We have reviewed the fees and exchange rates of the most widely used banks and money transfer companies.

The cost comes down to two common fees and charges:

  1. Exchange Rates: There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.
  2. Transfer Fee: Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.


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The Best and Worst: Quick Comparisons of Money Transfer Services


1. TorFX was one of only two companies we found that had no flat fee, regardless of amount. They also had a better exchange rate than any bank we compared and offered sharper rates for larger amounts.

Best For:

Not Great If:

To learn more about TorFX  click here


2. TransferWise is one of the only money transfer companies in the world that offers the wholesale or interbank exchange rate. The downside is that they charge a percentage based service fee meaning the larger your transfer, the bigger the fee. As a result they are an excellent, easy choice for smaller transfers under $10,000

Best For:

Not Great If:

To learn more about TransferWise  click here


3. WorldRemit has grown into a global leader over the last few years. The website is incredibly easy to use, they have no minimum amount and a range of payment options including debit and credit cards.

Best For:

Not Great If:

To learn more about WorldRemit  click here


4. OFX has a $10 fee for amounts under $10,000

While their exchange rates may not be as competitive as TorFX or TransferWise, getting started was the easiest of all the companies we compared. It’s also the only Australian company besides the banks that we compared.

Best For:

Not Great If:

To learn more about OFX  click here

Fee Free Offer

OFX is a trusted partner of The Currency Shop. OFX customers using this link through The Currency Shop will not incur a transfer fee for their first two international money transfers, regardless of the size of the transaction.


Minimum transfer $250. Please note that the receiving bank or intermediary bank may charge fees on transactions.

5. Paypal are also a good option when sending small amounts. This is because they charge fees as a percentage rather than a flat fee. You will pay a moderate fee (of 0.5% – 3.3%) if you’re transferring money between countries and you use money from your PayPal account or a direct debit from a bank account linked to your Paypal account.


6. Using internet banking may not be the cheapest way to transfer money, but it is one of the easiest and fastest. Also, the good news is that in the last 12 months, ANZ, CBA and NAB have all reduced their fee to transfer money overseas online. The bad news is that their exchange rates are still much worse than the likes of OFX, TransferWise or TorFX.

Heading to a branch is almost the same as using internet banking, just with a higher fee. Bank charges range between $30 and $32 dollars for the same service


So, What Does It All Mean?

The cost to transfer money overseas isn’t easy to calculate, but it can be easy to compare once you take into account both the exchange rate you are getting and include the fee that you are paying.


There is not one bank, company or payment method that is always going to be the cheapest.


Comparing your options based on your currency and amount is a good first step.



What you should know: This covers most common ways of sending money. it doesn’t cover EVERY single method of payment. Some, but not all of the companies mentioned are affiliated with The Currency Shop. If you choose to use any of these companies, we may receive a referral fee. Exchange rates change constantly and so do the indicative quotes provided by currency exchange outlets. This information is not advice nor is it a recommendation in any way.

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Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful guides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.