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The value you receive from an international money transfer mostly relies on the exchange rates and fees. If you use specialist international money transfer services, you're likely already getting the best possible exchange rate. However, if you're still using your bank, then you may not be getting the best value.
Get fast transfers with no fees and a range of foreign currency tools.
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:
Here are some tips to ensure you get the best deal on fees and exchange rates when transferring money:
| Service | AUD/USD | AUD/EUR | AUD/GBP |
|---|---|---|---|
| WorldFirst | 0.77 | 0.67 | 0.59 |
| OFX | 0.77 | 0.67 | 0.59 |
| CurrencyFair | 0.764 | 0.669 | 0.588 |
| Rational FX | 0.77 | 0.67 | 0.59 |
| 1st Contact | 0.752 | 0.659 | 0.578 |
*Rates recorded on 3 July 2017. Please source quotes for current rates.
If you’re travelling to a country and looking for tips on receiving the best exchange rate, here are some things to consider:
An exchange rate is a way of showing the value of one currency compared to another.
Exchange rates are affected by the supply and demand of a currency, a country’s inflation, the trade between two countries and more, so rates can fluctuate throughout the course of a day. Indirectly, exchange rates dictate the costs of many day-to-day items you buy that are purchased from overseas or made using materials that come from foreign countries. Directly, you’ll come across exchange rates when travelling overseas, purchasing goods from overseas or sending funds overseas.
This guide will explain how to get the best exchange rate available when sending money overseas.
The answer to this question depends on the reason for your exchange. If you’re looking to convert money to send it overseas, some of these providers won’t be the best option for you.
Below is a comparison of the advertised rates for three different money transfer companies. Whenever you carry out a comparison, be sure to get an accurate quote from the provider rather than using the advertised rates as the two may be different.
| CommBank | OFX | MoneyGram | |
|---|---|---|---|
| AUD/USD | 0.7281 | 0.77 | 0.72 |
| AUD/EUR | 0.6344 | 0.67 | 0.64 |
| Fee to sender | AUD$22 | $0 | AUD$20 |
*The above rates and fees are correct on 3 June 2017. Always source a quote for accurate, current day rates.
As you can see, the highest rate in this comparison was offered by OFX, which also had no transfer fee. This comparison doesn’t take into account transfer speed, which may be an issue for you. It also doesn’t take into account transfer methods, for example sending money to be picked up in cash by your recipient.
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I need to transfer $20000 US from Australia to an elderly man in the USA but am not sure how to do this safely. I want assurance he will get the money but I need assurance I get what I pay for.
Any suggestions ?
Hi Pete,
Thank you for your comment.
There are different ways you can go about transferring money to the US. You may do an online banking, wire transfer or through money transfer services. Meanwhile, you may compare fast and secure way of sending money to the US through this page. Bank transfers are safe and reliable, though they are by no means the most cost effective or fastest option. Inter-bank money transfers and transferring money from one bank or one financial institution to the other within the same country, is mostly free of cost. However, sending money from one country to another includes different types of fees (some hidden), so be sure to factor this into your decision making process.
Hope this helps.
Regards,
Jhezelyn
Hi Jeff,
Thank you for writing to us. :)
You are on the right page. Please enter the AUD transfer amount and choose the desired currencies on our comparison table then click “Calculate”. It will prompt you the list of transfer services available and their updated rates.
Alternatively, you can also fill out the Enquiry form located a bit below for a FX expert to check on your options.
Hope this helps.
Cheers,
Jonathan
My existing FX account now does not handle small amounts for my family in the U.K., EG UKP100.00 transfers. They are happy to continue to handle my company transfers to China. Are you able to recommend a service for both of these accounts?
Hi Steve.
Thank you for your inquiry.
You may consider a multi-currency bank account if you regularly deal with currencies due an international business or personal reasons. This is also known as the foreign currency account wherein they would allow you to hold different currencies and convert them when you want to so you can avoid short-term rate fluctuations from harming your balance.
Please refer to the table above to compare international money transfer companies.
Hope this helps.
Regards,
Jhezelyn
what is one advantage of floating exchange rate?
Hi Poki,
Thanks for your question.
Flexible exchange rates are said to be ‘floating’ and can fluctuate regularly due to many factors as we have listed on this page.
A floating exchange rate offers several advantages. One of which is the flexibility and automatic adjustment of the rate in case of disequilibrium (deficit or surplus) as an effect of import and export transactions. The exchange rate is also stable and predictable, which is a good thing especially for exporting firms.
I hope this answers your question.
Cheers,
Anndy
i want to know please what is best – AUD to USD or British pounds?
I intend to set up a multi-currency account and would also like details.
Thank you.
Hi Janis,
Thanks for your question.
Please note that exchange rates are different for every provider.
If you intend to apply for a multi-currency account, you will need to check what the exchange rates are from that specific financial institution.
You can get an indicative idea of what exchange rates the providers are offering using this list.
I have to buy something in USA which will cost $18000 US. What is the best way to arrange payment getting the best exchange rate and other costs. The payment will be made next week.
I have the money in an ING account
Hi Fiona,
Thanks for your question.
Since you’re buying a product your options are limited. Unless the retailer is willing to accept an international money transfer, you may need to purchase the item using your bank account.
The ING bank account charges a currency conversion fee but there are a few bank accounts that don’t.
I wish to transfer $10,000 AUD into a debit card that I can use whilst travelling overseas. Can I do this through Macquarie and Ox Forex? What is the process? I have a cash management account with Macquarie. How do I transfer AUD funds from that account into EUR and then into my Debit Card.
Hi Kevin,
thanks for the question – you must be excited to be travelling!
At the current time Macquarie Bank doesn’t offer a specific travel card option which allows you to load funds onto and spend overseas, and they also don’t offer a specific debit card, although they do offer credit cards which could in theory be used overseas and then paid off.
OFX on the other hand do offer a specific travel card, and the way this works is simple: You activate your account, and then pay your funds into it using BPAY. The funds will still be in AUD at this point. Once you see a favourable exchange rate, you can convert your funds into EUR, which helps you avoid any exchange rate fluctuations while you’re travelling.
You can also compare other travel money options from other providers here to make sure you’re getting the best deal.
I hope this helps,
Marc.
I have a Citibank plus account which has no foreign conversion fees or transaction fees. When I withdraw money from an ATM in Britain, are Citibank conversion rates applied or the bank owning the ATM’s rates. Is it better to convert Aussie dollars to British pounds here or wait till I arrive in Britain?
Hi Lyn,
Thanks for your question.
As finder.com.au is a financial comparison service, we can’t actually recommend any one product, service or strategy to our users, as the ‘best’ option will always depend on the user’s individual needs.
However, we can compare that the exchange rates applied are determined by the Visa exchange rates at the time of purchase. Although there are no international ATM withdrawal fees charged by Citibank, please note that a local ATM fee may apply.
I hope this has answered your question.
Thanks,
Sally