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Australian bank fees for international money transfers

With fees ranging from $0 to $30, learn what major Australian banks actually charge for wire transfers – and how to beat them.

You can send money overseas straight out of your bank account, but often there are high fees attached to this convenience. To help you understand the costs, we've pulled together the online wire transfer fees of some of the top banks in Australia to show how they compare against one another and against independent money transfer services.

What does an international money transfer cost?

Generally, it's much cheaper to send money domestically because fewer financial systems are involved. However, international transfers are different and involve banks and wire processing services for each country. With more banks come more fees.

We've put together the current wire transfer fees you can expect to pay when sending or receiving an international money transfer online with some of the major banks in Australia:

BankSending fees (online payments)Receiving fees
NAB$0Up to $30
ANZUp to $9Up to $15
Commonwealth Bank$0Up to $11
Westpac$10–$20Up to $12
Macquarie BankUp to $15$0 (overseas bank charges may apply)
BOQ$20$10
Bendigo BankUp to $30$2–$10
HSBCUp to $8$10
Suncorp$0$0 (overseas bank charges may apply)
St.George Bank$10–$20Up to $15
Bankwest$15$10

The data contained within the table relate to fees captured on 1 February 2023.

What bank fees to expect for international money transfers

The fees your bank charges depend on a number of factors. We've compiled a list of all the fees that might apply when sending or receiving an international money transfer:

  • Originator bank fees. The "originator" is the bank from which you initiate the international transfer. Some banks charge more depending on how you initiate the wire transfer: online, via mobile banking or in person. Costs typically increase when visiting a branch so it's best to check these against the fees for initiating a transfer online.
  • Intermediary bank fees. Intermediary banks facilitate international money transfers. They help you get your Australian funds to your recipient in another country and act as the go-between bank or institution. The fees these intermediary banks charge vary between countries. And the fees also tend to be hidden until right before you initiate a wire transfer.
  • Beneficiary bank fees. This is your recipient's bank which might charge a fee to receive an international money transfer. Fees will vary depending on the country and the amount being received.
  • Exchange rate margin. An exchange rate shows how much one currency is worth in another. Nearly all banks skew the published exchange rate for a profit and aren't always forthcoming about the added margin. You may need to call your bank or initiate a transfer online to see the best exchange rate offered. In Australia, banks can add a margin of 3–6% while the margin added by online money transfer providers ranges from 0.5% to 4%.

Finder survey: Do Australians prefer using a bank or money transfer specialist to send money overseas?

ResponseFemaleMale
I do not send money overseas46.92%36.18%
Bank31.28%35.62%
Money transfer specialist15.47%22.63%
Neither6.33%5.57%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023

How to choose a money transfer platform

When trying to find a money transfer service to use, you'll need to look at the features offered and see if they closely match your transfer needs. Consider the following:

  • Transfer fees. This is the charge for carrying out the transfer and will vary between providers. Some may charge a fee to transfer your funds to another country while others may offer fee-free transfers. Compare which is better by comparing the overall amount that your recipient will receive with each provider.
  • Exchange rate margin. Ideally, you want your recipient to receive the most out of the Australian dollars (AUD) you send. This depends on the exchange rate between your AUD and your recipient's local currency and any margin added by the transfer service. The stronger the exchange rate, the more your recipient will receive.
  • Recurring vs one-time transfer fees. If you need to send regular international money transfers to the same recipient, does the transfer service offer any savings for setting up recurring wire transfers?
  • Transfer speed. Online money transfer services often use the latest financial technology to get your money where it needs to go fast. If time is of the essence, consider providers that offer quick transfers. Fees for faster or instant transfers can sometimes be higher than transfers that reach your recipient the next day. Check that you're happy with the fees before initiating the transfer.

Compare banks to independent money transfer services

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.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
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.
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Bottom line

Banks offer a secure and familiar way to complete wire transfers with friends, family members and merchants. However, you can expect to pay high transfer fees on top of weaker exchange rates than you would get by using an online money transfer service.

There are more ways than just your bank to send money domestically and internationally. Compare your options before paying high fees.

Frequently asked questions

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