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Best international money transfer companies
We found the best companies for 5 different types of international money transfers.
Looking to get the best rates and lowest fees when sending money out of Australia? With so many options, there isn't one best service for everyone.
To help you make a decision, we've done the hard work for you. We examined the fees, features and exchange rates of more than 30 companies to see which ones came out on top, from your local bank to the money transfer specialists. You can read more about how we choose these services in our methodology.
Our top picks
Which transfer company should I choose?
The best company for you depends on what you're looking for. These are the most popular features people are after and our 2020 picks for the best service. You can read more about each of them, and why we chose them, further down the page.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Best for no fees: TorFX
Why TorFX? TorFX offers fee-free transfers and has a price-match guarantee on its exchange rate. The low minimum transfer amount means it's more accessible if you want to send smaller transfers, too. Use the table below to see how much TorFX could cost you for your next transfer or read our full review.
What we like
- Fee-free transfers.
TorFX makes money from the margin added to the exchange rate, but you won't be charged any extra fees.
- Price-match guarantee.
If you get a better quote from another company, TorFX will price-match it. This is handy if you're worried about the margin added to the exchange rate.
- Forex tools.
You can create forward contracts to lock in today's exchange rate or a limit order so your money will only be transferred when your preferred rate is reached.
What to watch out for
- Limited currencies.
TorFX offers a lot of major currencies like the Philippine peso and the US dollar, but is missing other popular currencies like the Chinese yuan.
- Only allows bank-to-bank transfers.
This means you won't be able to pay for the transfer by card and your recipient will need a bank account to get the money.
- Best for transfers over $2,000.
You'll get the most out of your transfer with TorFX if you're sending over $2,000, since the exchange rates get better the more you send. If you're sending less than that, you might want to look elsewhere.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Best for exchange rates: TransferWise
Why TransferWise? TransferWise is one of the only providers in our database to offer the mid-market exchange rate, which means you'll be hard pressed to find a better rate. Compared to other services that offer the mid-market rate, it lets you pay in more ways and offers more currencies.
The mid-market rate is the exchange rate you see on Google or Reuters. Most banks or money transfer companies add a margin onto this rate to cover their own fees – but not TransferWise. Use the table below to see how TransferWise compares or learn more about how it works in our review.
What we like
- Offers the mid-market exchange rate.
You won't get a better exchange rate than what's offered by TransferWise – it's the same one you can see on Google.
- No minimum transfer limit.
This means you can send smaller transfers that other providers might not allow.
- Pay with card.
TransferWise allows you to pay for your transfer with a credit card, a debit card or a bank transfer.
What to watch out for
- Not all currencies supported.
While TransferWise does send money in nearly 60 currencies, there are many currencies that it doesn't offer.
- Recipient must have a bank account.
You won't be able to send to a cash pick-up location or to a mobile wallet.
- Fees can add up.
TransferWise's fees are a combination of a small fixed fee and a percentage of your transfer amount. For larger transfers over $10,000, this can add up. It's worth shopping around for another transfer services if you're sending a big amount.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Best for fast, emergency transfers: Remitly
Why Remitly? While there are other services that provide lightning-fast transfers – like Western Union or MoneyGram – they tend to add more fees to your transfer, so we wouldn't recommend them as the first place you look at.
The table below can show you what your transfer with Remitly might look like. You can also check out our full review.
What we like
- Express option sends money in minutes.
Your recipient will receive money almost instantly if you pay by card. Keep in mind, there is an additional fee for this service.
- No verification process for small amounts.
If you're sending under $2,999, you won't need to provide any ID or wait for Remitly to verify you the first time you make a transfer.
- Cash pick-up and delivery available.
In some countries, you can send to a cash pick-up location or even right to your recipient's door.
What to watch out for
- You have to be approved to send more money.
Remitly works on a tier system, so if you want to send more than $2,999 there are a few more hoops you'll have to jump through.
- Higher fees for the express service.
It'll be fast, but you'll have to pay for it.
Other providers that offer emergency money transfers
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Best for a recipient with no bank account: WorldRemit
Why WorldRemit? WorldRemit offers the widest range of delivery options out of the companies we compared. It also sends money to a lot more countries than the industry average, putting it a step above its competitors.
The table below can show you what your WorldRemit transfer might look like. You can also read more about how WorldRemit works in our review.
What we like
- Competitive exchange rates.
While MoneyGram and Western Union are well-known for cash pick-ups, WorldRemit generally offers a better exchange rate. This is because of the margin other companies add to the mid-market rate, which can be whatever they decide to cover their own fees.
- The recipient doesn't need a bank account.
You can send to your recipient's mobile wallet, a cash pick-up location near them or even to their door in some countries.
- Good for small transfers.
WorldRemit has no minimum transfer amount.
What to watch out for
- Low maximum transfer amount.
For bank account transfers, you can send up to $50,000, but if you're paying by card, you won't be able to send more than $5,000 at a time.
- Mobile credit top-up is the only option in some countries.
If you want to send to a cash pick-up location, mobile wallet or bank account, make sure WorldRemit allows it for your destination.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Best for sending large amounts: WorldFirst
Why WorldFirst? WorldFirst is ideal for transferring large amounts because there's no maximum limit. There are a few services that offer this, but WorldFirst's Price Promise puts it in first place here.
If you get a better quote from another service, WorldFirst will beat it. Check out what a transfer with WorldFirst looks like below or find out more in our review.
What we like
- No maximum transfer limit.
You're able to transfer as much as you need.
- Fee-free transfers.
There won't be any extra fees added on to your transfer.
- Forex tools.
For big transfers, it can be helpful to either lock in today's exchange rate or set the rate you'd like. You can also choose where the transfer will be made when that rate is hit. WorldFirst offers both forward contracts and limit orders, which can do this for you.
- Same-day transfers for major currencies.
For USD, EUR and GBP transfers, your money should arrive the same day.
What to watch out for
- Margin added on to the exchange rate.
While WorldFirst's transfers are fee-free, it makes its money off a percentage added on top of the exchange rate. To find out the actual exchange rate, check on Google or Reuters and keep in mind that it'll vary daily.
- Only accepts bank transfers.
WorldFirst doesn't accept payments by card.
- Not great for small transfers.
The minimum amount you can send is $2,000.
Do I need to be worried about tax and regulations when sending large amounts of money overseas?