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Best money transfer services for 2024

We’ve picked the best companies for 6 different types of international money transfers.

Small transfers
  • Great exchange rates and low transfer fees on 30+ currencies
  • User-friendly mobile app and easy sign-up process
Large transfers
  • Great rates on large transfers and no transfer fees.
  • Price match guarantee and dedicated account manager
Fast transfers
  • Most transfers are same-day and no hidden charges
  • Competitive exchange rates and low transfer fees

Looking for the best provider to send money overseas? Don't worry, we've gone ahead and done the hard work. We've researched providers' fees and compared their exchange rates to come up with our top picks for 6 different transfer options - including large transfers, business transfers and cash transfers. Let's take a look.

Best money transfer services in Australia

  • TorFX – Best for large transfers
  • Revolut – Best for small transfers
  • Wise – Best for exchange rates
  • Instarem – Best for fast transfers
  • Western Union – Best for cash transfers
  • Qantas – Best for business transfers

TorFX - Best for large transfers

If you're sending a large sum of money, we recommend using a reputable provider with low exchange rate markups and no transfer limits. TorFX is just that sort of service as they offer fee-free transfers and a price-match guarantee on its exchange rate.

When we reviewed exchange rates on 3 July 2023, TorFX had one of the best exchange rates on the top five currency pairs for transfers above $10,000. You'll also get access to a dedicated account manager and forex tools to hedge your risk against a weak Australian dollar. TorFX isn't competitive for transfers under $2,000 as you will get a better rate with XE or Wise.

Why we picked TorFX for large transfers:

  • Excellent exchange rates on transfers above $10,000 on all major currencies.
  • Fee-free transfers and a price match guarantee on valid quotes from other providers.
  • Top rated provider on Trustpilot with a rating of 4.9 from 2,566 reviews.
  • Strong banking partners and 10+ years experience handling large transactions.
  • Forex tools such as forwards contracts and spot transfers.
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.
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Revolut - best for small transfers

When it comes to small money transfers, you don't want expensive transfer fees or weak exchange rates eating into the amount your recipient gets. Revolut's app is as user-friendly as they come which makes sending money overseas quick and easy. It also doesn't have a transfer limit on the majority of major currencies. However, keep in mind that limits may apply depending on your plan.

Why we picked Revolut for small transfers:

  • User-friendly app and easy sign-up process.
  • Transfer over 30 currencies abroad.
  • Get the real exchange rate during market hours.
  • Lowest cost provider when we reviewed exchange rates when converting AUD $1,000.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
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Wise - Best for exchange rates

It's hard to beat Wise when it comes to exchange rates as it's one of the few providers that give the mid-market rate. This means that the exchange rate you are quoted by Wise is the best possible rate available. However, exchange rates are just one piece of the puzzle, so it is still worth comparing the overall cost of the transfer to make sure you are getting the best deal.

Close runners-up were OFX and Remitly. OFX offers competitive exchange rates but doesn't quite have the same reach or easy-to-use user experience as Wise. Meanwhile, if you are a new customer with Remitly, you can benefit from a promotional rate which makes them cheap for the first few transfers.

Why we picked Wise for exchange rates:

  • Always offers the mid-market rate.
  • Wide reach - send money to 80 countries.
  • Multiple payment options including Google Pay & Apple Pay.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
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Learn more about how to get the best exchange rate in our helpful guide.

Instarem - Best for fast transfers

It was neck and neck when it came to picking the top money transfer service for fast transfers. Instarem narrowly won out over Wise because - as the name suggests - it specialises in making instant transfers.

When using Instarem you can expect your money to arrive at your chosen destination within minutes or on the same day. The exact time varies depending on the currencies involved. But if you want to ensure an early arrival, pay with your debit or credit card for an almost instantaneous transfer.

Why we picked Instarem for fast transfers:

  • Most transfers arrive instantly or within the same day
  • Zero transfer fees for many popular destinations
  • Earn loyalty points for every transfer you make
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
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
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Take a look at our guide on how to make an emergency money transfer.

Western Union - Best for cash transfers

If you need to get cash to a loved one abroad then Western Union's massive network of locations is a convenient option. Western Union has around 525,000 agent locations globally in over 200 countries, making it one of the largest money transfer services.

With Moneygram being its main competition, you are likely to find a Western Union location in whichever country or city you need. So if you need to send cash to someone without a bank account, or it's important the funds get there fast, Western Union is among our top recommendations.

Why we picked Western Union for cash transfers:

  • 525,000 agent locations in more than 200 countries.
  • Recognised brand synonymous with money transfer
  • Money is sent within minutes.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
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Take a look at our guide for the best cash pickup services.

Qantas - Best for business transfers

If you are a business that makes regular international money transfers, you will be looking for a service that offers competitive exchange rates and even perks like loyalty points.

We compared the best business transfer services around and our top pick is Qantas. Qantas Business Money is powered by Airwallex and helps your business make payments at exchange rates of up to 70% cheaper than traditional banks. There's also a Business Rewards program where you can earn 1 Qantas Point on every $10 equivalent converted on foreign currency conversions. These points can be redeemed to save on flights, hotels and other purchases — making it an attractive option in Australia.

Why we picked Qantas for business transfers:

  • Competitive exchange rates on business transfers
  • Attractive business rewards program for Australians
  • Batch transfers feature to make multiple transfers at once
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
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Deep dive into business money transfers in our extensive guide.

🧪 Methodology: Why we choose these providers

Our top picks are selected out of 26 money transfer services and sorted into 6 specific categories to meet all of your transfer needs. Our editorial team reviews brands according to the most important features for each category and compars them against other providers. We also took into account first-hand experience with providers and additional services we felt were relevant.

When choosing a money transfer service, be sure to consider your own personal objectives, needs and circumstances before making a decision using our top picks. Read our full methodology here to find out more.

Still looking for other options?

Check out the table below to see some other money transfer specialists and what they can offer.

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
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.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
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

There isn't a one size fits all approach when it comes to international money transfers, as it depends on your circumstances. This makes it difficult to declare a "best overall money transfer service", each provider has different pros and cons.

Having said that, there are some stand-out money transfer specialists that are worth considering. We believe that Wise, TorFx and Revolut offer pretty good and versatile services overall, covering most of what you need from a money transfer service.

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4 Responses

    Default Gravatar
    AndyDecember 21, 2017

    i want to transfer 5000 aud into euro to a bank in berlin Germany

    what are the charges by bank here and in berlin

      AvatarFinder
      HaroldDecember 22, 2017Finder

      Hi Andy,

      Thank you for your inquiry.

      The fee would depend on the service you choose. If you wish to send a money to Germany you may want to consider the options from our comparison table. You should be able to compare different services based on their minimum transfer amount, speed, fees, and exchange rates.

      When you are ready, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with your transfer or get in touch with their representatives for further inquiries you may have.

      Please ensure you review the relevant Terms and Conditions before sending.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    annetAugust 10, 2016

    Is it possible to use a credit card to pay an invoice in US$ and how does that compare in costs?

      AvatarFinder
      ShirleyAugust 10, 2016Finder

      Hi Annet,

      Thanks for your question.

      If the invoice accepts international money transfers directly, then it should be possible to pay from your credit card. You can learn more about this topic through our guide about transferring money using credit cards.

      In terms of cost, the transaction might be treated as a cash advance which means you could get charged more interest plus a cash advance fee. It’s best to check with your credit card provider directly to enquire about how the transaction will be treated.

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