How to send money to Europe cheaply

Compare money transfer options between Australia and Europe

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Filter Values	Finder Score	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
TorFX		8.5 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site View details Compare product selection Compare	loading
TorFX		8.9 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site View details Compare product selection Compare	loading
OFX		9.3 Excellent	24 hours	$15	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selection Compare	loading
OFX		7.5 Great	24 hours	$15	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selection Compare	loading
TorFX Business Transfers		Not scored yet	24 hours	$0	TorFX guarantees to match any competitor's exchange rate. T&Cs apply.	TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site View details Compare product selection Compare	loading
OFX Business Transfers		Not scored yet	24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selection Compare	loading
Wise Most Loved		9 Excellent	Within minutes	From 0.19%	Wise uses the mid-market rate and transparent fees to help you send money in 40+ currencies.	Go to site View details Compare product selection Compare	loading
Send Payments		6.7 Standard	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selection Compare	loading
Remitly		9.3 Excellent	Within minutes	From $0	Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site View details Compare product selection Compare	loading
WorldFirst		Not scored yet	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.	Go to site View details Compare product selection Compare	loading
Send business		Not scored yet	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selection Compare	loading
MoneyGram		8.1 Great	Within minutes	Varies	MoneyGram has fast cash pick-up transfers to more than 440,000 agent locations worldwide.	Go to site View details Compare product selection Compare	loading
Send Payments		7.9 Great	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selection Compare	loading
Qantas Business Money		Not scored yet	Within minutes	$0	Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.	Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.	Continue View details Compare product selection Compare	loading
Xe Business Transfers		Not scored yet	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 130+ currencies.	Continue View details Compare product selection Compare	loading
Revolut		9.2 Excellent	Within minutes	From 0.15%	Send money with great rates and low fees in 40+ currencies. Plan fees apply.	Continue View details Compare product selection Compare	loading
CurrencyFair		6.3 Standard	24 hours	€3	New customers get 10 fee-free transfers for the first 6 months. T&Cs apply.	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	Continue View details Compare product selection Compare	loading
Xe Money Transfers		9.4 Excellent	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in over 100 currencies.	Continue View details Compare product selection Compare	loading
CurrencyFair		6.2 Standard	24 hours	€3	New customers get 10 fee-free transfers for the first 6 months. T&Cs apply.	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	Continue View details Compare product selection Compare	loading
Xe Large Transfers		9 Excellent	24 hours	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.	Continue View details Compare product selection Compare	loading

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Finder Score for money transfer

We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.

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How to send money to 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:

1. 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.
2. Enter your transfer details. Specify the amount you need to transfer, where you're sending it and the recipient's bank account details.
3. 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.
4. Send the funds. If you're satisfied with the transaction details, the next step is to pay for the transfer and send the funds.
5. 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.

*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.

How to compare money transfer providers

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
• Remain aware of your surroundings at all times

Written by

Rosie Russell

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Rosie Russell was 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. See full bio