Finder makes money from featured partners, but editorial opinions are our own.
Advertiser disclosure
Take advantage of a free money transfer
Send money for free using promo codes, specials and introductory rates.
The increasingly competitive online money transfer space is a buyer’s market that offers lower fees, stronger rates and more flexibility than your local bank. Add to that the handful of providers running special offers or promo codes for free transfers or no commission, and you’ve got one big incentive to try out a digital money specialist.
Do free international money transfers actually exist?
Yes. But money transfer specialists aren’t in the business of offering something for nothing.
Companies that advertise a “free” service — such as no commission or transfer fees — make up for it by applying a “spread” or margin on the mid-market rate, or the rate financial institutions use when trading currency among themselves. This margin varies by country and currency but can be anywhere from 0.1% to 10%, depending on the company and where you’re sending it to. The cost of the margin markup can outweigh the “free” transfer, which makes for an unpleasant surprise.
Charging a transfer fee can be a way for transfer companies to offer stronger exchange rates, which benefit large transfers. With research, you might find a company that waives transfer fees for new customers.
Ways to get a free money transfer
With so many companies angling for a piece of the remittance pie, the best deal may involve a promotional push for new customers or a promo code for waived fees or discounts off your total.
Money transfer companies make you pay through fees or mid-market markups — and sometimes both. To transfer money for free:
- Use a promo code. A promotional code for a company without a markup on the mid-market rate will allow you to transfer for free. A list of our current coupons and promotions can be found below.
Transfer with a company that doesn’t charge fees. Some money transfer companies forgo flat fees by adding a small percentage on top of the exchange rate. International money transfer services offering free transfers include:
- OFX. Standard transfers come with no transfer fee through OFX.
- WorldRemit. Create an account with WorldRemit, and you won’t pay fees on your first money transfer.
Compare money transfer services
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
{"niche":"USFMT"}
1 - 12 of 12
Let’s crunch the numbers: The cost of a free transfer
To put this into perspective, let’s see what a free transfer actually looks like when sending $6,000 USD to MXN. Compared using live exchange rates from Jan 28, 2020.
| $0 fee transfer | Strongest exchange rate | Low fee, strong exchange rate | |
|---|---|---|---|
| Fee | $0 | $60 | $3.99 |
| Exchange rate | 1 USD = 18.737 MXN | 1 USD = 18.831 MXN | 1 USD = 18.755 MXN |
| Transfer speed | 1-2 days | 1-2 days | Minutes |
| Amount received | MXN112,419 | MXN111,854 | MXN112,457 |
| Overall |
|
|
|
Depending on the amount you are sending, it may be best to pay a small fee to secure a stronger exchange rate. Comparing a large amount of transfer options can be tricky unless you’re using a comparison table that compiles data based on your sending amount and destination.
Where can I find a promo code for a free money transfer?
Many digital money specialists promote free money transfers through codes on their own sites. Or you can keep it simple by comparing your options through Finder and checking out our independent reviews for promo codes. You’ll find exclusive discounts with popular services like WorldRemit and Ria.
Code
Zero fees on your first THREE money transfers
Send money with WorldRemit using the code '3FREE' and pay no fees on your first three money transfers
Code
exclusive
WorldRemit: First Transfer FREE
You first transfer is free with WorldRemit when you use this coupon code. Send or pick up cash in the US or around the world.
Cheapest ways to send money overseas
Bottom line
With so many money transfer specialists in the market for your money — longtime mainstays and new digital names — customers both new and old can find promo codes and deals to waive fees on transfers worldwide. Weigh rates, fees and flexibility when comparing international money specialists.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
{"niche":"USFMT"}
Are you visiting from outside the US?
More resources on Finder
More guides on Finder
-
FedNow: What is it and how it works
The Federal Reserve is launching its own instant-payment system called FedNow, advertising a staggering delivery speed of seconds.
-
How do international money orders work?
Using international money orders to send money overseas? Learn about better options.
-
How to send money to someone without a bank account
Transfer agents, mobile wallets and online credit card payments don’t necessarily require a bank account.
-
Instarem review
Instarem offers no-margin, mid-market rates for some of your money transfers.
-
How to receive a wire transfer
Comprehensive guide on receiving money sent via a wire transfer.
-
Sending a money transfer: What information is required?
Every money transfer service has different requirements for signing up and initiating a transfer. Find out what information is required to send money overseas.
-
Guide to bank fees for wire transfers
We cover the different wire transfers fees you could pay with 10 of the top US banks when sending money internationally.
-
Alternatives to WorldRemit
Looking for higher transfer limits and lower fees? Explore these WorldRemit alternatives to find a good deal.
-
Alternatives to Western Union
Western Union’s extensive global network comes with high fees and weak exchange rates, use these alternatives to look for a better deal.
-
Alternatives to MoneyGram
Compare MoneyGram with competitive alternatives to find the best deal for your transfer.
Ask a question