Send money internationally with XE
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
- Great rates and no fees
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- Trade in 60 world currencies
There are more foreign exchange services than ever set up to help you send money overseas in minutes. Whether you need to send money back home or pay an employee based overseas, specialist international money transfer companies can often give you a better deal than your bank.
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
Use the currency transfer calculator tool below by entering the amount you want to send and choose the currency you are sending to.
An international money transfer allows you to send money to a recipient in the same country or internationally. You provide funds and your recipient’s details to a bank or an independent transfer provider, which exchanges the money into your desired currency and then sends the money to your recipient in another country.
Depending on the provider, a transfer can be done in person, over the phone, through a mobile app or online. Again, depending on the provider, you can use cash, a credit or debit card, or transfer funds from your bank account. Then, the funds will either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country. Delivery of the funds varies from provider to provider.
To send money overseas using a money transfer company, the following steps give a good example of a typical transfer.
If you choose to use a bank to do your transfer, the process is a little different.
There are two ways that a provider makes money on your transfer. The obvious one is the transaction fee. But the sneakier one is what your bank or transfer service marks up on the exchange rate.
Most providers either charge a set fee per transaction or they charge a percentage of your total transfer amount. To save on fees, keep an eye out for special deals.
For example, World First charges a flat fee of $10 on transfers up to $10,000 and no fee on transfers over that amount. But because World First is a trusted partner of finder.com, you can avoid the fee entirely.
Keep in mind that a lower fee doesn’t necessarily translate to the biggest savings. A lower fee might be accompanied by a poor exchange rate, negating any savings from the low fee.
The exchange rate determines how much one country’s currency is worth in another currency. Most countries’ exchange rates are flexible, which means they can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability, inflation, global politics and pandemics, and more.
Most transfer services will advertise the real exchange rate, or “mid-market rate” — the mid-point between the buy and sell prices of two currencies on the global market. But when it comes time to make your transfer, you’ll notice you almost never get this rate. The provider will mark up the exchange rate — and pocket the difference.
Using a provider that offers the most competitive exchange rate could save you hundreds on your transaction.
There’s no one best way to transfer funds overseas. It depends on how much you’re sending, how soon you need it to be made available and the exchange rates at the time. Below are a few tips you can use when sending money overseas.
Consider the purpose of your transfer. Are you sending money to friends and family overseas, or are you a business looking to pay for goods and services, potentially regularly?
For business owners, time is your greatest commodity. Without time to research your options, you might end up going with your bank. But a little planning can set you up for significant savings on your transfers. For example, if you send transfers of $1,000 every week, you could save $40 each time. That’s a savings of $2,000 a year simply by choosing a competitive independent service over your bank.
How does a business money transfer work?
Many online money transfer providers allow you to send and receive cash almost instantly. Transferring the money into a bank account might take a few days, and bank-to-bank transfers can also take a few days to clear. If you need to send a same-day or emergency transfer, there are providers that allow your recipient to pick up cash quickly, often within an hour.
This is the rate at which your money will be converted to your target currency. Some transfer providers offer lower fees but weaker exchange rates, while others charge no fees but profit from the margin between its rate and the mid-market rate. Compare the total cost of your transfer to make sure you’re getting the best exchange rate on your transfer.
Your bank or transfer provider will usually charge a fee for making a transfer. Fees can vary widely depending on who you’re transferring with. Generally, fees come in the form of a flat fee (such as $5 for transfers up to $5,000) or a percentage of your transaction (such as 1% of your transfer amount).
Independent transfer services like OFX and World First offer competitive exchange rates and no fees. If you want to send and receive cash right away, compare options like WorldRemit and OrbitRemit. Bank-to-bank transfers are safe and convenient but typically not your cheapest or fastest option.
The best method for transferring money might depend on how much you want to send. If you’re making a transfer of five figures or more, you’ll want to make sure you’re getting the best exchange rate — especially since providers encourage large transfers by offering low fees. If you’re sending a small amount to friends or family, it’s wise to also consider any fees you’ll pay on top of the exchange rate.
Sending a one-time transfer differs from sending regular transfers, whether to pay for bills like an overseas mortgage payment or for goods and services. With a one-time transfer, you may put more weight on speed and flexibility in delivery, such as cash pick-up. But if you’re sending recurring payments, you’ll want to set up regular transfers that can save you the most on rates and fees over the long term.
Sometimes you or a loved one are in an emergency and need funds quickly — and in cash. Thankfully there are global money transfer providers with tons of agent locations that allow your recipient to pick up the funds in cash, often within minutes. If you have a little more time, however, consider an independent transfer provider that can get you much lower fees and stronger exchange rates.
A solid exchange rate is crucial. When it comes to larger amounts, even two cents in your favour can save — or cost you — hundreds of dollars. If you have the luxury of time, you may be able to take advantage of a limit order. A limit order allows you to set a target exchange rate with a service or broker, which monitors the markets 24/7 to ensure you don’t miss that target. Once rates meet what you’re looking for, you give the OK to complete the transfer. Services like OFX offer free limit orders for transfers of $35,000 and more.
|Service A||Service B|
|Exchange rate||1 NZD = 0.579 EUR||1 NZD = 0.575 EUR|
|Inverse exchange rate||1 EUR = 1.727 NZD||1 EUR = 1.739 NZD|
|500,000 euros in dollars||$8,635||$8,695|
Finding the inverse rate, you learn that the exchange rates are only 0.012 cents different. Yet, when applying these rates to 5,000 euros, you’d lose $60 to Service B on the exchange rate alone.
How do I find the inverse exchange rate?
The world of finance can feel hopelessly complicated. But it’s easy to find the inverse exchange rate for your currency. If you think of an exchange rate as A = B, simply divide the number 1 by B: 1/B.
Take 1 NZD = 0.579 EUR. To find how much 1 euro is worth in dollars using this same exchange rate, divide 1 by 0.579: 1/0.579 = 1.727. With this exchange rate, 1 euro is worth $1.727.
Watch out for the following issues when you send money overseas:
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