- No transfer fees
- Price match guarantee
- Dedicated account manager assigned to you
- Forex tools available
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While your local bank branch might be the most obvious option for sending money across borders, you can save on fees and take advantage of more competitive exchange rates with an online money transfer company.
Sign up and send money with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to the US. Some offer transfers straight to US bank accounts, while others allow the money to be picked up in US dollars in person. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Companies like OFX and TorFX specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient's US-based bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in the US — often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, compare MoneyGram to digital services like WorldRemit when possible.
US dollars are almost certainly carried by your bank. Although your local bank can convert your currency into US dollars, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let's say you need to send $2,000 from Australia to the US. Here's what you might face as far as fees and exchange rates as of April 1, 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$3.99||$30||$24 + additional correspondent bank fees|
|Exchange rate||1 AUD = 0.60 USD||1 AUD = 0.58 USD||1 AUD = 0.57 USD|
|Transfer speed||1-3 days||Minutes||2-4 days|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient, while the digital money transfer service is the best value. If you go with the cash transfer service, your recipient ends up with US$20 more than the bank offers and it arrives within minutes.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to the US to meet your needs:
When it's more important to get your money to the US quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you're unbanked or marginally banked. If you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
To send money to the US from abroad, you'll need government-issued ID and other documents, while documents needed to pick up money in the US may be different by company.
To send money from the abroad to the US, you'll need documentation and details that include:
To pick up money in person, documentation can include:
Most money transfers to the United States may be subject to taxes, depending on their amount and place of origin. Unfortunately there are a lot of variables in play, but typically it is always better to report large money transfers to the IRS on your tax forms.
There are a variety of reasons you may be sending money to the US, including repatriating funds you earned abroad. Being extra vigilant about the reasons you're sending money to the US can save you large fees and possible jail time in the future by paying the appropriate taxes now.
Sending your hard-earned money to the US shouldn't cost a fortune. Compare transfer companies that specialise in foreign for the strongest rates, lowest fees and flexible delivery.
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Here you can find active ASOS codes of up to 80% off that can be used for discounts on your total order or for discounted shipping rates.
New customers use code AZIMO50 to get GBP 5 off when you transfer GBP 50+. Valid till 31 October 2021. T&Cs apply.
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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