International money transfer services

Beat the banks, find the best exchange rates and avoid fees when you send money abroad from Australia.

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By

Rosie Russell

Updated

Fact checked

Top pick for small transfers

Revolut

  • Great rates and low fees to 150+ countries
  • User-friendly app and easy sign-up process
  • Get the real exchange rate during market hours

Top pick for buying a property abroad

OFX

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  • No transfer fees above $10,000
  • 25+ years’ experience in FX markets
  • Send money to over 170 countries

Top pick for large transfers

TorFX

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  • No transfer fees
  • Dedicated account manager assigned to you
  • Fix your exchange rate up to two years in advance

How we chose these platforms

The platforms shown above are promoted picks, which means they've been chosen from among the partners we work with and are based on factors that include special features or offers and the commission we receive. Keep in mind that our promoted picks may not always be the best fit for you – it's important to compare for yourself and find a platform that works for you.

PROMOTED FOR SMALL TRANSFERS

Revolut

Revolut
Read review

Transfer speed

Same day

Min. transfer

$1

Currencies covered

30+

Transfer fee

$0

Send and request money with friends and family easily, no matter where they are in the world. Join 28+ million people who save on high fees when they transfer money abroad with Revolut

PROMOTED FOR BUYING A PROPERTY ABROAD

OFX

OFX
Go to site Read review

Transfer speed

1 day

Min. transfer

$250

Currencies covered

50+

Transfer fee

$0

OFX is ideal for transferring large amounts because there's no maximum limit. You'll also have a personal account manager to help you find the best deal.

PROMOTED FOR LARGE TRANSFERS

TorFX

TorFX
Go to site Read review

Transfer speed

1 day

Min. transfer

$200

Currencies covered

30+

Transfer fee

$0

TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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We only list licensed services that are overseen by a government regulator.
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Every service we compare has been assessed and reviewed by our editorial team.

Learn more about sending money overseas

What is an international money transfer?

An international money transfer is what happens when you send money to someone overseas. You provide funds and your recipient's details to a bank or an independent transfer provider, which then exchanges the money into your desired currency and sends it to your recipient. You can send money over the phone, in person, through a mobile app or online.

You also have options when it comes to paying, depending on what the service you choose offers:
  • Cash
  • Credit or debit card
  • Bank transfer
And you have options for how your recipient receives the transfer:
  • Bank account
  • Mobile wallet
  • Cash pick-up
  • Door delivery

How to transfer money internationally

There are two main ways to send money out of Australia: a specialist money transfer service or your bank. Both banks and transfer services offer online transfers, with some offering in-branch transfers or the ability to send money over your phone via an app or by calling an agent.

We'll go through the steps each method takes if you were sending it online.

Through a money transfer specialist

The following steps give a good example of a typical transfer using a money transfer company.

  1. Register online with the transfer service of your choice.
  2. Input transaction details, including the amount you want to transfer.
  3. Get approved by the transfer company. You may need to scan or email a copy of your ID for the first transaction.
  4. Transfer funds through your bank using the account details from your transfer company.
  5. Get your money. Your transfer service will deposit your funds in your destination account.
  • For you if
    You want a more competitive exchange rate and lower fees than a bank transfer.
  • Not for you if
    You want the familiarity and convenience of a known bank and don't have time to be verified.

Through your bank

If you choose to use a bank to carry out your transfer, the process is a little different.

  1. Navigate to the international money transfers section of your account.
  2. You'll usually need to know the address of the receiving bank, the account details of the receiving account, the account name and often the receiving bank's SWIFT code (an international bank identification system).
  3. It's a good idea to check with your bank about exchange rates.
  4. You can use this method to send an international money order online to your home bank account or to a third party.
  • For you if
    You want the convenience of sending money directly from your existing bank account immediately.
  • Not for you if
    You want fewer fees and a better exchange rate.

How to save on your international transfer

While there's no best way to transfer funds overseas, there are a few things you can do to make it cheaper.

  • Know your transfer currency's mid-market rate. This rate is the midpoint between worldwide supply and demand for that currency – and the rate banks and transfer services use when they trade among themselves. Use it as a baseline to compare against the rates you're being offered. The company that's closest is offering you the best rate.
  • Send more money per transfer. Many services discount the fees or waive them altogether when you send larger amounts.
  • Use forward contracts and limit orders if sending money regularly. A forward contract allows you to lock in a favourable exchange rate for future transfers. This means you'll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found, and then lock it in for your transfer.

What should you watch out for?

Keep an eye out for the following when you send money overseas:

  • Hidden fees. No transfer is truly free. If a service is advertising "fee-free transfers", there's probably a larger margin added to the exchange rate. Compare the rate you get quoted against the mid-market rate (which you can find on Google) to see if you're getting a good deal.
  • Fake rates. If you see a great exchange rate advertised on a provider's website, make sure the rate you see is the rate you will actually receive. Some companies advertise the mid-market exchange rate, which is the rate at which banks purchase foreign exchange, rather than the rate they actually offer their customers.
  • Failing to do your research. If you want to save some money, compare several transfer providers before choosing one to sell your transaction. Shop around for a company that offers reliable and affordable transfers, instead of just diving in head-first.
  • Scams. Scams cost Australians over $2 billion in 2021. With this number increasing each year, it's important to keep an eye out for the most common scams. In general, it's best to only send money to someone you know personally.
  • Taxes and regulation. Each country regulates money transfers differently. Make sure you've read up on if your recipient needs to pay taxes on the money they're being sent. In Australia, for example, money transfers over $10,000 get automatically reported to our regulatory body AUSTRAC and you don't need to do much. But other countries, like India or the US, have stricter regulations.

Other frequently asked questions

How long does an international money transfer take?

The length of time it takes for your money to arrive depends on the transfer service you choose and how you pay. In general, if you pay with a credit or debit card, your money will arrive fast – often within the day. Paying by bank transfer is a lot slower and will generally take two to five days to clear.

You can read more about what to expect and the different factors affecting transfer speed in our guide.

How much does a transfer cost?

Each service charges different amounts and this can vary between currencies as well. In general, there are two ways you're charged for money transfers. Let's break it down.

  1. Upfront fee. This is typically a flat fee or a percentage of your transfer.
  2. Exchange rate margin. This fee is a hidden mark-up on the mid-market rate, which is the rate you'll see on Google or the news. Nearly all services skew exchange rates for a profit and some more than others. Make sure to check the exchange rate you're being offered against the mid-market rate to see how much you're actually being charged.

Other fees will depend on how you're paying for your money transfer and how you'd like your recipient to pick it up. Credit or debit card transfers are often your most expensive option, though often the fastest, while cash pick-ups can also increase what you'll pay.

Are there limits to how much I can send?

You can send as much or as little as you want, but it all depends on the service you choose. Some are aimed at bigger transfers and will have minimums that can get as high as $5,000. You can also find several that specialise in smaller transfers and have minimums as low as $1.

There are no limits in Australia to how much you can send out of the country, but the service will need to do extra verification on you to comply with the law. This could mean presenting more proofs of identity or address, like utility bills, car registration or your passport.

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Written by

Writer

Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney. See full bio

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