How I Saved $2500 or 10% in One Transaction – Case Study You Can Follow

Want to know how you can save a bundle of money easily?

Transumo Saves You MoneyThat headline sounds corny I know. But at Transumo, I have written about how you can save hundreds, if not thousands on your money transfers very passively simply by using money transfer companies – we even show you can choose one best for your specific requirements.

And there is no doubt you can save 2 – 4% percent pretty easily just by registering with a reputable company – ideally in your country of residence.

What I am about to show you does require some minimal work on your behalf, but I use it every time and as you will see I get some pretty awesome results.

Now I want to show you how you can save even more by the simple timing of your transfers!

Sometimes MUCH MORE – like 7% on top of the juicy 3% or so you saved by not using a bank. That’s 10% in total.

Heres the cool thing, forget about pips, fiscal policy, reserve bank meeting predictions, candlestick charts, forward contracts and hedging …

In some situations complex solutions are helpful but most peoples needs are simple – we simply want the most money to arrive at A from B.

And you can make this happen.

I did and I want to show you very simply how.

Simple Needs = Great Results

You have money and you want to send to another country and you are not sure if you should do it now or reassess later – period.

If you are a forex trader stop reading now… I can’t help you – ever.

This simple method is for individuals and businesses that want to move money in days or weeks – not minutes.

Also, if you are happy leaving you money in the hands of commission based experts thats fine too – stop reading now – maybe you have someone you trust but I don’t. No one cares more about your money than you.

What Works – Simple Charts Method

The basic chart here was all I used to make my decision for a transaction I did moving Aussie dollars (AUD) to Canada (CAD).

Transumo Money Transfer Method Example

I know there are many ways to second guess yourself on this but I find that putting my trust in two parallel lines is all that is required. This is because these two parallel lines are not opinion – they define what is happening – simple supply and demand.

Currencies have a way of working in trend channels – just look at the channels since.

All you need to do is act when they break out of these channels if it is in your favour. This is what a “sell alert” is.

But, what if you were transferring money in the other direction?

Simple! A break out from this trend would indicate I should wait. In this case, waiting would have been a really good idea. In this case it went to 92c. In other words, for every 92c I have, I would get $1.

Pulling the trigger

The final step is important before you pull the trigger. Do you need the money now or can you wait?

Even if the trend is not in your favour you might need to act. Thats OK, we are not in the business of trying to make money doing this but if we can save a little or a lot by acting now or just holding on for a few weeks – why not!

Here is a transaction I made based on the chart above.

Money Transfer Example

In my example, I didn’t need the money to buy groceries but at the time I preferred to have it in Canada so it was an easy decision for me. Other times I have needed to money pretty immediately but I could always hold off for a few weeks and in this case a few weeks could make all the difference.

That’s it really – three simple steps or really just one if you just let the charts guide you.

Note: The rate on the 1 May shown here is the rate offered by the money transfer company. The actual spot rate or interbank rate was about 1.035.

Just waiting another another month to move my money would have meant I would have got 95c – a difference of 7c or approximately 7%. In my actual money transfer I figure I saved at least $1750 and more to the point the rate has not been that good since (1 year later).

Thats $2500 I saved in total! 3% for not using a bank and 7% with these simple steps.

I just showed you how I routinely save – in this case a cool 7% on my money with a slightly flexible time horizon. Its not trading, but it is money in the bank and you can be the master of making it happen very simply.

If you want to get the latest charts and analysis, each month I produce charts and analysis for all the major currencies including USD, CAD, and AUD on a monthly basis.

Over to you.

Let me know in the comments below, what you think of this process. Do you have anything else that helps you?

Thanks for reading!

By the way, I am not a financial expert of any kind and this is not meant to be financial advice – just a way for you to make your own decisions and have more control over your money with confidence. 

USForex V World First – Smart American Money Transfers

Did you know American banks take a healthy cut when you make an international money transfer?

To the dismay of many folks living in the USA, we have recently discovered that banks are only too eager to relieve you of as much as they can in fees – hidden or otherwise.

Save Money on Money Transfers to and from America with TransumoUnfortunately, money transfers to overseas destinations or back into the US are no different. For years the banks and remittance services have been the only choices for those who needed to transfer money internationally, but in recent years much better options are helping more and more people every day.

Now fortunately there are some much better ways to send your funds – money transfer companies!

Between transfer fees, varying exchange rates and processing time, using the right service for your specific transfer needs could save you hundreds or even thousands of dollars. Here is a comparison of the different ways to make international money transfers to help you make an informed decision.

