Lock in favourable exchange rates and take advantage of low fees.
The table below can sort through different money transfer services until you find one suitable for your business. Sort through products using the headings and you can find one with the right fees, transfer times and minimum transfer amounts for you. If you want to read more about a product, click 'More', or click 'Go to Site' to register for a service.
Your business international money transfer options
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What happens when I submit this form?
After you've submitted your details, a TorFX consultant will contact you via the phone number you've provide for a free consultation. You will typically receive a response within one business day.
TorFX are international money transfer specialists and have an office based in Surfer's Paradise Queensland and have the AFS Licence number 246838. We will not collect your personal information unless it's necessary to provide the information, advice or service you've requested and, where possible, you'll be able to use our services anonymously.
Why would I want to use this form?
If you have never transferred money before or have a large amount of money to transfer (like paying back an overseas home loan or receiving an inheritance), you may feel more comfortable speaking to a person instead.
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
- Emigrating
- Regular overseas payments
- Risk management
- Forecasting
See exchange rate updates in real-time
| USD | AUD | CAD | EUR | CNY | GBP | INR | MXN | PHP | |
|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 1.0000 | 1.3171 Inverse: 0.7592 | 1.3269 Inverse: 0.7536 | 0.8932 Inverse: 1.1196 | 6.8344 Inverse: 0.1463 | 0.7870 Inverse: 1.2707 | 64.4790 Inverse: 0.0155 | 17.9950 Inverse: 0.0556 | 50.1000 Inverse: 0.0200 |
| 1 AUD = | 0.7592 Inverse: 1.3171 | 1.0000 | 1.0074 Inverse: 0.9926 | 0.6782 Inverse: 1.4746 | 5.1890 Inverse: 0.1927 | 0.5975 Inverse: 1.6736 | 48.9551 Inverse: 0.0204 | 13.6625 Inverse: 0.0732 | 38.0380 Inverse: 0.0263 |
| 1 EUR = | 1.1196 Inverse: 0.8932 | 1.4746 Inverse: 0.6782 | 1.4856 Inverse: 0.6731 | 1.0000 | 7.6516 Inverse: 0.1307 | 0.8811 Inverse: 1.1350 | 72.1884 Inverse: 0.0139 | 20.1466 Inverse: 0.0496 | 56.0902 Inverse: 0.0178 |
| 1 GBP = | 1.2707 Inverse: 0.7870 | 1.6736 Inverse: 0.5975 | 1.6860 Inverse: 0.5931 | 1.1350 Inverse: 0.8811 | 8.6842 Inverse: 0.1152 | 1.0000 | 81.9311 Inverse: 0.0122 | 22.8656 Inverse: 0.0437 | 63.6602 Inverse: 0.0157 |
Thanks to the Internet and other advances in modern technology, the global business world is more connected than ever before.
Businesses need to send money overseas for all manner of reasons, from paying international suppliers to buying stock or consolidating their financial strength in overseas markets.
Luckily, there are more international money transfer options for businesses to choose from than ever before. This ensures that those who shop around for the best possible deal can find a fast and affordable method of moving funds across international borders.
You may also be interested in
Why should I use an international money transfer instead of the bank?
When you’re a small business owner, time is a precious quantity, which often means that many business owners simply opt to perform money transfers through their regular bank. Unfortunately this is one the least efficient ways to send money overseas.
Banks often offer poor exchange rates, a lack of useful features, and have high fees. They might also not offer the currency or destinations you need. One of the first things you’ll notice when comparing money transfer services to banks is that money transfer providers typically offer better exchange rates to their customers than banks do. Even a difference of a couple of cents in your favour can add up to a big saving when you transfer several thousands of dollars.
Money transfer companies also offer lower fees than banks, offering another way to keep more money in your pocket. Fees can add up quickly, especially when you’re setting up regular scheduled business transfers, so it pays to compare the hidden charges included with competing providers.
In addition, many money transfer companies offer to waive their transfer fee when you send more than a certain amount of money, so keep an eye out for this feature as well. Money transfer companies can also typically transfer your funds quicker than banks can, which is an important feature in the business world. Some companies offer transfers within 24 hours or even minutes, while banks can take up to five days to send your money.
Should I use a specialist money transfer or a bank?
