Need to send money from Australia to Europe? If you don’t know what you’re doing, poor exchange rates and high fees can make sending an international money transfer an expensive exercise. Although if you compare your options and shop around for an affordable transfer provider, you’ll find the best value for money when transferring funds to Europe.
International Money Transfer Offer
TorFX International Money Transfers Offer
No extra fees
Fix your exchange rate for up to 2 years
Personal account manager
International Money Transfer Offer
TorFX guarantees to match any competitor's exchange rate. Conditions apply. Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Compare easy money transfer options between Australia and Europe below
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.
Banks. You can send an international transfer straight from your regular transaction account to your recipient’s account overseas. However, you’ll need to be willing to accept a low exchange rate and also pay a transfer fee of around $15 or more.
Online money transfer companies. Recent years have seen the emergence of online providers that specialise solely in international money transfers and foreign exchange. These providers, such as TorFX and OFX, tend to offer superior exchange rates and lower transfer fees when compared to the banks.
Cash transfer companies. If you need to send a fast cash transfer overseas, there are some providers that specialise in offering this particular service. Companies like Western Union and MoneyGram operate vast international transfer networks, allowing you to send funds overseas within minutes so your recipient can quickly access the cash you transfer.
While exchange rates and transfer fees vary according to a wide range of factors, as a general rule if you’re looking for the cheapest way to send money to Europe, specialist online transfer companies will usually come out on top.
Banks vs money transfer companies
How much money could you save if you use an online transfer company instead of a bank to send money to Europe? Let’s look at a case study.
Let’s assume you want to send AUD$2,000 to your aunt in France. You could send the funds with your regular “Big Four” bank, but you decide to shop around and see if a couple of online transfer companies can offer a better deal.
As you can see in the table below, you could send an extra 71.20 EUR simply by using an online transfer company instead of a bank. You could also save AUD$18 in transfer fees, making the specialist transfer company a much more cost-effective option than your bank.
Online transfer company
1 AUD = 0.6000 EUR
1 AUD = 0.6371 EUR
Two to four business days
One to four business days
Amount sent (in AUD)
Amount received (in EUR)
Difference in amount received (in EUR)
*The rates and figures quoted in this example were correct as of 4 December 2017. Always request a quote from a provider to receive up-to-date exchange rates and fees.
How to compare money transfer providers
Okay, so you’ve decided to find an online transfer company to help you send money to Europe, but how can you choose a provider from the several available? Make sure to weigh up the pros and cons of each company and consider the following factors:
Exchange rates. The case study above shows how even a minor variation in the exchange rate can make a big difference to the overall transaction cost. Shop around to find out which company regularly offers the best rates for your regular transfer destinations.
Transfer fees. Always remember to compare exchange rates alongside the fee that applies to each transaction, as some providers that suck you in with a great rate may also charge a high fee.
Transfer time. How long will it take until the money you send is available for your recipient to collect? If you need to send funds as quickly as possible, you may need to consider using a company that offers instant cash transfers.
Forward contracts. Check to see whether the provider offers forward contracts, which allow you to lock in an exchange rate today for a transaction that will take place weeks, months or even a year into the future.
Limit orders. Some providers will also offer limit orders, which allow you to specify the exchange rate you want for a transaction, then execute the transfer when that rate becomes available.
Regular payments. If you need to send a recurring payment overseas, for example if you’re paying rent on an overseas property, check to see whether you can set up a regular payment plan. This is a very convenient service that can save you a lot of time, but remember to make sure that it doesn’t attract any additional fees.
Supported currencies. Not every transfer provider will support every global currency, so make sure the provider you choose allows you to send all your desired currencies.
Customer service. If you ever need help with a transaction or have a question about your account, how can you get in touch with the provider? Does it have an online help centre? During what hours can you contact the customer service team?
Emergency cash transfers to Europe
Need to send an emergency cash transfer to Europe? For example, maybe your teenage son or daughter is travelling across the continent and has run out of money?
When you need to get money overseas quickly, consider using a company like Western Union or MoneyGram to send an instant cash transfer. These providers have hundreds of thousands of agent locations around the world where your recipient can pick up the cash you send within minutes of you sending the transfer.
However, there are also a couple of other options for Aussies overseas who need access to emergency cash:
Your bank. Many Australian banks offer emergency services to help you access cash or a replacement card if you lose it overseas or have your wallet stolen.
Travel insurance. If you have travel insurance, your insurer may provide an emergency cash allowance if your wallet is stolen overseas.
Cash pickup locations in Europe
If you’re sending an emergency cash transfer from Australia to Europe, both Western Union and MoneyGram offer multiple cash pickup locations throughout the Eurozone. The details on some easily-accessible locations can be found below:
La Banque Postale 9 Place De L'hotel De VilleParis, 75004+33-969366050 Open 8am-6:30pm Monday to Friday, 8am-11:30am Saturday
Change Master Arcole 21 Rue D ArcoleParis, Ile De France 75004+33-800900191 Open 9:45am-9pm 7 days a week
Banca Popolare C So Vitt Eman Ii 299Roma Succursale SRoma, Roma 00186+39-800601622 Open 8:35am-3:35pm Monday to Friday
Open World System SRL Corso Vittorio Emanuele Ii 274 ARoma, Roma 00186+39-6-68192051 Open 8:30am-8pm Monday to Saturday, 4pm-8pm Sunday
Tabac De La Raynie 26 Rue De La ReynieParis, 750010966917352 Open 1pm-8pm Monday to Saturday
ICEF 9 Rue BergerMetro RER Chatelet-Les HallesParis, 7500133142360877Open 8am-7pm Monday to Saturday
Poste Italiane Via Firenze 36Roma, 00184064745687 Open 8:25am-3pm Monday to Friday
Community SNC Via D Manin 6 8Roma, 001850697848350 Open 5am-11pm 7 days a week
Tips for picking up cash in Europe
If you’re picking up a cash transfer from an agent location anywhere in Europe, make sure to remember a few simple safety tips:
Take a friend along for extra security
Keep your cash concealed while in public
Avoid carrying large sums of money on your person for any longer than necessary – deposit the cash in a safe place as soon as possible
Remain aware of your surroundings at all times
How to send an international money transfer to Europe
While the exact process for sending an online transfer varies depending on the provider you choose, you’ll generally need to follow a few simple steps:
Sign up for an account. This is typically free to do online and you’ll need to provide your personal details, proof of ID and bank account information.
Enter your transfer details. Specify the amount you need to transfer, where you’re sending it and the recipient’s bank account details.
Review your transfer. You’ll be given a chance to review the full details of the transaction, including the exchange rate and any fees that will apply.
Send the funds. If you’re satisfied with the transaction details, the next step is to pay for the transfer and send the funds.
Track your transfer. You may be given a tracking number you can use to monitor your transfer status, while some providers also provide email and SMS notifications once the transfer has been completed.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
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