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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.


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 June 29th, 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
Exclusive: OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com.au exclusive exchange rates and $0 transfer fee on all transfers.
FC Exchange International Money Transfers
GBP 3,000
1 day
Online, Phone, Bank Account to Bank Account
No transfer fee via online, branch or phone when transferring more than £10,000 or equivalent.

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

Exclusive: World First International Money Transfers

Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

Exclusive: CurrencyFair International Money Transfers

Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.

Currency Online International Money Transfers

Enjoy regular scheduled transfers, one off transfers and a range of currencies. Also enjoy your first transfer for free.

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

  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
      Shirley | December 24, 2015

      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.


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