Best money transfer services for 2024

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

TorFX is a great option for larger money transfers because there are no transfer fees and you can get more competitive exchange rates when transferring larger amounts.

However it's not the cheapest option for smaller money transfers, so keep that in mind.

Why we picked TorFX for large transfers:

• No fees on transfers
• 40+ currencies
• Dedicated account support
• Access to forex tools

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 has an app which 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.

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.

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

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.

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

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.

• Large transfers criteria

  Features we prioritise:

  • Total cost for bank transfer above $10,000
  • Maximum transfer amount
  • Discounts for larger transfers
  • FX tools to hedge currency risk
  • Dedicated account manager

• Small transfers criteria

  Features we prioritise:

  • Total cost for transfers $1,000 - $9,999
  • Mobile app user experience
  • Easy sign-up process
  • Customer service
  • Coverage
  • Transfer speed

• Exchange rate criteria

  Features we prioritise:

  • No exchange rate markup
  • Exchange rate alerts
  • Multi-currency account

• Fast transfers criteria

  Features we prioritise:

  • Delivery speeds for bank transfers
  • Delivery speeds for cash pickup
  • Offer same-day transfers

• Cash transfers criteria

  Features we prioritise:

  • Number of agent locations
  • Transfer speed
  • Receiving methods
  • Payment methods

• Business transfers criteria

  Features we prioritise:

  • Total cash for bank transfers
  • Forex tools to hedge risk
  • Personal account manager
  • Accounting tool integration
  • Reputation

Still looking for other options?

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

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.

Frequently Asked Questions

• How do peer-to-peer money transfers work?

  First, you need to select how much money you wish to transfer and where you're sending it. You can then upload your funds to your money transfer provider, which will then convert your money at the mid-market rate and match you with a person sending funds in the opposite direction.

• How do I compare peer-to-peer money transfer services?

  You'll need to take the following features into account when comparing peer-to-peer money transfer services.
  Exchange rates. The exchange rate is a very important factor when determining how much money you can save, so look for the company that offers the best rates. However, keep an eye out for companies that suck you in with great rates, but then slug you with high fees.
  Fees. Make sure you're aware of all the fees attached to your transaction. Does the company charge a flat fee or is it a percentage based on the amount you're transferring? Is the fee waived entirely if you transfer more than a certain amount?
  Minimum and maximum transfer amounts. You'll need to check how much a company will allow you to transfer since minimum limits might be too high for some and maximum limits may be too little for others.
  Transfer methods. Compare whether you can only lodge your transfer online or whether there are phone and in-person options available as well.
  Other extras. Compare whether providers allow you to lodge forward contracts, meaning you lock in an exchange rate for a transaction that will occur at a later date, or limit orders, which is where you lock in a minimum exchange rate and the transaction is not completed until the market fluctuates and your chosen rate is available.
  Customer service. Is the company known for providing excellent customer assistance? Is there an online help centre and live chat available? Can you email or phone for support and what are the hours that each provider's support centre is open?
  What currencies are available? You'll need to compare which currencies each provider offers and which destinations you can send money to.

• Are there any risks with peer-to-peer money transfers?

  When you're making an international money transfer, it's important to keep an eye out for exchange rates and fees. Poor exchange rates can eat up a big chunk of your money if you're not careful, while hidden fees can be a nasty surprise if you don't read the fine print before lodging a transfer. It's also essential that you ensure you are dealing with a reputable company. Do your research before you commit yourself so that you don't end up the victim of a dishonest provider.

Why compare money transfer services with Finder?