Money Transfer Finder™: Compare international money transfer services

Compare these money transfer services to find cheap, quick and convenient ways to send money overseas.

Are you looking for a suitable international money transfer option? There are more foreign exchange businesses than ever that enable you to send money overseas in minutes. Whether you need to send money back home or pay an employee based overseas, specialist international money transfer companies can give you a better deal than your bank.

International Money Transfer Offer

TorFX International Money Transfers

  • 0% commission and no fees
  • Segregated accounts
  • Fast, free money transfers
  • Free market updates

International Money Transfer Offer

TorFX has no charges and 0% commission that lets you save on fees with a competitive exchange rate.

  • Minimum transfer amount: $200
  • Online transfer fee: $0
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Compare some of the best international money transfer services

*The offers compared on this page are chosen from a range of products that finder.com.au has access to and are not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Watch our video to learn how money transfers work

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Refreshing in: 60s | Sun, 22 Apr 10:06pm GMT
USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.3033 Inverse: 0.7673 1.2782 Inverse: 0.7823 0.8138 Inverse: 1.2288 6.2890 Inverse: 0.1590 0.7139 Inverse: 1.4008 66.2069 Inverse: 0.0151 18.5301 Inverse: 0.0540 52.2270 Inverse: 0.0191
1 AUD = 0.7673 Inverse: 1.3033 1.0000 0.9808 Inverse: 1.0196 0.6244 Inverse: 1.6015 4.8256 Inverse: 0.2072 0.5478 Inverse: 1.8256 50.8006 Inverse: 0.0197 14.2181 Inverse: 0.0703 40.0738 Inverse: 0.0250
1 EUR = 1.2288 Inverse: 0.8138 1.6015 Inverse: 0.6244 1.5708 Inverse: 0.6366 1.0000 7.7283 Inverse: 0.1294 0.8773 Inverse: 1.1399 81.3582 Inverse: 0.0123 22.7707 Inverse: 0.0439 64.1791 Inverse: 0.0156
1 GBP = 1.4008 Inverse: 0.7139 1.8256 Inverse: 0.5478 1.7906 Inverse: 0.5585 1.1399 Inverse: 0.8773 8.8097 Inverse: 0.1135 1.0000 92.7423 Inverse: 0.0108 25.9569 Inverse: 0.0385 73.1594 Inverse: 0.0137

Infographic: How to make an international money transfer

International Money Transfers

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How do international money transfers work?

An international money transfer is the process of sending money overseas. These services specialise in foreign exchange services.

Generally, you open an account with the service, deposit the money you want to send via your local bank account so you're not charged any fees. Then, you indicate what country you want to send the funds to by providing the recipient's IBAN/SWIFT number, BSB and account number. The service then processes the transaction for you, which is usually at a better exchange rate and with lower fees due to economies of scale.

Most international bank-to-bank transfers are expensive and slow. You can get a better deal on international money transfers using a dedicated foreign exchange company, such as HiFX, Western Union or CurrencyFair. There are two types of international money transfer providers: online-only companies and those with storefronts. These services offer more ways to pay and collect cash.

How do I choose an appropriate international money transfer for my situation?

In general, there are two situations in which travellers, expats and working holiday-makers find themselves in:

Situation 1

  • Your primary aim is to work.
  • You have bank accounts in both countries (or your recipient has one).
  • You're sending reasonably large sums of money – greater than $1,000.

Situation 2

  • You don't have a bank account in the destination country.
  • You're passing through the country.
  • You're sending reasonably small sums of money – less than $1,000.

There are two main options to help you out if you fall into situation one:

  • Option A. Use a dedicated money transfer company with zero or low fees and a competitive exchange rate (typically 1-2% less than mid-market rate).
  • Option B. Use your bank and pay fees up to $100 and get unfavourable exchange rates (typically 2-4% less than mid-market rate).

If you fall into situation two, there's one option you can take:

  • Option C: Use a remittance company.

How do these options work?

Option A: Money transfer companies

  1. Register online with the transfer service of your choice.
  2. Input transaction details, including the amount you want to transfer.
  3. Get approved by the transfer company. You may need to scan or email a copy of your ID for the first transaction.
  4. Transfer funds through your bank using the account details from your transfer company.
  5. Get your money. Your transfer service will deposit your funds in your destination account.

