The Cheap Way to Transfer Money Internationally

by Layla
Published: Last Updated on


Photo by cottonbro from Pexels - cheap way to transfer money internationally transferwise send money


The Cheap Way to

Transfer Money Internationally – updated.


Needing a cheap way to transfer money internationally when I was travelling, used to be such a headache. Actually no, make that a migraine. Trying to find the cheap ways to send money overseas, dealing with exchange rates, bank transfer fees, a hundred forms of I.D for this, proof of address for that (that no one has when they’re travelling). Ugh!

When I went on my first backpacking trip alone to Australia, I had a small loan in the UK I was still paying off.

I first started using the international money transfer feature available with my bank. But it took SO long to transfer, the fees were horrendous and sometimes I’d send one amount and a totally different amount would arrive.

Luckily I’ve always had my awesome Nan to help out with bank shenanigans back home. I have a third party authorisation on my account and I highly recommend getting this set up before you leave.


Before You Travel 

Before you travel, go into your bank and tell them you’re going travelling overseas and tell them you want a third party authorisation set up on your account, whilst you’re travelling.

It’s free to set up, most banks offer it and all you need is to fill out one form and get a signature from the person you want to look after your account. That person can then have authority to check your account, pay money in/out, modify payments & direct debits and request statements. 

The other thing I recommend doing is placing a travel marker on your bank account. This is a service most banks offer, so the bank is aware you are travelling and ensures they don’t suspend your card for suspicious activity – like when you book a camel trek in China then buy a 7-11 cheese toastie in Thailand, 3 days later.

The third-party authorisation person can also renew this travel marker for you, whenever it runs out, for as long as you’re travelling.


International Money Transfer using Banks 

When I was making plans to go to Australia for my 2nd year on a student visa, I needed to send money overseas for my tuition fees into the college’s business account. I couldn’t get a Confirmation of Enrolment until I’d got proof of payment and I couldn’t apply for my student visa until I’d got the Confirmation of Enrolment. Sigh.

It should have been a simple process, but Barclays managed to screw it up royally. Yea, that’s right – I named, I shamed.

I used their international money transfer feature to send money and at the time, I was working full-time at a call centre, saving like crazy trying to get to Australia again. I hated the job and had to spend my entire commute to work one morning yelling at the bank on the phone, who had by their own admission – lost my money. WHAAATTT?!

They said ‘due to human error’, they’d transferred it incorrectly and lost my money temporarily, but of course, were going to get it back ASAP. “How the f**k does a bank lose $5,000 dollars?!” I hissed down the phone, exasperated that this dumbass bank was holding up my entire visa process.

The bumbling, apologetic replies came in the form of excuses such as; incorrect input of account details, other banks along the transfer chain taking their cut. So sorry, sorry, sorry…

Grrr. Hulk angry. 

Eventually, I got my money back. And it was sent correctly on the second attempt, plus I got a full refund of the international money transfer fee as an apology.

But the whole experience left me thinking, I’m not going through this every time I want to send money, there must be a better way that’s still cheap.

cheap way to transfer money internationally transferwise send money

Photo by Andrea Piacquadio from Pexels


Trying to Find the Cheapest Way to Send Money Internationally

After moving to New Zealand in 2013, I tried to find cheap ways to send money internationally, but they all ended up costing me high transfer fees. In the end, I just resorted to sending money to my UK account by wire transfer once a month.

But the transfer fees were still so high and because of the currency conversion fee, plus the fee my bank took to receive it, the amount I sent would end up not being enough to cover my loan payment. Then there’d have to be a small make-up payment made before my loan payment was even covered. 

It was all so frustrating, expensive, time-consuming and unfair that I had to bother someone else to sort out my bank issues. But I’d tried sending money with them all, Moneygram, Western Union, Bank International Money Transfer and Telegraphic Transfer.

Then one day whilst browsing a New Zealand Backpackers group on Facebook, I saw a comment about TransferWise that ultimately changed the way I transfer money. And saved my sanity. 


Discover the Best Cheap Way to Transfer Money Internationally with TransferWise

Behold TransferWise is here! Yep, I know it sounds like an ad, but trust me when you’ve battled with expensive transfer fees and constantly waiting for your money – you’ll be happy too when you learn how TransferWise can fix all that.

So the social media post I saw was a ‘ what is the cheapest way to send money internationally whilst travelling’ question and the reply comment that caught my eye was “Try Transferwise, it’s awesome. It’s way faster than the banks and TransferWise fees are SO low”. Well, that was it – my interest was piqued.

I followed the link, signed up on the Transferwise site, emailed a scan of my I.D for verification and couldn’t believe how easy it looked. I googled the schiz out of the company beforehand, to see if it was a scam or too good to be true. And all my research only led me to see everything was legitimate. And TransferWise really was as good as it sounded.

I sent my first transfer using my smartphone and it only cost me $4 NZD in Transferwise fees.

FOUR DOLLARS. That’s only $2.70 in USD!

I was so happy, it’s just one less thing to worry about when you’re travelling. 

cheap way to transfer money internationally transferwise send money


cheap way to transfer money internationally transferwise

LOOK at those low TransferWise fees!


How Does Transferwise Work?

Transferwise works on a peer-to-peer foreign exchange system. So it means your money arrives much quicker than by bank transfer and TransferWise fees are very low compared to a bank or Western Union or Moneygram fees. 

The TransferWise solution is local bank transfers. Money doesn’t have to leave the country to be transferred abroad. 


Instead of making one international transfer, two local transfers are made. For example, if you want to send pounds to euros instead of making one international transfer, Transferwise makes two local transfers. So you will send your pounds to our sterling account in the UK, and then we will send your money out to your euro account from our euro account, so the money hasn’t actually travelled internationally. 


What the TransferWise Fees are like

The fees with TransferWise are so low, you can send any amount from a few dollars up to $1,000 dollars/pounds/euros, and the TransferWise fees will be as low as $4 or £2.

To send some other currencies there may be higher TransferWise fees, but it’s still much lower than a bank transfer fee. For transferring larger amounts (like over $3000), TransferWise fees are a little higher and it’s sometimes worth sending several smaller amounts. However, the speed at which TransferWise sends money still makes them the best way to send money internationally.

The time it takes for the money to arrive varies, but is usually very fast.  The longest I’ve had to wait is 2 days (on a public holiday weekend), and the fastest was a few minutes. Still WAY faster than a bank transfer.

In my opinion, it’s a groundbreaking revolution, especially for nomadic types like myself who have spent large amounts on bank transfer fees in the past. TransferWise fees are so low, I can even make several transfers between my accounts every week and it still doesn’t compare to the fees the robbing banks used to charge me.


TransferWise: The Ultimate Cheap Way to Transfer Money Internationally 

The clever guys Taavet Hinrikus and Kristo Käärmann who founded TransferWise in 2010, recognised the need for a money transfer service that would allow money to flow freely and ultimately be ‘for the people’.  One of their brand taglines is ‘Money Without Borders’ and with their transparency and real exchange rates, these guys have achieved that.

I always use TransferWise now for transferring money between my accounts or making payments. It’s ultra time-saving being able to just log in to the TransferWise app on my smartphone anywhere I am and transfer money.  It’s so user-friendly and I’m always amazed how fast the money arrives.

Anything that makes life on the road easier, gets a big YES vote from me. 

So sign up to TransferWise and see how easy it actually is – you won’t be disappointed.

Use my unique TransferWise link and you’ll get your first transfer free. And may you never have to use a bank to transfer money ever again!

cheap way to transfer money internationally transferwise send money

Cheap way to transfer money internationally? NAILED IT!


Happy and Safe Travels 🙂


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