Compare international money transfer charges

How much does it cost to send an international money transfer? Read on to find out.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Sending an international money transfer can be an expensive exercise. Thanks to hidden transaction charges and low exchange rates, even a small overseas transfer could leave a large hole in your bank balance.

That’s why it’s important to make sure you’re aware of all the fees and charges that apply to an international money transfer before parting with your funds. By comparing transfer providers and the services they offer, you can find an affordable and convenient way to transfer your money overseas.

Send money overseas with Send

Send guarantees to match any competitor’s exchange rate. T&Cs apply.

Send has fee-free transfers in 30+ currencies to over 200 countries.

  • Fee-free transfers
  • 30+ currencies
  • Easy to use
Promoted

Search and compare money transfers

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.732 USD
7,317
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.732 USD
7,317
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.732 USD
7,317
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Go to site Show details
AUD 1 Same day AUD 0.00 0.731 USD
7,309
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
AUD 1 Same day AUD 3.99 0.726 USD
7,255
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.732 USD
7,283
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.734 USD
7,305
Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers. Go to site Show details
AUD 1 1 day AUD 52.00 0.731 USD
7,271
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 10 Within an hour AUD 2.99 0.727 USD
7,263
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.732 USD
7,315
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What are the costs associated with international money transfers?

There are two main expenses you need to worry about when sending an international money transfer:

The exchange rate

Banks and other money transfer providers make a profit on international transfers by charging a margin on top of the mid-market exchange rate. Exchange rates vary substantially between transfer providers and have a huge effect on the affordability of transfers, so it’s important to shop around for the best exchange rate.

The transaction fee

This is the fee your bank or money transfer company charges you for handling your international transaction. Fees charged range from zero up towards the $100 mark, depending on the provider you choose and the type of transfer. This is why comparing international money transfer fees is critical.

This article focuses on international money transfer transaction fees and how you can minimise them or avoid them altogether.

What factors affect international money transfer fees?

There are several factors that can have an effect on the fee that applies to your international money transfer. The first and most important factor is the transfer provider you choose. Each company has its own unique fee structure and you will need to consider this in conjunction with the exchange rates available to calculate how affordable that company’s transfer service is.

Other factors that influence the fee charged include:

The type of fee

While some companies charge a flat transaction fee, others charge a fee calculated as a percentage of your transfer amount. So, if the fee is 1% of the transfer amount, you’ll pay a lot more to send $5,000 overseas than you would to send $500.

The amount you send

The amount you send not only has an effect if the provider charges a percentage-based fee, but also if they offer a fee-free threshold. If you transfer more than a certain amount with a provider that offers this, you will not have to pay any transaction fees. For example, if you’re transferring more than AUD$10,000 with OFX, you will not have to pay a transfer fee.

The speed of the transfer

Some companies provide the option for you to send an urgent transfer, which can be particularly useful in emergency situations, but may result in an additional charge.

Where you are sending the money

Some providers will charge different fees based on where you are sending the money. Remember to consider this when estimating the cost of your transfer.

The type of transfer

Some companies such as Western Union and MoneyGram offer the convenience of international cash transfers, but you will usually need to pay more for this service than for online transfers.

How you submit the transfer

Another factor to consider is that some transfer providers charge different fees based on how you submit your transfer request: online, over the phone or in a branch. For example, sending an international money transfer via Commonwealth Bank costs $22 when submitted online via NetBank, or $30 when you lodge your transfer in a branch.

How you pay for the transfer

Some providers offer multiple ways for you to pay for your transfer, such as bank account, credit card or even cash. Different fees may apply to the different payment methods.

Any other options you select

Select online transfer companies also allow you to access flexible transfer options, such as scheduling recurring payments or placing a forward contract or limit order. Be aware that these options may also come with additional fees attached.

Finally, it’s also worth pointing out that some providers and banks will require that your beneficiary pay a charge in order to receive an international money transfer. Remember to consider this when weighing up your transfer options.

How much will I have to pay to send an international money transfer?

As you can see from the long list of factors above, the fees attached to your transfer could vary widely depending on your transaction. With this in mind, it’s important to compare a range of money transfer providers to see how much it will cost to send specific transfer amounts to specific destinations. This will give you a better idea of which company offers the best value for money.

However, based on the transfer fees charged by our panel of leading money transfer providers, the average fee for an online transfer is $6.66, but the fees vary substantially based on the provider and the type of transfer you send. For example, while companies like TorFX and OFX do not charge any fees for online transfers, you’ll need to pay $0 for transfer requests submitted over the phone

Money Transfer ServiceOnline Transfer Fee
Exclusive: CurrencyFair International Money Transfers$3
TorFX International Money Transfers$0
Exclusive: OFX (Ozforex) International Money Transfers$0
HSBC Multi Currency Account
Citibank Plus Everyday Account$0
Travelex International Payments$15
Wise International Money Transfers
WorldRemit international money transfersVaries according to transfer amount
ANZ International Money Transfer$18
AFEX international money transfers$0
Compass Global Markets International Money Transfers$10
Currency Solutions International Money Transfers - Discontinued - PE-30272$10
Western Union International Money Transfers$5
1st Contact International Money Transfer
CurrencyFair Business International Money Transfers$3
Moneycorp International Money Transfers$5

When you consider the fees a company charges as well as the exchange rates it offers, you’ll be able to determine how cost-effective it will be to transfer money with that particular provider.

The latest in foreign exchange

How to choose a money transfer provider

Make sure you take the following factors into account when selecting a money transfer provider:

Transfer fees

Look at each company’s fee structure and determine whether or not it will suit you. If the company charges a percentage-based fee, could it be an affordable option for a small transfer amount? If you’re transferring a large amount, will you exceed the company’s fee-free threshold and avoid all charges?

Exchange rates

Fees are just one half of calculating the total cost of an international money transfer; exchange rates represent the other half. Look for companies that offer the best balance of high exchange rates and low fees.

Minimum transfer amounts

Many providers will impose a minimum transfer limit on each transaction, which can be restricting in many circumstances if you only want to send a small amount. Maximum limits may also apply with some providers.

Supported currencies

Some providers only offer support for a limited range of currencies, so make sure the company you choose offers the currency you want to send before you sign up for an account.

Processing speeds

Is speed a priority for your international money transfer? If so, compare processing times to see how long your beneficiary will have to wait before receiving the money.

Transfer options

Do you want to lock in a better exchange rate with a forward contract or limit order? Do you want the convenience of being able to schedule recurring payments? Check to see which providers offer these services, and also look what options are available for submitting transfers: online, via a smartphone app, in branch and/or over the phone.

Payment options

Depending on your circumstances, you might also wish to compare the methods available for payment. Some companies allow you to pay by bank transfer only, while others will allow you to use a credit or debit card and even cash.

Customer assistance

Finally, remember to check how easily you will be able to access customer support if you ever have a question or complaint.

More guides on Finder

International Money Transfer Offers

Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.

Logo for XE International Money Transfers
XE International Money Transfers

XE has fast transfers with low fees and a range of foreign currency tools.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site