Best money transfer services for 2023
We’ve picked the best companies for 6 different types of international money transfers.
Looking for the best provider to send money overseas? Don't worry, we've gone ahead and done the hard work. We've researched providers' fees and compared their exchange rates to come up with our top picks for 6 different transfer options - including large transfers, business transfers and cash transfers. Let's take a look.
Best money transfer services in Australia
- TorFX – Best for large transfers
- Revolut – Best for small transfers
- Wise – Best for exchange rates
- Instarem – Best for fast transfers
- Western Union – Best for cash transfers
- Qantas – Best for business transfers
TorFX - Best for large transfers
If you need to make a large money transfer, you will want a provider with no transfer limit but still offer strong exchange rates and low fees. TorFX is just that sort of service as they offer fee-free transfers and a price-match guarantee on its exchange rate.
It's suitable for sending large amounts because there's no maximum limit and you will have a dedicated account manager. You'll also get access to plenty of forex tools such as forward contracts to hedge your risk. TorFX isn't competitive for transfers under $2,000 as you will get a better rate with XE and Wise.
Here's why TorFX is our winner for large transfers:
- No maximum limit
- Fee-free transfers
- Price match guarantee
- Forex tools
Revolut - Best for small transfers
When it comes to small money transfers, you don't want expensive transfer fees or weak exchange rates to eat into the amount your recipient gets. Revolut's app is as user-friendly as they come which makes sending money overseas quick and easy. It also doesn't have a transfer limit on the majority of major currencies. However, keep in mind that limits may apply depending on your plan.
Here's what made Revolut our winner for small transfers:
- User-friendly app
- Transfer over 25 currencies abroad
- Get the real exchange rate during market hours
- Lowest cost provider when we reviewed exchange rates when converting AUD $1,000
Wise - Best for exchange rates
It's hard to beat Wise when it comes to exchange rates as it is one of the few providers that offer the mid-market rate. The mid-market rate is used by banks to exchange currencies with each other. Money transfer providers typically add a markup in order to make a profit.
This means that whatever exchange rate you are quoted by Wise is going to be the best exchange rate around. However, exchange rates are just one piece of the puzzle, so it is still worth comparing the overall cost of the transfer to make sure you are getting the best deal.
Close runners-up were OFX and Remitly. OFX offers competitive exchange rates but doesn't quite have the same reach or easy-to-use user experience as Wise. Meanwhile, if you are a new customer with Remitly, you can benefit from a promotional rate which makes them very competitive. But if you are an existing Remitly user, then the exchange rate is comparatively weak.
Here are the key features that meant we picked Wise as our winner for best exchange rates:
- Always offers the mid-market rate
- Wide reach - send money to 80 countries
- Multiple payment options including Google Pay & Apple Pay
Instarem - Best for fast transfers
It was neck and neck when it came to picking the best money transfer service for fast transfers. Instarem narrowly won out over Wise because - as the name suggests - it specialises in making instant transfers.
When using Instarem you can expect your money to arrive at your chosen destination within minutes or on the same day. The exact time varies depending on the currencies involved. But if you want to ensure an early arrival, pay with your debit or credit card for an almost instantaneous transfer.
Here's what we liked about Instarem for fast transfers:
- Most transfers arrive instantly or within the same day
- Zero transfer fees for many popular destinations
- Earn loyalty points for every transfer you make
However, it is worth mentioning that if you are willing to pay a fee - or are happy to pay by credit card (and therefore risk a cash advance fee) - then there are a good amount of providers that support faster transfers.
Western Union - Best for cash transfers
If you need to get cash to a loved one abroad then there is no better option than one of the biggest money transfer providers around, Western Union. Western Union has around 500,000 agent locations worldwide in more than 200 countries, making it one of the largest money transfer services on the market.
With Moneygram being its main competition, you are likely to find a Western Union location in whichever country or city you need. So if you need to get cash to someone without a bank account, or it's important the funds get there fast, Western Union's extensive network and experience are a huge help.
Here's what we liked about Western Union for cash transfers:
- 500,000 agent locations in more than 200 countries.
- Money is sent within minutes.
- Hedging tools to get more flexibility.
Qantas - Best for business transfers
If you are a business that makes regular international money transfers, you will be looking for a service that offers competitive exchange rates and even perks like loyalty points.
We compared the best business transfer services around and our top pick is Qantas. Qantas Business Money is powered by Airwallex and helps your business make payments at exchange rates of up to 70% cheaper than traditional banks. There's also a Business Rewards program where you can earn 1 Qantas Point on every $10 equivalent converted on foreign currency conversions. These points can be redeemed to save on flights, hotels and other purchases — making it an attractive option in Australia.
Our main reasons for picking Qantas as our top pick for business transfers are:
- Competitive exchange rates
- Attractive business rewards program for Australians
- Batch transfers feature to make multiple transfers at once
How did we pick these providers?
Our top picks are made from our selection of some of the best money transfer products and services on Finder, based on our extensive research and market experience. We have highlighted brands that our analysis shows are the best fit for specific categories. Our researchers tried their services based on the important features of that category and compared this with other providers. We also took into account any additional services we felt would be relevant.
When choosing a money transfer service, be sure to consider your own personal objectives, needs and circumstances before making a decision using our top picks.
Still looking for other options?
Check out the table below to see some other money transfer specialists and what they can offer.
There isn't a one size fits all approach when it comes to international money transfers, as it depends on circumstances. This makes it difficult to declare a "best overall money transfer service", each provider will have pros and cons.
Having said that, there are some stand-out money transfer specialists that are worth considering. We believe that Wise, TorFx and Revolut offer pretty good and versatile services overall, covering most of what you would need from a money transfer service.
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