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 September 21st, 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.
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: World First 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
GBP 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.
Compass Global Markets International Money Transfers
AUD 1,000
1 day
Online, Phone
Send money overseas in at least 140 currencies.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Make your first transfer for free
Send money in more than 40 currencies.
Currency Solutions International Money Transfers
AUD 3,000
2 days
Online, Phone, Bank Account to Bank Account
Send money in 39 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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Can’t find what you’re looking for? Have a TorFX currency expert contact you for free

After you've submitted your details, a TorFX consultant will contact you via the phone number you've provide for a free consultation. You will typically receive a response within one business day.

TorFX are international money transfer specialists and have an office based in Surfer's Paradise Queensland and have the AFS Licence number 246838. We will not collect your personal information unless it's necessary to provide the information, advice or service you've requested and, where possible, you'll be able to use our services anonymously.

If you have never transferred money before or have a large amount of money to transfer (like paying back an overseas home loan or receiving an inheritance), you may feel more comfortable speaking to a person instead.

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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 | Thu, 21 Sep 05:00pm GMT
USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.2558 Inverse: 0.7963 1.2351 Inverse: 0.8097 0.8402 Inverse: 1.1902 6.5909 Inverse: 0.1517 0.7401 Inverse: 1.3511 64.5675 Inverse: 0.0155 17.8250 Inverse: 0.0561 51.0001 Inverse: 0.0196
1 AUD = 0.7963 Inverse: 1.2558 1.0000 0.9835 Inverse: 1.0168 0.6691 Inverse: 1.4946 5.2484 Inverse: 0.1905 0.5894 Inverse: 1.6967 51.4156 Inverse: 0.0194 14.1942 Inverse: 0.0705 40.6118 Inverse: 0.0246
1 EUR = 1.1902 Inverse: 0.8402 1.4946 Inverse: 0.6691 1.4700 Inverse: 0.6803 1.0000 7.8444 Inverse: 0.1275 0.8809 Inverse: 1.1352 76.8478 Inverse: 0.0130 21.2152 Inverse: 0.0471 60.6999 Inverse: 0.0165
1 GBP = 1.3511 Inverse: 0.7401 1.6967 Inverse: 0.5894 1.6688 Inverse: 0.5992 1.1352 Inverse: 0.8809 8.9052 Inverse: 0.1123 1.0000 87.2392 Inverse: 0.0115 24.0839 Inverse: 0.0415 68.9079 Inverse: 0.0145

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.

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: World First 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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