While I haven't used TranferWise yet, I think it's a brilliant idea (and yes, their exchange rates look phenomenal)! There's also a service called PeerTransfer

While I haven't used TranferWise yet, I think it's a brilliant idea (and yes, their exchange rates look phenomenal)! There's also a service called PeerTransfer for foreign tuition payments that essentially aggregates outgoing payments, and buys forex in bulk. Another cool development in the area is Visa (The Card issuer) opening up their APIs to allow direct Card-Card transfers like with Square Cash when they just started out. Barring regulatory hurdles, this method (Card-Card transaction using the Visa/MasterCard/Amex network) is probably the most efficient way of sending money across currencies.