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With a weak Australian Dollar, it's never been important to compare your options before sending money overseas. We've scoured the market to find the best international money transfer services based on the amount you're sending, transfer fees, exchange rates and flexible options.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We only list licensed services that are overseen by a government regulator.
Every service we compare has been assessed and reviewed by our editorial team.
What is an international money transfer?
An international money transfer is the process of sending money between people or financial accounts in different countries. Every day, trillions of dollars are transferred between people and businesses all over the world.
Typically, you need to give a bank or money transfer service your recipient's details and the money you want to send. They will convert your funds to the currency of your choice and electronically send the payment to your recipient.
Depending on the money transfer provider, you will be able to send funds online, via mobile app, over the phone or in person.
How can I pay for my money transfer?
Not all money transfer services accept the same payment methods, but you may be able to pay by the following:
Bank transfer (requires your account number)
BPAY
Debit card
Credit card
Cash
If you want to pay in cash, you'll need to visit a bank branch or money transfer agent in person. If you transfer funds online or via mobile app, you can only pay electronically by card or bank transfer.
How can my recipient receive the money?
Again, receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:
Bank account
Mobile wallet
Cash pick-up at a bank or money transfer location
Airtime top-up
What are the benefits of using an online money transfer service?
While it might be easy to assume that big banks are the best option for making an international money transfer, there are many reasons why an online transfer service are the way to go:
Cost savings. Online transfer services typically offer lower fees and better exchange rates. Based on our research, when converting $10,000 AUD into GBP, TorFX adds a 0.55% markup to the mid-market rate while ANZ adds a 2.91% markup.
Fast. Online money transfer companies often use the latest financial technology to get your money where it needs to go fast. In some cases, a transfer could only take minutes.
Easy. Mobile apps and online platforms make it easy to send money anytime from anywhere. Additionally, many offer features that let you set up recurring transfers, making it easy to pay bills, manage international business payments and more.
Security. Similar to banks, online transfer services usually follow industry-standard security practices to protect your money and personal information. This often includes encrypted data transfer, SSL certificates, two-factor authentication, security questions/answers and personal identity verification.
Regulation. Money transfer providers are regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Based on our research, Revolut is among the cheapest providers for sending $1,000 abroad. Their app is very user-friendly, making the whole process of setting up an account and making your first transfer easy. They offer the real exchange rate during market hours but charge extras fee's on the weekend. Revolut supports 25 currencies and has strong exchange rates on major currencies. If you need a wider range of currencies and cash pickup, XE is another solid option.
TorFX - large transfers
If you're looking to transfer more than $10,000, we recommend using a currency broker that specialises in handling large transactions. TorFX doesn't charge transfer fees and adds a low markup onto exchange rates. You're limited to $50,000 for online transfers but you make unlimited transfers over the phone. TorFX has all the standard FX tools and an account manager to support you. OFX is our second favourite option for large transfers.
Wise - exchange rates
Wise are one of few providers that offer the mid-market rate but they do charge transfer fees to make a profit. The service is perfect for users making small, regular transfers overseas but not suited for large one-off payments. Similar to Revolut, the app and website's UX is among the best around.
Remitly - cash pickups
If your recipient doesn't have a bank account, cash pickup may be a suitable choice. Remitly offers cash pickups in certain locations and sends money to 100 plus countries. Your recipient will need an ID that matches the name on the transfer but you can choose the payment method and how quickly you need the funds to arrive. If Remitly doesn't meet your needs, Western Union has a large global network and provides discounts on your first transfer.
How to send money using an online money transfer service
Online money transfer services offer more flexible options and lower fees than traditional banks. Sending an international money transfer through an online service is simple:
Create an account by entering personal details such as your name, email, address and phone number.
You may need to submit a scanned copy of your personal ID (i.e. passport photo or driver's license) to qualify for higher transfer limits.
Link your bank account, debit card or credit card to your newly-created account, so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.
Most of the time, you can access your account immediately after submitting all the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.
Don't just choose your bank! Specialist money transfer services have much cheaper rates. Loyalty to a single provider doesn't pay off either - if you regularly need to send money to family, compare to make sure that you're still on the best deal..
Bank transfers have long been regarded as reliable and safe. The steps for sending an international money transfer through your bank are generally as follows:
Login to your online banking portal.
Navigate to the international money transfers section of your account. It's usually a good idea to check your bank's exchange rates before sending money.
Typically, you need the address and SWIFT code of your recipient's bank and their account information. SWIFT codes are used internationally to identify banks.
To send a bank wire transfer or money order, you need to visit your bank in person. You may also be able to get money orders at other financial institutions like post offices, credit unions and even some convenience stores.
