Cheapest Ways to Transfer Money Internationally
A detailed comparison of banks, same-currency wires, cards, cryptocurrency, online transfer services and currency brokers, using current provider research and MTC's original bank-margin study.
Wise is a strong small-transfer price benchmark. Currencies Direct, Xe, TorFX and OFX should enter the comparison as the amount grows. Banks win mainly on convenience or same-currency movement.
A detailed comparison of banks, same-currency wires, cards, cryptocurrency, online transfer services and currency brokers, using current provider research and MTC's original bank-margin study.
Cheapest starting points by transfer type
These are companies worth pricing first. None is guaranteed to be cheapest on every route or at every moment.
Wise
86.6% MTC editorial scoreA digital service that uses the mid-market rate and displays a separate fee before the customer pays.
Currencies Direct
97.8% MTC editorial scoreA service-led broker used for bank-to-bank transfers, property, emigration and regular international payments.
Xe
94.5% MTC editorial scoreA globally recognised currency brand with online transfers and dealer support for larger annual volumes.
OFX
90.4% MTC editorial scoreA long-established global provider combining a digital platform with telephone currency support.
Remitly
Corridor-specific serviceA remittance-focused service offering payout choices that can include bank deposit, cash collection and mobile money.
Digital pricing and corridor-specific payout costs usually deserve the first check.
Compare transparent online pricing against Currencies Direct or another service-led quote.
A small negotiated margin difference can outweigh every fixed fee.
The company names are a practical starting set based on the site's current rankings and reviews. The final winner depends on customer residence, currency pair, amount, funding method, receiving method and quote time.
What “cheapest” should mean
The cheapest transfer gives the recipient the most usable money for the same amount sent, without failing the deadline or payout requirement.
A provider can advertise no fee and still use a weaker exchange rate. Another can charge a visible fee while converting at a better rate. Cash collection may cost more than a bank deposit but still be the correct result if the recipient has no suitable account.
Compare quotes within a short time window and use the same send amount, currencies, destination, funding method and payout method.
Three different meanings of cheap
Lowest percentage cost matters when the recipient can accept a normal bank deposit and timing is flexible. Lowest cash cost may point to a different provider when a recipient needs collection or mobile money. Lowest total risk-adjusted cost matters on a property transfer where a delay or short payment can cost more than the FX margin.
A price table that ignores the receiving method is incomplete. A bank deposit, card credit, mobile wallet and cash collection are different products. Compare only providers that can complete the required delivery.
Six methods compared
Each method can be right in a narrow use case. None is cheapest for every transfer.
| Method | Often suits | Main cost risk |
|---|---|---|
| Bank conversion and wire | Convenience through an existing account | Wide FX margin plus possible wire fees |
| Same-currency bank wire | Recipient can hold the currency | Wire and receiving fees; later conversion cost |
| Debit or credit card funding | Urgent small transfers | Provider processing charge, issuer limits or cash-advance treatment |
| Digital transfer service | Small and medium bank deposits | Corridor pricing, funding fee and self-service support |
| Currency broker | Large property, emigration and business transfers | Negotiated margin and suitability of future-payment products |
| Remittance network | Family support, cash pickup and mobile money | Higher corridor cost or payout charge |
Cryptocurrency can move value, but exchange fees, volatility, wallet mistakes, regulation and the need to convert back into usable currency make it an unreliable default answer to a consumer transfer-cost question.
1. Direct bank conversion and international wire
This is the easiest option to find and often the least competitive converted route. The bank can charge a payment fee, apply its own retail exchange rate and use correspondent banks. It can still make sense when a customer has negotiated private-banking pricing or when certainty about the sending account matters more than cost.
2. Same-currency international bank transfer
Sending GBP as GBP, EUR as EUR or USD as USD can remove the sender's conversion. It does not remove the economic question. The recipient may face an incoming-wire charge or convert at a poor bank rate later. Use it when the receiving account genuinely holds that currency and the recipient controls the later conversion.
3. Debit or credit card funding
Cards can speed up small transfers but providers may pass on processing costs. Credit-card issuers can also treat some transfers as cash-like transactions. Bank-transfer funding is normally the cleaner price benchmark. Card funding should earn its place by solving a real timing problem.
4. Cryptocurrency transfer
Crypto is sometimes presented as the cheapest international rail. A fair total includes the cost to buy the asset, exchange spread, network fee, volatility during the transfer, withdrawal cost and conversion back to local currency. A wrong wallet address can be irreversible. It is not our default consumer recommendation.
5. Online transfer services
Wise uses the mid-market rate and displays a fee, which makes it a useful pricing benchmark. Xe combines an online platform with broader traditional currency-service support. Remitly focuses on family payments and payout choice. The cheapest company depends on the route and funding method.
