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How to save on your international money transfers over the Christmas period

Send nearly $50 more to family and friends overseas with a better exchange rate.

Christmas is fast approaching and as one of the busiest periods for international money transfers, comparing specialist services with banks could mean the difference of $8.99.

Research conducted by finder.com.au suggests comparing your options is now more important during this time of year. In some cases, specialist international money transfer services offer better exchange rates and lower fees than the big four banks and consumers are encouraged to find a better deal by considering the smaller players in the market.

International businesses and online traders can also take advantage of the Australian Dollar by using specialist business transfers when repatriating funds, with services only charging 2.5% in fees, compared to Amazon that charges 4.8%.

How you can save this Christmas

A finder.com.au analysis has found that Australians could save on average $8.99 when transferring $1,000 overseas by comparing their options.

BIG FOUR BANK VERSUS INTERNATIONAL MONEY TRANSFER

The below table shows how one specialist international money transfer service compares with one of the big four banks.

Charge (rates correct up to 30 Nov 2016)Bank (online transfer)Specialist transfer
Exchange rate0.71 USD for every 1 AUD0.747 for every 1 AUD
Gross amount710747 (inclusive of fee)
Transfer fee22 (online)4
Transfer optionsOnline, in branchOnline
Amount received for $1,000 (in USD)694.38744
Difference +49.62

As this example shows, opting for a specialist service lets you send $49.62 more. Comparing a select number of specialist services with the big four, consumers can expect to save $8.99.

Compare international money transfer services

Rates last updated October 18th, 2017
Name Product Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received Description
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.
Exclusive: OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Exclusive: World First International Money Transfers
AUD 2,000
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange can save you money with its Best Exchange Rate Guarantee. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in 43 currencies.
Compass Global Markets International Money Transfers
AUD 1,000
1 day
Online, Phone
Send money overseas in at least 140 currencies.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Make your first transfer for free
Send money in more than 40 currencies.
Currency Solutions International Money Transfers
AUD 3,000
2 days
Online, Phone, Bank Account to Bank Account
Send money in 39 currencies.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

In the last 5 years finder.com.au has seen an explosion in the number of specialist international money transfer services competing in the industry. This is great news for consumers as they are able to take advantage of better exchange rates and lower fees. In addition, accessibility has improved as there is now a wider range of pick-up locations globally including: branch pick-up, bank deposit or delivery. It has now made the experience easier and more satisfying for all parties involved.

Some consumers may assume that international money transfers can only be done through their everyday banking, which is not the case. Comparing your bank option with specialist money transfer services could save you money.

Clarizza Fernandez

Clarizza is finder.com.au's assistant publisher for banking and investments. She works to empower consumers in making informed decisions on all things banking and investments. In her spare time, she Googles: 'Sydney's best dog parks' and 'Best pasta Sydney.'

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International Money Transfer Offers

Learn about our information service
TorFX International Money Transfers

TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

Exclusive: OFX (Ozforex) International Money Transfers

Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.

Exclusive: World First International Money Transfers

Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.

FC Exchange International Money Transfers

FC Exchange can save you money with its Best Exchange Rate Guarantee. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in 43 currencies.

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2 Responses

  1. Default Gravatar
    December 24, 2015

    can you please suggest best way to receive an AUD $100 per week pension from UK, without it all being eaten up by bank charges.

    • Staff
      ShirleyDecember 24, 2015Staff

      Hi JJ,

      Thanks for your question.

      Please note that we are not licensed to suggest products and services.

      Using a money transfer service that specialises in regular payments would be a good place to start, please see this page for a list of them.

      Cheers,
      Shirley

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