Key takeaways
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:
Bank | Sending fees (online payments) | Receiving fees |
---|---|---|
NAB | Up to $35 | Up to $30 |
ANZ | Up to $9 | Up to $15 |
Commonwealth Bank | $0-$30 | Up to $11 |
Westpac | $0–$32 | $0-$12 |
Macquarie Bank | Up to $15 | $0 (overseas bank charges may apply) |
BOQ | $20 | $10 |
Bendigo Bank | Up to $30 | $2–$10 |
HSBC | $0-$20 | $10 |
Suncorp | $0-$30 | $0 (overseas bank charges may apply) |
St.George Bank | $0–$20 | Up to $12 |
Bankwest | $15-$35 | $10 |
This table was updated with the latest banking data on 14 August 2024.
Finder survey: Do Australians prefer using a bank or money transfer specialist to send money overseas?
Response | Female | Male |
---|---|---|
I do not send money overseas | 46.92% | 36.18% |
Bank | 31.28% | 35.62% |
Money transfer specialist | 15.47% | 22.63% |
Neither | 6.33% | 5.57% |
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%.
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
Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
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
More guides on Finder
-
Average property price by country around the world
Wondering how property prices in Australia compare with the rest of the world? We estimated the average cost of buying a city-centre apartment in 106 countries to find out.
-
Best money transfer services for 2024
If you're looking to transfer money out of Australia, read our guide on the four best transfer companies.
-
TorFX vs Wise (TransferWise)
Compare TorFX and Wise on speed, cost and exchange rates to see who’s best for your next money transfer.
-
OFX vs TorFX
We compare two international transfer services, OFX and TorFX, including their rates, fees and speed.
-
Revolut vs Wise (TransferWise)
Compare Revolut with Wise on speed and cost to see which is best for your next money transfer.
-
Western Union vs PayPal money transfers
We compare Western Union and PayPal to see how much money transfers at each cost and which is faster.
-
Wise (TransferWise) vs PayPal
Wise and PayPal go head to head as we determine which offers the best value for money on international transfers.
-
TorFX review: Money transfer service
Check out our review of TorFX's fee-free money transfers.
-
Xe vs Wise (TransferWise)
A comparison of the money transfer services offered by Xe Money Transfer and Wise.
-
Western Union vs Wise (TransferWise)
We pit Western Union and Wise head to head to determine which provider offers the best and cheapest way to send an international money transfer.
Ask a question