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How to get the best exchange rate on international money transfers

Save on the exchange rate when you send funds overseas with a money transfer service.

Finding a great rate is essential to getting the best value for money — so that more of your cash ends up in your recipient’s pocket, rather than in the hands of the service handling your transaction.

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Based on your answers, check out:

WorldRemit International Money Transfers

WorldRemit International Money Transfers

Send money to 110+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide.Your first transfer is free with the code FREE.

  • Low upfront fees and exchange rates.
  • Easy to use with round-the-clock help.
  • Get cash to family and friends in minutes.
    TransferWise International Money Transfers

    TransferWise International Money Transfers

    When you need to send money overseas, benefit from competitive exchange rates and low transfer 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.
      World First Foreign Exchange

      World First International Money Transfers

      Special offer for finder.com readers
      Because World First is a trusted partner of finder.com, you can send your money transfer overseas for free.No fees: There is a $0 online transfer fee for all finder.com customers.

      • Enjoy competitive exchange rates.
      • Take advantage of spot contracts, forward contracts and limit orders.
      • Receive weekly updates on market exchange rates.

        Compare exchange rates of money transfer services

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        Ofx Logo

        Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

        With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

        • Buying property abroad
        • Emigrating
        • Regular overseas payments
        • Risk management
        • Forecasting
        Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
        USD 1,000 1 day USD 0.00 18.915 Online, Phone, Bank Account to Bank Account MXN 94,573 Exclusive offer: $0 transfer fee
        No-limit transfers with competitive exchange rates for 100+ currencies.
        Go to site Show details
        USD 1 3 - 5 days USD 75.00 18.981 Online MXN
        93,481
        Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
        1 day USD 0.00 18.905 Online, Phone, Bank Account to Bank Account MXN 94,525 Exclusive exchange rate discounts
        No-maximum limit transfers with competitive exchange rates for 100+ currencies.
        Go to site Show details
        USD 100 3 - 5 days USD 5.00 18.896 Online, Phone MXN 94,383 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
        Do you send money often? Track this rate with tailored alerts direct to your inbox

        Compare up to 4 providers

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        How important is an exchange rate?

        An exchange rate shows the value of one currency for the purpose of converting it into another. Exchange rates fluctuate due to a wide range of factors that include interest rates, consumer confidence, inflation and political stability. For instance, when interest rates in a particular country rise, investors are able to achieve better returns in that country, increasing the demand for that country’s currency. This increase in demand then drives the value of that currency upward.

        Exchange rates affect our everyday lives in two ways. The first way is in the cost of everyday goods you buy. If these goods were purchased from an overseas retailer, or constructed using foreign materials, then the exchange rate for those goods or materials will obviously affect how much they cost you.

        The second way is much more direct: when you travel out of the US, send money overseas or purchase goods directly from other countries, exchange rates affect how much your US dollars are worth.

        How can I get the best exchange rate?

        For international money transfers, finding the best exchange rate is crucial.

        Here are a few tips:

        Know the mid-market rate for your currency
        Also called the interbank rate, this rate is the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves. They make money by skewing exchange rates to make a profit. Use the mid-market rate as a baseline to compare against the rates they’re offering to learn who’s offering the better deal.

        Get quotes from many services
        Compare the quotes from a range of money transfer companies to see which offers a better deal. Many offer a quick and easy way to get a quote online, and it should include transfer fees to give you a better idea of how much your total transaction will cost.

        Don’t send a transfer through your bank
        Banks can offer secure and convenient international transfers, but they don’t offer value for your money. In fact, they offer some of the weakest exchange rates you’ll find when comparing money transfer providers.

        Peer-to-peer vs. bank

        Lauren needs to send $1,000 to her mother in the UK. To find the best deal, she compares the services offered by her bank with a peer-to-peer money transfer service like TransferWise.

        US bankPeer-to-peer transfer service
        Amount transferred$1,000$1,000
        Exchange rate1 USD = 0.52 GBP1 USD = 0.55 GBP
        Transfer fee
        $25$2
        Pounds received
        507 GBP548.90 GBP

        Considering the exchange rates and fees, Lauren’s mother would receive an extra £41.90 when transferred through a peer-to-peer service.

        Consider your transfer options
        If you’re sending recurring payments, look into setting up regular transfers to take advantage of fluctuating exchange rates and save more on fees over the long term. With a forward contract, you can lock in the current exchange rate for a transfer that will be placed days, weeks, or even months into the future. Another option is a limit order, which allows you to set up a transfer request that will only be executed when specified market conditions are met — such as the exchange rate reaching a certain level.

