financial controller

International money transfers for financial controllers

Improve your bottom line by finding the best* exchange rate and fee-free transfers when you need to send money overseas.

In today’s increasingly competitive business landscape, finding every possible way to reduce costs is essential to survival and also success. For a financial controller in charge of managing an accounts department, one of the easiest ways you can minimise expenses is to rethink the way you send money overseas.

Whether you’re buying stock, paying suppliers or settling outstanding debts, by using an online transfer company instead of your bank to send money overseas, you could give your bottom line the lift it needs.

A TorFX currency expert can help your business save money

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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

Compare transfer providers

Making an informed decision before committing to a provider is essential. Ensure you're getting a good deal by comparing your international money transfer options below.

Rates last updated September 19th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
Forward contracts and order types available

Receive currency analysis by market professionals, free transfers and competitive exchange rates
OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
$0 transfer fees for Finder customers.
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
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Forward contracts and spot contracts available

View live rates, graphs and economic commentary. eCommerce-tailored solutions.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
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.
XE International Money Transfers
1 day
Online, Bank Account to Bank Account
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.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
HiFX business services are designed to save you time and money.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

See exchange rate updates in real-time

Refreshing in: 60s | Wed, 19 Sep 02:18am GMT
1 USD = 1.0000 1.3854 Inverse: 0.7218 1.2981 Inverse: 0.7704 0.8556 Inverse: 1.1688 6.8614 Inverse: 0.1457 0.7598 Inverse: 1.3162 72.7265 Inverse: 0.0138 18.7462 Inverse: 0.0533 54.0755 Inverse: 0.0185
1 AUD = 0.7218 Inverse: 1.3854 1.0000 0.9370 Inverse: 1.0672 0.6176 Inverse: 1.6192 4.9528 Inverse: 0.2019 0.5484 Inverse: 1.8234 52.4967 Inverse: 0.0190 13.5317 Inverse: 0.0739 39.0337 Inverse: 0.0256
1 EUR = 1.1688 Inverse: 0.8556 1.6192 Inverse: 0.6176 1.5172 Inverse: 0.6591 1.0000 8.0196 Inverse: 0.1247 0.8880 Inverse: 1.1261 85.0038 Inverse: 0.0118 21.9108 Inverse: 0.0456 63.2043 Inverse: 0.0158
1 GBP = 1.3162 Inverse: 0.7598 1.8234 Inverse: 0.5484 1.7085 Inverse: 0.5853 1.1261 Inverse: 0.8880 9.0307 Inverse: 0.1107 1.0000 95.7208 Inverse: 0.0104 24.6732 Inverse: 0.0405 71.1728 Inverse: 0.0141

How can a financial controller use international money transfers?

As a financial controller, it’s your responsibility to make sure the accounts department runs as smoothly as possible. As well as reporting to management and overseeing all tax compliance issues, you’ll no doubt also be keen to find any way possible to help each business dollar go further.

One way you can do this is by finding a cheaper way to send money overseas. For example, you may need to send an international money transfer to:

  • Pay an overseas supplier
  • Buy business stock
  • Settle an outstanding debt
  • Pay overseas legal fees
  • Pay for professional services
  • Pay overseas staff
  • Fund the expansion of your business

However, there are two extra costs you need to consider when sending an international money transfer:

  • The exchange rate. The exchange rate you see in the financial report on the evening news is not the same rate you get for an international transfer. Instead, banks and other transfer providers add a margin on top of the interbank exchange rate before selling currency on to you.
  • The transfer fee. Many transfer providers will charge a fee each time you send money overseas. This is usually a flat fee but is sometimes calculated based on the size of your transaction.

If you send international money transfers from your bank, you might be surprised to learn that there may be more cost-effective transfer options available. By comparing transfer providers and shopping around for the best exchange rate, you can greatly reduce the cost of sending funds overseas.

How can I find the best* exchange rate?

You need to pay an overseas invoice, so you set up an international wire transfer from your normal business bank account, right? After all, you have a good relationship with the bank, the money is ready to go and all of your business banking products are with the same financial institution.

