Save Money this Christmas with an International Money Transfer Provider

Adrian Tomkins 11 December 2015

IMT-big

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

I want to send

to

Enter your details to speak to a foreign exchange expert

By submitting this form, you agree to finder.com privacy policy
Ofx Logo

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
USD 1,000 1 day USD 0.00 18.653 Online, Phone, Bank Account to Bank Account MXN 93,267 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 3 - 5 days USD 75.00 18.719 Online MXN
92,190
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
1 day - - Online, Phone, Bank Account to Bank Account Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 100 3 - 5 days USD 5.00 18.635 Online, Phone MXN 93,080 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1 Within an hour - - Online, Bank Account to Bank Account, Cash Transfer Use promo code FREE to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details

Compare up to 4 providers

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.