What is the Cheapest Way to Transfer Money Abroad?
The cheapest way to wire transfer money abroad is not with your bank. Specialist money transfer brokers provide better rates and better service than the major banks and your funds will often arrive faster. Look for a regulated and reputable money transfer specialist, so you can keep more of your money when exchanging currencies.Wire transfers are an electronic funds transfer from one person or institution to another. Wiring money is considered one of the fastest and safest ways to send money internationally and there are many different wire transfer options available.
What are the options when wiring money abroad?Wiring money around the world can generally be done in just a few minutes, no matter where the recipient is. However it’s worth knowing that in some instances you might pay for the convenience and speed that comes with fast payments.
Specialist foreign exchange providers like OFXIf you want to save money (who doesn't?!) when wiring money abroad, then your best option is to use a specialist foreign currency provider like OFX. The reasons are simple - you will get a better exchange rate, £0 transfer fee, the transfers are quick, you get better customer support and wiring money is safe - OFX is registered at a federal level with Financial Crimes Enforcement Network ("FinCEN"), a bureau of the U.S. Department of Treasury.
Cash transfer operatorsKnown for wiring money quickly to even the most random locations, these operators are particularly useful if the recipient does not have a bank account. Unfortunately, the fees are typically very high and increase as you send higher amounts.
Online money transfer services like PayPalIf your recipient and you have PayPal accounts then you'll be able to transfer money instantly. However, once again, the fees for these transfers are high and are uneconomical for larger transactions.
Major banksThe easiest option for most people. Again, the issue with this option is the large fees and extremely poor exchange rates the banks charge - expect to pay $15-30 as a fee for the transaction and the exchange rate will incorporate a 4-7% margin!
Features and benefits of using OFX for wire transfers:
- Excellent exchange rates: beat the banks by 3-4% everytime.
- $0 transfer fee.
- Quick delivery of funds.
- 24/7 access.
- Fast and secure money transfers.
- Registered at a federal level with Financial Crimes Enforcement Network ("FinCEN").
How do I make an international wire transfer?
It's really simple:
- Login to your OFX account & get a live exchange rate quote
- Enter the recipient bank account details to book your money transfer
- Send us the funds, relax and we'll deliver the funds to your nominated bank account as quickly as possible.
How long does it take to wire money abroad?
This varies depending on where you are sending money to. Find out where we send money to and here to see how long it takes for your money to arrive.
Is my money safe with OFX?
Yes, your money is safe with OFX. As a financial institution in the United States, OFX is under obligation to comply with the letter of the law. OFX is registered as a Money Service Business with the US Treasury's Financial Crimes Enforcement Network and is regulated by the banking divisions of the individual states where OFX has a license. For further information about OFX licensing, you can find it here.