6. Currency brokers
Currencies Direct, TorFX, OFX, Xe and Key Currency compete for larger bank-to-bank transfers. A broker may quote a margin rather than a separate fee. The rate can improve with amount and negotiation. Their commercial advantage is strongest when a live saving is paired with service, documents and future-payment tools.
What the historic bank-margin study found
The original page contained valuable multi-country pricing research. It is retained here with a clear date warning instead of being discarded or presented as live.
Money Transfer Comparison previously tested bank exchange-rate markups across the UK, United States, Australia, Europe, Canada and New Zealand. The observed ranges below came from that earlier research and remain useful for showing how wide bank pricing can be. They are historical findings, not current quotes for every bank.
| Market | Observed FX markup range | What that could mean on £20,000 equivalent |
|---|---|---|
| United Kingdom | 1.62% to 3.55% | About £324 to £710 |
| United States | 2.65% to 3.64% | About £530 to £728 |
| Australia | 2.13% to 4.58% | About £426 to £916 |
| Europe | 0.67% to 3.04% | About £134 to £608 |
| Canada | 2.07% to 3.30% | About £414 to £660 |
| New Zealand | 1.64% to 3.16% | About £328 to £632 |
The original fixed SWIFT fee observations ranged from £0 to £30 in the UK, US$0 to US$50 in the United States, A$0 to A$30 in Australia, €0 to €100 in Europe, C$1.99 to C$25 in Canada and NZ$15 to NZ$30 in New Zealand. Current bank charges must be checked on the maintained bank-fee page.
A bank can reduce or remove its visible wire fee while retaining a wide currency margin. The exchange-rate result must be checked again every time.
The cheapest method by transfer size
The economics change when a fixed fee becomes negligible and the FX rate becomes dominant.
Start with digital transfer and corridor-specific remittance quotes. Watch fixed fees and card funding.
Compare digital providers, brokers that accept the amount and the bank's final payout.
A broker quote becomes more useful. Compare service, documents and rate, not only automation.
Small margin differences matter greatly. Obtain live quotes and plan timing and compliance early.
These bands are a research starting point, not provider limits. Some brokers accept smaller payments and some digital firms support very large transfers. Availability changes by country and legal entity.
Compare established transfer companies
The live WordPress table stays centrally managed, so provider details and commercial links can be updated once across the site.
Currencies Direct: Best Overall for International Money Transfers - 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
Xe: The Biggest Name in Currency Since 1993 - Fast and Effective Sign Up Process
- Superb Functionality All Around - Intuitive Online Platform, Smooth App, and Personalised Touch with Dedicated Dealers Above $50,000 Volume
- Global Company with Strong Presence in the UK
TorFX: Strong Guidance and Staff - HQ Outside of London - Lower Staff Costs Rolled Over to the Client
- Quick Onboarding Process and Highly Professional
- Trading Desk with 100+ Years of Experience
moneycorp: Oldest and Most Reputable Foreign Exchange Service - Providing FX Services since 1979
- Very Recognisable Brand with Excellent Reputation - £36.9bn in Transfers Annually
- Business Specialists
Key Currency: Well Known Currency Broker with Local Presence UK/Spain - Fastest Growing UK Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
OFX: The Publicly-Traded Money Transfer Company from Down Under - Traded Publicly in Australia
- £20bn Turnover per Year
- Ultra Professional
FC Global Payments: New, Hungry, Driven - Excellent Client Support
- Industry Experience
- Young and Eager Company with Competitive Rates
Wise: Low-Cost International Transfer Wizards - Transparent fees and exchange rates
- Mid-market exchange rates with low fees
- Easy-to-use online platform and app
This is why a single cheapest-company list ages badly. A provider can lead at £500 and lose at £100,000. Some firms apply volume discounts, while broker margins can be discussed. Collect fresh quotes for the actual amount.
Which companies are worth comparing?
The shortlist changes by amount and receiving method.
Wise: the clean self-service benchmark
Wise states that it uses the mid-market rate and charges a visible fee that varies by currency, amount and funding method. That structure makes the total easy to inspect. It is strongest for customers who are comfortable online and do not need a dedicated dealer.
Currencies Direct: service-led large transfers
Currencies Direct states that it does not charge transfer fees on its regular transfer service and gives customers a dedicated account manager. The cost sits in the agreed customer rate, so compare the target-currency payout with Wise, Xe and the bank.
Xe: broad coverage and a hybrid service
Xe is a useful bridge between digital transfers and traditional currency support. It appears second in the current MTC ranking. Use it as a serious quote for both ordinary bank deposits and larger transfers where dealer access becomes available.
OFX: large transfers and 24-hour phone access
OFX combines an online platform with currency specialists available by telephone around the clock. Its official UK comparison published on 1 July 2026 showed a stronger GBP to USD payout than several named banks for the example tested. That single example is not a permanent rate promise, but it shows why the quote belongs in a large-transfer comparison.