What do I need to send and receive money abroad?
Make sure you have the following on hand when making an international money transfer.
Your personal details. Name, phone number, and government-issued identification like a driver's license or passport. Additional details may be required for security purposes, particularly for very large transfers.
Your recipient's personal details. Name, phone number and residential address.
Your recipient's bank information. Bank name, address, routing number, SWIFT code and your recipient's account number.
Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.
You don't need any particular documents other than a government-issued ID. However, it is worth knowing that money transfers over $10,000 get automatically reported to Australia's regulatory body, AUSTRAC.
How much does it cost to transfer money internationally?
The cost of sending money overseas varies between service providers. Factors like the type of transfer, destination country and amount being sent affect your total cost.
Generally, banks and money transfers services make money from international transfers in two ways:
Transfer fee. This is typically a flat fee or a percentage of the transfer amount.
Exchange rate margin. Most banks and money transfer services make a profit by adding a markup to the mid-market rate (the "true" exchange rate between two currencies). To save money, look for services that have as small a markup as possible.
Transfers for cash pickup can cost more than transfers to a bank account. Some companies charge higher fees for large transfers, while others such as OFX will slash fees. Services that offer fee-free transfers normally make up for it with a poor exchange rate. This is why it's important to look at the total cost of your transfer, not just the transfer fee or exchange rate.
Let's crunch the numbers: Sending $10,000 to the US
OFX
Commonwealth Bank
Transfer fee
$0.00
$0.00
Exchange rate
1 AUD = $0.6804
1 AUD = $0.7047
Transfer speed
1-2 days
2-5 days
Total British pounds received
$6,802.18
$7,047.17
According to our research, using a money transfer provider will save you $244.99 on a $10,000 transfer to the United States. CBA adds a 4.13% markup on the USD exchange rate while OFX just adds a margin of 0.51%.
Why you can trust Finder's money transfer experts
We've done the work
We've researched and reviewed over 50 money transfer providers to make our guides as helpful as possible. Our experts regularly appear on SBS News, Sunrise and 7News.
We're reliable
Our product database of 23 providers is updated weekly with the latest deals in Australia. Our guides are regularly reviewed and fact-checked.
We're here to help
In 2022, we helped over 68,000 people find the right provider to transfer money overseas. We're here to help you save money on exchange rates!
Tips to save money on your next international transfer
Looking for low fees and strong exchange rates isn't the only way to save on your next money transfer besides. The following tips can also help keep your costs down:
Use a service that offers low or no exchange rate markups. The mid-market rate is the "true" exchange rate between two currencies. Most transfer services add a small margin on the mid-market rate to make money, others make money through transfer fees.
Send larger transfers. Some services will waive transfer fees if you send at, or above, a minimum amount. If you send over $10,000 with OFX then won't be charged a transfer fee. It makes sense to send larger transfers if the AUD rate is strong vs. currencies on a 3-5 year period. If the AUD is relatively weak, stick with smaller transfers.
Use forward contracts and limit orders. A forward contract lets you lock in a favourable exchange rate for future transfers. This means you'll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found before locking in your transfer.
Watch out for scams. Scams cost Australians over $2 billion in 2021 and hit $3.1 billion in 2022. It's usually best to avoid sending money to anyone you don't know personally and keep an eye out for common money transfer scams.
Normally, using a bank transfer to fund your international money transfer is the cheapest way to send money overseas. Fees and options vary between providers, so the cheapest option depends on which service you choose and how you transfer the money.
Macquarie Bank is one of the best banks for international transfers as they are powered by OFX. Over the last year, NAB, ANZ and Commonwealth Bank have lowered their fees but are still more expensive than using a specialized transfer provider. Banks typically charge a 3% to 6% markup onto exchange rates and can charge extra for receiving money from overseas.
In general, if you pay with a credit or debit card, your money will arrive fast — often within the day. Paying by bank transfer is slower and can take up to 2-4 business days to process. Check out our guide on factors that can affect your transfer to learn more.
It's possible to send money within seconds up to an hour if you use WorldRemit, Wise or Western Union. Funds transferred electronically typically pass through a national clearinghouse and other intermediary financial networks before being released to your recipient. If you opt to send an international money transfer with an instant cash transfer, then this could be available for collection as cash within as little as 20 seconds.
Legally, there are no limits on the amount of money you can send out of Australia. Providers such as TorFX and OFX have no maximum transfer limit. However, money transfers over $10,000 get reported to automatically AUSTRAC.
You don't need a BSB number for international transfers as they are only used for domestic transfers in Australia. Instead, you will need a SWIFT code for international transfers.
To avoid busy periods at the beginning and end of the month, it's better to transfer money halfway through the month. Doing this will ensure your transfer arrives on time as there is a lower chance of delays because it's an off-peak time.
