The cheapest method depends on several factors:
For small amounts ($50-500):
Specialized apps like Remitly, WorldRemit often best
Avoid Western Union and MoneyGram (high fees for small amounts)
Banks are usually most expensive
For medium amounts ($500-5,000):
Wise typically very competitive
OFX and CurrencyFair good options
Compare multiple providers on PayinGlobal
For large amounts ($5,000+):
OFX, Wise, CurrencyFair excel here
Banks may be competitive for very large amounts ($50,000+)
Specialized FX brokers can negotiate rates
General tips:
Use bank transfers, not credit cards (saves 3-5%)
Send larger amounts less frequently to reduce per-transaction costs
Use providers with low/no exchange rate markup
PayinGlobal's comparison tool identifies the cheapest option for your specific transfer amount and corridor.