Option B: Transfer money using your bank

  1. You will need to be able to send money online with your current bank.
  2. You'll usually need to know the address of the receiving bank, the account details of the receiving account, the account name and often the receiving bank's SWIFT code (an international bank identification system).
  3. It's a good idea to check with your bank about exchange rates.
  4. You can use this method to send an international money order online to your home bank account or to a third party.

Option C: Wire cash through global companies

There are several pros and cons to option C:

Pros of wiring cash

  • No location too remote.
  • No Internet access required.
  • No local bank account required to send and receive cash.
  • Send a money order online to third parties or to yourself if you'll be there to pick it up.
  • Sending your international money order online occurs quickly.

Cons of wiring cash

  • Money transferred in cash makes large sums unmanageable.
  • In-person pick-up is required. You must go to the actual Western Union representative and fill out a form.
  • It's a quick-fix solution.
  • You cannot transfer money from an account or from your credit card. It's cash only.
  • You can't send a money order online to yourself unless you'll be back at home immediately to pick it up.

The different types of international money transfer providers

Brick-and-mortar companies, such as Western Union and MoneyGram, let you make a cash or EFTPOS payment in person, usually without prior registration. The recipient can collect cash moments after you’ve made a payment by showing identification.

These companies have hundreds of thousands of agents around the world and have arrangements with retailers like 7/11. These international money transfer companies also offer online payments and deposits to bank accounts.

Online-only lenders let you transfer money overseas using your debit or credit card or through a bank transfer. These providers deposit the money in the recipient's foreign account or make the money available as a cash collection.

Cash orders can be ready in minutes and some companies even offer next-day home deliveries. You must register for an account to make an online overseas payment, and in most cases, registration is free of charge.

Fees and charges

International money transfer providers make money by charging a transfer fee and applying a margin to the foreign exchange rate. Some providers offer first transfer free deals for new customers and promo codes so you can get discounts on your second and third transfers. Even with these fees, you’ll find that using a company that specialises in international money transfers is far cheaper than bank-to-bank telegraphic transfers.

Why do people prefer money transfers instead of using their bank?

  • It's fast. International money transfers done through a forex trader can be available in the recipient's account in one business day or less.
  • It's cheap. Using a specialist forex service can get you a rate close to the interbank rate and there are services which don’t charge a commission for international money transfers.
  • It's also safe and secure. Transfers using banks and foreign exchange traders offer secure online platforms to deposit funds. An investigation by consumer advocacy group, Choice, found that foreign exchange services such as OFX and CurrencyFair presented little-to-no risk to users.
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FMT DiagramHow do I compare international money transfer services?

Here are the key points of comparison between different international money transfer services:

Collection options

How can the recipient collect the funds? Not everyone has a bank account. WorldRemit, Western Union and MoneyGram are three international transfer companies which make funds available as cash.

  • Collection methods can vary depending on where you’re sending money.

Payment options

How can you pay? International money transfer companies allow payment using a debit or credit card, and some let you make a bank account deposit. Western Union and MoneyGram allow in-person cash payments.

  • Transfer time depends on how you pay for your international money transfer.

Transfer fees

How much will it cost to make an international payment? Dedicated foreign exchange providers cost far less than banks, which charge a flat fee for transfers initiated online or at a branch.

Exchange rates

What rate will you get on your transfer? Peer-to-peer international money transfers offer some of the best foreign exchange rates. Banks are on the other end of the scale. You can compare exchange rates when you get a quote for an international money transfer.

  • Some online transfer companies will match competitor’s quotes.

Minimum and maximum transfer amount

What is the minimum and maximum amount you can send? Transfer fees will determine whether your international money transfer is cost effective; however, some companies and institutions let you send as little as $1.00.

  • Some providers will waive transaction fees when you make large transfers.

Customer service

Can you speak to an operator if things don’t go according to plan? The ability to access 24-hour customer service is important if you need to cancel or amend an international payment.

  • International money transfers should also include order tracking.

How to get the best exchange rate

The latest in foreign exchange

Westpac Exchange Rates

Westpac Exchange Rates

A good exchange rate can make a big difference to the amount of money that ends up with your recipient at the end of the day. Check out our guide to the foreign exchange rates offered by Westpac. Read more…

What are the differences between international money transfer companies and banks?

