Lady researching on how to transfer $10000 overseasWith more people than ever needing to send money abroad, the methods of which you can do so are also increasing.

Whatever method you choose to transfer your money, you can usually do so through the following options:

  1. Banks
  2. Money Transfer Providers

We know that choosing the right method for you and your circumstances is important, so we’ve put together an informed article with all the small details explained, along with an estimated amount of how much money you would get for your $10,000 AUD.


Table of contents

  1. The general costs to consider when transferring your money overseas
  2. How much you would get in exchange for $5000 AUD in USD
  3. FAQs
  4. Security

4 costs to consider when transferring money overseas

Cost of sending money overseas

There are various costs incurred when you transfer your money overseas. We’ve put them in a list below:

  1. The baseline exchange rate
  2. The exchange rate margin
  3. A commission fee
  4. A flat fee

1. The baseline exchange rate

This indicates how much one currency is worth when you exchange it to another – otherwise known as the ‘mid-market’ or ‘interbank’ rate. These rates will fluctuate depending on factors such as the financial market, global events etc.

In early 2017, $10,000 AUD would get you roughly $7671.00 USD through the baseline exchange rate.


2. The exchange rate margin

This is the difference between the baseline exchange rate and the rate you are offered by banks or money transfer companies. This margin will differ with each method e.g. banks will take more profit from the margin and give you less value for your money, whereas other companies will take a smaller cut and give you more value for your money.


3. A commission fee

This is an additional fee, between 1-5%, that particular providers and banks will charge on top of their other fees and exchange rates. It is important to be aware of this before transferring your money, as it could reduce the final amount transferred.


4. A flat fee

Most banks and providers will charge a flat rate fee for transferring your money overseas. This fee is small in most cases, but if you are making regular payments then it is important to be aware of this as the fees can quickly accumulate, resulting in you paying a lot more money than you originally planned.

  • Banks: $18-$40 per transfer
  • Currency providers: $10-$15 per transfer

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.

How Much USD Would You Get In Exchange For $10,000 AUD?

In short, you get more value for your money through a dedicated currency provider than a bank due to various factors, of which has been explained above. Another factor will be the rates you receive.


In February 2017, the rates are as follows:

  • 0.766 — Mid-market exchange rate or Interbank rate


Currency providers and banks make their profit on the margin they choose to add to the mid-market exchange rate.


On average, the rates for currency providers and banks are as follows:

  • 0.755 — Currency provider exchange rate
  • 0.735 — Bank exchange rate


Based on these rates, we have put together a table showing the effect of these rates as well as the additional fees added to your transfer You will see the estimated savings in comparison to banks in Australia.

AUD Fees in AUD Total Received in USD 
OFX $10,000 $0 $7,486.27 (Cheapest)
HiFX $10,000 $0 $7,459.25
TorFX $10,000 $0 $7,476.48
WorldFirst $10,000 $0 $7,485.51
TransferWise $10,000 $69.51* $7,463.76
Commonwealth Bank $10,000 $22 – $30** $7,085.38 (Most Expensive)
ANZ $10,000 $18 – $32** $7,198.02
NAB $10,000 $22 – $30** $7126.56
Westpac $10,000 $20 – $32** $7,108.75

*TransferWise only ever use the mid-market exchange rate, so unlike all other banks and currency providers they make a profit in fees.
**When there are two fees shown, this means the two fees for online and in-branch.



How to Find the Cheapest Way to Transfer $10,000 Overseas

Compare The Total Cost

The total cost of the transfer comes down to 2 things:

Money transfer fees

1. Transfer Fees

Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.

Exchange rate margin fees

2. Exchange Rate Margin

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.

Provider Exchange
Total (AUD) Rates last updated September 19 2018
TransferwiseRead Review 0.7250 $63.57 1-2 Days $13,856.67Lowest Cost Option Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7250 will cost you $13,856.67 which includes a fee of $63.57

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review


  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products


  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

TorFXRead Review 0.7214 $0.00 2-3 Days $13,862.42$5.75 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7214 will cost you $13,862.42 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.


