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MasterRemit review

Enjoy real-time international money transfers with MasterRemit.

  • Good for exchange rates that are more competitive than rates from the major banks.
  • Not so great if you want to remit popular currencies like INR and CNY.

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Details

Product NameMasterRemit
Pay ByBank transfer, Credit card, Debit card
Receiving OptionsCash pickup location, Bank account, Mobile wallet
Customer ServicePhone, Email, In person
Available CurrenciesAUD, BWP, GHS, KES, MYR, RWF, TRY, TZS, UGX, USD, VND, ZAR
Bank Account Required?Yes
Personal Account Manager?No

MasterRemit offers a convenient way of making transfers to countries situated in the Middle East, Africa and Malaysia. If you're specifically looking to make payments through a debit or credit card, through Internet banking or through a mobile wallet service, MasterRemit could be a good choice for you. Just be aware that it has particular destinations it supports and places a limit on how much you can transfer at any one time.

Why should I consider MasterRemit?

  • Speed. MasterRemit promises real-time transaction processing to help your money reach the recipient.
  • Regulation. MasterRemit is headquartered and licensed in Australia.
  • Competitive rates. MasterRemit offers market-beating exchange rates, especially for destination countries in Africa.
  • Payment methods. MasterRemit accepts payments by credit and debit cards as well as through POLi.

What to watch out for

  • Limited reach. It allows a limited number of destination countries and currencies for remittance.
  • Transaction limits. MasterRemit limits how much you can transfer at any one time.

How much are MasterRemit's transfer fees?

MasterRemit's fees depend on a number of factors including:

  • Payment method
  • Amount
  • Destination
  • The currency you are sending

Fees can range from $0 to $27.20 depending on your destination country and transfer method. You may also incur some third-party charges such as fees from financial institutions for receiving wire transfers. You'll need to check with your recipient's bank to find out how much this will be.

What your transfer with MasterRemit could look like

1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
MasterRemit
Within minutes
From $1

View details
Send money in minutes at competitive exchange rates with this Australian money transfer service.
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How are MasterRemit's exchange rates?

MasterRemit does include a small mid-market margin markup on its exchange rate. This will vary depending on your transfer destination. However, unlike traditional money transfer services that make most of their profit on the spread )the difference between the price your receive for a transaction and the price it actually costs companies to complete that trade), it seems that MasterRemit generally makes its profit from the fees it charges.

What are the ways I can send money abroad with MasterRemit?

There are numerous ways to send money with MasterRemit. However, these are also largely dependent on where you are sending money. Some of these methods include the following:

  • Mobile wallets
    • M-Pesa
    • Orange Money
    • Amole
    • HelloCash
    • Airtel Money
    • MTN Mobile Money
  • Cash pick-up
    • Bakaal
    • Zeepay
    • FinFan agents
  • Bank account

How to make an international money transfer with MasterRemit

Making a transfer through MasterRemit is a simple process. Here's how it works:

What are MasterRemit's payment options?

You can pay for your international money transfer with MasterRemit using the following methods:

  • Credit, debit or prepaid cards
  • Internet banking
  • Bank transfer

How long does an international transfer with MasterRemit take?

According to MasterRemit, most of its money transfers are sent within minutes since there are zero banking intermediaries. Some of its transfers might take longer, but these can be tracked via real-time status updates to your email.

Do note that your bank may take extra time to transfer money to MasterRemit when you're setting up the transfer. MasterRemit will only start your money transfer once it has received the funds from your bank account.

Transfers typically takeClock icon for transfer speed

Minutes

Is MasterRemit safe to use?

MasterRemit was established in 2016 and is regulated by the Australian Securities and Investments Commission (ASIC). It uses SSL technology and 2-factor authentication as well as advanced Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance features to protect its customers.

Due to regulation by ASIC, MasterRemit has to keep its customers' funds separate from its own. This means that should the company have any financial difficulties, your funds are protected.

What payment methods are accepted?

You can pay for your international money transfer with MasterRemit using the following methods:

  • Credit/debit or prepaid card (only Visa and Mastercard)
  • Bank transfer
  • Internet banking (POLi)

Is there a MasterRemit app?

MasterRemit app

Yes, MasterRemit has an app on both Google Play and the App Store. The app makes it possible to:

  • Check exchange rates on the go. Current currency exchange rates and fees can be found in the app.
  • Make instant transfers. Send money to your loved ones at home within minutes.
  • Track your orders in real-time. Stay up to date on the progress of your transfer with real-time updates on your app dashboard.
Ratings accurate as of 30 May 2022
Google Play 4.5 out of 5 - based on 69 customer ratings
Apple App Store4.6 out of 5 - based on 27 customer ratings

How does MasterRemit compare to other money transfer services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 20 of 22
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
TorFX
24 hours
$0

View details
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.
Send Payments
24 hours
$0

View details
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
OFX
24 hours
From $15

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Western Union
Within minutes
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
XE Money Transfers
Within minutes
$0

View details
XE has fast transfers with low fees and a range of foreign currency tools.
TorFX
24 hours
$0

View details
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.
Send Payments
24 hours
$0

View details
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
SingX
Within minutes
0.45%

View details
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Wise (TransferWise)
24 hours
From 0.35%

View details
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Instarem
Within minutes
From 0%

View details
Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers.
Remitly
Within an hour
From $2.99

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyFair
Within minutes
From $0

View details
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldRemit
Within minutes
$1.99
SPECIAL OFFER ✓ Use the code ‘4FREEFINDER’ to get 4 free transfers if you are a first time user. Eligible countries only.

View details
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MasterRemit
Within minutes
From $1

View details
Send money in minutes at competitive exchange rates with this Australian money transfer service.
SingX For Large Transfers
Within minutes
0.45%

View details
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
WorldFirst Business Transfers
WorldFirst Business Transfers
24 hours
From $0

View details
All new customers who send more than AUD$10000 in June and July are eligible to receive a $300 Woolworths gift card. Conditions apply.
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Airwallex
Within minutes
$0

View details
Airwallex can help you make business payments to 23+ currencies using competitive interbank rates and no fees for most transfers.
TorFX Business Transfers
24 hours
$0

View details
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.
Send business
Within minutes
$0

View details
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
OFX Business Transfers
24 hours
From $15

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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Frequently asked questions

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

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.

Logo for MasterRemit International Money Transfers
MasterRemit International Money Transfers

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.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

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