Send Money Overseas from Australia at the Best Online Exchange Rate
If you plan to send money overseas from Australia, the best exchange rates are online. This is because online money transfer companies have lower margins, making it cheaper to transfer money abroad.
However, it is important to watch out for any fees. Even though you might be offered a great exchange rate, if your transfer comes with large fees, it can end up costing you more money.
Find the cheapest way to send money overseas from Australia
Compare the total cost of your transfer. This is how you find the cheapest way to send money abroad.
You can either:
- Go to each money transfer service website and use their calculators
- Call to get a quote
- Use a comparison table like the one below
Match apples with apples. Many banks and money transfer services will offer you different exchange rates and fees depending on how much you are sending and where the money is going.
So make sure if you're getting a quote or doing a comparison that you enter your particular transfer details to ensure you're comparing the exact same thing.
How long does it usually take?
Typically, the method you choose to transfer money will be the main factor that will impact how fast you can send your money overseas.
- Bank to bank transfers take 2-5 business days
- International Money Transfers take 0-4 business days
- Wire transfer take 1-4 business days
Sending cash to be collected overseas
This kind of transfer is often very fast, often taking just a few minutes. But sending cash overseas can be expensive. You have three options to send cash directly to the person you wish to send your money to.
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. MoneyGram is our least favoured option, often with higher fees.
Typical costs to send money overseas
Sending money overseas is full of hidden costs. Exactly how much it costs to send money overseas differs between money transfer providers.
At the end of the day, the total cost comes down to two common fees:
- Exchange rates: there is no “standard” exchange rate. It changes all the time. 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.
- 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.
Easily compare the exchange rates and transfer fees of multiple companies through our free online comparison tool.
How to send money overseas without a fee
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
Sending money overseas through a bank
Sending foreign currency from your Australian bank account to an overseas bank account using your bank can be expensive. Banks charge high fixed fees and worse exchange rates than companies like TransferWise, XE Money Transfer, WorldRemit and similar businesses.
We think it’s vital for you to make a fair comparison though, so we’ve reviewed the following banks and share what’s good and bad about each one.
More helpful information, tools and videos
Here at The Currency Shop, you’ll learn how to save on transfer fees when sending money overseas from Australia.
We have fast and easy guides and tools including:
Your currency knowledge centre
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