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How to take advantage of a free money transfer
Send money for free using promo codes, specials and introductory rates
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.
How to get a free money transfer
- Use a promo code. Finder.com often runs promotions with money transfer providers to help you save money.
- Take advantage of special offers. Providers run promotions to draw in new customers, be sure to use them.
- Compare your options. Sometimes paying a small fee can help you get a better exchange rate.
- Plan ahead. Educate yourself on money transfers before you need them so that you’re ready when you need them.
Why we like: WorldRemit
Why we like: WorldRemit
Send money to 140+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide.
- Use promo code FINDER to send your first transfer with no fee.
- Easy to use with round-the-clock help.
- Get cash to family and friends in minutes.
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.
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 to 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.
International money transfer services offering free 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?
Yes. Typically a provider that offers no transfer fee will 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 = $15.43 EGP | $1.00 USD = $16.10 EGP |
| Fees | $0 | $10.00 |
| Amount received | EGP$15,430 | EGP$15,939 |
As you can see, although Company 1 doesn’t charge a transfer fee, Company 2’s superior exchange rate provides a greater saving. You’d lose over EGP$500 by going with Company 1.
Sometimes a company offers an introductory rate or promotional rate, though, which is a case where the lack of fees actually benefits you. Compare the rates for yourself using our table to get an idea of how exchange rates change depending on fees.
Compare money transfer services
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Cheapest ways to send money overseas
Bottom line
Finding great online money transfer deals is easiest to do when you plan ahead, but not everyone has time to do extensive research and investigate every option. Our international money transfer page is a great way to see a breakdown of the market, compare rates and hear why we think some companies are better than others.
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