Welcome to our thorough overview discussing the best way to transfer money abroad. Every single service recommended on this page has been carefully and inspected by our staff, and we welcome you to read reviews of companies like World First, Currencies Direct and OFX on their respective pages.
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 smoothest way of doing so.
Transferring Money Overseas, Location-Based Recommendations:
Best Way to Transfer Money from The UK
- Handle 135+ Currencies
- Helpful Staff
- No Fees from UK
- Industry Leader
Best Way to Transfer Money from EU: Spain, France, Germany, Italy
- Since 1970
- No Fees for Our Readers
- Great Online Platform
Best Way to Transfer Money from USA or Canada
- Local Offices
- Global Leaders moving $5bn annually
- Professional Staff
- Average saving of more than 50% VS American Banks
Best Way to Transfer Money from Singapore or Hong Kong
HKD 10,000
- Easy to sign up
- Operating since 2004
- Local offices in Singapore and HK with local staff
Best Way to Transfer Money from Australia or New Zeland
- Publicly Traded Company in Australia
- Industry Giants 20bn in Turnoever
- Expertise in Outbound Australian Transfers
- 90%+ Reviews Of the Firm are Positive
Best Way to Transfer Money from Brazil - Since 1970
- No Fees for Our Readers
- Great Online Platform
Best Way to Transfer Money from Switzerland - Since 1970
- No Fees for Our Readers
- Great Online Platform
Best Way to Transfer Money from Japan - Local office in Tokyo
- Strong banking connections locally
- Years of experience with Yen transfers
Best Way to Transfer Money from United Arab Emirates - Local Offices in Dubai
- No fees for outbound transfers
- Operating in UAE for 10+ years
- Great rates on the AED
- 90% Positive Client Reviews
Best Way to Transfer Money from South Africa - One of few companies that can operate for outbound transfer from South Africa
- No fees
- Great ZAR rates
- Great reviews globally and specifically in SA
Best Way to Transfer Money to India - No fees
- Local offices in India
- Strong reputation
- NOTE - Currencies Direct does not handle transfers originating in India abroad
Local Offices / Local Settlements
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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: How long will this take? View our speed of international money transfers guide on the topic.
 Sending Money From |  Where To | Percentage of Readers* | Recommended Company |
|---|---|---|---|
UK | France, Spain, Germany, Netherlands | 35% | |
France, Spain, Germany, Netherlands | UK | 10% | |
UK | Australia | 7.5% | |
Australia | UK | 7.5% | |
Canada | UK | 5% | |
Canada | USA | 2.5% | |
USA | UK | 2.5% | |
UAE | UK | 2.5% | |
UK | UAE | 2.5% | |
USA | Canada | 2.5% | |
Australia | USA | 1% | |
USA | France, Spain, Germany, Netherlands | 1% | |
Australia | Canada | 1% | |
Singapore | UK | 1% | |
UK | Singapore | 1% | |
Sweden, Norway | UK | Less than 1% | |
UK | Sweden, Norway | Less than 1% | |
Australia | New Zealand | Less than 1% | |
New Zealand | Australia | Less than 1% | |
UK | Romania, Bulgaria, Estonia | Less than 1% | |
USA | Mexico | Less than 1% |
* 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
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Emigration - Property Abroad & Mortgage
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Personal Payments
There are hundreds of companies that allow you to transfer money abroad. We reviewed the largest ones here on MoneyTransferComparison, and analysed the advantages and disadvantages of each. Our top companies have demonstrated consistent cheap rates, high quality support, true global reach, and user-friendliness all across their platform.
Every choice we have made, whether its for international transfers to Canada, Japan, Spain or New Zealand is backed up by a thorough research.
Send money to Spain, France, Germany, Ireland, USA, Australia, Canada etc. with:
With Banks
With Commercial FX- £15-30 from
UK | - €15-30 from
Europe | - $25-50 from
USA
Companies we recommend on this page incur no fixed fees.
In the UK banks are usually commission-free, while globally banks still like to charge anywhere between 0.1%-2% as commission.
There are absolutely no commissions sending funds overseas with any of the companies we recommend.
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.
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.
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.
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%.
In addition to the above, you can avoid all sorts of “surprise” fees which some banks incur. The most common one is recipient fees for accepting an international wire transfer. You can avoid them easily through using companies which have local settlements in both sending and recipient countries.
John has accumulated some savings in the past few years, and like many other Britons, he decides to invest in property abroad. It will enable him to diversify his investment profile, generate some passive income, and even have a holiday home for his vacations. In addition to that, the low interest rates will enable him to fund his mortgage almost completely via rent.