        Think about a multi-currency bank account
        If you need to send more regular transactions using commonly traded currencies, a multi-currency bank account could offer better exchange rates and lower fees. Also referred to as foreign currency accounts, these accounts allow you to hold funds in multiple currencies, meaning you can convert them into dollars at a time when the rate suits you.

        Send a larger amount
        Some providers encourage larger transfers by offering better exchange rates and lower — or even $0 — transfer fees. With a stronger exchange rate on $10,000, you could save a lot.

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        Exchange rate comparison

        We’ve gathered today’s best rates to inform your foreign exchange decisions.

        Refreshing in: 60s | Sun, 22 Oct 10:40pm GMT
        USD AUD CAD EUR CNY GBP INR MXN PHP
        1 USD = 1.0000 1.2794 Inverse: 0.7816 1.2632 Inverse: 0.7916 0.8493 Inverse: 1.1774 6.6184 Inverse: 0.1511 0.758398 Inverse: 1.3186 65.029999 Inverse: 0.0154 18.9810 Inverse: 0.0527 51.479786 Inverse: 0.0194
        1 AUD = 0.7816 Inverse: 1.2794 1.0000 0.9873 Inverse: 1.0128 0.6638 Inverse: 1.5064 5.1731 Inverse: 0.1933 0.5928 Inverse: 1.6870 50.8286 Inverse: 0.0197 14.8359 Inverse: 0.0674 40.2375 Inverse: 0.0249
        1 EUR = 1.1774 Inverse: 0.8493 1.5064 Inverse: 0.6638 1.4873 Inverse: 0.6723 1.0000 7.7928 Inverse: 0.1283 0.892968 Inverse: 1.1199 76.568981 Inverse: 0.0131 22.3490 Inverse: 0.0447 60.6144 Inverse: 0.0165
        1 GBP = 1.3186 Inverse: 0.7584 1.6870 Inverse: 0.5928 1.6656 Inverse: 0.6004 1.1199 Inverse: 0.8930 8.7268 Inverse: 0.1146 1.0000 85.746589 Inverse: 0.0117 25.0278 Inverse: 0.0400 67.8797 Inverse: 0.0147

        As you can see, some companies offer better exchange rates for popular currencies. For example, WorldRemit’s rates for euros, pounds, and pesos are higher than the others. You’ll also want to take into account transfer fees and the exchange rate for your method of transfer — here, MoneyGram’s and Ria’s rates are for cash pickup only.

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        Learn more

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        What are some companies that send international money transfers?

        If you want the best exchange rates, you’ll typically get them from an online money transfer company. Providers like WorldRemit, Xoom, HiFX, and OFX offer higher exchange rates than you’ll find elsewhere. Some have other features to help you save money — for example, OFX charges $0 fees.

        Western Union, MoneyGram and Ria all offer money transfers that your recipient can collect as cash at hundreds of thousands of agent locations worldwide.

        If you’re sending money to one of the countries on its long list, PayPal might be an option. But with transfer fees calculated based on the amount you send, it’s better for small transfers only.

        Compare the fees among six providers:

        RiaMoneyGramWorld FirstWells FargoOFXXoom money transfer
        Fees$0$4.99 from a bank account; $10 from a credit or debit card$10$0 for transfers of $500 or more$5$0 for transfers of $1,000 or more
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        Frequently asked questions

        Find a trusted and reputable provider by comparing the features, fees and exchange rates of your money transfer options.

        International transfer fees vary by transfer provider, your transfer method, where you’re sending your money, how much you’re sending and how you’re paying for it. They can range from a few dollars to $80 and higher.

        Unlike banks, which handle a wide range of financial products and services, money transfer companies concentrate their efforts solely on sending money overseas. They deal in large amounts and can pass the resulting savings to their customers.

        Most services will give you a tracking number or ID that you can use to check the status of your transfer. In many cases, your recipient will also receive one so they can check as well.

        Yes, in most cases you will need to sign up for an account before you can send a transfer. Most are free and allow for easier future transfers, should you need to send another.

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        2 Responses

        1. Default Gravatar
          JuneMay 9, 2017

          What was the rate of CAD TO EURO on the 5th of may 2017?

          • Staff
            HaroldJuly 3, 2017Staff

            Hi June,

            Thank you for your inquiry.

            While we do not represent any company that we feature on our pages, we can offer you a general advice. You can check the current rates at the section “Compare exchange rates of money transfer services” for your review and comparison.

            I hope this information has helped.

            Cheers,
            Harold

        US International Money Transfers Offers

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        HiFX International Money Transfers

        Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

        WorldRemit International Money Transfers

        Use promo code FREE to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

        World First Foreign Exchange

        Exclusive offer: $0 transfer fee
        No-limit transfers with competitive exchange rates for 100+ currencies.

        TransferWise International Money Transfers

        Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.