Money transfer providers can have different business models to make a profit, which results in different fee structures. Some may choose to cater specifically to a certain target audience like businesses or those sending recurring transfers. Fees are set up to carve out a market niche and appeal to different customers with different needs.
Many money transfer services implement industry-standard measures for protecting your personal data and money, similar to banks. This can include data encryption, SSL certificates, multi-factor authentication and regular monitoring to detect and prevent fraudulent activity.
Kate Anderson is a writer at Finder who specialises in money transfers. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
How you may get your money back if the supplier did not send you your goods is beyond the money transfer company’s control. The money transfer company would only process transferring the money to the sender’s designated recipient and whatever deal you have with your supplier is none of the money transfer company’s liability. It is best that you speak with your supplier on assurance of getting your goods before or after the money transfer.
1. How much is $100 to Zambian kwacha?
Answer – In general, as of this time, US$ 100 =520 833.33 Zambia kwacha. Please note conversion rate differ based on your preferred provider.
2. Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?
Answer – Yes, it is possible as long as that person uses the needed and correct information. MoneyGram is available in over 197 countries. Please be sure to read our MoneyGram review page to learn more.
Friends have sold their properties in USA and are moving to Australia to live they have their super etc. They have made enquiries with their bank and western union and have found they will loose about 15% if transferring to a bank, They wish to buy a home here and that amount affects their options. Someone mentioned the money market but they do not know how to go about this, Can you help?
We are a comparison website and as such, provide general advice only.
There are migrant bank accounts especially designed for people who intend on moving to Australia. Migrant accounts come with different features and may waive certain fees for a period of time if you open an account before you arrive in Australia. Be sure to check the fees in detail though as each product charges different fees and has different features.
You may also find our Australia to the US movingto help you learn more about moving to Australia from the US. Hope this helps.
You may safely send money to Cyprus by clicking on this link https://www.finder.com.au/send-money-to-cyprus We have created this page to provide you so with information on fees and processes on how you may successfully process a remittance to Cyprus.
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finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
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Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
If I transfer money to a supplier from overseas and I do not receive the goods, can I get my money back?
Hi Frank,
Thank you for getting in touch with Finder.
How you may get your money back if the supplier did not send you your goods is beyond the money transfer company’s control. The money transfer company would only process transferring the money to the sender’s designated recipient and whatever deal you have with your supplier is none of the money transfer company’s liability. It is best that you speak with your supplier on assurance of getting your goods before or after the money transfer.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
How much is $100 to Zambian kwacha?
Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?
Hi Simon,
Thank you for your inquiry.
1. How much is $100 to Zambian kwacha?
Answer – In general, as of this time, US$ 100 =520 833.33 Zambia kwacha. Please note conversion rate differ based on your preferred provider.
2. Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?
Answer – Yes, it is possible as long as that person uses the needed and correct information. MoneyGram is available in over 197 countries. Please be sure to read our MoneyGram review page to learn more.
I hope this information has helped.
Cheers,
Harold
Friends have sold their properties in USA and are moving to Australia to live they have their super etc. They have made enquiries with their bank and western union and have found they will loose about 15% if transferring to a bank, They wish to buy a home here and that amount affects their options. Someone mentioned the money market but they do not know how to go about this, Can you help?
Hi Maggi,
Thanks for your question.
We are a comparison website and as such, provide general advice only.
There are migrant bank accounts especially designed for people who intend on moving to Australia. Migrant accounts come with different features and may waive certain fees for a period of time if you open an account before you arrive in Australia. Be sure to check the fees in detail though as each product charges different fees and has different features.
You may also find our Australia to the US movingto help you learn more about moving to Australia from the US. Hope this helps.
Regards,
Clarizza
what is the cheapest method of transferring Australian currency for the purchase of property in Cyprus
Hello George,
Thanks for your question.
You may safely send money to Cyprus by clicking on this link https://www.finder.com.au/send-money-to-cyprus We have created this page to provide you so with information on fees and processes on how you may successfully process a remittance to Cyprus.
Hope this helps.
Cheers!
Chester
USD transfer sent from HSBC to the USA, Bank of New York Mellon, Western Union Business Solutions and finally to a USA based credit union.
I am not concerned about the exchange rate, though I would like an idea of how long this would take in business days.
Your estimates above are confusing.
Also would it have been any different if the transfer had of just been from HSBC directly to the USA based credit union?
Many thanks.
Hi Karen,
Thanks for your comment.
Our table shows HSBC transfer could take 1 to 2 business days online if transferred only or 3 to 5 business days if transferred via phone transfer.
Hope this helps.
Clarizza