Save Money this Christmas with an International Money Transfer Provider

adriantomkins 11 December 2015

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Save big on exchange rates and transfer fees when sending money overseas this Christmas by comparing your options.

New research conducted by finder.com suggests comparing your options is now more important than ever before. When sending money overseas, specialist international money transfer services are now offering better exchange rates and lower fees than the big banks, and consumers are encouraged to find a better deal by considering the smaller players in the market.

Finder.com has seen a huge increase in the number of Americans searching for better deals when sending money overseas, compared to 2014. This may come as no surprise with the Christmas season fast approaching and Americans looking to send money back to their loved ones living abroad. If you need to transfer money overseas and are looking to save money this Christmas, compare your options to get the best deal available.

International businesses and online traders can also take advantage of the U.S. dollar by using specialist business transfers when repatriating funds, with services only charging 2.5% in fees.

How you can save this Christmas

A finder.com analysis has found that Americans can save on average $63 when transferring $1,000 overseas by comparing their options.

CASE STUDY: BIG BANK VS. INTERNATIONAL MONEY TRANSFER PROVIDER

The table below shows how much you could save when sending $1,000 to Mexico from one a U.S. big bank compared to an international money transfer service.

BankInternational Money Transfer Provider
Exchange rate1 USD = 19.385 MXN1 USD = 19.735 MXN
Gross amount19,385 MXN19,735 MXN
Transfer fee$45$0
Transfer time1-3 days1 day
Transfer optionsOnline, in branchOnline

As this example shows, the recipient will receive 350 more pesos with the transfer provider, and the sender will save $45 on transfer fees.

In the past 5 years finder.com has seen an explosion in the number of specialist international money transfer services competing in the industry. This is great news for consumers, as they are able to take advantage of better exchange rates and lower fees. In addition, accessibility has improved, as there is now a wider range of options for receiving the funds, including: branch pick-up, bank deposit or delivery. It has now made the experience easier and more satisfying for all parties involved.

Some consumers may assume that international money transfers can only be done through their everyday banking, which is not the case. Comparing your bank’s option with specialist money transfer services could save you money.

Compare money transfer providers below

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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
WorldRemit International Money Transfers
USD 1 Within an hour USD 3.99 17.528 Online, Bank Account to Bank Account, Cash Transfer MXN 87,569 Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site View details
World First Foreign Exchange
USD 1,000 1 day USD 0.00 17.555 Online MXN 87,773 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.
Go to site View details
TransferWise International Money Transfers
USD 1 1 day USD 75.00 17.833 Online MXN
87,827
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site View details
OFX International Money Transfers
USD 150 1 day USD 0.00 17.761 Online, Bank Account to Bank Account MXN 88,807 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site View details
HiFX International Money Transfers
USD 100 2 days USD 5.00 17.753 Online MXN 88,674 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site View details
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Compare up to 4 providers

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