Cheapest international transfer

Cheapest International Transfers


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Money transfers: we all need them, but no one wants to pay a fortune.

That’s where this post comes in. Get ready to uncover the cheapest international transfer options that won’t leave you broke or frustrated.

We’ll dive deep into their features, fees, transfer times, exchange rates, and more. Plus, we’ve got some nifty tips to help you make the most out of these apps.

So buckle up and get ready to find the perfect money transfer service that fits your needs like a glove.

Is it possible to send money internationally for free or almost for free?

Even though the cost of sending money abroad has decreased considerably in recent years, it is still unlikely that you can transfer funds overseas completely free. Even if you’re not being charged a transfer fee, there will be an exchange rate markup to take into consideration.

You can send money at a relatively low cost by utilizing peer-to-peer money transfer services such as Wise as it offers some of the lowest fees and competitive exchange rates. OFX is a good option for large international transfers that doesn’t charge a fee when sending AUD$ 10,000 or more. 

See our article Cheapest Transfer from the US.

Best Cheapest International Transfers


Established in 1993 as a simple currency converter tool, XE has expanded to become one of the most reputable and popular sources of foreign exchange information worldwide. The company offers real-time exchange rates, historical charts, currency news, and analysis to both individuals and businesses across the globe. 

Additionally, XE provides other features such as currency data APIs for businesses.


  • No monthly transfer limit
  • The app is available in 11 languages.
  • Supports 180 currencies.


  • Card payments are only available for users in Europe, the UK, and the US. 
  • No cash collection option. 

See our review of XE.


OFX has established offices in major global cities, including London, Dublin, Sydney, Auckland, Hong Kong, Singapore, Toronto, and San Francisco. The company has successfully served over a million customers in their payment transfer needs, allowing them to transfer funds to over 170 countries. 

The company has facilitated the transfer of more than $200 billion across 50 different currencies worldwide.


  • Free transfers over AUD$ 10,000
  • Fast transfers 
  • No maximum transfer limit.
  • Offers both recurring and one-time transfers.


  • Only offers direct bank transfers.
  • Minimum transfer of $1,000.

See our review of OFX.


Wise, previously known as TransferWise, is a fintech company that specializes in international money transfer services. It was established in 2011 by Estonian friends, Kristo Käärmann and Taavet Hinrikus. 

The company operates in more than 77 countries and provides services in over 50 currencies. The key advantage of using Wise is that it offers mid-market exchange rates with no markups for international transfers.


  • Low fees.
  • No hidden charges in its exchange rate.
  • Fast transfers. 
  • Multilingual customer support online, in-app, and over the phone.


  • Doesn’t support cryptocurrency, FX, or CFDs.
  • No cash collection options. 

See our review of Wise.


Instarem is a Singaporean money transfer service that was established in 2014. It enables both individuals and businesses to conduct international fund transfers across over 55 countries. 

A significant feature of Instarem is that it does not charge any fees for transactions made in U.S. dollars by U.S. customers. However, a fee of 1% of the total transfer amount may apply if the funds are sent from a bank account.


  • Zero fees for US customers.
  • Transparent fees.
  • Verifies all users and transactions for safety.
  • Users earn reward points for sending money.


  • Charges a markup on exchange rates.
  • The Instarem card is exclusively available to users in Singapore.

See our review of Instarem.


Xoom is an electronic money transfer company that was established in March 2001 and later acquired by PayPal in November 2015. This platform enables users to send funds to friends and family members in over 160 countries worldwide. Xoom has served more than 250 million customers globally.


  • Multiple transfer and delivery options.
  • Low minimum transfer limit for small transactions. 
  • Recipients do not need to be Xoom users.


  • Some users experience money transfer delays.

See our review of Xoom.

Cheapest option to Europe

Wise is known for offering competitive exchange rates and low fees. Their fee structure is based on a percentage of the amount being transferred, and they utilize the mid-market exchange rate, which is used by banks daily. 

For transfers made in a different currency, Wise charges only 0.5%-1% of the transfer amount.

However, if you are a European citizen then N26 is also a good choice. Premium customers pay zero fees for international transfers. Customers using the free plan are charged €0.99 for international transfers. These fees are for sending money to bank accounts in the SEPA region. 

It also offers a card that can be used to spend money in different currencies throughout Europe with low foreign transaction fees. 

See our article Cheapest Transfer to Europe.

Cheapest option to Africa

WorldRemit is a great option because it offers a variety of transfer methods such as bank transfer, cash pickup, mobile money, and airtime top-up, allowing recipients to choose the most convenient way to access the funds.

In addition, WorldRemit‘s fees are reasonable and their exchange rates are transparent, making it an affordable choice for international transfers. 

Cheapest option to Asia-Pacific

Instarem, being based in Singapore, is one of the cheapest options for money transfers in the Asia-Pacific region. For those sending money from the US in dollars, the service charges a fee of 0.25% – 1%.

Cheapest option to North America

Wise is a cost-effective choice for sending money to South America. The company typically charges a percentage-based fee of between 0.5% and 1% of the total transfer amount, along with a nominal additional charge of $1 or $2. 

These competitive fees and the use of mid-market exchange rates help make Wise an affordable option for sending money to South America.

Cheapest option to South America

Just like North America, Wise is an affordable choice for money transfers to South America. Remitly is another option worth considering as it’s available worldwide, including in South America. 


When it comes to sending and receiving money, there are a variety of affordable options available. You can choose from free peer-to-peer payment apps to specialized money transfer companies that offer competitive rates. Among these options, Wise is typically the cheapest service to send money from the US. 

However, if you need to send a large amount of money, OFX may be a better option as they don’t charge a transaction fee for amounts greater than AUD$ 10,000.


How We Chose the Cheapest international Money Transfer?

We chose the cheapest international money transfer service based on the following criteria: 

– Exchange rates: It’s important to compare exchange rates between different money transfer services to ensure that you are getting a good deal. Look for services that offer the mid-market exchange rate without low or zero markups added. 

– Transparency and fees: Some money transfer services may have hidden fees, which can make the transfer more expensive than advertised. Look for services that offer transparent fees, so you know exactly how much the transfer will cost.

– Transfer speed: Different services may offer different transfer speeds. If you need the money to arrive quickly, look for services that offer instant or same-day transfers. If you’re not in a rush, you may be able to save money by using a slower transfer option. 

– Payment options: Bank transfers are usually the fastest option but you should consider the payment options available and choose the one that is the cheapest for your country, currency, and amount being transferred. 

What are the best new-customer discounts? 

If you are referred to Wise by an existing user, you can receive a discount on your first transfer. This discount may completely waive the fee for your initial transaction, regardless of the currency used. The discount is automatically applied to your next transfer.

Western Union
New Western Union customers can make their first transfer for free. 

What is the fastest option to Transfer Money Internationally?

Wise provides fast transfer times with most transfers being completed within 24 hours. Many of these transfers are received within minutes, whereas others arrived in 1-2 days.
Xoom also offers fast transfer speeds for international transfers. Most of the transactions are completed within a few minutes. However, it may take up to 1-2 business days.

Remitly offers an Express delivery option which involves an additional fee. This delivery option can send money within minutes or hours. 

What is the Best International Money Transfer app?

Wise is an affordable choice with low fees and transparency. It offers the mid-market exchange rate with zero markups and all of its fees are provided clearly before you confirm transfers. Its multi-currency account lets you manage over 50 currencies and its quick transfer times are a great feature. 

However, it doesn’t offer cash collection and is only available in over 77 countries which are notable downsides to consider. 


  1. Xoom review
  2. XE review
  3. OFX review
  4. Wise review
  5. Instarem review
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