The cost is the main difference between bank telegraphic transfers and transfers using foreign exchange providers.

International bank-to-bank transfers are an expensive way to send money overseas. Banks apply a higher margin to their foreign exchange rates and charge more for the service than forex providers. The receiving bank and other go-between institutions may also charge a fee to deliver funds when you send money overseas directly from your bank account.

There are exceptions.

Bank accounts to use for overseas online transfers

International banks, such as Citibank and ING, can offer a better deal on international money transfers than homegrown financial institutions. But these banks have limited services and capabilities.

For example, Citibank offer free global transfers between Citibank accounts in specific countries. However, transfers can take a number of business days and the recipient must be a Citibank customer.

Take this example: A $5,000 online international money transfer to India

ServiceTransfer feeExchange rate (AUD / INR)AUD AmountINR Amount
TransferWise$34.76₹49.065$5,034.76₹243,906.95
Commonwealth Bank$22.00₹46.775$5,022.00₹232,874.37
Citibank Plus$0₹48.092$5,000.00₹240,460.00
HiFX$0₹49.084$5,000.00₹245,421.82
ING Orange Everyday$0₹49.105$5,000.00₹245,525.50

*Correct 16/06/2017

Looking at the difference between TransferWise and Commonwealth Bank, the two companies which charge transfer fees, the difference in the rate outweighs the transfer fee. By spending $10 more to use TransferWise, you end up about AUD$40 better off once the conversion has taken place.

Using your bank

Bank-to-bank telegraphic transfers are a little more straightforward. Just log into your online banking facility and add a new international payee in the "pay anyone" menu. You’ll be asked to enter the SWIFT or IBN code as well as the payee’s personal and bank details.

Other differences

Besides rates and fees, banks and foreign exchange services differ in the transfer time and collection options.

    • Transfer time. Bank-to-bank transfers can take longer than transfers using an online foreign exchange provider.
    • Collection options. Online international money transfers using a forex provider can be made available as cash in some cases.
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How do I send money overseas?

Once you’ve compared international money transfer providers, you can find out how to send money overseas by clicking on the links in our comparison table.

Using a foreign exchange provider

  1. Get a preliminary quote. Use foreign currency calculators to get an international money transfer quote. These calculators will only provide you with an indicative rate. The actual rate at the time you accept the transfer may be different depending on how often the provider updates their rates.
  2. Create an account. If you like the quote from the foreign exchange provider, you can register your details to create an account. In most cases, you must verify your identity to complete the registration by providing an accepted form of identification, such as your passport or driver's licence. You may also be asked to verify your address by providing a utility bill or government notice.
  3. Get a detailed quote. Once you’ve created your account, you can log in to the provider’s website and request a second quote to get the actual exchange rate for your transfer.
  4. Accept the transfer. If you’re happy with the quote, you can make a payment to the foreign exchange provider to confirm the transaction. Payment processing time depends on how you make a payment, for example, credit card and debit card payments are processed sooner than transfers from your bank account.
  5. Track the transfer. Most money transfer companies let you track your foreign exchange order through their online customer portal.

How to transfer money overseas

The general steps are as follows:

  1. Log in to your money transfer account or profile.
  2. Choose the recipient country, transfer amount and transfer method.
  3. Pay with your credit card or debit card.
  4. You'll receive a confirmation email or SMS with your tracking number.
  5. The money will be deposited into your recipient's local bank account within a couple of business days.
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How do I get a competitive exchange rate?

Getting a competitive exchange rate isn’t difficult, but finding a good rate is only half the battle. The fees for your transfer must also be competitive, otherwise you might still lose out.

Getting the best* rate when transferring money

Here are some tips to ensure you get the best deal on fees and exchange rates when transferring money:

  • Find out what current rates are. You should have a reliable baseline to compare the rates offered by money transfer companies and banks. Two well-known currency conversion resources include XE and Oanda. These are free tools you can use to see live conversion rates and both feature currency conversion calculators.
  • Compare by asking for a quote. Getting the best exchange rate can be difficult because money transfer services can charge high fees but offer competitive rates. This means sometimes it’s a good idea to ask for a quote, and then compare this to quotes from other providers.
  • Ensure you’re comparing the most accurate rate. This links in with the above point. Until you register with a money transfer service, you’re more than likely seeing their indicative exchange rates and not the most accurate rates available. Ensure that if you choose not to compare quotes as the above point suggests, that you compare the exchange rate you’ll actually receive, which usually will require you to register with a service or make a call.

