Stop wasting money on expensive foreign bank transfers
Online money transfer services have revolutionized international money transfers and you can now move money across borders and currencies at a fraction of the cost that traditional banks charge you
pay the “real” exchange rate
Traditional banks mark up the exchange rate and charge a percentage (or spread) on top of the actual exchange rate. With online money transfers you pay the real exchange rate (the rate you can find on Google) also called the mid-market rate.
Get the lowest fees
Most traditional banks not only give you a much worse exchange rate, they also add fees. Online money transfer services will only charge you a small fee and you’ll typically only pay between 0.4 and 0.8% of the total transferred amount!
Compare To Save Money
ForeignExchange.pro lets you compare the total cost of your money transfer between the best online services such as TransferWise and CurrencyFair – and also compared with the typical cost of using a traditional bank. Start saving today!
Say you want to move money from Germany to the US. You are then selling Euros and buying Dollars. At the same time someone else may be wanting to transfer money from the US to, say, France. That person is selling Dollars and buying Euro.
Instead of leaving the bank to carry out the transactions individually, an algorithm matches you. Behind the scene thousands of transactions happen simultaneously and the whole process is safe, quick and easy. And cheap!
There are many existing international money transfer services. Traditionally people have resorted to bank transfers when needing to move money across borders. Not only is it complicated, it also carries hefty fees and you’re almost sure not to get the best exchange rate.
The alternative, often used when transferring money to country with unbanked populations or limited access to bank branches, has been to use a money courier service like Western Union, which is often an even more costly affair than relying on bank transfers.
Luckily, there are now much better low-cost online alternatives. The most well-known is probably TransferWise (famously backed backed by Richard Branson). Other very similar money transfer services exist and while TransferWise remains one of the most reliable, fastest and cheapest, in some cases competitors such as CurrencyFair may be cheaper.