Fact checked
If you’re trying to find the cheapest way to send money overseas, you might be looking for providers who offer free international transfers. You can compare a range of affordable transfer offers all in one place with Savvy. We’re partnered with a range of international money transfer service providers, including those who offer free transfers, to give you more choice of reliable companies to use when sending your money overseas. Start the process here with Savvy today.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
There’s a great deal of competition between international money transfer companies, so special offers and promotional codes offering free international transfers are available and can be found if you search carefully for them. Free transfers are offered for a variety of reasons, including:
It’s only by comparing the total package offered by money transfer services that a true comparison can be made to help you find the cheapest deal.
Free transfers may not always be the cheapest way to send money abroad. The biggest factor which will determine how much money you send abroad is the exchange rate you receive between your Australian dollars and the currency you want to change your money into. The mid-market rate is the value exactly in between international buy and sell rates and represents the ‘true’ value of the currency. If you’re offered an exchange rate close to the mid-market rate, you’ll be getting a good deal for your money.
Sometimes, it may be better to pay a small fee and get a better exchange rate, rather than go for a no-fee option and receive a less favourable rate. International money transfer companies either make their money by charging fees to carry out the transfer, which can a flat fee of anywhere up to $15 or a percentage fee, typically ranging from 0.4% to 0.5% of the transfer value. If a fee is charged, a competitive exchange rate is often offered which may be close to, or even at, the mid-market rate.
On the other hand, if no fee is charged, a markup is added to the exchange rate, which will directly impact how much foreign currency you can purchase. The table below demonstrates how much of a difference this can make when sending AUD $5,000 to the US:
| Transfer type | Fees | Exchange rate | Total converted | Total Received |
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Percentage fee (0.5%) |
$25 |
0.6755 |
AUD $4,975 |
USD $3,360.61 |
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Free transfer |
$0 |
0.6685 |
AUD $5,000 |
USD $3,342.50 |
Even with less money being converted into USD, you’d still be better off opting for the transfer with the percentage fee in this instance. For this reason, it’s vital to compare exchange rates as well as take fees into account when you’re looking for the best deal, which you can do right here with Savvy.
Other factors to compare when looking at international money transfers include:
Transfer speed – how long it takes to complete an international money transfer depends on your provider. Most specialist transfer companies will take under two days to get your money to its destination. Many will get it there the same day, or the very next day, while some can offer completed transfers in seconds. However, there may be situations where it could take up to five days to have your transfer completed.
Countries serviced – make sure the provider you choose operates in the country you require money to be sent to. The number of countries serviced can range from 21 up to more than 100 countries depending on who you choose.
Currencies – again, make sure your transfer company does deal in the currency you require. It’s worth comparing different providers to make sure the currencies they offer include the one you need.
Exchange rate guarantees – make sure the exchange rate you are initially quoted is the rate you’ll receive when your transfer goes through. Check if the rate you’re quoted is a fixed rate and how many hours it’s guaranteed for, as this can range from 12 to 36 or more.
Transfer limits – some companies have minimum transfer limits (such as $200, for example) so if you want to transfer a small amount check the limits which apply to the company of your choice. Others companies also have maximum limits which can range from $50,000 to $500,000 or more.
Customer support – if you think you may need assistance to make your international transfer, look for a company with a strong reputation for customer support. Some advertise offering customer support 24/7, others offer customer support in different languages and some reply on mobile app chatbots to help customers out.
The following companies are some of the providers who offer free international money transfers in particular circumstances, which may be the best for you depending on your situation:
OFX charges a fixed $15 fee for transfers under $10,000, but for international transfers over $10,000 there is no fee and the exchange rate offered is often very competitive.
Using SingX the first two transfers up to $3,000 are free for new customers, plus an exchange rate with no markup is offered, so you’ll receive the mid-market exchange rate for your transfer.
Remitly offers a promotional deal with no transfer fees on the first transfer you make, and a very preferential exchange rate for the first deal once you’ve signed up with them.
There's no need to pay a dollar to compare money transfer services with Savvy, as you can do so for free at any time.
You can compare offers with competitive exchange rates, fees and transfer speeds in minutes with us.
We're partnered with trusted and licensed money transfer companies to bring more quality to your comparisons.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
