Bank transfer and international wire fees in Australia

Your guide to beating the banks and saving on fees the next time aunty Kathy from Kansas sends you your birthday money.

Key takeaways

  • In-branch transfers often attract large fees, while using online or mobile banking can mean you pay no fees
  • Beware of hidden currency conversion fees
  • Apps like Wise and Revolut also offer low-cost ways to send and receive money from overseas
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
NABUp to $35Up to $30
ANZUp to $9Up to $15
Commonwealth Bank$0-$30Up to $11
Westpac$0–$32$0-$12
Macquarie BankUp to $15$0 (overseas bank charges may apply)
BOQ$20$10
Bendigo BankUp to $30$2–$10
HSBC$0-$20$10
Suncorp$0-$30$0 (overseas bank charges may apply)
St.George Bank$0–$20Up 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?

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

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

1 - 25 of 27
Product AUFMT Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Within minutes
$0-$4
OrbitRemit sends to over 20 countries for a flat fee and transparent exchange rate.
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).
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 25+ currencies. Plan fees apply.
Within minutes
$0
Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Within minutes
$0
Earn 10% cashback on your first $1,000 USD equivalent in eligible international card spend with Airwallex.
Streamline global payments across 150+ countries with fast settlements and competitive rates in over 60 currencies.
Within minutes
$0

Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
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.
24 hours
$0
New customers registering in 31 December 2024 can receive lower pricing on exchange rates. T&Cs apply.
Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
Wise (TransferWise)
Best Rated Brand
Wise logo
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Remitly
Best Rated Brand
Remitly logo
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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.
Send Payments
Send Payments logo
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
Within minutes
$0
Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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.
Within minutes
$0
Revolut allows your business to move money around the world quickly and cheaply with 25+ currencies and no maximum limit transfers. Plan fees apply.
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
Within minutes
From $0
Get Western Union's best exchange rate and $0 fee on your first online transfer.
Western Union sends money online to 200+ countries, with competitive rates for new customers.
Within minutes
From $0
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
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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

Helen Champion's headshot
Written by

Associate editor

Helen Champion was an associate editor at Finder. She has worked in communications for over 16 years and currently writes on a range of topics including insurance and money transfers in the hope of empowering people to make better financial decisions. During her broadcast career, she helped to produce hundreds of news and breaking news reports for Associated Press TV and ITV News. And in public relations, she managed several high-profile public relations campaigns for Macmillan Cancer Support, the General Medical Council and overseas for Qatar Foundation on behalf of BLJ Worldwide. Helen has a Bachelor of Arts in Journalism from the University of Lincoln, a passion for practising karate in the dojo and a deep love of making mischief with her sons. See full bio

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