- No transfer fees
- Dedicated account manager
- Forex tools available
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.
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.
|Money transfer service||Electronic funds transfer through an online money transfer service.|
|Cash pickup||Cash or electronic transfer by visiting a money transfer service location in person.|
|Bank||Wire transfer or international money transfer through a bank.|
|PayPal||Digital payments company that also allows you to transfer money overseas|
|Money order||Get a certified money order printed and mail it to your recipient with Australia Post.|
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|
Sending an international money transfer through an online service is simple:
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.
Make sure you have the following on hand when making an international money transfer.
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.
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:
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.
|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.
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%|
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