When searching for the best way to transfer money between countries, I looked at the top 10 money transfer companies. Then I looked at the next 20, just for good measure! I made spreadsheets and did way too much math.
In the end OFX won!
Here’s why:
- Update 2018- two free transfers!
When I called OFX to confirm their rules and procedures are still the same and explained I wanted to know because I’d be recommending them at some point on my blog, they offered to hook my readers up with a second free transfer. (The first is free for everyone.)
- No fees on my first transfer.
I hoped I could figure out how to transfer money overseas without fees. All the other companies who didn’t charge international money transfer fees had lower (worse) guaranteed exchange rates.
- No fees on transfers over $10,000 AUD.
I knew I’d be transferring all my savings from working in Australia. It was great that I could spread out my market fluctuation risk by transferring $10,000 at a time vs. having to transfer it all on one day and hope the global exchange rates didn’t soar in my favor on the next day.
- No hidden fees.
It’s already annoying when your receiving bank charges you a wire transfer fee to receive your international money transfer. Once I turned my back on OFX and used another money transfer service (XE Money Transfer, formally HiFX) because their exchange rates seemed better and they said they had no fees and no hidden fees, just like OFX. Nope! When $20 mysteriously disappeared, XE Money Transfer explained that their intermediary bank had taken a wire transfer fee and that said occurrence was in the fine print. Of course.
Just when you think you’ve learned how to transfer money internationally without fees, the fine print jumps out to bite you. Beware, when one of the international money transfer companies has a better rate than OFX, it might just be because that company doesn’t have the overhead of maintaining a bank account in your home country. Nor do they warn you that the service they use instead will take a cut of your cash. Sneaky! photo: pixabay
- Killer exchange rate.
When you go to those “best way to transfer money between countries” sites and see the comparison charts of all the international money transfer companies, OFX is always one of the best. Sometimes a few other companies seem to have a better rate. But then things happen like their intermediary bank taking $20, which makes the $5 better rate not a savings at all anymore. OFX doesn’t use intermediary banks, so their awesome exchange rate that you see is actually what you get.
- They’re nice.
You know how happy employees are a sign of a great company? Every OFX rep I’ve ever talked to (I’ve called twice) has been really kind and helpful and friendly.
That’s it! If you’re looking for the best way to transfer money between countries, my vote is for OFX! They are the cheapest way to send money internationally that I’ve found.
The peer to peer currency exchange, Transferwise, is popular. I have destination wedding friends that used it happily and successfully. I didn’t go with them, because I heard fees and exchange rates can change if they can’t find a match (which happens most often with large transfers). No thanks! Their rates are usually the same as OFX, so they might be a good alternative.
Good Luck! ♣
Transparency: OFX did not pay me to say anything. I called them to say how happy I was with them (and how I mad I was at XE Money Transfer for their sneaky shenanigans), and they offered to give my readers a deal and to pay me a few dollars if any of my readers take my advice and use their service. So there you have it! If you use this link to get the same good experience I had, OFX will also send me a little thank you on your behalf and they’ll give you a thank you in the form of no fees on your first two transfers. Lucky us!
Transparency #2: Every time I update this article, I get a little irritated at all the unhelpful international money transfer reviews written purely to capture money from a transfer. You see this page isn’t full of links to all the companies that transfer money internationally – just to the one I think is the best. I encourage you to click carefully when you end up on a page that says “All these companies are great! Just pick one so we can get a kickback!”
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