- First ten transfers free when you sign up through Finder
- Find the best rate on the CurrencyFair marketplace
- App available for both Apple and Andriod users
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
International money transfers were traditionally conducted via banks, but it’s now possible to take advantage of peer-to-peer banking services for money transfers. Similar to P2P payment apps like Venmo or Facebook Messenger that let you send money easily between friends or family domestically in the US, international peer-to-peer money transfer services provide networks where people can share access to currencies without the need of a central server, allowing you to cut out the middle man. As a result, the money transfer process is simplified and you can save money.
The process of a peer-to-peer money transfers is simple. First, you need to select how much money you wish to transfer and where you’re sending it. You can then upload your funds to your money transfer provider, which will then convert your money at the mid-market rate and match you up with a person sending funds in the opposite direction. So if you’re sending money from Australia to the United States, you’ll be matched with someone sending funds from the United States to Australia.
This allows customers to cut out the middlemen in the exchange—the banks—and enjoy better exchange rates and lower transaction fees.
Lauren wants to send $1000 to her mother in the UK. In order to find the best possible money transfer deal, she compares the services offered by her ‘big four’ bank with a peer-to-peer money transfer service like TransferWise or CurrencyFair. The results can be seen in the table below.
|Cost to send a $1,000||Bank||Peer-to-peer money transfer service|
As can be seen in the example above, if Lauren sent her funds using a peer-to-peer service she would be sending an extra £41.90.
You’ll need to take the following features into account when comparing peer-to-peer money transfer services.
When you’re making an international money transfer, it’s important to keep an eye out for exchange rates and fees. Poor exchange rates can eat up a big chunk of your money if you’re not careful, while hidden fees can be a nasty surprise if you don’t read the fine print before initiating a transfer. Compare all of your options before choosing a company that’s best for your needs.
We’ve unpacked the most recently available data from the World Bank to get an idea of how much money is being sent around the globe.
Navigate the world of sending money domestically and internationally with our hand-picked list of popular services.
Check out this side-by-side comparison of XE and OFX to find out which provider offers the best value on international money transfers.
Find the best alternative websites to InstaReM for online money transfers.
Receive payments in five local currencies and convert them to dozens of others using one account.
We compare XE’s and Western Union’s fees, exchange rates and transfer speeds side by side.
Compare a well-known payments giant to the newer Remitly and see which one can give you a better deal.
Remitly and TransferWise’s fees, exchange rates and speeds compared side by side.
Compare the services that send money to Guinea. Find out how to get the best value for your money, how long it takes and what to look out for.
Your guide to currency exchange services in Sydney, including where to find the best exchange rates and lowest fees.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.