4 Safe Ways You Can Transfer Money Overseas With No Fees

One question we get asked a lot is “Can you transfer money overseas with no fees”? And usually this is because you’ve realised that your bank charges you extremely high fees to transfer money abroad for what you think is little to no work. Well, the answer is, sure you can transfer money overseas with no fees...BUT, there is often a catch. As the old saying goes, “nothing in life comes for free”.

When a company offers an international money transfer service that has “no fees”, it usually means the company doesn’t charge you an international money transfer fees (or commission).

Instead, they make money from you through costs that aren’t as obvious when you transfer money overseas - like when you convert your money to another currency. This is known as the exchange rate margin. While you might not be paying an upfront fee, these companies will still charge you higher exchange rates than the market interbank rate, which is how they make their margin (or profit).

Companies that charge a transfer fee tend to offer better exchange rates and some providers offer ‘first transfer free’ promotions for new customers like Western Union, or free transfers when you’re sending larger amounts of money.

With so many hidden fees a bank or money provider can charge, it is exceptionally important you read the fine print. Luckily, we’ve examined this for you and present a shortlist of 4 companies - XE, TorFX, WorldFirst and OFX.

 

These companies will provide the safest and securest overseas money transfers that have NO transfer fees AND lower exchange rates than your banks:

1. XE.com

XE is a well known and trusted name in the money transfer industry. Now, with over twenty years experience, they help 33,000 people and 2,000 businesses make money transfers each year. In addition, over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer.

Advantages

  • XE charge no transfer fees for international money transfers.
  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers. Detailed FAQ page.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • Offers support for both individuals and businesses when it comes to international money transfers.
  • Also offer limit orders.

Disadvantages

  • XE will take a margin for making the transfer for you.
  • Rates quoted on their exchange rate page is the interbank rate, not necessarily the rate you will receive.
  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Also, the maximum transfer amount is only US$500,000.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.

The Currency Shop Says:

If you are sending smaller amounts of money (under US$5,000) and you don’t want those extra transaction charges, XE is the company for you. XE is a trusted brand and reliable option. However, make sure you get a quote for the exchange rate you’ll be charged for your currency conversion, because the online rate on their exchange rate webpage is the interbank rate, not the rate you will receive. For more information, have a read of our article XE.com currency exchange rates explained.

Learn more about XE Money Transfers

2. TorFX

TorFX, born in 2004, provides foreign exchange and international payments to companies and individuals. Today, TorFX has more than 240 staff working across the globe, including Australia, South Africa, the UK, India, the US, Spain, Portugal and France.

Advantages

  • TorFX has no hidden charges. This means NO transfer fees for international money transfers.
  • Over 30 currencies and quick same day transfer times.
  • TorFX operates local bank accounts in many currencies, which means deposits are usually free of charge when you use online banking.
  • Dedicated account managers and personalised service. Especially for transfers over US$25,000.
  • Also, it is easy to get an online quote with no obligation to proceed.

Disadvantages

  • Maximum money transfer amount is AUD 25,000
  • Cannot pay via cash or cheque
  • Hard to find answers to basic questions via their website – no FAQ
  • Delays of transfer due to technical or admin issues are rare, but can cause a hassle
  • Exchanging currency comes with potential risks – including market fluctuations beyond your control

The Currency Shop Says:

If you are regularly transferring money overseas, then TorFX is particularly useful. They also have a minimum transaction size of $200 and offer competitive exchange rates for larger amounts above $50,000. European expats and small businesses are often fans of TorFX because of their competitive exchange rates, service and extensive banking network - both in Australia and the UK.

If you want to see TorFX exchange rates and compare them to the Big 4 banks you can click here and use our exchange rate comparison engine.

Learn more about TorFX

3. WorldFirst

WorldFirst, launched in 2004, promotes itself as one of the fastest and fairest ways for people to move money across borders – a more competitive alternative to traditional big banks. Originally set up in a basement flat in Stockwell, South London, today WorldFirst have 6 global offices, with two in the US, one in the UK, one in Australia, one in Hong Kong and one in Singapore. WorldFirst recently removed all of its transfer fees for overseas transactions, making the company even more competitive than ever before.

 

Advantages

  • No fees for international transactions, but only if you are an existing client.
  • If you are in business, they have very competitive exchange rates.
  • Simple registration and set up process.
  • Easy online payment platform.
  • Handy online calculator on their website to display the current interbank exchange rates.

Disadvantages

  • Minimum transfer amount of $2000 – higher than many other money transfer specialists.
  • The current interbank exchange rate will not necessarily be the rate you receive for your transfer. You need to request a quote first.
  • They only have an office in Sydney.

The Currency Shop Says:

WorldFirst delivers more competitive exchange rates and a superior online platform. Online businesses and individuals still using their banks will find it much easier to use their online platform to make transfers and they also have an app to make it even more convenient. However, WorldFirst's minimum transfer amount of $2,000 can be limiting for individuals. So, we suggest you use WorldFirst if you are a business or you are regularly sending or receiving much larger amounts of money.

Learn more about WorldFirst

4. OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. The company was born online and continues to develop easy, intuitive products. Everything from account set-up to sending money overseas is done online. While OFX customers do most of their transactions online, they are supported by exceptional customer service. This is one of the main reasons the business has grown so strongly on word-of-mouth referrals and positive reviews.

Advantages

  • Low fees (free when you transfer over AUD 10,000).
  • Better exchange rates than the banks.
  • Very quick set-up backed up with excellent service over the phone.
  • 24-hour service.

Disadvantages

  • They charge $15 for any transfer up to $10,000 (Australian dollars).
  • Minimum transfer amounts of $250. Anything less is not allowed.
  • OFX don’t accept credit cards, cheques or cash.
  • No personal advice.
  • They also do not offer foreign currency accounts.

The Currency Shop Says:

OFX excels in 2 areas – online experience and customer service. Their $15 fee for amounts under $10,000 does make OFX a less attractive option for smaller payments. Fortunately, for larger payments, the transfers are fee-free. When you make larger payments they also improve the exchange rates they offer you, which makes OFX a very good alternative to using a bank.

Learn more about OFX

Compare money transfer exchange rates and fees

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,690.51Exchange Rate0.7338Transfer Fees$62.82Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,690.51Rate Updated 05:07PM 18/11/2018GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7338 will cost you $13,690.51 which includes a fee of $62.82

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated 05:07PM 18/11/2018
TorFXRead ReviewTotal (AUD)$13,696.17$5.66 more expensive Exchange Rate0.7301 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,696.17$5.66 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7301 will cost you $13,696.17 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,707.19$16.68 more expensive Exchange Rate0.7295 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,707.19$16.68 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7295 will cost you $13,707.19 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,709.95$19.44 more expensive Exchange Rate0.7294 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,709.95$19.44 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7294 will cost you $13,709.95 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
HIFXRead ReviewTotal (AUD)$13,709.95$19.44 more expensive Exchange Rate0.7294 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,709.95$19.44 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7294 will cost you $13,709.95 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review

Pros

  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead ReviewTotal (AUD)$13,779.61$89.10 more expensive Exchange Rate0.7259 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,779.61$89.10 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7259 will cost you $13,779.61 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$13,892.75$202.24 more expensive Exchange Rate0.7198 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $13,892.75$202.24 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7198 will cost you $13,892.75 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,226.77$536.26 more expensive Exchange Rate0.7029 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,226.77$536.26 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7029 will cost you $14,226.77 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,448.26$757.75 more expensive Exchange Rate0.6927 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,448.26$757.75 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6927 will cost you $14,448.26 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates