MasterRemit international money transfers review

Enjoy secure and fast 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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AUD 1

Min. Transfer Amount

AUD 50,000

Max. Transfer Amount

Within an hour

Transfer Speed

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Details

Product NameMasterRemit International Money Transfers
Min. Transfer AmountAUD 1
Max. Transfer AmountAUD 50,000
Transfer MethodsOnline, Bank Account to Bank Account, Cash Transfer
Transfer Speed
Minimum transfer time
Within an hour
Customer ServicePhone, Email, Branch
Available CurrenciesAUD, BWP, GHS, KES, MYR, RWF, TRY, TZS, UGX, USD, VND, ZAR
Online Transfer FeeAUD 2.99

Why should I consider MasterRemit?

  • Speed. MasterRemit promises real-time transaction processing to help your money reach the recipient.
  • Security. MasterRemit is headquartered and licensed in Australia.
  • Excellent 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, which many other providers do not offer.

What to watch out for

  • Limited reach. It allows a limited number of destination countries and currencies for remittance.
  • High fees. MasterRemit charges anywhere from 2.8% to 3% in fees, which is higher than some other international money transfer providers.
  • Transaction limits. MasterRemit limits how much you can transfer at any one time.
  • Currency limits. MasterRemit only allows you to send funds in specific currencies based on the country of your choosing. You can send USD to Egypt but not to Malaysia or Zimbabwe, for example.

MasterRemit's exchange rates and fees

MasterRemit generally charges a fee of anywhere from 2.5% to 3%, which while not publicly disclosed, was based on our own experience attempting to make transactions through its platform. Additionally, it does not charge flat fees for international money transfers and does not offer fee-free transfers other than through promotions.

Generally, however, the total fee can vary based on how much money you send, where you are sending the money, your payment method and the currency selected for disbursement. Unlike traditional money transfer services that make most of their profit on the spread (the difference between the price you 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.

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.

Calculate how much your transfer with MasterRemit could cost

Calculate how much sending money overseas would cost with MasterRemit by using our calculation tool below. You can also check out the real-time exchange rate MasterRemit offers.

How long does a MasterRemit money transfer 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.

What currencies can I send with MasterRemit?

MasterRemit transfers money in a range of different currencies, including the following:

  • USD US dollar
  • ETB Ethiopian birr
  • SAR Saudi riyal
  • ZAR South African rand
  • TRY Turkish lira
  • MYR Malaysian ringgit
  • AED Emirati dirham

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)

You first need to confirm your transaction and then MasterRemit will provide you with its bank details.

What are the ways I can send money 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
    • Orange Money
    • Amole
    • HelloCash
    • Airtel Money
    • MTN Mobile Money
  • Cash pick-up
    • Bakaal
    • Zeepay
    • FinFan agents
  • Bank account

What do I need to send money online through MasterRemit?

Besides the personal details that MasterRemit obtains through your account registration, you'll also need to provide other information when you make a transfer. This includes the following:

  • Transfer destination. You'll need to know which country you are transferring the money to.
  • Transfer method. You'll have to specify how the recipient will be getting their money: to their mobile wallet, bank account or through cash pick-up.
  • Recipient information. What's the recipient's name? What's their bank account number or mobile wallet details?
  • Payment method. How would you like to pay for your transfer? If you'd like to make a bank transfer, you'll need your bank details. If you're making a credit card payment, you'll need your CVV and other card details.

How to make my first transfer with MasterRemit

Making a transfer through MasterRemit requires a simple 3-step process. Here's how it goes:

  • Create an account. You'll need to provide details like your name, contact details and country of residence as well as documents to verify your identity.
  • Click on "Send Money". This button is at the top of your screen in the navigation bar. You'll land on a screen labelled "Send Money" at the top.
  • Finalise transfer details. You'll need to input where you're sending money to, in what currency and how the recipient will receive the funds.
  • Add in the recipient's details. This includes the recipient's name, address, bank details and the reason for the payment.
  • Confirm your payment method. For transfers from Australia, you can use a credit/debit card, a bank transfer or Internet banking.
  • MasterRemit sends your transfer. MasterRemit will complete the transfer once it receives the money. You can track this through your email updates or online account.

How to track a transfer

You can track your MasterRemit transfer in 2 ways: timely updates via your email or through the app/desktop interface on your dashboard.

How does MasterRemit compare to other providers?

Use our table below to compare the exchange rate and fees for other money transfer specialists.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 0.00 0.719 USD
7,186
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.721 USD
7,212
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.
Go to site Show details
AUD 1 Within an hour AUD 0.00 0.721 USD
7,206
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.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.721 USD
7,208
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.721 USD
7,206
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.
Go to site Show details
AUD 1 Same day AUD 0.00 0.72 USD
7,201
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
AUD 1 Same day AUD 3.99 0.715 USD
7,147
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.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.721 USD
7,175
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.723 USD
7,193
Exclusive: New customers sending over 500 AUD from Australia use code FINDER50 to get 50 AUD off. Pay zero fees on your first transaction. Valid till 31 December 2021. T&Cs apply.
Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
AUD 1 1 day AUD 52.00 0.72 USD
7,163
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.
Go to site Show details
AUD 10 Within an hour AUD 2.99 0.716 USD
7,155
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.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.721 USD
7,206
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details

Compare up to 4 providers

Bottom line

Overall, MasterRemit offers a reliable and secure method to make 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 only accessible through MasterRemit, MasterRemit could be a good choice for you. To compare MasterRemit with other money transfer services in Australia, visit our international money transfers guide.

Frequently asked questions

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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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