Need to send money from Australia to Europe? If you don’t know what you’re doing, poor exchange rates and high fees can make sending an international money transfer an expensive exercise. But if you compare your options and shop around for an affordable transfer provider, you’ll find the best value for money when transferring funds to Europe.
Compare money transfer options between Australia and Europe
There are a few options to consider when you want to send Euros overseas:
Online money transfer companies. Recent years have seen the emergence of online providers that specialise solely in international money transfers and foreign exchange. These providers, such as TorFX and OFX, tend to offer superior exchange rates and lower transfer fees when compared to the banks.
Banks. You can send an international transfer straight from your regular transaction account to your recipient’s account overseas. However, you’ll need to be willing to accept a low exchange rate and also pay a transfer fee of around $15 or more.
Cash transfer companies. If you need to send a fast cash transfer overseas, there are some providers that specialise in offering this particular service. Companies like Western Union and MoneyGram operate vast international transfer networks, allowing you to send funds overseas within minutes so your recipient can quickly access the cash you transfer.
While exchange rates and transfer fees vary according to a wide range of factors, as a general rule if you’re looking for the cheapest way to send money to Europe, specialist online transfer companies will usually come out on top.
How to make an international money transfer to Europe
While the exact process for sending an online transfer varies depending on the provider you choose, you'll generally need to follow a few simple steps:
Sign up for an account. This is typically free to do online and you'll need to provide your personal details, proof of ID and bank account information.
Enter your transfer details. Specify the amount you need to transfer, where you're sending it and the recipient's bank account details.
Review your transfer. You'll be given a chance to review the full details of the transaction, including the exchange rate and any fees that will apply.
Send the funds. If you're satisfied with the transaction details, the next step is to pay for the transfer and send the funds.
Track your transfer. You may be given a tracking number you can use to monitor your transfer status, while some providers also provide email and SMS notifications once the transfer has been completed.
Banks vs money transfer companies
How much money could you save if you use an online transfer company instead of a bank to send money to Europe? Let's look at an example.
Let’s assume you want to send AUD$2,000 to your aunt in France. You could send the funds with your regular “Big Four” bank, but you decide to shop around and see if a couple of online transfer companies can offer a better deal.
As you can see in the table below, you could send an extra 71.20 EUR simply by using an online transfer company instead of a bank. You could also save AUD$18 in transfer fees, making the specialist transfer company a much more cost-effective option than your bank.
Bank
Online transfer company
Exchange rate
1 AUD = €0.6000 EUR
1 AUD = €0.6371
Transfer fee
$22
$4
Transfer time
2 to 4 business days
1 to 4 business days
Amount sent (in AUD)
$2,000
$2,000
Amount received (in EUR)
€1,200
€1,271.20
Difference in amount received (in EUR)
€71.20
*The rates and figures quoted in this example were correct as of 8 December 2022. Always request a quote from a provider to receive up-to-date exchange rates and fees.
Okay, so you’ve decided to find an online transfer company to help you send money to Europe, but how can you choose a provider from the several available? Make sure to weigh up the pros and cons of each company and consider the following factors:
Exchange rates. The example above shows how even a minor variation in the exchange rate can make a big difference to the overall transaction cost. Shop around to find out which company regularly offers the best rates for your regular transfer destinations.
Transfer fees. Always remember to compare exchange rates alongside the fee that applies to each transaction, as some providers that suck you in with a great rate may also charge a high fee.
Transfer time. How long will it take until the money you send is available for your recipient to collect? If you need to send funds as quickly as possible, you may need to consider using a company that offers instant cash transfers.
Regular payments. If you need to send a recurring payment overseas, for example if you’re paying rent on an overseas property, check to see whether you can set up a regular payment plan. This is a very convenient service that can save you a lot of time, but remember to make sure that it doesn’t attract any additional fees.
Supported currencies. Not every transfer provider will support every global currency, so make sure the provider you choose allows you to send all your desired currencies.
Customer service. If you ever need help with a transaction or have a question about your account, how can you get in touch with the provider? Does it have an online help centre? During what hours can you contact the customer service team?
Forex tools. Check to see whether the provider offers forward contracts, which allow you to lock in an exchange rate today for a transaction that will take place weeks, months or even a year into the future. Some providers will also offer limit orders, which allow you to specify the exchange rate you want for a transaction, then execute the transfer when that rate becomes available.
Emergency cash transfers to Europe
Need to send an emergency cash transfer to Europe? For example, maybe your teenage son or daughter is travelling across the continent and has run out of money?
When you need to get money overseas quickly, consider using a company like Western Union or MoneyGram to send an instant cash transfer. These providers have hundreds of thousands of agent locations around the world where your recipient can pick up the cash you send within minutes of you sending the transfer.
However, there are also a couple of other options for Aussies overseas who need access to emergency cash:
Your bank. Many Australian banks offer emergency services to help you access cash or a replacement card if you lose it overseas or have your wallet stolen.
Travel insurance. If you have travel insurance, your insurer may provide an emergency cash allowance if your wallet is stolen overseas.
Tips for picking up cash in Europe
If you’re picking up a cash transfer from an agent location anywhere in Europe, make sure to remember a few simple safety tips:
Take a friend along for extra security
Keep your cash concealed while in public
Avoid carrying large sums of money on your person for any longer than necessary – deposit the cash in a safe place as soon as possible
Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
