{"menuItems":[{"label":"How can I transfer money internationally from my bank?","anchorName":"#how-can-i-transfer-money-internationally-from-my-bank"},{"label":"Making an international wire transfer online from your bank","anchorName":"#bank-online"},{"label":"Using an online money transfer service","anchorName":"#online"},{"label":"Compare money transfer services to send money from your bank account","anchorName":"#compare"},{"label":"Sending an international wire transfer in person at your bank","anchorName":"#in-person"},{"label":"How do I compare money transfer providers to my bank?","anchorName":"#how-do-i-compare-money-transfer-providers-to-my-bank"},{"label":"Bottom line","anchorName":"#bottom-line"}]}
With the rise of online money transfer services, sending money internationally from your bank is no longer the best option. Other traditional options like sending cash, a check or even a money order are now outdated — and risky. Discover how to transfer money overseas for less, sometimes in as little as a few minutes.
How can I transfer money internationally from my bank?
There are three main ways to transfer money internationally from your bank account, and some of them offer additional options like delivery for cash pickup:
International wire transfers. An online international wire transfer will be made through your bank to your recipient's bank.
Online money transfer services. Services dedicated to sending money domestically and internationally can often beat the rates and fees offered by your bank.
In-person international wire transfers. Physically going to the bank to transfer money may be the least convenient option, but it's an option nonetheless.
Making an international wire transfer online from your bank
Pro: Convenient transfers through a bank you already trust such as CommBank or NAB.
Con: You'll often lose money on fees and poor exchange rates. If you're moving a large amount of money, it could cost you thousands of dollars.
Depending on the bank you use, you may be able to avoid visiting a branch by making your international wire transfer online. If your bank offers online transfers, follow these steps to send your international bank transfer:
Go to your bank's wire transfer section. This will usually be found by visiting your bank's main website, logging into your account and looking at the top of the page for Wire transfers, Send money, Transfer money or similar.
Verify your sending limits. Banks often place limits on outgoing wire transfers, so confirm that your bank's limit is high enough for your transfer. When you need to send more than the limit, consider using a money transfer service instead.
Enter your recipient's bank information. International bank transfers usually require:
Name and address of your recipient's bank
Recipient's name, address and account type
Recipient's account number or international bank account number (IBAN)
Recipient's SWIFT or BIC code, which can be found by asking the recipient's bank
Enter sending amount and desired currency. Your bank will likely charge a currency exchange fee on top of a sending fee.
Pay for the transfer and the fees. Most banks charge an outgoing international money transfer fee, and your recipient's bank will likely charge an incoming wire fee as well.
Wait for your transfer to arrive. International money transfers can take anywhere from a few business days to over a week, depending on how many banks the money has to move through to get to its destination. Check with your bank to find out the status of your transfer.
Using an online money transfer service
Pro: Save money by using a specialist service with bank beating rates and fees.
Con: Finding the best service for your situation will take some research.
There's a lot of competition between money transfer services — which should benefit you while looking for the best deal. The majority of providers will allow you to transfer money from one bank to another, as well as offering cash pickup or delivery straight to a mobile device.
More online money transfer services to help you send overseas from your bank account
Other notable mentions to help you move your money internationally include:
Compare money transfer services to send money from your bank account
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Sending an international wire transfer in person at your bank
Pro: In-person assistance to complete your transfer at your bank.
Con: Restricted to sending during banking hours while often paying higher in-person fees.
If you like to keep your business in-person, you can head to your bank to send an international wire transfer through a teller.
Be sure to bring:
Name and address of your recipient's bank
Recipient's name, address and account type
Recipient's account number or international bank account number (IBAN)
Recipient's SWIFT or BIC code, which can be found by asking the recipient's bank
Proof of ID
The steps for sending an international wire transfer in person from your bank are similar to those for sending online:
Start your transaction: Ask the teller to start an international money transfer.
Prove your identity: Provide documents and identification.
Double-check details: Confirm details with bank teller, double check everything before sending.
Pay: Pay for your transfer using cash or your bank account balance.
Get proof: Get a receipt and keep it somewhere safe.
Some banks charge more for in-person wire transfers than they would for online wire transfers, so make sure you ask the teller if you could save money by making the transfer online instead of in person.
How do I compare money transfer providers to my bank?
There are several factors to consider when choosing a company to handle your next international money transfer.
Compare exchange rates. The better the exchange rate, the better value for money you can get on a transfer. Search for the company that offers consistently competitive exchange rates, but remember there may also be higher transfer fees attached.
Check transaction fees. Fees range substantially, so it pays to compare fees across providers. Some online transfer companies also waive their fees when you send large amounts, sometimes as high as $10,000.
A range of transfer destinations. Check to see whether the country you want to transfer your money to is supported by the transfer provider you select, as well as whether you can send money in the currency you want.
Processing times. Cash transfers are usually quicker than transferring with a bank account.
Transfer options. Some providers offer one-off transfers only, others allow you to place forward contracts and limit orders to lock in the exchange rate you want.
Reliable customer support. If you have a problem with a transfer or need help with your transfer, look for a service that offers customer support — either through its FAQs, phone, email or online chat.
Bottom line
There are many methods for transferring money overseas from your bank account. Though it can be convenient to transfer money overseas from a bank account, always compare your options to ensure you get the best value for your money.
Zak Killermann is a staff writer at Finder specialising in money transfers. He has ghostwritten hundreds of FinTech articles over the years and found his love for publication at St. Cloud State University. Zak has been travelling internationally for nearly half his life and — after getting burned once by an over-the-counter money exchange — vowed to never settle for anything short of the mid-market rate.
Are you due to receive a large sum of money from another country? Familiarise yourself with Australian laws and tax regulations regarding money transfers.
Minimum and maximum transaction limits can restrict your international money transfer options, so compare overseas transfer limits in this handy guide.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan and read any disclosure documents (such as any Target Market Determination (TMD) and/or Product Disclosure Statement (PDS)) issued by the provider before making a decision.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
