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 13th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
TorFX guarantees to match 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.
OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
$0 transfer fees for Finder customers.
Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.
WorldRemit International Money Transfers
AUD 1
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Global Reach (formerly FC Exchange) International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
XE International Money Transfers
AUD 10,000
1 day
Online, Bank Account to Bank Account
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Transfer amounts as low as $50. No maximum transfer amount. No transfer fees if you transfer more than AU$10,000.
FlashFX International Money Transfers
AUD 200
1 day
Online, Bank Account to Bank Account
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees.
Exclusive: InstaReM International Money Transfers
AUD 200
1 - 2 days
Online, Phone, International Money Order
Exclusive: finder customers receive $15 off their first transaction. T&Cs apply.
InstaReM offers simple and quick international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction, plus finder customers receive $15 off first transfer (T&Cs apply).
TransferWise International Money Transfers
AUD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Remit2India International Money Transfers
AUD 50
Same day
Online, Bank Account to Bank Account
Instant transfers to India from anywhere in the world with $0 transfer fees.
New customers who create an account with Remit2India and make a transfer of AUD$500 or more for the first time will receive a complimentary $25 Coles/Myer e-voucher. Click 'Go to site' for T&Cs.
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 | Tue, 13 Nov 03:35am GMT
USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.3896 Inverse: 0.7196 1.3225 Inverse: 0.7561 0.8897 Inverse: 1.1240 6.9559 Inverse: 0.1438 0.7769 Inverse: 1.2871 72.6850 Inverse: 0.0138 20.3227 Inverse: 0.0492 53.1550 Inverse: 0.0188
1 AUD = 0.7196 Inverse: 1.3896 1.0000 0.9517 Inverse: 1.0508 0.6402 Inverse: 1.5619 5.0055 Inverse: 0.1998 0.5591 Inverse: 1.7886 52.3047 Inverse: 0.0191 14.6244 Inverse: 0.0684 38.2508 Inverse: 0.0261
1 EUR = 1.1240 Inverse: 0.8897 1.5619 Inverse: 0.6402 1.4865 Inverse: 0.6727 1.0000 7.8182 Inverse: 0.1279 0.8733 Inverse: 1.1451 81.6953 Inverse: 0.0122 22.8420 Inverse: 0.0438 59.7443 Inverse: 0.0167
1 GBP = 1.2871 Inverse: 0.7769 1.7886 Inverse: 0.5591 1.7022 Inverse: 0.5875 1.1451 Inverse: 0.8733 8.9529 Inverse: 0.1117 1.0000 93.5526 Inverse: 0.0107 26.1573 Inverse: 0.0382 68.4156 Inverse: 0.0146

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 not getting the best value for your money.

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.

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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