Service NameMinimum Amount ($USD)Phone/ Online ServiceLocationsFees + ConditionsSpecial OffersTransferring $5000 to Canada (see *Note)Transferring $50,000 to Canada (see *Note)
My Bank In USANoneOnline/ Phone/ BranchCanada, US$40None5,239.56*52,395.60*
USForex (now called OFX) $250Online/ PhoneCanada, UK, Australia, US, NZ, Hong Kong , Over $5,000 free. Under $5,000 is $5First two transactions free5,424.75*54,247.55*

Click for full review
World First - Full Review$500Online/ Phone (below $2000 online)UK, US, AustraliaOver $1000 USD is free - Under $1000 is $30 USDFee free transactions for ever5,419.30*54,179.33*
Transferwise$1 USDOnline/ PhoneBased online. 41 Supported Countries Including AUS, CAN, UK and USPrice depends on route (eg. AUD>USD is 0.7%)None5,451.87*54,518.74*

See our full review of USForex here

As you can see the difference between a bank and companies like USForex and World First and banks vary significantly. In general, a money transfer company will almost always be the best option. In terms of the rates offered and fees charged, the difference between USForex V World First is minimal. However their are differences in the minimum allowable amounts, countries where they operate and their services.

A leading financial news outlet Quartz details how American banks are increasingly withdrawing from the money transfer business entirely in the face of quicker, more cost-effective money transfer methods that dealt a crippling blow to their near-monopoly.

Interestingly, remittance companies still have their place and so to do solutions like PayPal especially if you are transferring less then a few hundred dollars the recipient does not have a bank account. If you would like to learn more on how you can use PayPal or Remittance companies we have step-by-step info-graphics and explanations on Transumo.

In general banks not only charge exorbitant fees but they also offer subpar exchange rates. If that is not enough, they are also one of the slowest ways to move money – often taking up to a week to actually arrive in the destination account.

Speed and Costs Comparison of Banks versus Money Transfer Company

If there is one point in favor of using a bank – it is that you do not have to use a third party company but for the minimal time it takes to actually set up an account in our experience the benefits far out the small commitment to signing up. In addition to Costs and Speed there are other important points that for many Americans are top of mind and these are Security, Servic and the Countries Served. After considering what is important to you, you will be in a great place to make an informed decision.

Points to consider:

  1. Speed
  2. Security
  3. Service
  4. Countries Served


Typically remittance companies are often the fastest, but this does come a cost of up to 9% or your money. For amounts less then a few hundred dollars, if both parties have a PayPal account we found that PayPal (and similar services) can be an excellent option. Remittance companies on the other hand may be your only option if you need to deal with cash. For amounts above $300, banks and money transfer companies do sometimes offer expedited services usually for an extra fee, but the most common choices take anywhere between 3 to 7 working days, with a dedicated money transfer company usually a couple days quicker than banks because they usually have the distinct advantage of having bank accounts in both countries.


When it comes to regulation in the US, in February 2014 new rules were introduced by the federal government as part for the Frank-Dodd financial regulation law. In addition to this, each state also also regulates money transfer companies.

If that weren’t enough, companies who operate overseas need to also meet the needs of anti-money laundering laws and other regulations of those countries. The idea behind some of this regulation is that companies have a duty to protect consumers. In reality, it’s in the best interest of any service to safeguard your money and the risk of losing your money during a transaction is extremely low. A far great risk exists in sending money to a fraudster, especially in the case of cash transactions.


The main theme of international money transfers is that one service does not fit all, so it is important to seek out a service tailored to your needs. Some companies handle the majority of their business by phone through a 24-hour hotline, and for those making large or complex transactions internationally, the live service and guidance these systems are set up to provide often prove indispensable. Others offer a more automated service over the Internet. Always choose an international money transfer service that is set up to provide you the services you need at the moment you need them, and this description fits very few banks.

Countries Served

The entire point of an international money transfer service is to be able to move your funds to a destination country as quickly and easily as possible, so the first thing to check is that your destination country is served. Other than this, just a handful of companies have domestic operations in the United States for sending money out of the country. Companies with operations in your home country are the best options because of service levels and rates they can offer are more likely to be more competitive.

Best Solutions We Can Find (So Far)

Money transfer services such as USForex and World First are rising in popularity. We have chosen these two because they actually have physical locations in the United States. They are also companies that do one thing: transfer money between countries as smoothly and inexpensively as possible.

Many of these companies offer 24-hour service, favorable exchange rates compared to other transfer methods, and minimal transfer fees. US Forex in particular charges just $5 for transfers up to $5000, and waives the fee entirely for larger transfers.