Helpful advice when sending money overseas

  • Don't transfer money internationally using your bank account. International money transfers from your bank account can be an expensive way to send money overseas. Use comparison services and websites to shop around and find the best deal.
  • You should be aware of any limitations and sanctions placed on the recipient country. International money transfers can be collected as cash in some countries; while bank account deposits are the only transfer option in other countries. International money transfer services such as Western Union offer different collection options for different countries. Furthermore, due to government regulations, you won’t be able to send money to various countries.

Definition: Best* money transfer service
There is no single best money transfer service, and the best service for you may not be the best for someone else. This is because there are many factors to consider when sending an international money transfer in addition to the exchange rate, including the transfer fees, the payment method, the speed of delivery and the level of customer service. One person may need to transfer money within 24 hours, while others may have no time frame.

You should consider a range of products when deciding which provider is best suited to your personal money transfer needs.

Compare money transfers for your business

Rates last updated April 22nd, 2018
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
TorFX International Money Transfers
Forward contracts and order types available
Receive currency analysis by market professionals, free transfers and competitive exchange rates
AUD 200 1 day Online, Phone, Agent Go to site More
OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers
Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team. AUD 250 1 day Online, Phone, Agent Go to site More
WorldFirst International Money Transfers
WorldFirst International Money Transfers
Forward contracts and spot contracts available
View live rates, graphs and economic commentary. eCommerce-tailored solutions.
AUD 2,000 1 day Online, Phone Go to site More
FC Exchange International Money Transfers
FC Exchange International Money Transfers
FC Exchange will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
AUD 3,000 1 day Online, Phone, Bank Account to Bank Account Go to site More
XE International Money Transfers
XE International Money Transfers
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators, while benefiting from $0 transfer fees. AUD 0 1 day Online, Phone, Bank Account to Bank Account Go to site More
HiFX International Money Transfers
HiFX International Money Transfers
HiFX business services are designed to save you time and money. AUD 50 2 days Online, Phone, Agent Go to site More

Wait, you still haven't answered my question!

It's an industry standard for international money services to use a 128 bit SSL encryption system as a minimum. Many also hold an Australian Financial Services Licence or foreign equivalent, and all must adhere to strict anti-money laundering regulations.

In most cases you can check the progress of your international money transfer, and therefore you are provided with complete control and visibility of your transactions. You should be able to access your account 24/7 to check its progress.


Compare providers so you can save money on your international money transfers. Our team is on hand to help you with any of your questions.

International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantee to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

OFX (Ozforex) International Money Transfers

Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldFirst International Money Transfers

Access live rates, currency converter and market updates via the WorldFirst Money Transfer mobile app. No transfer fees for personal or business customers.

FC Exchange International Money Transfers

FC Exchange will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.

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75 Responses

  1. Default Gravatar
    SimonApril 20, 2017

    How much is $100 to Zambian kwacha?

    Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?

    • Staff
      HaroldApril 21, 2017Staff

      Hi Simon,

      Thank you for your inquiry.

      1. How much is $100 to Zambian kwacha?
      Answer – In general, US$ 100 =520 833.33 Zambia kwacha. Please note conversion rate differ based on your preferred provider.

      2. Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?
      Answer – Money Gram is available in over 197 countries. You can check your further options through here.

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    MaggiAugust 20, 2016

    Friends have sold their properties in USA and are moving to Australia to live they have their super etc. They have made enquiries with their bank and western union and have found they will loose about 15% if transferring to a bank, They wish to buy a home here and that amount affects their options. Someone mentioned the money market but they do not know how to go about this, Can you help?

    • Staff
      ClarizzaAugust 22, 2016Staff

      Hi Maggi,

      Thanks for your question.

      We are a comparison website and as such, provide general advice only. There are migrant bank accounts specially designed for people who intend on moving to Australia. Migrant accounts come with different features and may waive certain fees for a period of time if you open an account before you arrive in Australia. Be sure to check the fees in detail though as each product charges different fees and have different features.

