Compare international money transfers
We compared 26 providers and surveyed 883 Australians to help you find the best rates on your next money transfer.
Key takeaways
- Specialist money transfer services often save hundreds of dollars versus traditional banks.
- For fast transfers, consider cash pickup options or digital platforms for near-instant delivery.
- Compare exchange rate markups as they often impact your final received amount more than fees.
Exchange rates and fees vary widely between providers and move constantly, so it's 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.
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How we picked these
Finder Score for money transfer
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.
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.
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 into the recipient's currency at their exchange rate and send the payment electronically 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.
Globally, cross-border payments are worth around US$1 quadrillion a year – that's trillions of dollars moving between countries every day.
How to compare money transfer services
- Exchange rate markup.
Find out what margin they add to exchange rates. Based on our research in [month year], when converting $10,000 AUD into GBP, TorFX added a 1.90% markup to the mid-market rate while ANZ added 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 usually take one to five business days, although some providers can deliver on the same day. If you need money to arrive fast, a cash pickup with Western Union could be a suitable option. If you're not in a rush, online money transfer services often offer better value than banks.
- Transfer options: Some providers offer a range of transfer options such as bank transfer, cash pickup and mobile wallet, with bank transfer the most widely offered. Some providers also let you pay with a debit or credit card, but others only accept bank transfers, and paying by credit card may attract cash advance fees.
- Transfer limits. Find out how much you can transfer with each provider, Remitly lets you send up to AUD 45,000 in a single transfer (your own limit may be lower depending on your verification level, payment method and destination), while TorFX has no overall maximum (but online transfers are capped at $50,000 for personal customers, so larger amounts are arranged with an account manager).
Best (and cheapest) ways to transfer money overseas
| Transfer method | Description | Pros | Cons |
|---|---|---|---|
| Money transfer service | Electronic funds transfer through an online money transfer service. |
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| Cash pickup | Cash or electronic transfer by visiting a money transfer service location in person. |
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| Bank | Wire transfer or international money transfer through a bank. |
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| PayPal | Digital payments company that also allows you to transfer money overseas |
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Best banks for international money transfers
As of September 2026, all of the big four banks (CommBank, NAB, ANZ and Westpac) offer fee-free international transfers when you send money in a foreign currency online or via their app.
If you're looking to receive money from overseas, Westpac waives its $12 fee on transfers of $100 or less.
In terms of conversion fees, most banks typically charge a 2% to 6% markup onto exchange rates and can charge extra for receiving money from overseas.
| Bank | Bank transfer fees | Receiving fees | FX rate markup |
|---|---|---|---|
| CommBank1 | $0-$30 | Up to $11 | 3% to 5% |
| ANZ2 | $0-$32 | Up to $15 | 2% to 4% |
| NAB3 | $0-$30 | Up to $15 | 2% to 5% |
| Westpac4 | $0-$32 | $0-$12 | 3% to 5% |
How to send money using an online money transfer service
Sending an international money transfer through an online service is simple:
- Compare services, and select one that suits your needs.
- Create an account by entering personal details such as your name, date of birth, email, address and phone number.
- You'll need to verify your identity, usually with your passport or driver's licence, before you can send money. Some services may also ask for proof of address or extra documents to unlock 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 straight away, but you may not be able to send money until your identity is verified, which can take anywhere from a few minutes to a couple of business days.
Our expert says
"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."
What do I need to send and receive money abroad?
Make sure you have the following on hand when making an international money transfer.
- Your personal details. Name, date of birth, address, phone number and government-issued identification like a driver's licence or passport. Additional details may be required for security purposes, particularly for very large transfers.
- Your recipient's personal details. Bank name and address, SWIFT/BIC code, and your recipient's account number or IBAN. Some countries use other codes too, such as a routing number for the US.
- 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.
For most transfers, a government-issued ID is all you need, though your provider may ask for proof of address or where your money came from for larger amounts.
However, it's worth knowing that your provider reports every international transfer to AUSTRAC, Australia's financial intelligence agency, whatever the amount. There's no $10,000 threshold for electronic transfers, and you don't need to report anything yourself. The $10,000 declaration only applies if you're physically carrying cash across the border.
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.
- Other bank fees. Intermediary (correspondent) banks and your recipient's bank may also deduct their own fees, which can reduce the amount that arrives.
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
According to our research, using a money transfer provider could mean your recipient gets US$244.99 more (around A$346) on a $10,000 transfer to the US.
We've compared the likely cost of sending money to the US using a money transfer service or an Australian bank.
| OFX | Commonwealth Bank | |
|---|---|---|
| Transfer fee | $0.00 | $0.00 |
| Exchange rate | 1 AUD = $0.7047 | 1 AUD = $0.6802 |
| Transfer speed | 1-2 days | 2-5 days |
| Total amount received | $7,047.17 | $6,802.18 |
CBA adds a 3.97% markup on the USD exchange rate while OFX just adds a margin of 0.51%.
This isn't surprising, as a 2024 ACCC report found the big four banks were consistently the most expensive providers for international money transfers.6
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What's the fastest way to send money internationally?
Providers such as Wise, WorldRemit and Western Union offer quick and near instant money transfers.
Here's a breakdown of your options if you're looking to send money overseas within 24 hours:
Digital money transfer services
Companies like Wise, OFX and TorFX specialise in foreign currencies, making them some of the most cost-effective options. They operate online and don't have branches you can visit. Some, like Wise, offer instant or same-day transfers to certain countries, while others typically take one to two business days.
You'll need to set up an account on the provider's website or app and pay for your transfer, usually by bank transfer or BPAY. Some providers also accept debit or credit cards.
Cash transfers
MoneyGram, Western Union and WorldRemit offer cash pickups. Your money is typically available for pickup within minutes at hundreds of thousands of locations around the world.
To use this option, start your transfer online, through the provider's app or at an agent location (depending on the provider). Your recipient can then collect the cash from a pickup location in their country, usually by showing ID and a reference number.
Bank transfers
Some major Australian banks may let you transfer money internationally within 24 hours to certain countries and currencies. However, funds sent to other destinations could take as long as five days to arrive.
Visit your local bank branch or the bank's website to initiate a transfer, just be sure to check the processing time.
"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."
Money Transfer Customer Satisfaction Ratings
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. Wise topped the charts, followed by PayPal and OFX.
| Brand | Overall satisfaction |
|---|---|
| OFX | 4.53/5 |
| Wise | 4.64/5 |
| MoneyGram | 4.21/5 |
| PayPal | 4.63/5 |
| Remitly | 4.49/5 |
| Ria | 4.28/5 |
| Western Union | 4.18/5 |
| Revolut | 4.44/5 |
| WorldRemit | 4.37/5 |
| XE | 4.44/5 |
Sending to a specific country?
Frequently asked questions
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If I transfer money to a supplier from overseas and I do not receive the goods, can I get my money back?
Hi Frank,
Thank you for getting in touch with Finder.
How you may get your money back if the supplier did not send you your goods is beyond the money transfer company’s control. The money transfer company would only process transferring the money to the sender’s designated recipient and whatever deal you have with your supplier is none of the money transfer company’s liability. It is best that you speak with your supplier on assurance of getting your goods before or after the money transfer.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Hi Simon,
Thank you for your inquiry.
1. How much is $100 to Zambian kwacha?
Answer – In general, as of this time, US$ 100 =520 833.33 Zambia kwacha. Please note conversion rate differ based on your preferred provider.
2. Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?
Answer – Yes, it is possible as long as that person uses the needed and correct information. MoneyGram is available in over 197 countries. Please be sure to read our MoneyGram review page to learn more.
I hope this information has helped.
Cheers,
Harold
Friends have sold their properties in USA and are moving to Australia to live they have their super etc. They have made enquiries with their bank and western union and have found they will loose about 15% if transferring to a bank, They wish to buy a home here and that amount affects their options. Someone mentioned the money market but they do not know how to go about this, Can you help?
What is the cheapest method of transferring Australian currency to purchase property in Cyprus?
Hello George,
Thanks for your question.
You may safely send money to Cyprus by clicking on this link https://www.finder.com.au/international-money-transfers/send-money-internationally/send-money-to-cyprus We have created this page to provide you so with information on fees and processes on how you may successfully process a remittance to Cyprus.
Hope this helps.
Cheers!
Chester
Can I recharge another bank’s travel card (Mastercard) through you?
Hi John,
Thanks for your question.
Unfortunately you can’t do this through an international money transfer. You will need to recharge via the card’s outlined processes.