Unfortunately, although this may be the most convenient option, it’s also often one of the most expensive. This is largely due to the low exchange rates banks offer to international transfer customers – by offering you an exchange rate well below the mid-market interbank rate, banks can take a larger share of your transfer amount. They also charge fees that usually range from around $15 to $30 per transfer, which can soon add up to a sizable amount if you’re regularly making overseas payments.

But there are now plenty of more cost-effective options for your international transfers. Recent years have seen the rise of several specialist online money transfer companies, including providers like WorldFirst, TransferWise and TorFX. Unlike the banks, which offer a huge range of financial products and services and have to cover the cost of maintaining branch networks, these businesses specialise in foreign exchange and are 100% online.

This means they have lower margins than the banks, which equates to better exchange rates for customers and substantial savings on your international transfers. Their fees are also minimal when compared to the banks, with some providers even offering fee-free transfers for large transactions.

So the next time your business needs to send money overseas, do a quick comparison to see how your bank compares to a couple of online transfer providers.

Bank vs online transfer providers

Nilmanie financial controllerNilmanie is the financial controller of an Australian construction firm that regularly sources supplies and professional services from overseas. Nilmanie has long been aware that the exchange rates on offer from her usual business bank are well below the mid-market rate, so she decides to look around for a better deal.

For a transfer of AUD$5,000 to the United States, Nilmanie compares her “big four” bank with two specialist online transfer providers. As you can see in the table below, by using online transfer company B instead of her bank, Nilmanie can send an extra US$194.50 to her recipient without paying any extra – in fact, she can actually save AUD$21 in transfer fees.

This shows just how vital it is to compare money transfer providers before sending any amount of money overseas. When you consider the extra money Nilmanie could send on a transaction of AUD$5,000, it’s clear that you could enjoy even greater savings on larger transfers.

BankOnline transfer company AOnline transfer company B
Exchange rate1 AUD = 0.7016 USD1 AUD = 0.7380 USD1 AUD = 0.7405 USD
Transfer fee$25$5$4
AUD sentAUD$5,000AUD$5,000AUD$5,000
USD receivedUS$3,508US$3,690US$3,702.50
Difference in amount received compared to bank (in USD) -US$182US$194.50
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How to compare transfer providers

As the case study above shows, comparing your options could help you find substantial savings for your next international transfer. Some of the factors you need to consider when choosing a transfer provider include:

  • Exchange rates. The exchange rate can vary substantially between providers, and even a minor difference in the rate can have a huge effect on the total cost of a transfer. Compare exchange rates across a range of providers and make sure any rate you are quoted is the customer rate, not the interbank rate.
  • Transaction fees. Consider how much each provider will charge you for sending a transfer. Remember also that some companies offer fee-free transfers if you’re sending a large amount of money.
  • Transfer time. Next, compare how long it will take for the money you send to be accessible in your recipient’s bank account. You want to ensure that all your bills will be paid on time, so make sure all transfers will be processed as quickly as possible.
  • Flexible transfer options. You may also be able to benefit from a range of other flexible transfer options that some providers offer, such as:
  • Recurring payment plans.Save time by setting up regular payments in advance. However, make sure you’re aware if there is any extra fee attached to this service.
  • Forward contracts. These handy transfer tools provide protection against a falling exchange rate, allowing you to lock in a rate now for a future transaction.
  • Limit orders. With a limit order you can specify your desired minimum exchange rate for a transfer – when the rate becomes available, your transfer will be automatically sent.
  • Currencies supported. Make sure that any transfer provider you choose offers support for any currencies you need to access.
  • Personal account manager. You could also benefit from having a personal manager assigned to your foreign exchange account. This will ensure that you can always access advice tailored to your needs.
  • Customer support. Finally, check to see whether the provider offers an online help centre, and if you can access phone, email and live chat support if required.

Definition: Best* exchange rate

There is no single best exchange rate, and the best exchange rate for you may not be the best for someone else. This is because there are other 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, which may affect the exchange rate. Exchange rates are also affected by wider economic factors. Previous performance isn't an indication of future performance. You should consider a range of products when deciding which provider is most suited to your personal money transfer needs.

By taking the time to compare several providers before sending money overseas, you will be able to send fast, convenient and affordable international transfers.

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