  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better

XERead Review 0.7211 $0.00 2-3 Days $13,867.99$11.32 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7211 will cost you $13,867.99 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review


  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.


  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.

WorldFirstRead Review 0.7207 $0.00 2-3 Days $13,876.36$19.69 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7207 will cost you $13,876.36 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review


  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available

HIFXRead Review 0.7207 $0.00 2-3 Days $13,876.36$19.69 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7207 will cost you $13,876.36 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review


  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts


  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead Review 0.7178 $3.99 1-2 Days $13,936.03$79.36 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7178 will cost you $13,936.03 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review


  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount


  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead Review 0.7152 $0.00 1-3 Days $13,982.10$125.43 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7152 will cost you $13,982.10 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.


  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers

ANZRead Review 0.6963 $0.00 1-2 Days $14,361.63$504.96 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6963 will cost you $14,361.63 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.


  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking


  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available

Commonwealth BankRead Review 0.6857 $12.00 1-2 Days $14,595.64$738.97 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6857 will cost you $14,595.64 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.


  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions


  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates

WestpacRead Review 0.6736 $10.00 1-2 Days $14,855.61$998.94 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6736 will cost you $14,855.61 which includes a fee of $10.00
Westpac is one of the big four banks in Australia offers speedy and secure transfers.


  • Fast payment processing times
  • Secure transfers


  • Must be Westpac account holder
  • $20 fee for transfers via Internet or phone banking
  • $32 fee for transfers at an ANZ branch
  • Poor exchange rates


WATCH: 4 Tips for Making an International Money Transfer


Case Study


John has been looking to expand his fitness business overseas, and after three successful years in Sydney and Melbourne, John wants to explore setting up another gym in New York with a friend in the US.

After several flights over, and picking the best location, the time comes for John to transfer some money overseas.

Luckily, John had excellent experience through HiFX in the past and decided to go through them again. He was assigned a dedicated dealer to help him with the transfer, and with no fees and better exchange rates than his bank, he completed his transfer safely and easily online to his friend’s US business account.



We know currency exchange can be a confusing process, especially filled with jargon and permanently fluctuating rates, meaning the information you look at is never set for very long.

Are there different types of transfers that i can do?

Yes. These options will differ with each money provider and bank, but in general, you will have the option of a standard single transfer, a forward exchange contract (where you can lock in an exchange rate on a payment you wish to make in the future), or a regular (recurring) payment. You will need to do your research on this beforehand.


How do I know when my transfer has been completed?

You will need to provide your contact details when you set up an account with a money exchange provider, including either your email address or phone number. Some companies/banks will send you an SMS alert, or simply an email when your money is transferred safely.

Should I compare currency providers before transferring my money

Definitely. All currency providers offer competitive rates which reflect the details of your transfer i.e. how much you plan to transfer, the destination you wish to transfer to and which payment method you wish to proceed with. Some providers will charge a flat rate fee, which is usually taken off with transfers over $10,000, while others will charge a rate that fluctuates.


Do some currency provider offer fee-free transfers?

Yes. A lot of providers will offer fee-free transfers for any amount over $10,000. TransferWise retain their fees but this is based on offering a better exchange rate than their competitors.

How quickly will my money take to transfer?

Your transfer will take between 2-4 working days depending on the details of the transaction.


What other charges should i look out for?

In a lot of cases, the bank on the receiving end of the transfer will take their own cut, so be aware.


Are there minimum and maximum limits to transferring money overseas?

Yes. These limits will differ with each company or bank. TorFX have no minimum transfer amount, with HiFX only having $50 as a minimum transfer. However, in comparison, other providers such as OFX and WorldFirst have a $250 minimum transfer. Most maximum transfer amounts are $1,000,000.


All currency providers listed in this article hold Australian Financial Services Licenses and are members of the Australia Financial Ombudsman Service.

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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 videosguides 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.