Best Way to Transfer Money Abroad
Welcome to our thorough analysis on the best way to transfer money abroad. All the services recommended on this page have been carefully reviewed by our expert staff. All overseas money transfers service offered by these companies are fee-free, with local banking facilities in the relevant region, and most importantly – safe, secured, and regulated.
We look not only for the cheapest way to transfer money abroad, but also for the most reliable, trouble-free, and smooth manner of doing so.
Transferring Money Overseas, Location-Based Recommendations:
Local Offices / Local Settlements
The most prominent factor on our sending money abroad comparison for private clients page is the localisation of each firm. Most companies can handle clients globally, but few companies have local offices outside of the UK (90% are headquartered there).When a certain company has local offices in any region, it is a strong signal that the sign-up process for clients from that region would be easy and comfortable, and that the support would be provided from a local employee from that office.
In addition, if a client would like to meet up in person with his trader, but the company he is dealing with do no have local offices near him, he would not be able to do so unless he travels abroad to do so. Over the past few years, companies have opened local offices in expat hubs such as UAE, Singapore, South Africa and Canada – so wherever you currently reside, you are bound to find a solution.
Most importantly, local offices translate into local payment settlements i.e. bank accounts set up in the same country that you can move your money domestically to. If you are an Australian expat living in the UK, this is how the process will look like with a company that has local settlements in both UK and Australia, eliminating on intermediary fees and recipient bank fees and allow you to know precisely how much money should be received by the recipient after the overseas money transfer is initiated:
The same would apply for many other currency corridors. If you move money from Germany to USA, choose a company which is recommended in the EU, and also has American office. If you need to swap funds between UAE and South Africa, UK to Singapore, Sweden to USA, or New Zealand to Australia – just search for companies that has offices in both locales.
Top 10 Most Common Use Cases – When Is Transferring Abroad Cheaper Through FX Companies?
Based on data collected on our website, here are the most common corridors that people use our site for. We hope you can find use in that in order to discover the best way to transfer money abroad for your own specific needs.
|Sending Money From||Where To||Percentage of Readers*||Recommended Company|
|UK||France, Spain, Germany, Netherlands||35%||World First|
|France, Spain, Germany, Netherlands||UK||10%||Moneycorp|
|USA||France, Spain, Germany, Netherlands||1%||World First|
|Sweden, Norway||UK||Less than 1%||Currencies Direct|
|UK||Sweden, Norway||Less than 1%||Currencies Direct|
|Australia||New Zealand||Less than 1%||OFX|
|New Zealand||Australia||Less than 1%||OFX|
|UK||Romania, Bulgaria, Estonia||Less than 1%||Transferwise|
|USA||Mexico||Less than 1%||Transferwise|
* Approximate figures
** There are a lot more countries/ currencies which compose the remaining 15%
*** We did not list how long will it take any transfer to reach its destination, for that we have created a specific guide on the speed of international money transfers.
For Additional Information on the topic, including examples, view our FX Companies VS Banks comparison.
Best Use Cases to Use a Currency Specialist:
Are Currency Specialist The Best Way to Transfer Money Abroad?
How Much Can you Save On An Overseas Transfer – A Comparison
|With Banks – Send money to Spain, France, Ireland, Germany, USA, Australia, Canada etc.||With Commercial FX- Send money to Spain, France, Germany, Ireland, USA, Australia, Canada etc.|
|Fixed Fees: £15-30 from UK; €15-30 from Europe; $25-50 from USA|
Fixed Fees: Companies we recommend on this page incur no fixed fees.
Commission: In the UK banks are usually commission-free, while globally banks still like to charge anywhere between 0.1%-2% as commission.
|Commission: There are absolutely no commissions sending funds overseas with any of the companies we recommend.|
|Spreads: The difference between official currency rate and the Buy / Sell price. Represent an amount that could be anywhere between 1.5% on highly traded currencies pairs, to 5% in extreme cases. Want to know how much you paid? View our money transfer fee calculator.||Spreads: These companies markups in comparison to the real exchange rate is far more moderate than with banks. These companies specialise at wholesale of currency, with fewer overheads than banks, and thus able to offer tighter spreads.|
Grand total: If you use banks to send money abroad, you will pay up to an astonishing 7% on a small transfer, inclusive of all fees, and anywhere between 1.5%-4% on larger transfers with banks.
|Grand total: If you use a (great) commercial firm for sending money overseas, you will pay up to 1.5% on average on a small transfer. How much you will pay for larger transfer depends on the volume you are sending, and your negotiation skills. In theory, if you are sending millions regularly, it could be as low as 0.1%.|
MoneyTransferComparison.com – Overseas Investment Guide
Using our website to send money abroad
MoneyTransferComaprison.com is the largest review and comparison site in this industry. In fact, we have more than 35 companies listed on our website, and over 50 apps on app page (including our own).
Our goal is to apply to the widest audiences we can. That’s why we have a special category for expatriates and immigrants, business FX, merchants and even an eWallet comparison and travel money comparison. That’s why we have listed so many different countries on this page – because our traffic is diverse and international.
Companies appearing on this page specialise at sending money abroad for purposes like property purchases, mortgage payments, luxury item buying from abroad, paying tuition fees, etc. (These are the same companies we recommend for receiving money from abroad, of course).
Be sure to check as many reviews as possible to find the companies best tailored for your needs. Do not be hesitant of contacting multiple companies to compare between their quotes, and may you find the way to transfer money abroad for your needs.