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The Cheapest Ways To Send Money Internationally

Let’s do something we rarely do and deal with just the numbers for a change. In this article, we have compared 12 of the cheapest money transfer companies. They allow you to send money internationally without having to break the bank. With the exception of Transferwise, you are going to have to do a few calculations in order to figure out which is the best value for money. We have done the calculations for you. With the Transferwise entry, I had to reverse engineer the transaction to find break it down in the manner you see below.

Send Money Internationally For Less

This list is in order of the cheapest to the most expensive, and yet even the entry at number twelve is still cheaper than most exchange and transfer companies and banks you will find on the Internet. The list doesn’t deal with transfer times, limits, customer support, and all that other stuff that we usually cover. This article only concentrates on fees and the math.

To create a consistent example, I used $1000 for each transaction, and I converted it to pound sterling, which is the currency used in the UK. I choose these two because the dollar and pound are both strong and do not fluctuate very much. It allowed me to run a fair test on all of them with the same exchange rate each time. With that said, the exchange rates the transfer companies choose to use is (often) quite different to the actual exchange rate.

OFX

 OFX

(was called OZForex, UKForex, amongst other names)
Rate checker on homepage
The amount sent from the US to the UK: $1000
The amount received in the UK: £820.50
Fee for the transfer that was paid on top: $5.00
The total cost of the transaction: $1005.00
Adjusted amount received: £816.39
Their fee is $5.00 for a transfer of less than $5000. If you transfer more, then there is no fee. The $5 fee is very well hidden since you have to look at their FAQ section to find it rather than it appearing on the homepage like it does with other transfer and exchange companies.

Transferwise

 Transferwize

Rate checker on homepage
The amount sent from the US to the UK: $1000
The amount received in the UK: $821.73
Fee for the transfer that was paid on top: $8.46
The total cost of the transaction: $1008.46
Adjusted amount received: £814.80

 

 

Transferwise Currency Calculator – Check the Amount You Get Below

Transferwise is currently very popular because when it gives a quote it includes all fees and shows the actual amount the recipient gets for their money, rather than them having to do all the calculations like we have had to on this article. We’ve written a review of Transferwise.

HiFX Money Transfer

HiFX logo

Rate checker on homepage
The amount sent from the US to the UK: $1000
The amount received in the UK: £820.00
Fee for the transfer that was paid on top: $9.00
The total cost of the transaction: $1009.00
Adjusted amount received: £812.61

FC exchange

FC exchange.

Their rate checker may be found via their currency converter link near the bottom of the page.
The amount sent from the US to the UK: $1000
The amount received in the UK: £820.40
Fee for the transfer that was paid on top: $10.00
The total cost of the transaction: $1010.00
Adjusted amount received: £812.18

CurrencyFair

currencyfair review

Rate checker on homepage
The amount sent from the US to the UK: $1000
The amount received in the UK: £813.90
Fee for the transfer that was paid on top: $3.00
The total cost of the transaction: $1003.00
Adjusted amount received: £811.44
There are hidden costs with CurrencyFair. Not only do they sting you with a terrible rate, they also charge you for withdraws too. In addition, they have the cheek to add a transaction fee of $3. Read our review of CurrencyFair

Halo Financial

Halo Financial

Rate checker on homepage
The amount sent from the US to the UK: $1000
The amount received in the UK: £820.34
Fee for the transfer that was paid on top: $15.00
The total cost of the transaction: $1015.00
Adjusted amount received: £808.02

Payoneer

Payoneer

They do not have a rate checker, you have to sign up and get a quote by contacting them.
The amount sent from the US to the UK: $1000
The amount received in the UK: £815.36
Fee for the transfer that was paid on top: $10.00
The total cost of the transaction: $1010.00
Adjusted amount received: £807.14
They have a slew of different fees for the different types of services and accounts you open and use. For this transaction, they charged 1% of the money transferred, but they also charged the recipient 1% too.

FairFX

FairFX

Getting to their rate checker is tricky. You have to run a check with one tool to be transferred to another.
The amount sent from the US to the UK: $1000
The amount received in the UK: £812.99
Fee for the transfer that was paid on top: $7.50
The total cost of the transaction: $1007.50
Adjusted amount received: £806.83

Currency Solutions

Currency Solutions

Rate checker on currency converter page
The amount sent from the US to the UK: $1000
The amount received in the UK: £810.03
Fee for the transfer that was paid on top: $10.00
The total cost of the transaction: $1010.00
Adjusted amount received: £801.81
There fee is well hidden. You have to sign up for an account and then send away for an email quote. Do not be fooled by their currency converter because that is not the rate you will receive and it is not fee free.

Travelex Money Transfer

Travelex Money Transfer

Rate checker on homepage
The amount sent from the US to the UK: $1000
The amount received in the UK: £801.13
Fee for the transfer that was paid on top: $5.00
The total cost of the transaction: $1005.00
Adjusted amount received: £797.02

MoneyCorp

MoneyCorp

Rate checker on homepage
The amount sent from the US to the UK: $1000
The amount received in the UK: £781.10
Fee for the transfer that was paid on top: $0.00
The total cost of the transaction: $1000.00
Adjusted amount received: £781.10

WorldFirst

WorldFirst

Rate checker on homepage
The amount sent from the US to the UK: $1000
The amount received in the UK: £779.17
Fee for the transfer that was paid on top: $10.00
The total cost of the transaction: $1010.00
Adjusted amount received: £770.95
I was truly surprised to see this company on the bottom of the list because I have read so many reviews about the company with professional reviewers saying they are great. Then I took a look at how much WorldFirst pays affiliates–and I finally understood why so many websites are promoting them. We are not paid for reviews, so we can show WorldFirst in its true light. It is expensive compared to all of the others on this list, but it is still cheaper than more exchange companies and banks you can find online.

Conclusion – Should You Send Money Internationally With The Cheapest?

Let’s put it this way. If you were buying a car, then buying the cheapest is a terrible idea, and if you are buying gas, then the cheapest is the best. When transferring money, the cheapest may not be the best–but that doesn’t mean it is bad. It is not the same as buying a car. Use this list to do your own research and figure out what you need. For example, if the first cheapest takes too long to send the money, or they have a long verification process, then try the next company and the next company and so on until you find the most perfect company for you.

 

 

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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