The only obstacle standing between John and fulfillment of his dream investment, is transferring money overseas, without paying thousands in fees in the process.
Banks – Are They The Best Way To Move Funds Abroad?
He can’t get a straight answer on the markups he is expected to pay, especially when “market is fluctuating”. He get no guidance or support on the subject, besides being told to re-approach for a quote when the money to be moved.There are no specific guidelines or tips which is based on John’s individual needs. For the bank, it doesn’t matter whether John needs to move money in Europe to his sister in France, buy an asset in Australia, or move his pension back from Ireland to a bank account Singapore. It’s a “one-fits-all” service by a non-trader banker.
Commercial Money Transfers Abroad
Commercial money transfer firms: When approaching one of the our top-choice companies like Currencies Direct, World First, or Moneycorp with the intent of sending money abroad in the future, John will be offered with Forward Contracts: a way to secure the current exchange rate for a period of up to 24 months from the day of the contract.
That means, if John has set aside an amount of exactly 105,000 Pounds and signed such a contract with either of the companies, he can focus on finding an asset within a clear budget (in Euros), without spending anything that wasn’t intended for this cause. Not only the quote will be remarkably cheaper, it will also prevent the sorrow of currency fluctuations.
Some companies, like Currency Solutions or Global Reach Partners, will allow John to make the currency exchange and transfer on an immediate basis, and save the money exchanged in the companies’ Euro account, until it has an address (for any period of time).
Not Only Money Moving….
John will be in contact with a dedicated dealer who has helped hundreds or thousands of clients invest, or move, abroad. Another set of eyes will never hurt. The dedicated dealer can give guidance on all aspects relating to the transaction, and put John in touch with solicitors, property agents and tax consultants (only the very best).
Expanding internationally: Whether john would use these services in the future, he can always call his dealer and make an international payment to almost anywhere in the world. World First supports 150 currencies! John can move his rent money from France to his bank account in South Africa, to pay for a mortgage and invest in another property in New Zealand without ever going to the bank. Sarah can send money to her sister in Ireland, every 2 weeks, using the regular transfers mechanism.
How did you make the geographic selection?
Well, the majority of large companies we work with will take on any client as long as he passes the compliance checks, and doesn’t reside in countries that are banned for trading. Some locations, mostly in Asia, Africa and the Middle East will require a bit more documents than the UK, Australia, Canada, EU, Scandinavia or Mainland Europe.
The exception of that is the USA:Sending money overseas from the country requires the payment facility to be regulated on a state-by-state level. Many of the companies don’t handle USA-based clients at all. The companies we have selected for sending money from the USA and Canada are the ones that handle most states.
Still, there are some variations in our company selection between different areas. Things we have put into consideration include the following:
- Whether company is dealing with local currency
- Whether the company has local offices in the country or nearby
- Whether the site is translated to the local language
- Whether we have received a clear verification from the company they have a client base in that country
- Whether there are promotions/offers specific to a locale
For instance, our recommended company to move money from the UK is World First, which is headquartered in London, and able to move money abroad to 120 different regions including sending money to Australia, Europe, USA, Canada, New Zealand, Hong Kong, Japan, Thailand and many more locations. The majority of its clients are UK-based or Brits abroad, and it also offers a price rate guarantee for this audience.
How does it work really?
Sending money to a bank through an international wire is something a licensed payment facility can do. In the UK, the regulatory authority is the HM Revenue & Customs, and the Financial Conduct Authority. We, of course, only recommended companies which specialise at transferring money across borders, and are registered with the FCA as such. Many of which are also registered with other powerful regulators like the Australian ASIC, or the Central Bank of Ireland.
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1. Choose a company. Get to its website by clicking on the “Get Free Quote” button. You can choose several companies if you have a large transfer, and compare the costs. You will get quoted once you provide preliminary details about your identity, and before you have completely registered with the company.
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2. Register. You will have to supply documentation (quite similar to the one you provide when you open a new bank account).
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3. Execute. Execute the transfer via an online platform (recommended for smaller transfers of up to £5,000), or via telephone (recommended for larger transfers).
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4. Transfer funds domestically. You will now have to send the money in your local currency to a secured, segregated clients-only account, owned by the company you have chosen to work with.
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5. Money exchanged and sent abroad. Most transfers will happen in up to 48 hours, and money will be executed on the same day. The amount of money received will reflect the exact quote you were provided with, unless the recipient bank decides to charge incoming funds (won’t happen in UK, EU, Australia or the USA, but can happen if you send money overseas to Asia).
It also works the other way around with repatriation of funds, of course.
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