The Cheapest Ways to Send Money Overseas

Sending money abroad doesn’t have to be expensive, as long as you find appropriate providers

1. currencyfair

Cheapest money transfer service (total avg. costs 0.5%)

  • Min Transfer: €5
  • Transfer Fees: €3
  • Exchange Rate Markup: < 1.0%
  • Delivery Speed: 2-5 days


Out of all the money transfer services we’ve reviewed, currencyfair has the cheapest transfers.

It charges a small flat fee of €3 for every transfer, regardless of amount. That means you are able to start a transaction as long as your transfer amount exceeds €3.

The average exchange rate markups tend to be as low as 0.5% over mid-market rate, compared to most providers whose margins range between 1.0% and 2.0%. To be precise, the minimum and maximum markup are about 0.3% and slightly over 0.9% respectively.

The downside is the speed, as it takes 2-5 days to arrive, while others offer 1-2 days delivery. see full review>>

GO TO currencyfair

2. XE

Super cheap money transfer service for major currencies.

  • Min Transfer: $1
  • Transfer Fees: $0
  • Exchange Rate Markup: 0.5% – 1.0%
  • Delivery Speed: 1-2 days


XE is the world’s trusted currency authority, with its best currency tools, offering super cheap money transfers for major currencies.

Like its sister company HiFX, XE waives all transfer fees, no matter how much and what currencies you send. The exchange rate markups it charges are quite competitive, ranging from 0.5% to 1.0%. Even for some exotic currencies, you can also get a good exchange rate at about 1.3% over mid-market rate.

XE supports 58 currencies to more than 170 countries, which is far ahead of most competitors. see full review >>


3. TransferWise

TransferWise offers real mid-market exchange rates.

  • Min Transfer: $5
  • Transfer Fees: < 1.0%
  • Exchange Rate: mid-market rate
  • Delivery Speed: 1-4 days


TransferWise is the only company to offer you real mid-market exchange rates. This means that there is no margin on the exchange rate.

The transfer fees vary depending on currency and amount. In most conditions, these fees are less than 1% when you use bank transfer. For example, if you send 5,000NZD to the UK, the fee is around 26NZD (0.52%). The fee rate tends to decrease so long as the transfer amount is on the rise.

There’s an additional fee for sending money by debit or credit card.

The best part is, you will always know your fees up-front, as TransferWise presents a calculator on its website. see full review>>

GO TO TransferWise

4. worldremit

Transfer costs charged by worldremit are as low as 1% (of the total amount)

  • Min Transfer: $5
  • Transfer Fees: $0.01 – $25
  • Exchange Rate Markup: avg. 1.0%
  • Delivery Speed: 1-3 days


worldremit is a rapidly growing money transfer provider, which charges flat transfer fees ranging from $0.01 to $25 for every transfer. Although the transfer fee in some circumstances tends to be higher, the total costs aren’t always the same as they include exchange rate margins too.

The exchange rate markups it offers are slightly less than 1% for major currencies, compensating for its relatively high transfer fees. But this markup can rapidly increase in some African countries.

worldremit serves up an optimal mobile experience for customers to send money on the go. It’s also known as the “WhatsApp of money”. see full review>>

GO TO worldremit

5. Currencies Direct

There are no transfer fees on all transfers.

  • Min Transfer: €100
  • Transfer Fees: €0
  • Exchange Rate Markup: 1.2% avg
  • Delivery Speed: 1-2 days


Unlike its competitors, Currencies Direct offers no charge on all transfers, regardless of amount and currencies. This fee is not a good chunk of the total costs, but it matters especially for small amount transactions.

Its exchange rate is also quite competitive at over 4 times better than traditional banks. The markups varying by currencies tend to be 1.2% above mid-market rate on average. For example, markups for sending GBP to Europe or even South Africa are around 1.0%.

You can transfer as much as up to £25,000 online, although the amount is possible to be increased if you deal with them by phone. see full review>>

GO TO Currencies Direct

6. World First

Cheap money transfer service for a large amount over $10,000

  • Min Transfer: $1,000
  • Transfer Fees: $0; $10
  • Exchange Rate Markup: 1.0% – 2.0%
  • Delivery Speed: 1-4 days


World First doesn’t charge any fees when a customer outside the US makes a personal transfer. However, it charges a small flat fee of $10 when a US customer transfers less than $10,000. This fee can be waived once the amount exceeds $10,000.

Exchange rate markups are better than some big players like Western Union and MoneyGram, although they are still higher than other small providers. The average markups range between 1.7% and 1.8%, and tend to decrease slightly for larger sum transfers.

The only inconvenient side is the large minimum transfer amount, which varies depending on country. For example: 1,000 USD for the US, 2,000 AUD for Australia, and 10,000 HKD for Hong Kong… see full review>>

GO TO World First

One Comment

  1. Sandi Yu July 25, 2018 at 7:23 pm - Reply

    Hi Tony, We are a Fintech Microfinance company based in California, a P2P currency exchange (USD and CNY) platform, helping expats, international students and travellers in China top up their Wechat Pay/Alipay with their own Paypal/Zelle, or vice versa. Come check us out. We would love any comment/feedback from you.


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