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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TorFX

TorFX logo
  • Great rates on large transfers
  • No transfer fees
  • Dedicated account manager
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With a fairly weak Australian Dollar (especially against the US dollar), it's 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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1 - 25 of 30
Product AUFMT Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Within minutes
$0-$4
OrbitRemit sends to over 20 countries for a flat fee and transparent exchange rate.
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).
Within minutes
$0
Earn 10% cashback on your first $1,000 USD equivalent in eligible international card spend with Airwallex.
Streamline global payments across 150+ countries with fast settlements and competitive rates in over 60 currencies.
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 25+ currencies. Plan fees apply.
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).
Within minutes
$0

Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
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.
Within minutes
$0
Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
24 hours
$0
New customers registering in 31 December 2024 can receive lower pricing on exchange rates. T&Cs apply.
Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
Within minutes
$0
Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
Wise (TransferWise)
Best Rated Brand
Wise logo
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Remitly
Best Rated Brand
Remitly logo
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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.
Send Payments
Send Payments logo
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
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.
Within minutes
$0
Revolut allows your business to move money around the world quickly and cheaply with 25+ currencies and no maximum limit transfers. Plan fees apply.
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
Within minutes
From $0
Get Western Union's best exchange rate and $0 fee on your first online transfer.
Western Union sends money online to 200+ countries, with competitive rates for new customers.
Within minutes
From $0
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
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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

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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 2024. Wise topped the charts, followed by PayPal and Remitly.

BrandOverall satisfaction
OFX4.53/5
Wise4.64/5
MoneyGram4.21/5
PayPal4.63/5
Remitly4.49/5
Ria4.28/5
Western Union4.18/5
Revolut4.44/5
WorldRemit4.37/5
XE4.44/5

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.

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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."

Editor-at-large

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.

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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.

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's headshot

"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."

Senior writer

Why compare money transfer services with Finder?

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
expert adviceYou save time. We spend 100s of hours researching money transfer options so you can sort the gold from the junk faster.
independentYou 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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To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten as part of our fact-checking process.
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Head of editorial

As an authority on all things personal finance, Sarah Megginson is passionate about helping you save money and make money. She is an editor and money expert with 20 years’ experience and an extensive background in property and finance journalism. Sarah holds ASIC RG146-compliant Tier 1 Generic Knowledge certification, and she's a regular media commentator, appearing weekly on TV (Sunrise, Channel 7 news, Nine news), radio (KIIS FM, Triple M, 3AW, 2GB, 6PR) and in digital and print media. See full bio

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Sarah has written 191 Finder guides across topics including:
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