With a weak Australian Dollar, it's never been more important to compare your options before sending money overseas. We've scoured the market to find the best international money transfer services based on the amount you're sending, transfer fees, exchange rates and flexible options.
We only list services regulated by ASIC or AUSTRAC.
Every service we compare has been reviewed by our editorial team.
What is an international money transfer?
An international money transfer is the process of sending money between people or financial accounts in different countries. Every day, trillions of dollars are transferred between people and businesses all over the world.
Typically, you need to give a bank or money transfer service your recipient's details and the money you want to send. They will convert your funds to the currency of your choice and electronically send the payment to your recipient.
Depending on the money transfer provider, you will be able to send funds online, via mobile app, over the phone or in person.
How to compare money transfer services
Exchange rate markup. Find out what margin they add to exchange rates. Based on our research, when converting $10,000 AUD into GBP, TorFX adds a 1.90% markup to the mid-market rate while ANZ adds a 2.91% markup.
Transfer fees. Services that offer fee-free transfers typically make up for it with a weak exchange rate. This is why it's important to look at the total cost of your transfer, not just the transfer fee or exchange rate.
Coverage. Review the number of currencies and countries they support, especially if you're transferring a less popular currency.
Transfer speed. International transfers can take two to five business days. If you need a fast transfer, a cash pickup with Western Union could be a suitable option. If you're not in a rush, online money transfer services offer the best value.
Transfer options: Some providers offer a range of transfer options such as bank transfer, cash pickup and mobile wallet. Bank transfer is the most common option. Also, you should be able to fund your account with a debit card or credit card.
Transfer limits. Find out how much you can transfer with each provider, Remitly has a transfer limit of $2,999 while TorFX has no limit.
Best ways to transfer money overseas
Transfer method
Description
Pros
Cons
Money transfer service
Electronic funds transfer through an online money transfer service.
Can be done from anywhere via mobile
Cheapest option
Most transfers completed within 24 hours
Cannot pay in cash
Many online services don't support cash pickup (some like WorldRemit and Remitly do)
Cash pickup
Cash or electronic transfer by visiting a money transfer service location in person.
Multiple transfer options
In-person customer service
Requires local travel
Can only be done during business hours
Bank
Wire transfer or international money transfer through a bank.
Considered a secure way to send money
Add a big markup to exchange rates
Can only be funded through your bank account
PayPal
Digital payments company that also allows you to transfer money overseas
Quick and convenient way to transfer money
Available in over 200 countries
Weak exchange rates, PayPal adds a markup of 4.1% when converting AUD to USD
Recipient is changed fees to receive money
Money order
Get a certified money order printed and mail it to your recipient with Australia Post.
We asked 800+ people to rate their favourite money transfer provider based on value for money, customer service, features and more – here's who came out on top for 2023. WorldRemit topped the charts, followed by Wise and PayPal. PayPal's ranking was a surprise considering they're relatively expensive for money transfers.
Create an account by entering personal details such as your name, email, address and phone number.
You may need to submit a scanned copy of your personal ID (i.e. passport photo or driver's license) and proof of address to qualify for higher transfer limits.
Link your bank account, debit card or credit card to your newly-created account, so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.
Most of the time, you can access your account immediately after submitting the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.
Don't just choose your bank! Specialist money transfer services have much cheaper rates. Loyalty to a single provider doesn't pay off either - if you regularly need to send money to family, compare to make sure that you're still on the best deal..
Make sure you have the following on hand when making an international money transfer.
Your personal details. Name, phone number, and government-issued identification like a driver's license or passport. Additional details may be required for security purposes, particularly for very large transfers.
Your recipient's personal details. Name, phone number and residential address.
Your recipient's bank information. Bank name, address, routing number, SWIFT code and your recipient's account number.
Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.
You don't need any particular documents other than a government-issued ID. However, it is worth knowing that money transfers over $10,000 get automatically reported to Australia's regulatory body, AUSTRAC.
How much does it cost to transfer money internationally?
The cost of sending money overseas varies between service providers. Factors like the type of transfer, destination country and amount being sent affect your total cost.
Generally, banks and money transfers services make money from international transfers in two ways:
Transfer fee. This is typically a flat fee or a percentage of the transfer amount.
Exchange rate margin. Most banks and money transfer services make a profit by adding a markup to the mid-market rate (the "true" exchange rate between two currencies). To save money, look for services that have as small a markup as possible.
Services that charge no transfer fee sometimes make up for it with a poor exchange rate. This is why you should review the total transfer cost, not just the fee or exchange rate.
Let's crunch the numbers: Sending $10,000 to the US
OFX
Commonwealth Bank
Transfer fee
$0.00
$0.00
Exchange rate
1 AUD = $0.7047
1 AUD = $$0.6804
Transfer speed
1-2 days
2-5 days
Total amount received
$7,047.17
$6,802.18
According to our research, using a money transfer provider will save you $244.99 on a $10,000 transfer to the United States. CBA adds a 4.13% markup on the USD exchange rate while OFX just adds a margin of 0.51%. This isn't surprising as an inquiry by the ACCC in 2019, found that the big four banks were rarely the cheapest option.
NAB is one of the best banks for international transfers as they charge low exchange rate margins. In recent years, ANZ and Commonwealth Bank have lowered their fees but are still more relatively expensive. Banks typically charge a 3% to 6% markup onto exchange rates and can charge extra for receiving money from overseas.
Bank
Bank transfer fees
Receiving fees
FX rate markup
CommBank
Up to $18
Up to $11
3% to 5%
ANZ
Up to $9
Up to $15
2% to 4%
NAB
$0
Up to $30
2% to 5%
Westpac
$10–$20
Up to $12
3% to 5%
HSBC
Up to $8
$10
2% to 5%
With all my family and friends overseas we end up transferring money back and forth to eachother a lot. So I've tried and tested a few ways to send money. Some of the banks can stack up the fees and make it so much more expensive, but if you take a look at some of the top providers like Wise or Revolut it can save you a lot.
Normally, using a bank transfer to fund your international money transfer is the cheapest way to send money overseas. Fees and options vary between providers, so the cheapest option depends on which service you choose and how you transfer the money.
In general, if you pay with a credit or debit card, your money will arrive fast — often within the day. Paying by bank transfer is slower and can take up to 2-4 business days to process. Check out our guide on factors that can affect your transfer to learn more.
It's possible to send money within seconds up to an hour if you use Wise, WorldRemit or Western Union. Funds transferred electronically typically pass through a national clearinghouse and other intermediary financial networks before being released to your recipient. If you opt to send an international money transfer with an instant cash transfer, then this could be available for collection as cash within as little as 20 seconds.
Legally, there are no limits on the amount of money you can send out of Australia. Providers such as TorFX and OFX have no maximum transfer limit. However, money transfers over $10,000 get reported to automatically AUSTRAC.
You don't need a BSB number for international transfers as they are only used for domestic transfers in Australia. Instead, you will need a SWIFT code for international transfers.
To avoid busy periods at the beginning and end of the month, it's better to transfer money halfway through the month. Doing this will ensure your transfer arrives on time as there is a lower chance of delays because it's an off-peak time.
Many money transfer services implement industry-standard measures for protecting your personal data and money, similar to banks. This can include data encryption, SSL certificates, multi-factor authentication and regular monitoring to detect and prevent fraudulent activity.
Kate Steere is a deputy editor at Finder, specialising in fintech, cryptocurrency and banking. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
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