $10,000.
If you’re looking for $0 fees, think twice about using your bank — most banks charger higher fees and offer poorer exchange rates than money transfer providers.Back to top
Do free international money transfers actually exist?
It is possible to find a free money transfer company, but these companies don’t offer something for nothing. The companies that offer a “free” service — that is, they don’t charge a commission or a transfer fee — make their money from the exchange rate spread: the difference between their foreign currency buy and sell rates, and currency conversion.
Even though you’re not paying an upfront fee, you’ll pay slightly more to buy foreign currency because of a lower exchange rate. The companies that charge a transfer fee tend offer better exchange rates, and some providers offer first-transfer-free promotional offers for new customers as well as free transfers when you’re sending a large amount of money.Back to top
International money transfer services that currently offer free money transfers
- OFX. OFX recently made $0 fees a standard offering.
- WorldRemit. WorldRemit gives you your first money transfer for free when you create an account. WorldRemit also gives you more ways to send money overseas; for example, you can top up credit on a mobile phone in India or arrange for home cash delivery in the Philippines.
- Hawk FX. Hawk FX charges no fee, but its minimum transfer amount is $10,000.
- Wyre. Wyre is a partner of finder.com and offering readers $0 fees to countries like Brazil and China.
Are there any negatives to sending money overseas for free?
A provider that offers no transfer fee might make up for it with a poor exchange rate, thus negating the savings or making the transfer more expensive than a provider that charges a small fee. See the example below where we compare two transfer companies when sending $1,000 to Egypt:
|Company 1||Company 2|
|Rate of exchange||$1.00 USD = $18.378 EGP||$1.00 USD = $18.79 EGP|
|Amount received||$18,378 EGP||$18,777 EGP|
As you can see, although Company 1 doesn’t charge a transfer fee, Company 2’s superior exchange rate provides a greater savings.
Cheapest ways to send money overseas
Where can I find promo codes for a free money transfer?
Finder.com is an online comparison service. We compare 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 services, including WorldRemit and Ria.