Receive a $50 Myer gift card when you transfer $10,000 or more as a new user
Price Promise – WorldFirst will match any eligible quote by another provider
International Money Transfer Offer
WorldFirst helps individuals and businesses make cheaper, faster, and safer international money transfers. Enjoy a $0 transfer fee and get access to daily market updates, rate alerts, and your call answered within 3 rings.
An international money transfer is what happens when you send money to someone overseas. You provide funds and your recipient's details to a bank or an independent transfer provider, which then exchanges the money into your desired currency and sends it to your recipient. You can send money over the phone, in person, through a mobile app or online.
You also have options when it comes to paying, depending on what the service you choose offers:
Credit or debit card
And you have options for how your recipient receives the transfer:
There are two main ways to send money out of Australia: a specialist money transfer service or your bank. Both banks and transfer services offer online transfers, with some offering in-branch transfers or the ability to send money over your phone via an app or calling an agent.
We'll go through the steps each method takes if you were sending online.
Through a money transfer specialist
The following steps give a good example of a typical transfer using a money transfer company.
Register online with the transfer service of your choice.
Input transaction details, including the amount you want to transfer.
Get approved by the transfer company. You may need to scan or email a copy of your ID for the first transaction.
Transfer funds through your bank using the account details from your transfer company.
Get your money. Your transfer service will deposit your funds in your destination account.
For you if You want a more competitive exchange rate and lower fees than a bank transfer.
Not for you if You want the familiarity and convenience of a known bank and don't have time to be verified.
Through your bank
If you choose to use a bank to carry out your transfer, the process is a little different.
Navigate to the international money transfers section of your account.
You'll usually need to know the address of the receiving bank, the account details of the receiving account, the account name and often the receiving bank's SWIFT code (an international bank identification system).
It's a good idea to check with your bank about exchange rates.
You can use this method to send an international money order online to your home bank account or to a third party.
For you if You want the convenience of sending money directly from your existing bank account immediately.
Not for you if You want fewer fees and a better exchange rate.
While there's no best way to transfer funds overseas, there are a few things you can do to make it cheaper.
Know your transfer currency's mid-market rate. This rate is the midpoint between worldwide supply and demand for that currency – and the rate banks and transfer services use when they trade among themselves. Use it as a baseline to compare against the rates you're being offered. The company that's closest is offering you the best rate.
Send more money per transfer. Many services discount the fees or waive them altogether when you send larger amounts.
Use forward contracts and limit orders if sending money regularly. A forward contract allows you to lock in a favourable exchange rate for future transfers. This means you'll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found, and then lock it in for your transfer.
What should you watch out for?
Keep an eye out for the following when you send money overseas:
Hidden fees. No transfer is truly free. If a service is advertising "fee-free transfers", there's probably a larger margin added to the exchange rate. Compare the rate you get quoted against the mid-market rate (which you can find on Google) to see if you're getting a good deal.
Fake rates. If you see a great exchange rate advertised on a provider's website, make sure the rate you see is the rate you will actually receive. Some companies advertise the mid-market exchange rate, which is the rate at which banks purchase foreign exchange, rather than the rate they actually offer their customers.
Failing to do your research. If you want to save some money, compare several transfer providers before choosing one to sell your transaction. Shop around for a company that offers reliable and affordable transfers, instead of just diving in head-first.
Scams. Scams cost Australians almost half a billion dollars in 2018. With this number increasing each year, it's important to keep an eye out for the most common scams. In general, it's best to only send money to someone you know personally.
Taxes and regulation. Each country regulates money transfers differently. Make sure you've read up on if your recipient needs to pay taxes on the money they're being sent. In Australia, for example, money transfers over $10,000 get automatically reported to our regulatory body AUSTRAC and you don't need to do much. But other countries, like India or the US, have stricter regulations.
Other frequently asked questions
The length of time it takes for your money to arrive depends on the transfer service you choose and how you pay. In general, if you pay with credit or debit card, your money will arrive fast – often within the day. Paying by bank transfer is a lot slower and will generally take two to five days to clear.
Each service charges different amounts and this can vary between currencies as well. In general, there are two ways you're charged for money transfers. Let's break it down.
Upfront fee. This is typically a flat fee or a percentage of your transfer.
Exchange rate margin. This fee is a hidden mark-up on the mid-market rate, which is the rate you'll see on Google or the news. Nearly all services skew exchange rates for a profit and some more than others. Make sure to check the exchange rate you're being offered against the mid-market rate to see how much you're actually being charged.
Other fees will depend on how you're paying for your money transfer and how you'd like your recipient to pick it up. Credit or debit card transfers are often your most expensive option, though often the fastest, while cash pick-ups can also increase what you'll pay.
You can send as much or as little as you want, but it all depends on the service you choose. Some are aimed at bigger transfers and will have minimums that can get as high as $5,000. You can also find several that specialise in smaller transfers and have minimums as low as $1.
There are no limits in Australia to how much you can send out of the country, but the service will need to do extra verification on you to comply with the law. This could mean presenting more proofs of identity or address, like utility bills, car registration or your passport.
Some services offer "first transfer free" deals for new customers and promo codes so you can get discounts on your second and third transfers. There are also services that advertise "fee-free" transfers, but you'd still be paying a hidden fee on the exchange rate mark-up.
Check out some of the latest promo codes on offer below to see if you qualify for a free first transfer:
Get a $50 Myer gift card when you transfer $10,000+
Sign up through Finder and receive a $50 Myer gift card when you transfer $10,000 or more. Only available to new customers.
Rosie Russell is a money transfers writer at Finder. She is on a mission to make personal finance easier to understand and is constantly planning her next trip overseas. Rosie has a double degree in Journalism and International Studies from the University of Technology Sydney.
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Sign up for a new account and receive a $50 Myer gift card when you transfer $10,000 or more. Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
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 compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as '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 and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
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 labelling 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.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.