The this growing market is extremely competitive, and so the providers will usually offer much better exchange rates than with other transfer types such as remittance companies, banks and other payment providers.

Due to strict regulations in these countries, transfer companies based in North America must be extensively evaluated on a regular basis to even operate, and they are governed by all the same regulations as a remittance service, so they also offer a high level of security.

In my experience, domestically based, international companies are the best options for transferring money because they are designed from the ground up to serve your needs.

Still Unsure? – Check for Yourself

It is easy to register with one of the companies I recommend and then to check against that bank or service you currently use. You will easily save a few percent on each transaction on average amounts to hundreds if not thousands of dollars saved.

If you would like to save even more money, I wrote a short PDF about some of the secrets about transferring money and I provide three ways to help save you more.

CanadianForex V WorldFirst – Smart Canadian Money Transfers

Did you know Canadian banks take a healthy cut when you transfer money overseas?

I know we are a polite bunch here in Canada, but as Canadians I like to think we are reasonably smart. Well if that’s the case, it is time for Canadians to discover a better way to transfer money overseas.Save fees on Canadian money transfers

Well it is no longer smart to use banks for money transfers: dedicated foreign exchange companies are the best way to move your money between countries. Right now, most Canadians who need to transfer money internationally run straight down to the local bank or go online and plop their money on the counter, thinking nothing more of it because they’re confident the money will get where it needs to be – and it will, no doubt.

It is certainly true that banks are established and highly regulated institutions and international money transfers made using a bank will deliver the funds to an account in another country…but exactly how much of it will get there?

Service NameMinimum Amount ($CAD)Phone/ Online ServiceLocationsFees + ConditionsSpecial OffersTransferring $5000 to USA (see *Note)Transferring $50,000 to USA (see *Note)
My Bank In CanadaNoneBranch Only Over $2500Canada$20 - $45None$4,330*$43,309*
CanadianForex - Now called OFX **click here for full review** $250Online/ PhoneCanada, UK, Australia, US, NZ, Hong Kong Over $10,000 free. Under $10,000 is $15Click here to get first 2 transactions free (one free offered normally)4,541.08*$45,525.33*
World First - Full Review$500Online/ Phone (below $2000 online)UK, US, AustraliaOver $1000 are free. The fee for payments under $1000 is $30Click here to get fee free transactions for life (one free offered normally)4,546.81*45,468.08*
Transferwise$1 USDOnline/ PhoneBased online. 41 Supported Countries Including AUS, CAN, UK and USPrice depends on route (eg. AUD>USD is 0.7%)None4,563.78*45,637.85*

Click here for a full personal review of CanadianForex

As you can see as far as exchange rates and fees go, the difference between CanadianForex V World First is minimal but they are far better options then using a bank.  A fee here and there may not seem like much, but when you include the exchange rate they offer, the sum of your losses can be staggering. Consider the fact that banks charge both on the sending, and receiving end, a transfer fee of $40 or more for a single transaction, then factor in that a bank has little reason to offer its customers competitive exchange rates on international transfers, and you begin to see precisely how much money can evaporate when your money takes a trip overseas.

If you’re as tired as I was of being taken advantage of by the banks, you’ll be happy to know there is definitely a better way to transfer funds from country to country: using a money transfer company. This rapidly expanding marketplace has created an entire industry dedicated to providing customers an alternative to using banks for international transfers.

In fact, this piece from the Toronto Star details how a property buyer was able to save over $3,000 by using such a service instead of a bank! Canadian Money Transfer Example to USA

CanadianForex, an arm of international financial institution OzForex, is the first government authorized foreign exchange company based in Canada, and in more than a decade of service to Canucks coast to coast as well as abroad. These guys have saved Canadians individuals, entrepreneurs, backpackers, ex-pats and businesses large and small an incredible amount of money.

For example, when I moved to Canada from Australia in 2006 I used CanadianForex to move my life savings to buy a house in Toronto saving thousands over using my bank in Australia. That’s a lot of double doubles or two-fours, whatever you prefer.

But I am not here to favour CanadianForex’s in fact there are other foreign exchange companies like WorldFirst and TorFx which are emerging as strong competition, meaning there is simply no reason to flush your money down the tubes by giving it to Canadian banks.

To help make it even easier for people I have written a PDF titled the 3 Secrets to Transfer Money Overseas – one of the secrets I give is to shop around, but all three are big players worldwide and will easily save you a bundle of money over the banks.