TorFX and Key Currency: personal brokerage
Both are strongest when the customer values a direct point of contact. TorFX supports app transfers and moves larger payments to an account-managed process. Key Currency is smaller and particularly visible in UK and Spain-related transfers.
Remitly: payout choice rather than pure FX comparison
Remitly can be the right cheap option when a bank deposit is not the goal. Compare its normal repeat-customer pricing, payout location and recipient charges. A promotional first transfer should not decide the long-term winner.
Do free international transfers exist?
A transfer service has banking, compliance, staff and technology costs. The customer can pay them in several forms.
“Fee-free” can truthfully mean that no separate transfer fee is charged. It does not prove that the currency exchange is free. The provider may earn through the spread between its wholesale cost and customer rate.
A genuinely useful promotion shows the normal and promotional payout, the duration, eligible corridor and later pricing. Treat a referral discount separately from the underlying service comparison.
The only clean consumer comparison is the final amount received for the same amount paid.
Why remittance costs are still high
Global averages remain well above the international policy goal, but corridor, funding and payout costs vary sharply.
The World Bank's Remittance Prices Worldwide dataset tracks the cost of sending smaller remittances and continues to show a global average around 6%, well above the Sustainable Development Goal target of less than 3%. That average should not be pasted onto a large bank-to-bank transfer. It describes a different market and transfer size.
Cash networks, difficult payout countries, card funding and limited competition can increase cost. High-volume digital corridors can be much cheaper. Use the remittance comparison when cash or mobile delivery matters.
The latest published World Bank headline puts the global average at 6.36% for the small remittance transfers it monitors. The dataset covers hundreds of country corridors, but it should not be used as a cost expectation for a £100,000 bank-to-bank property transfer. Small cash-heavy remittance routes and large currency conversions are different markets.
The World Bank identifies limited competition, weak payment infrastructure, regulatory obstacles, lack of account access and poor price transparency as reasons for high remittance costs. This supports a corridor-first comparison rather than a generic global claim.
A five-minute price test
A disciplined quote comparison is more useful than a permanent “cheapest company” badge.
Fix
Use one amount, route, funding method and payout method.
Quote
Collect two or three quotes close together.
Check
Add possible bank or payout deductions.
Compare
Rank by final usable recipient amount.
Repeat
Recheck regular transfers because pricing can change.
Realistic expectations for a cheap international transfer
Cheap pricing changes with the currency pair, customer and service level.
Major pairs such as GBP/EUR, GBP/USD and AUD/USD usually attract more competition than thinly traded currencies. Large business customers may obtain much tighter margins than a private customer sending a few hundred pounds. Cash collection can cost more than a bank deposit because the provider maintains a physical payout network.
Do not publish one universal acceptable percentage. Ask for two or three current payouts. For a small transfer, a few pounds can decide the winner. For a large transfer, even 0.20 percentage points can be meaningful. If a broker provides useful documentation help and deadline control, decide whether that service is worth a small price difference.
Use Wise or Xe as a digital benchmark. Add Currencies Direct, TorFX or OFX when the transfer becomes large enough for service and negotiation to matter. Use Remitly or another remittance specialist when the recipient needs cash or mobile delivery.
Built from first-hand industry coverage and current primary sources
Money Transfer Comparison has reviewed international payment companies since 2014. Current legal, regulatory and product claims are linked to the organisations responsible for them.
Alon Rajic
Founder of Money Transfer Comparison, covering providers, pricing and customer use cases since 2014.
Read Alon's profile →
Russell Gous
Former Barclays Corporate Banking professional and senior relationship manager at WorldFirst.
Read Russell's profile →Cheapest Ways to Transfer Money Internationally: common questions
Which company should I check first for a small transfer?
Wise is a useful transparent benchmark, while Xe and corridor-specific services such as Remitly can produce a better result depending on route and payout.
Which companies should I compare for £100,000 or more?
Start with Currencies Direct, Xe, TorFX and OFX, then compare the strongest live quotes with your bank.
What is the cheapest way to transfer money internationally?
For small bank deposits, start with digital services. For large conversions, add specialist broker and bank quotes. Cash or mobile payouts need corridor-specific remittance comparisons.
Are fee-free international transfers really free?
They may have no separate transfer fee, but the provider can earn through the exchange rate or other charges.
Is Wise always cheapest?
No company is cheapest on every amount, route and funding method. Compare the final recipient amount.
Are bank transfers cheaper for large amounts?
Not necessarily. Fixed fees become less important, but the bank's exchange-rate margin can create a large cost.
Should I use a credit card?
It can be convenient for a small urgent payment, but provider charges, issuer limits or cash-advance treatment can make it expensive.
Build a shortlist by amount, then compare the final payout
Use Wise or Xe as a digital benchmark, add service-led brokers for larger amounts, and use remittance providers only when their payout network is needed.