- No transfer fees
- Dedicated account manager
- Forex tools available
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.
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.
Not all money transfer services accept the same payment methods, but you may be able to pay by the following:
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.
Again, receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:
|Online money transfer service||Electronic funds transfer through an online money transfer service.|
|In-person money transfer service||Cash or electronic transfer by visiting a money transfer service location in person.|
|Bank||Wire transfer or international money transfer through a bank.|
(Note: All major banks support wire transfers, but not all offer additional in-house money transfer services.)
|PayPal||Digital payments company that also allows you to transfer money overseas|
|Money order||Get a certified money order printed and mail it to your recipient.|
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.
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 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.
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.
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:
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.
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:
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.
Make sure you have the following on hand when making an international money transfer.
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.
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:
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.
|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%.
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:
What you need to do to buy a home or investment property in the USA from Australia.
Your guide to the outlook for the Australian dollar for the rest of 2023.
The detailed guide to buying a property in the UK as a foreigner.
Learn how currency brokers work, and find out how the best currency brokers can save you money on your next international payment.
If you want to buy a property in NZ, here’s what you need to know before signing on the dotted line.
Your guide to wire transfers, how they work, how much they cost and how long they take.
How to use a forward contract to get the exchange rate you want when you send funds overseas.
If you need to buy or sell foreign cash, this guide will help you find the best currency exchanges in Melbourne.
Check out these seven alternatives to XE to find the best money transfer provider for your needs.
Discover how XE and OFX stack up against each other in terms of fees, exchange rates, and transfer speeds.
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