international money transfers to manage imports and exports

Using international money transfers to manage imports and exports

Finding the best exchange rate can provide a big boost to your bottom line.

As we move deeper into the 21st century, the operations of Australian businesses are no longer bound by international borders. Whether you’re importing stock from overseas suppliers or exporting your products overseas, businesses are more closely connected with the rest of the globe than ever before.

Compare international money transfer services

Rates last updated November 22nd, 2017
Name Product Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received Description
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.
Exclusive: OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Exclusive: WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange can save you money with its Best Exchange Rate Guarantee. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in 43 currencies.
XE International Money Transfers
AUD 0
1 day
Online, Phone, Bank Account to Bank Account
Enjoy fast, secure and fee-free international money transfers from global payments provider XE.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Make your first transfer for free
Send money in more than 40 currencies.
Exclusive: Sable International Money Transfers
AUD 0
1 day
Online, Phone, Bank Account to Bank Account
Exclusive offer: $0 transfer fee and Price Beat Guarantee
Quote "finder" when your Sable International account manager calls you - guaranteed to beat any competitors exchange rate.
Foremost Currency Group
AUD 1,000
1 day
Online, Phone, Agent, Bank Account to Bank Account
Trade over 40 currencies with no transfer fees with Foremost Currency Group.
Moneycorp International Money Transfers
AUD 2,000
Same day
Online, Phone, Bank Account to Bank Account
The longest standing and largest full service specialist currency provider in the UK.
Compass Global Markets International Money Transfers
AUD 1,000
1 day
Online, Phone
Send money overseas in at least 140 currencies.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

See exchange rate updates in real-time

Refreshing in: 60s | Wed, 22 Nov 09:49am GMT
USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.3200 Inverse: 0.7576 1.2785 Inverse: 0.7821 0.8520 Inverse: 1.1738 6.6283 Inverse: 0.1509 0.7552 Inverse: 1.3241 64.7893 Inverse: 0.0154 18.7838 Inverse: 0.0532 50.5935 Inverse: 0.0198
1 AUD = 0.7576 Inverse: 1.3200 1.0000 0.9686 Inverse: 1.0324 0.6454 Inverse: 1.5493 5.0216 Inverse: 0.1991 0.5722 Inverse: 1.7478 49.0840 Inverse: 0.0204 14.2305 Inverse: 0.0703 38.3294 Inverse: 0.0261
1 EUR = 1.1738 Inverse: 0.8520 1.5493 Inverse: 0.6454 1.5007 Inverse: 0.6664 1.0000 7.7800 Inverse: 0.1285 0.8864 Inverse: 1.1281 76.0464 Inverse: 0.0132 22.0475 Inverse: 0.0454 59.3841 Inverse: 0.0168
1 GBP = 1.3241 Inverse: 0.7552 1.7478 Inverse: 0.5722 1.6929 Inverse: 0.5907 1.1281 Inverse: 0.8864 8.7766 Inverse: 0.1139 1.0000 85.7885 Inverse: 0.0117 24.8719 Inverse: 0.0402 66.9916 Inverse: 0.0149

Thanks to fluctuating exchange rates and a range of other costs, managing imports and exports for your business can be an expensive process. But if you’re willing to shop around for the right international transfer provider when sending money overseas or back to Australia, you could find big savings for your business.

Using international money transfers for imports and exports

If you source contents or stock for your business from overseas you’ll need to find a cost-effective and efficient way to pay your suppliers. On the export side of things, you’ll also need to find an affordable way to convert any foreign currency you receive back into Australian Dollars (AUD).

This is when an international money transfer comes in, allowing you to convert your AUD into another global currency, or vice versa, so you can move money across international borders. However, finding the best exchange rate for your international transfers is crucial. If you settle for a lower rate on a large transaction it could make the difference of hundreds or thousands of dollars to your bottom line.

Finally, it’s important to be aware of any laws and regulations that may affect your business imports and exports, such as:

International money transfers and the cost of doing business

Like any financial service, international money transfers aren’t free. In fact, there are two costs you need to consider when sending money overseas:

  • The exchange rate, which reflects the value of the Australian Dollar (AUD) relative to the local currency in the country you’re sending money to or from.
  • The transfer fee, which could be a flat fee or a percentage of the transaction amount.

