Are you wondering what the best way to send money overseas is? It’s important to compare your options before you apply, which you can do right here with Savvy. We can help you decide which international money transfer service is best for you from our panel of trusted transfer providers. Compare exchange rates and fees with Savvy and complete your international transfer today.
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.
International money transfer (IMT) services are companies that specialise in sending money overseas. They often specialise in one particular region of the world, or a particular type of transfer. Because they deal with thousands of transfers every day, they’re able to provide the very best exchange rates and lowest fees compared to traditional banks.
International money transfer providers operate primarily online; you create an online account just like you would if you wanted a new bank account, and then use it whenever you need to transfer money globally. Once you've set up your account, the process for doing so is as simple as entering the amount you need to transfer, the destination and required currency and your recipient’s bank details.
Other providers offer more services beyond international transfers, such as offering a foreign exchange (FX) trading platform and FX transfer services between businesses that regularly trade globally across international borders. Frequent travellers or people living or working in a foreign country may need to exchange money from one currency to another often, so there are also international money transfer providers who offer international accounts, where money can be stored in a variety of currencies and exchanged when rates are most favourable.
Savvy is partnered with a wide range of international money transfer providers who can make your transfer a quick and easy one so that you can compare a variety of offers with us today before diving into the transfer process.
There are two main areas of comparison to look at when you’re deciding which international money transfer service to use: the exchange rate offered and the fees charged.
The mid-market rate is the ‘true’ exchange rate between two currencies. When comparing transfer offers, look for the one closest to the mid-market exchange rate, as this may offer you the best deal (depending on the fees charged to make the transfer). Ideally, you should look for a combination of the best exchange rate possible and the lowest fees.
Some companies charge a flat fee for all transfers (usually up to $10 to $15) but they may add a margin onto the exchange rate. Other companies offer the mid-market exchange rate without adding a margin but charge a percentage of the transfer amount (typically up to 0.5% of your transfer amount).
In general, if you’re transferring a large amount overseas (such as $5,000 or more), a flat fee will probably be your cheapest option. For smaller transfers in the hundreds rather than thousands, a company charging a percentage fee may be worth looking at first.
More comparison points to consider:
Savvy’s international money transfer partners can all help you send the money you need reliably and efficiently. Some of our top picks are:
Remitly was established in the USA but has now expanded globally. It initially specialised in helping migrants send funds from the USA to support their families.
TorFX is based in Australia but has offices worldwide. It’s won numerous awards for the most outstanding value in FX transactions. Dedicated account managers are allocated to business users.
Xe is a globally-recognised, award-winning online forex trading specialist based in Canada. It’s a subsidiary of the giant Euronet Worldwide Group, and has been established for over 25 years.
Founded in Singapore, SingX has now expanded to Australia and specialises in transfers to Asian countries. It permits money to be sent to China (via Hong Kong).