Sending money overseas

Sending Money to Family Overseas

Use these methods to send monetary gifts to family overseas so you can pay less fees and benefit from better exchange rates.

There are several ways you can transfer money to your family abroad, or an overseas recipient. One of the slowest method is to purchase an international money order from a bank – basically a cheque in foreign currency and post it to your family member.

Rates last updated December 12th, 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: WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade.
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.
XE International Money Transfers
AUD 0
1 day
Online, Phone, Bank Account to Bank Account
Enjoy fast, secure and fee-free international money transfers from global payments provider XE.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Make your first transfer for free
Send money in more than 40 currencies.
Exclusive: Sable International Money Transfers
AUD 0
1 day
Online, Phone, Bank Account to Bank Account
Exclusive offer: $0 transfer fee and Price Beat Guarantee
Quote "finder" when your Sable International account manager calls you - guaranteed to beat any competitors exchange rate.
Foremost Currency Group
AUD 1,000
1 day
Online, Phone, Agent, Bank Account to Bank Account
Trade over 40 currencies with no transfer fees with Foremost Currency Group.
Moneycorp International Money Transfers
AUD 2,000
Same day
Online, Phone, Bank Account to Bank Account
The longest standing and largest full service specialist currency provider in the UK.
Compass Global Markets International Money Transfers
AUD 1,000
1 day
Online, Phone
Send money overseas in at least 140 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.

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International money orders can cost as much as transferring it by telegraphic transfer. This is an interbank electronic transfer from your bank account to the recipient’s bank account overseas. This is a very secure way of sending money, but quite expensive.

There are also a number of money transfer companies which you can approach and pay to send money to their office overseas, where it gets picked up by the recipient. This can either be done in person at an office, online, or even, in some cases, by phone or email, especially if you have already set up an account with them.

To send money to a family member overseas, you will need the banking and personal details of the recipient. For a step-by-step guide and comparison of services, please see the link below.

Which international money transfer services let you transfer money?

Any of the main trading banks, such as National Australia, Commonwealth or Westpac provide a money transfer service overseas. It is normally easier and cheaper to use your own bank to purchase an international money order or make a telegraphic transfer.

Usually all you need is the recipient’s name and the local currency for an overseas cheque. If you make a telegraphic transfer, you will need to know the bank account details of the recipient and you may also need to know their bank’s SWIFT code.

Some specialised money transfer companies will get your money transferred within hours for a fee like Western Union and Moneygram. These companies have agencies and outlets all over Australia and many other places in the world, including quite remote places, too. You may be able to transfer money online through them as well. One advantage of this service is that the recipient doesn’t have to have a bank account. All he or she has to do is to show identification at the office where the money is sent to.

If you have a PayPal account, you can also send money to any other PayPal account for a fee. The recipient can then transfer that money into their own bank account, as long as they have set that up, which then can be access by using their linked debit card.

Are there any other considerations when transferring money?

There are several things to consider before rushing in and sending off some money to someone overseas. Unless it is an emergency, an hour or two looking into the best way of sending the money and making some comparisons will mean that whatever is sent will cost you the least.

How fast is the money needed?

This will determine whether you send a cheque like an international money order or you send the money by one or more of the electronic transfer methods.

Which country is the money being sent to and what currency is it going to be exchanged into?

A few countries prevent money from moving into the country from overseas, but it is worth checking to make sure that whichever way you send the money it will actually be able to be collected and in the right currency.

Fees and exchange rates

Whatever method you use, you will have to pay a fee for the service and there will be an exchange rate that will vary from day to day and company to company. It is worthwhile hunting around between the transfer agencies and banks to see which is the best combination. Be mindful that exchange rates can change rapidly from one day to the next making your comparisons meaningless.

What are the minimum and maximum amounts that can be sent?

Make sure that whatever amount you need to send that it can be sent by the method you choose. Most companies will readily transfer amounts up to several thousand. Specialised companies like OFX or TorFX are also available if you need to send particularly large amounts of money overseas. Note that a federal agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC) monitors all foreign currency transactions over $10,000 in case of potential money laundering operations.

What kind of security is available?

This is something you should consider if using an unusual money transfer company or using an online service. Find out, for instance, what happens to the money you send if it is not picked up by the recipient.

Sending money to friends or family overseas is quite common, such as for a wedding, medical expenses or just to give a hand. Remember to use a reliable operator that lets you send money easily, quickly and does it for minimal fees.

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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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: WorldFirst International Money Transfers

Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade.
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
    GaneshFebruary 24, 2015

    Around 15000 Euro has been sent through CITIbank in Mumbai, for University fees payment in Heidelberg Germany before 11 days. Till date it has not reached the destination. Can you guide where to enquire? The funds are transferred through FCNR scheme.

    • Staff
      ShirleyFebruary 25, 2015Staff

      Hi Ganesh,

      Thanks for your question.

      Please note that finder.com.au is an Australian comparison site and we only compare products issued in Australia. You’ll need to speak to Citibank in India to enquire about this.

      Cheers,
      Shirley

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