Whether you're sending money to the United States for personal or business reasons, bypassing banks in favor of a money transfer provider is a smart financial move. Research by the ACCC reveals that the big four banks often carry heftier fees compared to specialized money transfer services, which tend to offer more favorable USD exchange rates.
Based on the 13 providers we've compared, Revolut is among the cheapest for small transfers, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Instarem can get money to your recipient in the United States within minutes.
The best way to send money to the United States depends on your payment method, the amount you're sending and how fast you need it to arrive.
Bank transfers are typically the cheapest way to get your money to the United States. Revolut and Western Union have some of the lowest bank transfer fees of the brands we've analysed.
Before transferring money, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many US dollars your recipient will end up with.
Actual transfer times from Australia to the United States can depend on several factors including transfer amount, payment method and currency.
Here are some of the fastest average transfer speeds to the United States:
The safest way to transfer money is using a provider registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant regulations in both Australia and the United States. You can check on AUSTRAC's website if a certain provider is registered.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer reviews on Trustpilot and productreview.com.au.
If you need to make a sizable money transfer to the United States, consider using a provider such as TorFX or OFX to secure a better exchange rate and benefit from its expertise handling large transactions.
Using a large transfer specialist can have the following advantages:
To send money to the United States, you'll need the necessary documentation, your recipient's details and a way to pay.
The Australian dollar has been on the decline for most of 2023. After beginning the year at 0.68 USD, it climbed to a high of 0.72 USD in late January and is hovering around the 0.63 - 0.65 USD mark. Despite a tough year, experts are slightly more optimistic with their forecasts.
NAB is forecasting a 1 AUD = 0.74 USD exchange rate by the end of the year, while Westpac is predicting the Aussie dollar will be at 0.69 USD in December 2023. Trying to predict the perfect time to transfer money is challenging given the economic environment. If you're unhappy with the current AUD/USD rate, forex tools such as a limit order or forward contract could help you get a better exchange rate.
When selecting a provider to transfer money to the United States, here are the main factors to consider:
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