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How to send money abroad for free

Sending money abroad for free can feel like a bit of a minefield, but it doesn’t have to be. In this guide we will reveal our best tips for saving money when sending funds to another country.

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What is a free money transfer?

There are a lot of external factors that dictate whether a money transfer will be “free” and one of these factors is destination. Domestic transfers, for example, are typically free regardless of the financial provider, because the money is simply being sent between two accounts in the same country, without the added expense of currency conversion or foreign bank fees.

International transfers, on the other hand, often incur numerous charges, especially when the transaction is carried out by a bank.

International transfers may include charges for the following:

  • Currency conversion: Banks and other service providers may apply a profit margin to the true market value when exchanging funds from one currency to another

  • Transfer fees: Many providers charge a fee for their transfer services, with additional costs for faster delivery, processing credit card payments etc.

  • Handling fees: Intermediary or receiving banks often charge fees for their involvement in the transfer process

  • Corporate services: Business clients may require further assistance in the form of forward contracts or bulk payments; these tend to come at an additional cost

How to Avoid Bank Charges for International Transfers

Ways to send money abroad for free

Banks do not typically arrange international transfers free of charge, instead, applying varied fee structures to international payments that require forex services. In comparison, specialist remittance companies tend to offer a number of ways to send money abroad for free, these include:

  • “First transfer free” introductory offers

  • Referral codes from known, trusted contacts

  • Fee-free service for large transfers over a certain threshold

Understanding what “free” means

Although a company may advertise as a low-cost option, some “fee-free” services still come with a price, often in the form of hidden exchange rate markups. It is important to know the true mid-market rate for your currency pairing, before setting up a payment with a third party provider. This enables you to get the best value for your money, without being charged hidden fees.

There may also be a lack of transparency, depending on the provider, which may result in you being stung by unexpected charges, after the fact. In order to avoid this, we recommend using providers that offer total transparency throughout the transfer process, presenting the overall cost without failing to mention certain details.

Understanding free money transfers guide

Send money abroad for free with these providers

RankingProviderCostGet Started
🥇TorFXFreeVisit TorFX
🥈KeyCurrencyFreeVisit KeyCurrency
🥉WorldRemit3 free money transfersVisit WorldRemit

The following money transfer companies rank top of the list of most reliable services offering to send money abroad for free.


This excellent money transfer provider caters to both personal and corporate clients, and is well-equipped to handle large transactions. It is a free service that does not charge any fixed fees or hidden fees, irrespective of the amount being transferred. Overseas payment services are available 24/7 thanks to the company’s round-the-clock customer support.

Take me to the TorFX Money Transfer Review


This UK-based money transfer operator offers a personalised, fee-free service to customers from around the world; although it is not yet available to customers in the US. Key Currency foreign exchange experts monitor specific exchange rates on behalf of clients, as part of the company’s bespoke services. These agents inform customers when a favourable market move has occurred to help them secure the best possible exchange rate.

Take me to the Key Currency Money Transfer Review

More free and cheap money transfer guides


Finding a provider that offers free money transfers is an appealing prospect for customers looking to avoid international bank charges when sending money abroad. Before you lock in an overseas remittance of any kind, we encourage our readers to consider all their options and follow the advice presented in this guide. There are plenty of cheap money transfer options out there, depending on your highest priorities, and our comparison tool can help you make a well-informed choice.

Article Factchecked by Elliot Laybourne on 20th July 2022. Elliott is a former investment banker with a 20 year career in the city of London. During this time he held senior roles at ABN Amro, Societe Generale, Marex Financial and Natixis bank, specialising in commodity derivatives and options market-making. During this time, Elliott’s client list included Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System, amongst others.
April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.