What is the best way to transfer money between exchanges without fees? I think the most obvious option is to buy a redeemable coupon at one exchange, and redeem at another. But are there any exchanges who don't ask fees for this?
The best way to transfer between exchanges without fees is bitcoin.
Coupons (like mtgoxusd) used to be very nice, but now it seems fees are often charged in addition to some of the coupons becoming unreliable.
An arrangement in #bitcoin-otc may work well at a low fee, but -otc isn't often quick.
In consideration of these two facts, I've come to the conclusion that it's typically quick and cheap enough to convert to BTC and transfer that.