What's the cheapest way to send money abroad?
The honest answer is: it depends. Every transfer is different!
The only way to know you're getting the cheapest deal is to compare prices across the market. That's where our live search tool comes in.
Your price is affected by things like:
The country you're in
The country you're sending to
The currencies you're converting between
The amount of money you're sending
Other requirements you might have, like speed and customer service options
It's true that certain companies tend to be cheaper than others. For example, our analysis shows that Wise often quotes competitive prices.
If you want to be sure you're getting the best deal though, we recommend that you compare before you send.
Are there any hidden costs or fees?
There can be with some companies, yes. The most common way that companies hide their true fees is in their exchange rate.
They might advertise as having low fees, or even zero fees. However, they make their money by giving you a worse exchange rate. This means that in the end, you end up paying more - often without realising it.
That's why it's so important to compare the full cost of your transfer, including exchange rates and fees.
MoneyTransfers.com search results break down these two key numbers and shows you what matters: how much money the recipient will actually get.
Is MoneyTransfers.com free to use?
Yes, we're 100% free!
When you click to a money transfer company from our website, you're helping support our free service.
This has no effect on the exchange rate or fee you pay.
What's the difference between sending money and receiving money?
Imagine you’re sending a $5,000 gift to a relative in Spain.
That $5,000 is fixed. That’s how much you want to send.
What does change, is how much euro you’ll get in exchange for it. For example, with a bank you might get 6,123 EUR, and with a money transfer specialist, you might get 6,500 EUR.
In our search form, you’ll want to enter $5,000 as the “Send” amount, and we’ll tell you how much the recipient will receive.
But sometimes, the ‘send’ amount isn’t fixed; the ‘receive’ amount is
So now imagine you’re buying a villa in Spain for 200,000 EUR.
That’s the price you agreed with the seller, so that’s how much they need to receive.
In this case, you should enter a “Receive” amount, and we’ll tell you how you’ll need to send in USD.
But how do fees come into this?
Fees are typically included in your quote. In the first example, let’s say there was a $5 fee for sending $5,000 to Spain. The $5 will be deducted first, and you’ll then get $4,995 converted to euro.
How long will it take for my money to reach its destination?
Transfer speeds vary substantially by provider, country, currency and payment method.
You'll need to check the timings quoted by each company for an idea, but they're usually just a rough estimate and can often be a little longer or shorter.
In the best case scenario, your money could be received within minutes.
On the other end of the spectrum, you could be looking at close to a week for more exotic destinations and currencies
Some companies also transfer money more slowly over weekends, so sending early in the week should minimise transfer times.
How can I get the best rate?
Compare providers to get the best rate, but make sure you don't ignore the role of fees. Sometimes the best rate will not be the best overall deal.
The key is to focus on the Amount Received rather than just the rate. This factors in the full cost of the transfer.
If you aren't in a rush, selecting a slower transfer option often results in a lower fee.
Can I check the status of my transfer?
With most companies you can log in to the website or app & view the status of a pending transfer.
What could delay my transfer?
There are a few things that could impact the speed of your transfer. It's important to be aware of these possibilities to avoid frustration or delays.
Verification - for higher send amounts, or certain currencies, additional verification might be needed. Your chosen company will let you know if this is the case, and you'll need to submit some ID documents.
Mistakes - if there is a mistake in the recipient's details, your transfer could be delayed or returned to you. Be sure to double check the details before you click 'Send'.
Weekends & holidays - public holidays and weekends will slow down the processing of a transfer. If speed is important to you, try to avoid these.
What is a currency broker?
Currency brokers are a more traditional way of sending money abroad. Rather than seeing fees and rates online, and sending money with a few clicks, you'll fill in a form and receive a call-back from a currency specialist.
Many of our customers prefer using brokers, especially for large transfers. Having someone to talk to on the phone can be very reassuring when sending substantial sums.
Just be prepared to negotiate on fees, as they usually offer more flexibility and discretion on their rates than a typical app-based service would.
If you have any specific questions, we'd be happy to help.
Feel free to get in contact and our customer support team will be in touch.
