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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.

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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.

Compare money transfer companies

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Qantas Business Money
Within minutes
$0
Earn 1 Qantas Point per AUD$1 equivalent you convert into foreign currencies. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
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.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Commonwealth Bank
3 days
From $0
ANZ International Money Transfer
2 days
From $0
Transfer to 200 countries via online banking, phone banking or through an ANZ bank branch.
Ria Money Transfers
Within minutes
$2.89
$0 fee for new customers with code ‘HelloRia’. T&Cs apply.
Ria lets you send money to 165+ countries with cash pick-up at 507,000 locations.
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We only list services regulated by ASIC or AUSTRAC.
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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 methodDescriptionProsCons
Money transfer serviceElectronic funds transfer through an online money transfer service.
  • Can be done from anywhere via mobile
  • Cheapest option
  • Most transfers completed within 24 hours
  • Cannot pay in cash
  • Many online services don't support cash pickup (some like WorldRemit and Remitly do)
Cash pickupCash or electronic transfer by visiting a money transfer service location in person.
  • Multiple transfer options
  • In-person customer service
  • Requires local travel
  • Can only be done during business hours
BankWire transfer or international money transfer through a bank.
  • Considered a secure way to send money
  • Add a big markup to exchange rates
  • Can only be funded through your bank account
PayPalDigital payments company that also allows you to transfer money overseas
  • Quick and convenient way to transfer money
  • Available in over 200 countries
  • Weak exchange rates, PayPal adds a markup of 4.1% when converting AUD to USD
  • Recipient is changed fees to receive money
Money orderGet a certified money order printed and mail it to your recipient with Australia Post.
  • Difficult to cash fraudulently
  • Can be cancelled in transit
  • Additional time for delivery
  • Money order could get lost in the mail

Compare money transfer services

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.

BrandOverall satisfactionCustomers who'd recommend
OFX4.31/581%
Wise4.33/590%
MoneyGram4.02/590%
PayPal4.33/591%
Remitly4.28/589%
Ria4.02/582%
TorFX4.02/578%
Western Union3.98/583%
WorldFirst3.97/576%
WorldRemit4.44/593%
XE3.95/582%

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:

  1. Compare services, and select one that suits your needs.
  2. Create an account by entering personal details such as your name, email, address and phone number.
  3. 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.
  4. 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.

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:

  1. Transfer fee. This is typically a flat fee or a percentage of the transfer amount.
  2. 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

OFXCommonwealth Bank
Transfer fee$0.00$0.00
Exchange rate1 AUD = $0.70471 AUD = $$0.6804
Transfer speed1-2 days2-5 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.

Compare money transfer services

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.

BankBank transfer feesReceiving feesFX rate markup
CommBankUp to $18Up to $113% to 5%
ANZUp to $9Up to $152% to 4%
NAB$0Up to $302% to 5%
Westpac$10–$20Up to $123% to 5%
HSBCUp to $8$102% to 5%
Rebecca Pike

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.
— Rebecca Pike, senior writer, Money

Frequently asked questions

Sending to a specific country?

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