Best International Money Transfer Companies in Australia

The Best International Money Transfer Services in Australia

We know what you're looking for — the best international money transfer company in Australia most suitable for your needs. Don't worry, we’ve reviewed over 30 banks and money transfer companies to find the cheapest ways to transfer money overseas from Australia and share them with you in our list below.

We also provide a quick unbiased overview for each company, including their key advantages and disadvantages.

Best online international money transfer provider

TransferWise are great if you want a fast, hassle-free, low cost way to send money overseas.

They are ideal for expats, sending money back home or receiving money from overseas. They offer a quick, easy to use online service and mobile app, ideal for sorting out your international money transfer right now.

TransferWise offers you the best foreign currency rates — identical to the market rate (also know as the interbank rate) that you see on Google or XE. They then charge a small, percentage-based currency exchange service fee.

  • It’s very fast and easy to create an account.
  • You can create and send a money transfer in fewer than five minutes.
  • They offer the best exchange rates available.
  • Their service charge is low, fees and pricing are transparent and easy to understand.
  • You can pay via bank transfer, credit or debit card.
  • They’re loved by customers, scoring nine out of ten on Trustpilot.
  • There’s no minimum transfer size or hidden fees
  • Can't pay for your transfer via cash or cheque.
  • There’s limited customer support, you can’t call them so need to interact via email or through their website.
  • If you’re transferring more than around $40,000, their service charge can make them less competitive than other providers.
  • They don’t support all global currencies.

Best fee free transfer

XE Money Transfer don’t charge a fee for sending money, instead they make a profit by offering you a slightly worse exchange rate than the base rate.

The overall XE business has been around since 1993, so they know a thing or two about sending money overseas! XE provide a wealth of trusted information on exchange rates, including currency price history, news and more.

In addition to providing currency exchange information to financial institutions, they also have their own foreign exchange service, but how does it stack up.

  • XE are a worldwide, trusted authority for currency exchange.
  • They don’t charge any fees for sending money overseas.
  • There’s no minimum transfer amount.
  • It’s easy to get in touch with and use their customer service.
  • They’re loved by customers, scoring 9.2 out of ten on Trustpilot.
  • Their website is quick and easy to use.
  • You can’t pay for your transfer using cash or a cheque.
  • There’s limited customer support over the weekend.
  • They don’t support all global currencies.

Best money transfer exchange rates

As we’ve explained above, TransferWise gives you the most competitive exchange rates of all, because the rates they offer are identical to the base exchange rate. In other words, you won’t find a better exchange rate anywhere, which is awesome.

Instead of offering you a worse exchange rate, TransferWise simply charge a small, percentage-based service fee. Even with this fee, they’re consistently better priced than pretty much any other international money transfer company.

  • It’s very fast and easy to create an account.
  • You can create and send a money transfer in fewer than five minutes.
  • They offer the best exchange rates available.
  • Their service charge is low, fees and pricing are transparent and easy to understand.
  • You can pay via bank transfer, credit or debit card.
  • They’re loved by customers, scoring nine out of ten on Trustpilot.
  • There’s no minimum transfer size.
  • Can't pay for your transfer via cash or cheque.
  • There’s limited customer support, you can’t call them so need to interact via email or through their website.
  • If you’re transferring more than around $40,000, their service charge can make them less competitive than other providers.
  • They don’t support all global currencies.

Best money transfer for awesome customer service

TorFX have the best customer service in the business, hands down. If you need someone to talk you through your currency exchange, they’re the perfect choice.

We know that sending money overseas can sometimes be daunting, and so does TorFX. That’s why they’ve invested in a superb customer service experience. You get a personalised account manager who talks you through every aspect of your transfer — the rates you’ll get, how to pay, how long until the recipient gets their money and more.

If you want helpful advice for your international money transfer, TorFX are hard to beat.

  • Dedicated account manager and customer service team.
  • Simple website, you can get a quote in a few moments.
  • Good exchange rates to the UK (GBP), New Zealand (NZD) , South Africa (ZAR) and Europe (EUR).
  • An excellent score from their customers of 9.2 out of ten on Trustpilot.
  • Best for overseas transfers of $2,000 or more.
  • No transfer fees.
  • They’re not as competitive if you’re sending less than $2,000.
  • You can only pay by bank transfer from an account in your name.
  • Although getting a quote is easy, the rest of their website can be awkward to use.
  • Minimum transfer amount of $200.
  • You can’t pay for your transfer using cash, credit card or a cheque.

Best for businesses

OFX are an Australian based money transfer company. They are particularly good at reducing the cost of international payments for small to medium size businesses.

  • They’re not as competitive if you’re sending less than $2,000.
  • Minimum transfer amount of $250.
  • You can’t pay for your transfer using cash, credit card or a cheque.
  • Foreign currency account limited to online sellers

Best bank for international transfers

CitiBank charge the lowest transaction fees and offer the best foreign exchange rates if you want to make a transfer through a bank.

We don’t typically recommend banks for international transfers as they always charge more than specialist providers. Despite this, we have to admit, making a transfer through a bank is convenient. If you’d like to exchange currency with a bank, then CitiBank is your best choice.

Although their fixed fee ($25) for a transfer is higher than many competitors, they offer much better exchange rates than other banks. This means that as long as you’re transferring a decent amount (more than around $1,000 AUD), your money will go further than with most other high street banks. We’d still suggest you look at other providers though, as you’ll save much more money.

  • It’s easy to send money internationally to another bank account or to Citibank accounts.
  • CitiBank offers competitive exchange rates, compared to other banks.
  • CitiBank charges a relatively high, fixed fee of $25 for most international money transfers.
  • Transfers can take up to five days for processing and receipt.

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