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What’s the cost of an online money transfer fee?

Here's what you'll pay to send cash online with several different companies.

Sending an international money transfer can be expensive due to hidden costs and low exchange rates. Even a small overseas transfer could leave a large hole in your bank balance.

That’s why it’s important to make sure you’re aware of all the fees and charges that apply to an online money transfer before sending your money. By comparing transfer providers and the services they offer, you can find an affordable and convenient way to send your money overseas.

How much does an online transfer fee cost?

Online money transfer fees vary widely. For example, while companies like XE Money Transfer and OFX don’t charge any fees for online transfers, there are other companies that charge a fee in the form of a percentage or flat rate.

Here’s what some of our top providers charge for an online transfer fee.

Money transfer providerOnline transfer fee starting at…
CurrencyFair$3
CurrencyTransfer$0
OFX$0
Wise6%
WorldFirst$0
WorldRemitVaries according to transfer amount
XE Money Transfer$0

When you consider the fees a company charges as well as the exchange rates it offers, you’ll be able to determine how cost-effective it will be to transfer money with that particular provider.

What other factors affect the cost of sending money online?

The first and most important factor is the transfer provider you choose. Each company has its own unique fee structure and you’ll need to consider this in conjunction with the exchange rates available to calculate how affordable that company’s transfer service is.

But there are a number of other factors that can influence the fee of an online money transfer.

  • How the fee is calculated. While some companies charge a flat fee for online transfers, others charge a fee calculated as a percentage of your transfer amount. So, if the fee is 1% of the transfer amount, you’ll pay a lot more to send $5,000 overseas than you would to send $500.
  • The amount you send. Some providers have a fee-free threshold, meaning if you transfer more than a certain amount, the transaction fee will be waived.
  • The speed of the transfer. Some companies provide the option for you to send an urgent transfer, which can be particularly useful in emergency situations, but may result in an additional charge.
  • Where you’re sending the money. Some providers charge different fees based on where you’re sending the money. Remember to consider this when estimating the cost of your transfer.
  • The type of transfer. Some companies such as Western Union and MoneyGram offer the convenience of international cash pickups, but you’ll usually need to pay more for this service.
  • How you pay for the transfer. Some providers offer multiple ways for you to pay for your transfer, such as bank account or credit card. Different fees may apply to the different payment methods.
  • Any additional options you select. Some companies have flexible transfer options, such as scheduling recurring payments or placing a forward contract or limit order. Be aware that these options may also come with additional fees attached.

It’s also worth pointing out that some providers and banks will require that your beneficiary pay a fee in order to receive an international money transfer. Remember to consider this when weighing up your transfer options.

Compare money transfer providers

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

View details
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Instarem
Within an hour
$1

View details
Exclusive: Use code GET60 and save $30 on each transaction over $200. Valid for the first two transactions and till 31st July 2021. T&Cs apply.
Instarem offers zero transfer fees on all transfers.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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Compare up to 4 providers

Bottom line

Knowing what you’ll pay for an online money transfer fee, plus which factors could sway the total price of the transaction gives you the upper hand when deciding on who to make an international money transfer with.

By comparing all of your options, you’ll be able to send money as affordable and efficiently as you’d like.

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