Which is the best international money transfer company?

This depends on what is most important to you. Whether you want the cheapest company, looking for fee-free transfers, the fastest speed, excellent customer service, or you have specific business needs. To find out what we recommend for the best international money transfer companies in Australia read our comprehensive guide to help you choose.

What is a SWIFT/BIC code?

A SWIFT code is a unique identification code for a particular bank throughout the world. These codes are Bank Identifier Codes (BIC) and companies use the SWIFT/BIC codes to send money to overseas bank accounts. SWIFT and BIC codes are the same thing. It consists of 8 or 11 characters. They are a combination of various kinds of letters and are used to identify the branch codes of the banks. It is often a requirement when making an international money transfer. If you would like to find the SWIFT/BIC code of your account, they often have it on your banks website or you can look it up on the SWIFT website .

How long does an international money transfer take?

The actual length of time between you paying for a transfer and the recipient getting the money varies depending on a few different factors: The international money transfer provider or bank that you’re using The country and currency you’re sending from The country and currency of the person receiving the transfer How you’re paying for the transfer (e.g. by a wire transfer, bank transfer, credit or debit card) Whether your transfer needs an extra review or validation That may not be a good enough quick answer though. So, we’ve looked at all the different providers to come up with some average transfer times: Online international money transfers: 0 to 5 business days Bank to bank transfers: 2 to 5 business days Wire transfers and telegraphic transfers: 1 to 5 business days And here are some average times for some of our most popular specialist providers: TransferWise: 0 to 3 business days XE Money Transfers: 0 to 3 business days WorldFirst: 1 to 2 business days Western Union: 0 to 3 business days OFX: 0 to 3 business days Learn more about how long your transfer could take.

Why do international money transfer exchange rates and fees vary?

You’re probably not looking forward to a long, exhaustive explanation of currency exchange rates and fees, so we’ll keep this mercifully brief! When you send money abroad using your bank or a specialist international money transfer company, exchange rates and fees vary because money transfer companies need to make money too. The question is, how much does it cost them to transfer money overseas relative to what you pay them? We don't know. But what we do know is the different ways they can charge you for your international money transfer: 1. They may offer a slightly worse exchange rate The “best” exchange rate available is the “base” exchange rate.* Some currency providers make money by offering you a slightly worse rate, and take a profit on the difference — this is known as the “margin” or “spread.” For example, the base rate might get you $1,000 US dollars for $1,412 AUD, but a provider charges you $1,430 AUD. That $18 difference is their margin, where they make a profit. *The standard exchange rate is also known as the standard, mid-market or interbank exchange rate. 2. They may charge a fixed fee Some providers, especially banks, will charge you a fixed fee to send money. These fees can range from anywhere between $1 to $25 or more. High street banks are particularly bad at charging high, fixed fees — but don’t worry, we’ve got some good alternatives for you. 3. They may charge a commission or service charge Some providers like TransferWise charge a fee based on the total amount you’re transferring as a commission or service charge. These will typically be shown seperate to the exchange rate, and as the amount you send increases, the service charge will also go up. Comparing charges for international money transfers Providers do vary in how they charge for international money transfer services, and they may apply a combination of different types of fees. When we compare providers, we show you the total amount you’ll pay, so you always get a fair, side-by-side comparison. Something else to bear in mind — if you’re sending money to someone else’s bank account, their bank may charge processing fees. A money transfer company has no influence on these fees, and you should speak to the receiving bank to understand how much they might be. Find out how much it really costs to send money internationally, and get the best rates by using our international money transfer comparison tool .

The Best Way to Transfer Money Overseas May Not Be What You Think

You don’t like paying money for nothing, and why should you have to? You’ve got several options to get some of the best money transfer rates out here. Keep your costs down by reading through our cheaper ways to transfer money abroad guide.

Bank transfers without the bank — sending money directly from your bank account can be pricey. Specialist providers like OFX and TorFX can send money for less, directly to the recipient’s bank account.

Peer-to-peer transfers (P2P) — this novel way of sending money match people buying currency in one country with people who are selling it in another. Wise (formerly TransferWise) is a fast and cheap option.

Other popular options to send money overseas from Australia include money remitters like WorldRemit.

If you want to send cash directly to the recipient, rather than pay money into their bank account, you have three options — Western Union, MoneyGram or WorldRemit. Western Union has the largest network and is competitive for certain destination countries like India. WorldRemit is cheap and their online service is easy to use.

Let’s compare Western Union and WorldRemit. Here’s how much the recipient would get if you’re sending $500 to the Philippines.

Provider	Fees	Exchange rate	Amount received
Western Union	$5 - $7	50.25 PHP	25,124 PHP
WorldRemit	$3.99	51.56 PHP	25,780 PHP

You can keep fees to a minimum, but you’ll still end up paying for your transfer due to the exchange rate you get. Don’t worry, we’ve read the fine print. The companies we’ve shared below provide the safest and securest overseas money transfers that have no transfer fees and lower exchange rates than your bank. Find out more about how to transfer money overseas with no fees.

XE.com offers fee-free international transfers and is a trusted name in the world of currency exchange

TorFX provides excellent customer service and fee-free currency exchange

World First is one of the fastest and easiest ways to send money abroad without any upfront fees

If you want to keep your funds secure when you transfer large sums of money overseas, you have a few options. All the specialist providers we compare adhere to the strongest security standards and are fully regulated.