Sending money overseas? How to do it cheaper in 2025

Whether you're supporting family abroad, paying for international purchases, or managing offshore investments, knowing the latest money-saving strategies for international money transfers can help you keep more dollars in your pocket.

Let's explore some smart strategies to help you save on IMT in 2025. 

1. Take advantage of digital wallets 

With most banking moving online, digital wallets and app-based services are the new way to move money internationally. These platforms typically offer more transparent, upfront costs and faster transaction times than traditional methods. By operating without the overhead expenses of brick-and-mortar banks, digital providers can pass on significant savings to customers through better exchange rates and lower fees. 

2. Look for locked-in exchange rates 

With market volatility continuing to impact currency values, many IMT providers now offer the ability to secure an exchange rate for a set period. This feature can be particularly valuable if you're planning future transfers or want to protect yourself against sudden market shifts. Some providers even allow you to lock in rates for up to 12 months, giving you peace of mind for scheduled payments or regular transfers.

3. Set up rate alerts 

Exchange rates are constantly fluctuating - sometimes multiple times within a day. Consider setting up notifications or alerts with your preferred providers to make the most of these movements. These alerts can help you time your transfers when rates are most advantageous, potentially saving you hundreds on larger transfers.

4. Bundle transfers to reduce fees 

If you're planning multiple transfers, it might be worth consolidating them. Many providers offer discounted IMT fees or more favourable rates for larger transfer amounts. By bundling several smaller transfers into one larger transaction, you could reduce your per-transaction costs and potentially qualify for premium service levels or better exchange rates.

5. Compare platforms regularly 

With the surge in digital-only transfer services, the competition for your international transfers has never been fiercer. This increased competition means providers constantly adjust their rates and fee structures to attract customers. By comparing different IMT providers before each transfer, you can ensure you're getting the best possible combination of exchange rates and minimal charges for your specific currency corridor.

What you'll need for a successful transfer

Before initiating your transfer, make sure you have:

Your information:

• Photo ID (driver's licence or passport)
• Proof of address
• Source of funds documentation for larger transfers

Recipient details:

• Full name as shown on their bank account
• Bank account number
• Bank name and address
• SWIFT/BIC code
• Additional codes where required:
  • BSB (Australia)
  • Sort code (UK)
  • IBAN (Europe)

Before you transfer

Remember that while finding the cheapest option is important, it shouldn't be your only consideration. Take into account the provider's reputation, transfer speed, and customer support alongside their fees and exchange rates.

Ready to start saving on your international transfers? Head over to our International Money Transfer hub page to compare providers today.