Interbank rates typically beat rates offered to consumers by around 3% to 5%. Unless you have a premium REvolut account, faster transactions may carry an additional fee. With more than 2 million customers Revolut has managed over 125 million transactions valued at over £14 billion. Bottom Line Fast transfer speeds offered along with reliable money transfer Advanced mobile money app online platform for speedy transfers Competitive exchange rates While regular money transfers are free, they charge a fee for certain transfers A Premium account at a cost is needed to access certain services The fair usage fee is waived for Premium account holders TransferGo Founded in 2012, TransferGo offers fast and secure international money transfers at a low cost. They use the prevailing mid-market exchange rates minus a margin of between 0% and 2. 2%. Your exchange rate will be locked in so that you will know exactly how much your recipient will receive. You can pay for your transfer by local bank transfer or a debit or credit card in one of the following currencies: GBP EUR PLN NOK SEK DKK Zero fees are charged for standard deliveries that take up to 3 business days or you can pay for fast transfers that could be completed in under 30 minutes, depending on the country you are transferring to.
OFX With more than 20 years in the business of foreign currency transfers, OFX is a well-known and popular international money transfer provider with good reviews that is trusted worldwide. Deserving the listing in this money transfer comparison article, they provide fee-free money transfers (third party fees may apply) that are quick, easy, safe and secure to do. Their transfer specialists are available by phone 24 hours a day, 7 days a week for support and information. They offer better-than-bank live exchange rates and once you have entered the recipient's banking details your transfer is locked in. If you are living in the United States, United Arab Emirates, Canada, Czech Republic, Australia, New Zealand, the UK, Hong Kong, Singapore, South Korea, South Africa and Sri Lanka, OFX could be a good option for you. They also do direct transfers to any bank account held in India. However, they are not always very clear on exactly what to expect when you sign up with them. On their website, they do not directly state the exchange rate or total cost of a transaction.
The mid-market rate You may wonder why you need to find the best exchange rate — shouldn't there be one fixed exchange rate that everyone uses to make international money transfers? In fact, there is, it's called the mid-market rate and is used by banks to trade money among themselves. Hidden fees Most banks and providers, however, will give you a higher exchange rate when you exchange holiday money or transfer your money internationally. Essentially, you pay their transaction fee plus an exchange rate fee — but they don't tell you about that exchange rate fee, which is why it's called a hidden fee. Safety It's important to make sure that the provider you choose fully complies with the regulations of the countries in which they operate. They should also meet the global standards that protect against money laundering, as well as any other international requirements. Ways to transfer money abroad The traditional ways to send money internationally — via banks and wire transfers — are increasingly being challenged by specialised foreign exchange companies that offer online international money transfers.