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How to transfer large amounts of money internationally
The 6 ways to send money overseas for speed, value and convenience.
Key takeaways
- For large international transfers, specialist providers often offer better exchange rates and lower fees.
- Compare bank exchange rates carefully as hidden markups often increase total transfer costs.
- Your provider reports every international transfer to AUSTRAC regardless of size - there is no $10,000 threshold - and many specialist providers set no maximum limit.
While many banks and providers now have high transfer limits on international transfers, you may want to check directly with the provider if you're looking to move extremely large amounts of money.
6 ways to transfer large amounts of money overseas
Here are the most popular ways to transfer large sums internationally:
1. Use an international money transfer provider
Money transfer specialists typically offer better exchange rates and charge lower fees than Australian banks.
Providers such as TorFX and OFX specialise in helping users make large transfers overseas.
These providers charge a markup of around 0.5% to 3% on major currency pairs and will lower their markup or waive transfer fees above a certain amount, which can make them more cost-effective if you're looking to transfer large amounts of money.
You can also use a forward contract to lock in today's rate for a transfer up to 12 months away.
A limit order works differently: it only executes if the market reaches the rate you nominate, and it may never execute at all. For example, if you're transferring $100,000 to the US, you can use a provider like TorFX to set a limit order that transfers your money only once the AUD hits your target exchange rate.
A forward contract, by contrast, settles on the agreed date whatever the market does.
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The benefits and drawbacks of using a money transfer service
Pros
- Account managers offer step-by-step guidance for the entire process.
- Cheaper than bank transfers for large transactions
- Diverse payment options, including payment by credit card, debit card, bank account and more.
- Can be done online.
Cons
- Providers will have different limits and requirements which won't suit all customers.
- Some money transfer specialists don't have transparent fees and exchange rates.
2. Using your bank
Most of the big banks in Australia will let you send money overseas, whether that's sending Australian dollars directly, or converting your AUD to a different currency and sending that to a foreign bank account.
However, despite the potential convenience of using your existing bank, this method will generally be more expensive than using a dedicated money transfer service.
Banks are likely to charge higher fees and offer less competitive exchange rates, which can end up costing you a lot more if you're looking to transfer large amounts of money.
Some banks like NAB and CBA now waive the transfer fee for sending money overseas, but are likely to offer less favourable exchange rates that mean the overall cost of the transfer will still be more expensive.
It is also worth keeping in mind that your bank may have wire transfer limits in place, so you'll need to ask ahead of time if you plan on making a large international wire transfer over a certain amount.
The benefits and drawbacks of using a bank
Pros
- Your bank may offer more protections.
- You can typically initiate the transfer online, in-person or by phone.
- You don't have to trust any companies with your money.
Cons
- Will normally be more expensive than money transfer providers.
- Typically far slower than other options.
3. Cash-to-cash transfers
Sending money for cash pickup is a convenient way to complete your international money transfer, particularly if you or your recipient is under or unbanked.
While this may be a necessary requirement depending on your circumstances, for those looking to transfer large amounts overseas, using a cash transfer is likely to be extremely expensive.
There are several companies that offer cash-to-cash transfers including Ria Money Transfer, MoneyGram and Western Union.
The benefits and drawbacks of using cash transfers
Pros
- Recipient doesn't need a bank account.
- Sender doesn't need a bank account.
- Cash transfers often transfer faster than bank-to-bank transfers.
Cons
- Most cash-to-cash specialists have a low maximum sending limit.
- Large amounts of cash will have to be picked up by the recipient, which could be dangerous.
- Higher fees are typically applied to cash-to-cash transfers, compared to using an international money specialist that transfers to a bank account.
4. International bank draft
Also known as a money order, an international bank draft is issued by a bank on behalf of the payer. It allows another bank, typically in another country, to draw funds directly from the issuing bank.
International bank drafts can be drawn in a foreign currency, which means you can lock in the current exchange rate when sending the transfer.
When you take out an international money order, the recipient will be sent a cheque that can be cashed in for the funds.
The benefits and drawbacks of using international bank drafts
Pros
- Accepted in many parts of the world.
- Relatively cost effective when compared to wire transfers between international banks.
- Can only be cashed at a bank by the person listed on the international bank draft.
Cons
- Slow, as they have to be physically mailed or hand delivered between countries.
- Difficult and time consuming to replace if lost or stolen.
5. Prepaid debit cards
Some banks and providers let you send funds via a prepaid debit card.