Personally my preference is to use a company with an office in the country where I am a resident. This is because of security (regulated in Canada) and service (a Canadian who picks up the phone) but for those who want to shop around and transfer a large amount of money in one go or even to simply send money on a regular basis, there are four central factors involved in choosing the best service for your needs:

These are Security, Speed, Accessibility and Portability, and each of them combine to ensure the best money transfer experience. The high rating of these established foreign exchange companies in each of these aspects is the reason they have become the choice of Canadians in recent years.

Speed and Costs Comparison of Banks versus Money Transfer Company


When you’re transacting thousands of dollars across thousands of miles, the number one thing you want to be sure of is whether it will reach its destination successfully. Money Transfer companies like CanadianForex have a stringent system of regulation that they must adhere to in order to operate in the country, and even in the in the international money transfer market, there are still relatively few companies in Canada that offer these services because the industry is careful regulated by the Canadian Securities and Investment Commission, as well as FINTRAC, the country’s anti-money laundering and financial counterterrorism agency. They also have to meet many financial regulations in any country to which they operate a physical presence.

The list of regulations and restrictions on these businesses is exhaustive and technical, but suffice it to say it is extremely difficult to open such a business. As a result, those who run these companies know your security is their very survival, and what means a delay in proliferation for potential foreign exchange business owners means top-notch security for you.


Unlike banks, which can take up to 7 business days to complete a transaction, dedicated international money transfer companies often deliver funds in 3-5 business days depending on the destination country.

In the time it takes a major bank to process your money and charge more of it for the favour, an international transfer service could send the money there and back.


When it comes to choosing the right international money transfer service, what matters is choosing the right one for you. Some of these companies prefer to handle customer service over the phone, others are geared toward online users. The best choice for you lies in how you, the customer, prefer to be serviced, although large or complex transactions are often better handled over the phone, as they can provide live guidance and are trained to go to considerable lengths to maintain your business, and so a special offer may be yours for the asking.

In either case, these companies typically provide a remarkable level of service, as their sole purpose is to facilitate easy transfers and their operation in multiple countries means a customer can get into contact with the service at virtually any time and get information specific to their case. Good luck getting that out of your bank’s automated system or even a helpful teller tied to the banks old ways of doing things.


In general, we think if you are sending money from Canada, any of the companies mentioned in this article are a great choice.

For snow birds or Canadians moving to the USA, Australia or the UK it may be wise to choose a service with offices and currency traders in the locations you plan to reside. This means services and regulations in those countries also apply.

Alternately, if you are not in Canada and you need to send money to Canada it is often not possible to choose a service that has a physical presence your country of residence but its good to know they are regulated in the country you are sending money to.


While we do earn considerations for including some of the listed services in our reports, we are always truthful in our evaluations and it is important to note that we also include services with which we have no relationship in an effort to provide you with the best possible information. We strive to offer quality, trustworthy information in an industry sorely lacking such a source, and in a time where the goal of many is to profit, our goal is to become the destination for international money transfer education. We simply offer the information and allow you to make the best decision for your individual situation. Thank you for reading and tell other about us!

OzForex OFX V TorFX V World First – Australian Money Transfer Companies Compared

Are you tired of banks taking you to the cleaners?

Its no secret that Aussie banks have had it pretty good for a long time. Now you can fight back!

Banks V Australian Money Transfer ServicesUntil recently if you are a resident in Australia you have had little choice outside of the big 4 banks when it came to international money transfers. Banks charge an arm and a leg no mater which way you slice it. Apart from exorbitant fees and uncompetitive exchange rates, if you have ever used a bank you have already found out that the receiving banks also charge a fee.

Many individuals and businesses are now starting to realise the potential of using a third party service or money transfer service and are discovering they can save thousands by using such a company.

The good news is in the past couple years some of the best money transfer companies have set up shop here in Australia.

Money Transfer Services in Australia

Service NameMinimum Amount ($AUD)Phone/ Online ServiceLocationsFees + ConditionsSpecial OffersTransferring $5000 to UK (see *Note)Transferring $50000 to UK (see *Note)
My BankNoneOnline/ Phone/ BranchAustralia$20 + bank at other sides feeNone£2,610.04£26,100.40
TorFX$250Online/ PhoneUK, AustraliaNo FeesClick here to get all transactions free £2,735*£27,428*
OFX - Full Review
$250Online/ PhoneUK, Australia, US, NZ, Hong Kong , Canada$15 fee or transfer $10,000 or more and it’s freeFirst Two Transactions Are Free£2,753*£27,612*
World First - Full Review $250Online/ PhoneUK, US, Australia$15 fee or transfer $10,000 or more and it’s freeClick Here for no fees for ever£2,750*£27,551*
CurrencyFair8 EuroOnline/ PhoneAustralia, UK, Ireland$4First Transaction Is Free
Transferwise$1 USDOnline/ PhoneBased online. 41 Supported Countries Including AUS, CAN, UK and USPrice depends on route (eg. AUD>USD is 0.7%)None£2763*£27,637*