      You may also find our Moving to Australia from the U.S helpful. Hope this helps.

      Regards,
      Clarizza

  3. Default Gravatar
    GeorgeAugust 16, 2016

    what is the cheapest method of transferring Australian currency for the purchase of property in Cyprus

  4. Default Gravatar
    KarenJuly 12, 2016

    USD transfer sent from HSBC to the USA, Bank of New York Mellon, Western Union Business Solutions and finally to a USA based credit union.

    I am not concerned about the exchange rate, though I would like an idea of how long this would take in business days.

    Your estimates above are confusing.

    Also would it have been any different if the transfer had of just been from HSBC directly to the USA based credit union?

    Many thanks.

    • Staff
      ClarizzaJuly 27, 2016Staff

      Hi Karen,

      Thanks for your comment.

      Our table shows HSBC transfer could take 1 to 2 business days online if transferred only or 3 to 5 business days if transferred via phone transfer.

      Hope this helps.

      Clarizza

  5. Default Gravatar
    JohnJune 4, 2016

    Can I recharge another bank’s travel card (Mastercard) through you?

    • Staff
      ShirleyJune 6, 2016Staff

      Hi John,

      Thanks for your question.

      Unfortunately you can’t do this through an international money transfer. You will need to recharge via the card’s outlined processes.

  6. Default Gravatar
    OssieMarch 15, 2016

    Hi, I don’t know where or how often you get you rates but when I log into OFX their quoted rate here and there member rate after login on $350000 is different by $5000 (loss).
    What they quote on their home page is different to the actual rate you get at transaction time. ($5000 lose) I have used them for years but I find this a bit false advertising.
    Why is this?

    • Staff
      ShirleyMarch 16, 2016Staff

      Hi Ossie,

      Thanks for bringing this to our attention, it seems that it’s a technical issue.

      All finder customers should be receiving the exclusive rates and your accounts should be reflecting this.

      Please call OFX directly as it will be rectified through them.

  7. Default Gravatar
    JosevaMarch 2, 2016

    How do I get a record of my money transfers to overseas for the last 12 months?

    • Staff
      ShirleyMarch 2, 2016Staff

      Hi Joseva,

      Thanks for your question.

      The best way is to probably get in touch with whoever facilitated your transfer. If you could let us know which service it was, I can get a phone number for you.

  8. Default Gravatar
    tiFebruary 13, 2016

    Im receiving money from london but in the currency of usd.
    How much roughly will the transfer & conversion fee be?

    • Staff
      ShirleyFebruary 15, 2016Staff

      Hi Ti Jay,

      Thanks for your question.

      Please use our calculator on the page to help you figure this out. It will depend on the amount you transfer.

  9. Default Gravatar
    NigeJanuary 7, 2016

    Hi,
    I am travelling to Thailand from Australia next week. I am having several procedures at hospital and also staying for 7 weeks in total. Due to circumstances my funds($45000 Aus dollars)will not be available until the day after i leave. After previous trips i do not want to use my bank as the fees and exchange rate is not acceptable. I do have someone who can send my funds to me and i also have access to my Thai partners account. What is the best way in regard to time and exchange and fees to transfer the money to Thailand so i access it and turn it into cash.Thanking you in advance.

    • Staff
      ShirleyJanuary 8, 2016Staff

      Hi Nige,

      Thanks for your question. Please note that we can only provide general advice in regards to the products we display.

      I’ve put your figures into our comparison tool, there are a few options available that you may want to consider.

      TorFX offer a best rate guarantee, don’t charge any fees for your particular transfer and can complete the transfer within 1 business day.

      World First and Currency Solutions both offer a competitive exchange rate for the THB but can take up to 2 business days for the transfer to be processed.

      Cheers,
      Shirley

  10. Default Gravatar
    Pan054October 30, 2015

    At least for Aus$ transfers: it works as a ‘peer to peer’ transfer, Transfer Wise takes much longer than the stated 1 day (3-7 days more likely if you use bank transfer), does not give you certainty of transfer rate at the time that you close a deal, or that your money will be transferred at all if the transfer rate were to fall. They promise to return your money after 5 days though.

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