The sender loads a prepaid debit card with cash and the recipient can then withdraw them using the prepaid debit card.
Alternatively, you can transfer money from the prepaid card to a bank or card account.
Prepaid debit cards tend not to charge transfer fees but will still likely charge a margin on the exchange rate you get offered. You may also need to pay monthly or annual account fees.
The benefits and drawbacks of using prepaid debit cards
Pros
- Relatively cost effective when compared to bank transfers
- Recipient doesn't need a bank account
- You can lock in a set exchange rate
Cons
- Most prepaid debit cards carry an activation fee or a monthly fee
- There may be a limit on how much you can load onto the card
6. Cryptocurrency
If you hold cryptocurrency, you can send it to a wallet anywhere in the world. Many cryptocurrencies will also let you trade cryptocurrency for fiat currency (a government-issued currency like Australian dollars or euros).
This means it is possible to exchange Australian dollars for a cryptocurrency like Bitcoin, then trade your cryptocurrency for a foreign currency like euros.
However it's not a simple process, and you'll likely encounter percentage-based fees at each step, which makes it an expensive option.
Here are the key steps to take when transferring money overseas using cryptocurrency:
- Transfer funds to an online cryptocurrency exchange.
- Use your local currency to buy cryptocurrency.
- Sell your cryptocurrency for a foreign currency.
- Send the funds from the exchange platform to the intended recipient.
Pros
- You can send money directly to your recipient's cryptocurrency wallet address, removing the need for companies as intermediaries.
- Your transaction can't be cancelled.
Cons
- Requires a lot of technical know-how to avoid errors.
- Prices can be volatile, so although you may save money by avoiding fees, you could lose it if the price of the cryptocurrency you're using as an intermediary drops.
- Depending on the route you use, there may be many fees to pay.
What is the maximum amount of money you can transfer from Australia?
These are the minimum and maximum amounts you're able to transfer internationally from Australia with the big banks and popular money transfer services:
| Provider | Type of transfer provider | Minimum transfer amount | Maximum transfer amount |
|---|---|---|---|
| ANZ | Bank | $0 | $150,000 daily limit |
| Commonwealth Bank | Bank | $0 | $2,000 default; can be upgraded to $5,000 (NetBank limit) |
| NAB | Bank | $0 | Up to $40,000 via internet banking |
| Westpac | Bank | $0 | $2,000,000 |
| CurrencyFair | Online transfer provider | $10 | $10,000,000 |
| TorFX | Online transfer provider | $200 | No maximum amount |
| OFX | Online transfer provider | $250 | No maximum amount |
| Travelex International Payments | Online transfer provider | $10 | No maximum amount |
| Wise | Online transfer provider | $1 | $1,500,000 |
| WorldRemit | Online transfer provider | $1 | $50,000 |
| Western Union | Cash transfer provider | $1 | $50,000 |
| MoneyGram | Cash transfer provider | $1 | $13,750 |
| Revolut | Online transfer provider | $1 | No maximum amount |
| Xe Money Transfers | Online transfer provider | $1 | $750,000 |
| Instarem | Online transfer provider | $1 | No maximum amount |
| Remitly | Online transfer provider | $1 | Up to $45,000 per transfer |
| Rocket Remit | Online transfer provider | $25 | $1,000 |
| MasterRemit | Online transfer provider | $1 | Around $5000, varies by country |
| SingX | Online transfer provider | $1 | No maximum amount |
| Send Payments | Online transfer provider | $250 | $50,000 |
Does the government track large international transfers?
The Australian Government does monitor overseas money transfers - but not only large ones. While it doesn't impose any restrictions on the amount you can send overseas, every transfer you send is reported to regulatory body AUSTRAC (Australian Transaction Reports and Analysis Centre).
AUSTRAC collects data on every international transfer, no matter how small, with the aim to prevent money-laundering, funding of international terrorism and a range of other serious crimes.
The bank or money transfer provider that handles the transfer must report the details of the transaction, including your account information, to AUSTRAC.
If you're unwilling to provide the necessary information, the transaction may be declined.
Finder survey: Do Australians prefer banks or money transfer specialists to send money abroad?
| Response | Female | Male |
|---|---|---|
| I do not send money overseas | 46.92% | 36.18% |
| Bank | 31.28% | 35.62% |
| Money transfer specialist | 15.47% | 22.63% |
| Neither | 6.33% | 5.57% |
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
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