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Compare international money transfers
We compared 26 providers and surveyed 883 Australians to help you find the best rates on your next money transfer.
With a weak Australian Dollar, it's never been more important to compare your options before sending money overseas. We've scoured the market to find the best international money transfer services based on the amount you're sending, transfer fees, exchange rates and flexible options.
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We only list services regulated by ASIC or AUSTRAC.
Every service we compare has been reviewed by our editorial team.
What is an international money transfer?
An international money transfer is the process of sending money between people or financial accounts in different countries. Every day, trillions of dollars are transferred between people and businesses all over the world.
Typically, you need to give a bank or money transfer service your recipient's details and the money you want to send. They will convert your funds to the currency of your choice and electronically send the payment to your recipient.
Depending on the money transfer provider, you will be able to send funds online, via mobile app, over the phone or in person.
How to compare money transfer services
- Exchange rate markup. Find out what margin they add to exchange rates. Based on our research, when converting $10,000 AUD into GBP, TorFX adds a 1.90% markup to the mid-market rate while ANZ adds a 2.91% markup.
- Transfer fees. Services that offer fee-free transfers typically make up for it with a weak exchange rate. This is why it's important to look at the total cost of your transfer, not just the transfer fee or exchange rate.
- Coverage. Review the number of currencies and countries they support, especially if you're transferring a less popular currency.
- Transfer speed. International transfers can take two to five business days. If you need a fast transfer, a cash pickup with Western Union could be a suitable option. If you're not in a rush, online money transfer services offer the best value.
- Transfer options: Some providers offer a range of transfer options such as bank transfer, cash pickup and mobile wallet. Bank transfer is the most common option. Also, you should be able to fund your account with a debit card or credit card.
- Transfer limits. Find out how much you can transfer with each provider, Remitly has a transfer limit of $2,999 while TorFX has no limit.
Best ways to transfer money overseas
| Transfer method | Description | Pros | Cons |
|---|---|---|---|
| Money transfer service | Electronic funds transfer through an online money transfer service. |
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| Cash pickup | Cash or electronic transfer by visiting a money transfer service location in person. |
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| Bank | Wire transfer or international money transfer through a bank. |
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| PayPal | Digital payments company that also allows you to transfer money overseas |
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| Money order | Get a certified money order printed and mail it to your recipient with Australia Post. |
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Money Transfer Customer Satisfaction Ratings
We asked 800+ people to rate their favourite money transfer provider based on value for money, customer service, features and more – here's who came out on top for 2023. WorldRemit topped the charts, followed by Wise and PayPal. PayPal's ranking was a surprise considering they're relatively expensive for money transfers.
| Brand | Overall satisfaction | Customers who'd recommend |
|---|---|---|
| OFX | 4.31/5 | 81% |
| Wise | 4.33/5 | 90% |
| MoneyGram | 4.02/5 | 90% |
| PayPal | 4.33/5 | 91% |
| Remitly | 4.28/5 | 89% |
| Ria | 4.02/5 | 82% |
| TorFX | 4.02/5 | 78% |
| Western Union | 3.98/5 | 83% |
| WorldFirst | 3.97/5 | 76% |
| WorldRemit | 4.44/5 | 93% |
| XE | 3.95/5 | 82% |
Best international money transfer services
How to send money using an online money transfer service
Sending an international money transfer through an online service is simple:
- Compare services, and select one that suits your needs.
- Create an account by entering personal details such as your name, email, address and phone number.
- You may need to submit a scanned copy of your personal ID (i.e. passport photo or driver's license) and proof of address to qualify for higher transfer limits.
- Link your bank account, debit card or credit card to your newly-created account, so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.
Most of the time, you can access your account immediately after submitting the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.
Our expert says
"Don't just choose your bank! Specialist money transfer services have much cheaper rates. Loyalty to a single provider doesn't pay off either - if you regularly need to send money to family, compare to make sure that you're still on the best deal."
What do I need to send and receive money abroad?
Make sure you have the following on hand when making an international money transfer.
- Your personal details. Name, phone number, and government-issued identification like a driver's license or passport. Additional details may be required for security purposes, particularly for very large transfers.
- Your recipient's personal details. Name, phone number and residential address.
- Your recipient's bank information. Bank name, address, routing number, SWIFT code and your recipient's account number.
- Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.
You don't need any particular documents other than a government-issued ID. However, it is worth knowing that money transfers over $10,000 get automatically reported to Australia's regulatory body, AUSTRAC.
How much does it cost to transfer money internationally?
The cost of sending money overseas varies between service providers. Factors like the type of transfer, destination country and amount being sent affect your total cost.
Generally, banks and money transfers services make money from international transfers in two ways:
- Transfer fee. This is typically a flat fee or a percentage of the transfer amount.
- Exchange rate margin. Most banks and money transfer services make a profit by adding a markup to the mid-market rate (the "true" exchange rate between two currencies). To save money, look for services that have as small a markup as possible.
Services that charge no transfer fee sometimes make up for it with a poor exchange rate. This is why you should review the total transfer cost, not just the fee or exchange rate.
Let's crunch the numbers: Sending $10,000 to the US
| OFX | Commonwealth Bank | |
|---|---|---|
| Transfer fee | $0.00 | $0.00 |
| Exchange rate | 1 AUD = $0.7047 | 1 AUD = $$0.6804 |
| Transfer speed | 1-2 days | 2-5 days |
| Total amount received | $7,047.17 | $6,802.18 |
According to our research, using a money transfer provider will save you $244.99 on a $10,000 transfer to the United States. CBA adds a 4.13% markup on the USD exchange rate while OFX just adds a margin of 0.51%. This isn't surprising as an inquiry by the ACCC in 2019, found that the big four banks were rarely the cheapest option.
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Best banks for international money transfers
NAB is one of the best banks for international transfers as they charge low exchange rate margins. In recent years, ANZ and Commonwealth Bank have lowered their fees but are still more relatively expensive. Banks typically charge a 3% to 6% markup onto exchange rates and can charge extra for receiving money from overseas.
| Bank | Bank transfer fees | Receiving fees | FX rate markup |
|---|---|---|---|
| CommBank | Up to $18 | Up to $11 | 3% to 5% |
| ANZ | Up to $9 | Up to $15 | 2% to 4% |
| NAB | $0 | Up to $30 | 2% to 5% |
| Westpac | $10–$20 | Up to $12 | 3% to 5% |
| HSBC | Up to $8 | $10 | 2% to 5% |
"With all my family and friends overseas we end up transferring money back and forth to eachother a lot. So I've tried and tested a few ways to send money. Some of the banks can stack up the fees and make it so much more expensive, but if you take a look at some of the top providers like Wise or Revolut it can save you a lot."
Why compare money transfer services with Finder?
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching money transfer options so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more money transfer providers to compare.
Frequently asked questions
Sending to a specific country?
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Western Union has tons of locations and a convenient cash pickup option, but it's not the cheapest option out there. Learn how you can save on fees and exchange rates when you compare services.
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PayPal alternatives for international money transfers
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