Exchange rates and transfer fees can substantially differ from one provider to the next, so comparing your options could potentially save you thousands of dollars.

How to send an international money transfer – should I use my bank?

Most businesses will have built up a solid business banking relationship with one or maybe two banks. If you hold your business loans, savings accounts and credit cards with one bank, asking them to take care of your international transfers is often the easiest option.

Unfortunately, banks are at the bottom of the pile when it comes to value for money on international transfers. The exchange rates offered are some of the lowest around, a long way below the mid-market rate while also charging higher transfer fees. If you choose your bank to send money overseas you’re most likely getting ripped off.

But there are alternative options available for businesses looking to send money overseas to pay for imports and exports. Recent years have seen the rapid rise of a large number of dedicated online transfer companies. These international transfer specialists are concentrated on foreign exchange, rather than focusing on a wide range of products and services like banks.

With much tighter margins than the banks, online transfer companies can offer far superior exchange rates. Charging lower fees and in some cases waiving fees on large transfer amounts, shopping around to find a specialist transfer provider could save your business a whole lot of money.

Case study: Why you should compare transfer providers before choosing

Jack’s homewares business specialises in importing designer kitchen goods from a range of French companies. Jack usually sends the funds via wire transfer straight from his business bank account with a major Australian bank, but he’s realising the exchange rate his bank offers is always well below the mid-market rate.

Keen to cut costs wherever possible, Jack decides to compare his options and see if two online transfer companies can offer a better deal.

BankMoney transfer company AMoney transfer company B
Exchange rate1 AUD = 0.6243 EUR1 AUD = 0.6498 EUR1 AUD = 0.6625 EUR
Transfer fee$22$5$4
Amount of AUD required to send EUR€10,000AUD$16,017.94AUD$15,389.35AUD$15,098.87
Money saved compared to bank-AUD$628.59AUD$919.07

As you can see, both transfer companies offer much better value for money than Jack’s bank. But if he chooses option B, Jack can save an extra AUD$919.07 when sending EUR€10,000 to his French supplier while also saving AUD$18 in transaction fees.

This example clearly shows the importance of finding the best exchange rate for your international transfer. By carrying out a quick online comparison you could find substantial savings for your business.

How to compare online money transfer companies

If you’re searching for the best money transfer company to help your business transfer funds overseas, make sure you take the following factors into account:

  • Exchange rates. The higher the exchange rate, the better value for money from your transaction. Shop around for the provider that regularly offers the best exchange rates for currencies in which you need to transfer funds.
  • Transaction fees. This is usually a flat charge but is sometimes calculated as a percentage of the transaction amount. It’s also worth looking out for providers who will waive their fees on large transfers.
  • Personal support. Does the transfer provider assign a personal account manager for your business? This can help ensure that sensitive business details remain private and that assistance is on hand whenever you need it.
  • Transfer time. How long does it take for the money you send to make it into your recipient’s account? Look for providers that offer fast transfer speeds to ensure you always pay your bills on time.
  • Currencies available. In which currencies do you need to regularly send international payments? Does the provider offer support for all of those currencies?
  • Recurring payments. If you need to make regular payments to an overseas supplier or regularly transfer money back to Australia, does the provider allow you to set up recurring payments? This is a convenient option that can save time by ensuring you don’t have to manually enter transfer details every time you send funds.
  • Forward contracts. This allows you to lock in an exchange rate now for a transfer that will take place months or possibly years in advance and protects you against a falling exchange rate.
  • Limit orders. Does the provider allows you to place limit orders? This means you specify the exchange rate you want and then let the transfer provider automatically execute your transaction when the rate you want becomes available.
  • Customer support. Finally, check to see whether you can access phone, email and live chat support when you have a problem with your account. Some providers also offer online education centres to help you get more out of your account and minimise your currency risk exposure.

Once you’ve compared a range of transfer providers using the above factors you’ll be able to find an international transfer provider that offers excellent value for money for your business.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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International Money Transfer Offers

Learn about our information service
TorFX International Money Transfers

TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

Exclusive: OFX (Ozforex) International Money Transfers

Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.

Exclusive: WorldFirst International Money Transfers

Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.

FC Exchange International Money Transfers

FC Exchange can save you money with its Best Exchange Rate Guarantee. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in 43 currencies.

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