Wise is the best Xe alternative for small to mid-sized transfers because it uses the mid-market rate with an upfront fee. OFX and TorFX are better for transfers of A$10,000 or more, and Western Union or WorldRemit are the picks when your recipient needs cash pickup.
If Xe doesn't suit your transfer, the right alternative depends on how much you're sending and how your recipient gets paid. Use the tables and worked examples below to compare the total cost, not just the advertised fee.
| If you want... | Best Xe alternative | Why |
|---|---|---|
| The cheapest option on small to mid transfers | Wise | Mid-market rate plus an upfront fee you see before you pay |
| The lowest fees on large transfers (A$10,000+) | OFX | No transfer fee on A$10,000 or more, rate tools like limit orders |
| A dedicated dealer for large transfers | TorFX | No transfer fee, account manager, forward contracts |
| An app for smaller weekday transfers | Revolut | Free weekday exchanges up to your plan's monthly allowance |
| Cash pickup for your recipient | Western Union or WorldRemit | Western Union has 500,000+ agent locations; WorldRemit offers cash pickup and mobile money |
| Fast remittances to family overseas | Remitly | Express and Economy delivery options |
| Card-funded transfers with rewards | Instarem | Card payments accepted up to A$20,000 per transfer |
| Provider | Fee model | Exchange rate | Min / max transfer | Best for |
|---|---|---|---|---|
| Xe (benchmark) | No additional fee on bank-transfer payments; higher fees on cards | Margin added to the rate | Online limit A$750,000 | Mid to large bank-to-bank transfers |
| Wise | Upfront variable fee, discounted on transfers over A$40,000 | Mid-market rate, no markup | Check Wise for limits by currency | Small to mid transfers, transparency |
| OFX | A$15 under A$10,000, A$0 from A$10,000 | Margin built into the rate | Min A$250, no published maximum | Large transfers, rate-locking tools |
| TorFX | No transfer fee | Margin built into the rate | No maximum transfer limit; less competitive under A$2,000 | Large transfers with a dealer |
| Revolut | Free weekday exchanges up to plan allowance (A$2,000 a month on Standard), then 0.5%; weekend fee of 1% on Standard, 0.5% on Plus | Revolut's rate during market hours | Plan-based allowances | App users, smaller weekday transfers |
| Western Union | Fee varies by amount, destination and payout method | Margin varies by currency | Varies by destination | Cash pickup, recipients without a bank account |
| WorldRemit | Transfer fee on every transaction, based on payout method | Margin built into the rate | Transaction and daily limits apply | Cash pickup, mobile money |
| Remitly | Fee varies by speed and destination | Margin varies by destination | Max A$45,000 from Australia, lower for new accounts | Fast remittances |
| Instarem | Fee shown in quote | Margin varies by currency | Card-funded max A$20,000; no limit on bank transfer or PayID | Card-funded transfers |
Fees and limits are as published by each provider in October 2026. Check the provider's live quote before you send.
These examples show how each provider's fee model plays out. Exchange rate margins change daily and aren't published as a fixed figure by most providers, so the margin cost is shown as a range you can apply to any live quote. Figures are indicative, as at October 2026; check the provider for a live quote.
| Provider | Fixed or plan fee on A$5,000 | Margin cost if the rate is 0.5% / 1% / 2% below mid-market |
|---|---|---|
| Xe (bank transfer) | No additional fee | A$25 / A$50 / A$100 |
| Wise | Upfront fee shown in quote | Nil (mid-market rate) |
| OFX | A$15 | A$25 / A$50 / A$100 |
| TorFX | A$0 | A$25 / A$50 / A$100 |
| Revolut Standard (weekday, first exchange of the month) | 0.5% on the A$3,000 above the A$2,000 allowance = A$15 | Nil during market hours |
| Revolut Standard (weekend) | A$15 plus the 1% weekend fee of A$50 | Nil during market hours |
The takeaway: at A$5,000, the gap between providers comes down to the exchange rate. A provider charging a 1% margin with no fee costs more than Wise's upfront fee in most cases, so compare the amount your recipient receives in USD, not the fee.
Xe, OFX, TorFX and Wise are built around bank-account payouts, so for cash pickup you'll compare Western Union, WorldRemit and Remitly. Fees vary by destination and payout method for all three, so get a quote from each for your destination. Western Union has the biggest reach, with more than 500,000 agent locations in over 200 countries and territories. WorldRemit says neither it nor its partners charge the recipient when they collect cash.
TorFX is a foreign exchange company that specialises in large overseas transfers for personal and business customers. It charges no transfer fee and makes its money through the exchange rate.
TorFX vs Xe: TorFX gives you a dedicated account manager and forward contracts, which suits people who'd rather deal with a person than an app on a large transfer. Xe is better if you want to do everything online.
Revolut has offered currency exchange and transfers to Australians since 2020. Exchanges on weekdays are free up to your plan's monthly allowance (A$2,000 on Standard, A$6,000 on Plus and A$20,000 on Premium), after which a 0.5% fee applies.
Revolut vs Xe: Revolut is cheaper than Xe for smaller weekday transfers within your allowance. Xe is simpler for one-off large transfers because you don't need to think about plan limits or weekend fees.
Wise converts at the mid-market rate and charges an upfront fee that you see before you confirm the transfer. Transfers over A$40,000 get a discounted fee.
Wise vs Xe: Wise is usually cheaper than Xe on small to mid transfers because there's no margin in the rate, so what you see is what you pay. Xe may compete on larger amounts, so quote both if you're sending more than A$10,000.
Western Union has been moving money since 1851 and has more than 500,000 agent locations in over 200 countries and territories.
Western Union vs Xe: Western Union is the better choice when your recipient needs to collect cash or doesn't have a bank account. For bank-to-bank transfers, Xe is usually the cheaper option.
WorldRemit sends to more than 130 countries from Australia, with cash pickup, bank deposit, mobile money and airtime top-up options depending on the destination. It charges a transfer fee on each transaction and makes a margin on the exchange rate.
WorldRemit vs Xe: WorldRemit wins if your recipient wants mobile money or cash. Xe is the better fit for larger bank-to-bank transfers.
OFX, previously known as OzForex, is an Australian foreign exchange company founded in 1998. It charges A$15 on transfers under A$10,000 and no transfer fee from A$10,000, with its margin built into the exchange rate. OFX holds an Australian Financial Services Licence and is registered with AUSTRAC.
OFX vs Xe: OFX and Xe both suit larger transfers. OFX's no-fee threshold of A$10,000 and tools like limit orders and forward contracts make it worth a quote on any transfer above that amount.
Remitly is a remittance service that lets you choose between Express and Economy delivery. The maximum you can send from Australia is A$45,000, but your personal limit may be lower depending on verification, payment method, destination and history.
Remitly vs Xe: Remitly is better for smaller, fast remittances to family, especially with cash or mobile money payouts. Xe allows far larger transfers, up to A$750,000 online.
Instarem offers international transfers from Australia, with payment by bank transfer, PayID or card. Card-funded transfers are capped at A$20,000, while bank transfer and PayID have no sending limit.
Instarem vs Xe: Instarem suits you if you want to pay by card and earn reward points. Xe is the better fit if you need a currency Instarem doesn't support.
Every business that provides remittance services in Australia must be registered with AUSTRAC, and you can search its Remittance Sector Register by business name, ABN or ACN. A yellow warning symbol on a listing means AUSTRAC has placed conditions on that provider. Registration isn't a government guarantee that your money is safe, so also check the provider's reviews and how it holds customer funds.
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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