- Send large amounts
- Worldwide established network
- Cash, credit, debit, transfers & more
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While banks do offer secure wire transfers around the world, they also tend to have weaker exchange rates, higher fees and fewer options to send and receive cash when compared to a money transfer service. Unlike banks, they specialise in one thing: sending money overseas.
There are lots of factors to consider when sending an international money transfer. There are transfer fees, exchange rates, payment methods, speed of delivery and level of customer service. Keep in mind that we don't compare every product in the market, but we hope that our tools and top tips will help you to understand what you need to look at when comparing your options for your next money transfer.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
While your first thought when thinking about sending money overseas is to head to your bank, this is unlikely to be your cheapest option. You will come across high fees and poor exchange rates, making the overall cost of your transfer more expensive.
Here are some of the cheapest options for sending money overseas from Australia:
How you transfer your money overseas and how it's received will ultimately affect what you pay in fees and how quickly your money is sent. While these may not be the cheapest options, they are alternative ways to send money overseas if you don't want to use a money transfer specialist.
To put this into perspective, let's see what a $1,000 transfer to India looks like with a bank compared to a money transfer service.
|Major Australian bank||Money transfer specialist|
|Exchange rate||1 AUD = 47.193 INR||1 AUD = 48.661 INR|
|Transfer speed||2-4 days||Same day|
|Receiving options||Bank account||Bank account, mobile credit recharge|
|Total rupee received||INR46,060.37||INR48,466.84|
|Receiver gets||INR2,407 less||INR2,407 more|
The transfer through the bank ends up giving your receiver roughly $50 less than the money transfer service. Not only is the exchange rate worse, but the fees are a lot higher. It'll also take a few days longer, so it pays to see what your other options can be.
While using a money transfer specialist is likely to be cheaper than heading to your local bank, there are still some things you can do to keep your costs as low as possible. Here are our top tips:
There's a lot riding on a competitive exchange rate and low fee. But depending on how much you're sending, how soon your recipient needs it and rates at the time of transfer, you could save even more with the following tools.
You've probably noticed that the exchange rate you see online or reported in the media (known as the wholesale or mid-market rate) isn't the same rate you get when you make a transaction. Banks and most money transfer services make their profit on the margin added to this wholesale exchange rate, but it can vary from 0.1% to 10%.
With this in mind, it pays to compare the products available to make sure you find the best overseas money transfer solution for you.
Unfortunately, fee-free transfers are never really free. Even though international money transfer companies are cheaper than banks, they still have margins and fees. While there might not be a fee included, the company is still making money by adding a margin to the mid-market rate.
Although the process differs by company, to send money overseas you'll generally need to do the following:
Please note that the process is different for every provider. The example below shows just one of the ways you can initiate a transfer.
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Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.
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