Money transfer operators that claim to provide "no fees" overseas money transfers normally don't charge commissions. They get paid by charging fees that could be more obvious when you transfer money abroad, such as when you convert your money into a new currency. This method is usually referred to as the spread in exchange rates.

Moreover, it is very important to carefully read every small detail when dealing with banks or money service businesses to avoid paying unnecessary fees. To ease things out for you, we looked into 4 of the best fee-free international transfer providers and ways in this article. So, dont leave just yet!

Ways To Internationally Transfer Money Without Fee

1. XE Money Transfer

Money transfer operator XE is well-known and reliable. After 20 years, they move money for 33,000 people and 2,000 companies annually. In addition, XE lets you move more than 60 different currencies, and they're proud of the free tools and clear rates they offer.

XE is the company to use if you want to spend less than $5,000 and want to avoid paying high transaction fees. However, make sure you get an estimate of the exchange rate at which you'll be charged for the currency change. Moreover, the rate shown on their website is the market rate, not the rate you will receive.

Pros

• The XE app is available on iOS and Android, offering access to interbank rates for over 100 currencies.
• XE charges no fees for international money transfers.
• A trusted and recognized brand in the financial sector.
• Supports both personal and business international money transfers.
• The website provides extensive information on currency and money transfers, along with a comprehensive FAQ section.

Cons

• XE's transfer service has a maximum limit of US$500,000.
• The rates shown on their page are interbank rates, which may differ from the actual rates received.
• XE applies a margin when processing transfers.
• Remittance payment must be made via bank transfer; cash and cheques are not accepted. BPay is available in Australia.
• While XE tracks over 100 currencies, only 60 are available for actual transfers.

2. TorFX

Since 2004, TorFX has been one of the most popular money transfer operators, helping companies and individuals exchange and transfer money abroad. TorFX employs over 240 people in Australia, South Africa, the UK, India, the US, Spain, Portugal, and France.

If you send money abroad often, TorFX is more helpful than union transfer. Additionally, they require a minimum deal size of $200 and provide fair exchange rates for numbers greater than $50,000. As a result of their cheap exchange rates, service, and large banking network in both Australia and the UK, TorFX is often a favorite among European expats and small companies.

Pros

• Quick same-day transfers are available in over 30 currencies.
• Personalized service with dedicated account managers, ideal for transfers over US$25,000.
• Online quotes are easy to get, with no obligation to proceed.
• Deposits are often free when using online banking, thanks to TorFX's local bank accounts in multiple currencies.
• There are no direct fees or commissions on international money transfers.

Cons

• Transfers can be delayed due to technical or administrative issues, though this is rare.
• The maximum transfer limit is AUD 25,000.
• Currency exchange risks exist due to market fluctuations.
• Remittance payment methods like cash or cheque are not accepted.
• The website needs an FAQ, making it easier to find answers to basic questions.

3. WorldFirst

WorldFirst, founded in 2004, touts itself as one of the quickest and finest methods to move money internationally to compete with large banks and other money transfer companies. WorldFirst now has six offices: two in the US, one in the UK, one in Australia, one in Hong Kong, and one in Singapore. The company started in a basement room in Stockwell, South London. WorldFirst recently got rid of all of its fees for sending money abroad, which made the business even more competitive than it was before.

Also, unlike union transfer, WorldFirst offers better web platforms and more cheap exchange rates. There is an app that makes it even easier for people and businesses that still use banks to make moves online. Moreover, it is worth keeping in mind that WorldFirst's minimum payment of $2,000 may be too high. Therefore, we recommend that you use WorldFirst if you are a business or if you give or receive large amounts of money on a daily basis.

Pros

• Competitive exchange rates for businesses.
• There are no international fees for existing clients.
• Quick and easy setup process.
• Simple online remittance payment platform.
• A handy calculator for interbank rates.

Cons

• The minimum transfer is $2000, higher than many.
• The actual rate may differ from the displayed interbank rate; request a quote.
• Only one office is located in Sydney.

4. OFX

Officially known as Ozforex, OFX is the biggest money transfer operator owned by Australians. The company started online and still makes easy-to-use goods. You can do everything online, from opening an account to sending money overseas. Unlike the union transfer, highly skilled customer service is available to OFX customers, even though most of their deals happen online. That's one of the main reasons why the business has grown so quickly through references and good reviews.

OFX is great at two things: improving your online experience and helping customers. However, its $15 fee for remittance payments under $10,000 makes it less appealing for smaller amounts. For bigger funds, the changes are free, which is great. Offx is a great option for banks because the exchange rates get better as you make bigger payments.

Pros

• They have a fast setup with great phone support.
• They have competitive exchange rates.
• Good 24/7 service.
• There are no fees for transfers over AUD 10,000.
• They have a helpful FAQ page.

Cons

• $15 fee for transfers under AUD 10,000.
• A minimum transfer of AUD 250 is required.
• No credit cards, cheques, or cash accepted.
• No foreign currency accounts are needed.
• This operator needs personalized advice.