- Use promo code 3FREE to get three free transfers
- Easy to use with round-the-clock help
- Get cash to family and friends in minutes
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.
While banks do offer secure international money transfers around the world, they also tend to have weaker exchange rates, higher fees and fewer options to send and receive cash when compared with a money transfer service. Unlike banks, they specialise in one thing: transferring money to countries worldwide.
With this expertise comes cheaper and faster transfers, meaning more savings for you and more money in the pocket of your recipient. The table below lists some of the best services you can use to transfer money overseas.
Although the process differs by company, to send money overseas you’ll generally need to do the following:
You may also receive an email or text when your recipient has received your funds and the transaction is completed.
With so many specialised money transfer companies to choose from, it’s no surprise that you have options when it comes to how your recipient receives your funds.
How you send your money and how it’s received will ultimately affect delivery speed and how much you’re paying in fees. In general, your options include the following:
Joseph Brown wished to send $1,500 to his brother who lived in the UK. His bank allowed him to transfer funds to the UK from New Zealand. However, he felt he could get a better deal by comparing his options. This is what he found.
|New Zealand bank||Money transfer company|
|Exchange rate||NZD$1 = GBP£0.4475||NZD$1 = GBP£0.4521|
|Transfer options||Bank account||Bank account|
|Transfer time||3–5 days||One day|
|Amount received for $1,000||GBP£661.41||GBP£678.15|
Joseph’s decision to go with the money transfer company was obvious. Not only did his brother stand to receive extra money, it would get to him sooner as well.
There’s a lot riding on a competitive exchange rate and low fee. But depending on how much you’re sending, how soon your recipient needs it and rates at the time of transfer, you could save even more with the following tools.
You’ve probably noticed that the exchange rate you see online or reported in the media (known as the wholesale or mid-market rate) isn’t the same rate you get when you make a transaction. Banks and most money transfer services make their profit on the margin added to this wholesale exchange rate, but it can vary from 0.1% to 10%.
With this in mind, it pays to compare the products available to make sure you find the best overseas money transfer solution for you.
Unfortunately, fee-free transfers are never really free. Even though international money transfer companies are cheaper than the banks, they still have margins and fees. While there might not be a fee included, the company is still making money by adding a margin to the mid-market rate.
Please note that the process is different for every provider. The example below shows just one of the ways you can initiate a transfer.
Read our guide to the WorldFirst World Account for online sellers, including info on supported currencies, fees and how to open an account. Read more…
Learn about the pros and cons of using PayPal to convert your online seller profits into New Zealand dollars in this detailed review. Read more…
Read our guide to Payoneer and how it can help marketplace sellers save money when receiving international payments. Read more…
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.