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.
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Using the table below, enter the amount you wish to send overseas and the currencies you're exchanging. You can use the table headings to sort through features and fees, so you can select the right product. If you want to find out more about a product, simply click the "More" link, or if you want to open an account, click "Go to Site". The below providers allow you to send money internationally to your recipient's bank account. If you're looking to send physical cash internationally for your recipient to pick up, take a look at our international cash transfer page instead.
Compare Australia's top exchange rate providers
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.
An FX expert can help you get the best exchange rate
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
Regular overseas payments
How do I get the best exchange rate?
Here are some tips to ensure you get the best deal on fees and exchange rates when transferring money:
Find out what current rates are. You should have a reliable baseline to compare the rates offered by money transfer companies and banks. Two well-known currency conversion resources include XE and Oanda. These are free tools you can use to see live conversion rates, and both feature currency conversion calculators.
Compare by asking for a quote. Getting the best exchange rate can be difficult because money transfer services can charge high fees but offer competitive rates. This means sometimes it’s a good idea to ask for a quote, and then compare this to quotes from other providers.
Ensure you’re comparing the most accurate rate. Until you register with a money transfer service, you’re more than likely seeing their indicative exchange rates, and not the most accurate rates available. If you choose not to compare quotes, compare the exchange rate you’ll actually receive. This will usually require you to register with a service or make a call.
Utilise forward contracts. A forward contract allows you to lock in an exchange rate for a transfer that will take place in the future. In most cases, you can lock in a rate for up to 12 months in advance, saving you from receiving a poor rate when you make a money transfer in the future. Not all transfer companies will allow you to use a forward contract, so ensure you consider this when comparing. The transfer service may only offer forward contracts on larger transfer amounts.
Consider a market order. A market order, also known as a limit order, allows you to choose a favourable rate, and then instructs your money transfer company to buy or sell your chosen currencies only once that rate is available. Like a forward contract, some money transfer companies will only offer these for larger transfer amounts.
Consider a multi-currency bank account. If you regularly deal in currencies, whether this is due to an international business or for personal reasons, a multi-currency bank account can be a good idea. Also known as a foreign currency account, they allow you to hold different currencies and convert them into Australian dollars when you want. This means you can avoid short-term rate fluctuations from harming your balance.
Carry out one large transfer rather than several smaller transfers. If you’re looking to send a large amount of money, try to send it all at once rather than in smaller batches. Many transfer companies can offer better rates and lower fees for large transfers.
*Rates recorded on 3 July 2017. Please source quotes for current rates.
Getting the best rate when travelling overseas
If you’re travelling to a country and looking for tips on receiving the best exchange rate, here are some things to consider:
Avoid busy areas and airports. Unless you’re organising a currency pickup, like you can with companies such as Travelex, these areas can provide poor exchange rates. Other businesses can give competitive rates, such as Flight Centre kiosks.
Exchange in the country you’re travelling to. While you may want to exchange a small amount before you leave your home country to ensure you have money to get you from the airport to your hotel, save the majority of your currency exchange until you get into the country if you can. Avoid the airport and tourist destinations when looking for a currency exchange provider once you touch down .
Avoid exchanging at a restaurant or hotel. These locations can offer convenient, on-the-fly currency conversion but might not offer the most competitive rate.
Avoid purchasing in your own currency. Some retailers will offer you the option to pay in your home currency and will then convert the funds themselves. This can be tricky if you don’t have a currency calculator on hand, meaning you might lose out on the exchange.
Definition: Exchange Rate
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.
Where can I exchange money?
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.
Money transfer companies. These are specialist currency exchange and money transfer companies, and they offer competitive exchange rates and low fees. Many of them also offer a large range of services such as forward contracts and market orders.
Walk-in kiosks, banks and post offices. These are the best known currency exchange and money transfer destinations for many Australians. Some of them, such as Flight Centre, Western Union and MoneyGram, offer competitive deals for sending money overseas or converting money depending on the service.
Credit cards, debit cards and travel cards. Apart from travel money cards, these will exchange your funds from Australian dollars to the currency of your choice instantly using the applicable exchange rate. For some cards this will be the Visa or Mastercard rate, which by itself is competitive. However, if you have to pay a transaction fee or ATM withdrawal fee for the transaction, it may become expensive. Travel cards will allow you to transfer funds onto your card at the exchange rate set by the card provider. This allows you to avoid exchange rate fluctuations.
Comparing exchange rates
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.
*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.
Q&A: Finding the best rate
You can check sites such as XE or Oanda to find up-to-date exchange rates. Also remember that banks and money transfer companies will publish their own exchange rates.
Yes, you will need to report all foreign income as Australian dollars when filing your tax return.
Money transfer companies specialise in foreign currency transactions and deal in large amounts, giving them savings that they can in turn pass on to consumers.
These services will profit from your transaction in two ways. One is through adding a margin to your exchange rate, and the other is by charging you a transfer fee. Some services will do both.
Marc Terrano is the lead publisher of Points Finder and a co-host of the Pocket Money podcast. He was previously a writer and publisher for home loans at Finder. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help Australians get the best value for their money.
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