* Important Note About Rates:

These rates are the average of two major comparison websites in Australia. You should know – It is not possible to give exact real time rates because each service will offer a different rate depending on the amount you transfer and as currencies fluctuate second by second. 

By the time you have registered with a company or even just logged onto their website, the rate they can offer will have changed.

We have included the rates here simply as a way to clearly show that the services are very similar in what they offer and a much better deal than banks. 

If you wish to maximize savings please refer to our “3 Secrets to Money Transfers” PDF, but simply by choosing one of these services over a bank will save you between 2 and 4%.

Now Aussies are saving lots of money as a result… check out this post on a popular Australian forum.

FlyingSolo Forum About Sending Money Overseas


OzForex was the first in Australia and has actually been around for over 10 years saving Aussie individuals, export companies and small businesses, as well as tens of thousands of expats and backpackers a lot of money. Originally an offshoot of Macquarie Bank and now listed on the ASX, OzForex is still a great choice, but now they have some big competition.

Apart from Banks, PayPal and remittance companies we also now we have companies like OFX, World First, and TorFX. With each company, I have negotiated special deals for Transumo readers like fee free money transfers and you can simply click the links above to get these. I also wrote a short 3 page PDF, titled the “3 Secrets to Transfer Money Overseas” which contains three secrets about money transfers that banks and even the services I recommend do not want you to know.

What is the difference and who should you choose?

First lets look at what matters to you.

Apart from cost, we researched what matters to Aussies and found out what is important:

  1. Trust and Security
  2. Speed of transaction
  3. Ease
  4. Countries you can transact between

1. Trust and Security

Finding a service you can trust is a big part of what this website is all about.

This page is all about identifying the right service for your needs in Australia and one size does not fit all. That said, if you are using a bank now regardless of who you choose you will probably save hundreds if not thousands of dollars.

Upfront Disclosure

You should know we earn a commission on some of the services on this website. We also recommend services where we have no relationship as well – quite simply, if they are better for your needs we will suggest you use them. The reason we do this, is we want to be known as the trusted source for information and advice on money transfers.

You should also know, there is no additional cost to you regardless of who you choose.


The reality is that money transfer companies have an onerous amount of regulations they need to meet to operate in Australia. This is a big part of the reason why money transfer companies have been slow to set up shop in Australia and you can count one hand the services that operate.

All money transfer companies in Australia are regulated by ASIC, the Australian Securities and Investment Commission and AUSTRAC which is Australia’s anti-money laundering and counter-terrorism financing regulator.

We could bore you with all the technical details these companies employ to be secure, but its probably more important to see that to achieve registration is not a trivial undertaking for these organisations and so they are usually backed by companies who are large and focused just on one thing getting your money from country A to country B. They take security very seriously – it is after all how their entire business is able to work.

They also have to meet all the regulations of the other countries in which they operate.

2. Speed of transaction

It is hard to beat money transfer companies when it comes to speed. The reason for this is because they have banks in many countries around the world. In most cases this means that they can receive and pay funds in the local currencies. Typically this is faster than a bank who has to deal an international bank and all the checks and balances associated with international transactions.

3. Ease

currency specialists can help you

Some services are designed for you to do everything online and some actively want you to pick up the phone. Others are a hybrid, they would rather you use their online service (to save money) but are available 24 hours by phone to help you.

One of the truly great things about using a money transfer service is the level of service. Because they have operations globally they can also pick up the phone 24/7 usually. This means if you have any issues at all it is usually pretty easy to get help. By comparison, bank hours in Australia are generally 9.30 to 4.30 Monday to Friday.

The service decision is down to choice, if you want to speak to someone choose a phone based service. If you would prefer to just quickly and efficiently send some money, a web based service may be better.

4. Countries you can transact between

In general if you are sending money from Australia all the companies mentioned are a great choice because they have operations in Australia.

If you are sending money from Canada, USA or UK to Australia we recommend services with operations located in those countries if possible because of the slight better service you should get.

All companies have a list of countries they cannot send money to but these are few and far between.



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