Kevin is a small business owner who wants to send a one-off payment of AUD $15,000 overseas to an important supplier in the United States. Although tempted to simply use his regular bank to perform the transaction, he decides to compare how much it will cost through his bank with the expense involved in transferring funds via a money transfer provider.
| Bank | Money transfer service | |
|---|---|---|
| Exchange rate | 0.83 | 0.87 |
| Fee | $25 | $0 |
| Amount transferred | USD $12,429.25 | USD $13,050 |
| Amount saved using a money transfer service | USD $620.75 |
His bank offers an exchange rate of USD $0.83 and charges a transfer fee of $25. This means that when Kevin transfers his payment of AUD $15,000, only USD $12,429.25 will arrive.
A dedicated money transfer provider, however, waives its transaction fee (usually AUD $15) for transactions in excess of $10,000, plus it gives him an exchange rate of USD $0.87. This means that USD $13,050 is transferred to Kevin’s supplier, some USD $620 more than had he used his bank.
Which brands will allow me to send money overseas as a business?
It’s possible for businesses to send money overseas through many Australian banks, including the ‘big four’ of Commonwealth Bank, Westpac, National Australia Bank and ANZ. However, business owners can also conduct international money transfers through specialist companies such as OFX, TorFX, CurrencyFair, Currency Online and more. In many cases, you can save money by using the services of a money transfer provider instead of a regular bank.
These companies usually offer better exchange rates and lower fees than banks, while they also often offer a much faster processing time for transfers. In short, while bank focus on a wide range of financial products and services, international money transfer providers specialise in sending funds overseas.
Compare these features when comparing business transfers
Compare the following factors when choosing a money transfer provider to conduct your business transfers:
Competitive exchange rates
The higher the exchange rate, the more money will end up in your recipient’s bank account. It’s quick and easy to compare exchange rates online, and money transfer companies typically offer better rates than banks. Some companies will also offer better rates to business customers than personal customers, so compare this feature as well. However, remember to consider a company’s rates in conjunction with its fees.
Little or no fees
Read the fine print to discover any fees and charges which will be attached to your transaction, as well as whether or not you can save money by lodging your transfer online instead of in a branch. Many online transfer providers will waive their transfer fee when you send more than a certain amount, so look into this feature as well.
Ability to schedule payments
Does your provider allow you to set up regular scheduled payments? This allows convenience for business owners and can help you organise your budget more effectively.
Limit orders
Limit orders let you take advantage of fluctuating market exchange rates, so check which providers offer this feature. Also remember to establish whether any fees are attached to this service.
Another way your business can save money: using limit orders
Another way you can save money on international business transfers is with limit orders. A limit order allows you to specify a target exchange rate for your international money transfer, and your money transfer provider will then monitor the market and perform your transfer when such a rate arises.
This allows small business owners to take advantage of fluctuating exchange rates when sending money overseas. For example, when Kevin looks to send AUD $15,000 to the United States and is offered an exchange rate of USD $0.87, he believes he will be able to find a better deal.
He lodges a limit order with his money transfer company not to transfer the funds until an exchange rate of USD $0.89 is available, and when the market hits this rate four days later his funds are sent. This allows Kevin to save a further USD $300.
| Normal transaction | Limit order | |
|---|---|---|
| Exchange rate | 0.87 | 0.89 |
| Fee | USD $0 | USD $0 |
| Amount transferred | USD $13,050 | USD $13,350 |
| Amount saved using a limit order | $300 |
Forward contracts
A forward contract lets you lock in an exchange rate now, for an international money transfer that will take place at a later date. Consider which providers offer this, how far in advance contracts can be set up, and whether or not extra fees are attached.
Customer service and contact methods or availability
Consider which provider has the best reputation for customer service. Is assistance available online, over the phone and via live chat? Between what hours can you contact customer support? This area is important to consider in case you ever have issues with one of your transfers that need to be resolved.
Supported currencies
Different money transfer providers will offer to transfer funds to a range of different supported currencies. Most providers will let you send funds in a number of commonly traded currencies, for example the United States Dollar or the Great British Pound, but depending on your business you may need to trade more exotic currencies.
Real questions from past users about business transfers
Is it cheaper to send funds overseas through my bank or a money transfer provider?
It is typically cheaper to send funds through a money transfer provider due to better exchange rates and lower fees.
Can I track the progress of my transfer?
Yes, your provider or bank will give you a tracking number so you can monitor the progress of your transaction.
What currencies can I transfer funds in?
This varies between providers. Certain currencies are staples on the international currency market, such as the United States Dollar or the Euro, while other currencies are rarer. Contact your provider for a full list of the available currencies.
If you need to conduct an international business transfer, it really does make good financial sense to shop around and compare your transfer options. This will ensure you save money and that that your transfers are processed fast, and you can start the comparison process at finder.com.au
