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To those who are looking to buy property abroad, or perhaps looking to expand businesses overseas, you will need to know the best way to transfer large amounts of money overseas.

For transfers $100,000 and more, the main thing to focus on is the exchange rate you receive. This rate can be wholly detrimental to the final amount you send or receive.

You can arrange this transfer through the following:

  1. Banks
  2. Money Transfer Providers


4 costs to consider when transferring $100,000 overseas

Cost of sending money overseas

Particularly for larger amounts being transferred, it is worth highlighting that the most important cost to focus on is the exchange rate you receive. Any offered rate, no matter how minutely different it can be to others, can be the difference between a lot of money for transfers of $100,000 or more. Here are four of the main costs to consider:

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


1. The baseline exchange rate

Otherwise known as the ‘mid-market’ or ‘interbank’ rate, the baseline exchange rate indicates how much money one currency is worth when you exchange it to another. These rates will fluctuate due to contributing factors such as the financial market, global events etc.

In early 2017, $100,000 AUD would get you roughly $76,835.23 USD through the baseline exchange rate.


2. The exchange rate margin

Essentially, this is the difference between the baseline rate and the offered rate. This margin is important because it will determine how much money you get at the end of your transfer. Banks tend to apply a larger margin and make more profit from the margin, whereas other companies will take a smaller cut.

TIP: This margin is vital when transferring larger amounts of money, so be aware when you are transferring your $100,000. 


3. A commission fee

Some providers and banks will charge a commission fee on top of their other fees and exchange rates. This can vary between 1-5% so beware of this before transferring your money, and do research this before choosing your method of transfer.


4. A flat fee

Nearly all providers and banks will charge a flat rate fee for transferring your money overseas. However for amounts such as $100,000, this will usually be waived due to the amount of money. A flat rate fee of $40 is, in the grand scheme of things, not much compared to $100,000 so most banks and providers will take it off as an attractive incentive. However, it helps to know the flat rate fees as an estimate:


How to Find the Cheapest Way to Transfer Money 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.

Money Transfer Comparison Tool


How Much USD Would You Get In Exchange For $100,000 AUD?

The general rule is dedicated currency providers are cheaper, and you will get more value for your money after their exchange is applied, and their fees deducted, than a bank.

In February 2017, the rates are as follows:

  • 0.768 — 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 (the rate you would find on Google, or xe.com).


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

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


We’ve put together a table below to show an estimated figure for what you get for $100,000 AUD-USD.

  • Note that most currency exchange providers will not allow you to see a quote based on their own customer rates (rather than the baseline exchange rate) until you sign up with them and obtain a quote. In these cases, we have put the baseline rate offered on their websites.

All figures were collected in February 2017 and are an estimate.


AUDFees in AUDTotal Received in USD 
TorFX$100,000$0$74,968.11 (Cheapest)
Commonwealth Bank$100,000$22 – $30**$70,994.38 (Most Expensive)
ANZ$100,000$18 – $32**$72,097.02
NAB$100,000$22 – $30**$71,458.56
Westpac$100,000$20 – $32**$71,215.75

*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.


Case Study


Joseph is originally from California, USA but has been lecturing at The University of Melbourne for the past three years. As his research now brings him back to the US, Joseph has had to sell his apartment in Melbourne.

Luckily, he had an offer come in and accepted very shortly after putting it on the market, and the next stage he had to consider was transferring the funds back to his US bank account. As the amount was so large, he knew the exchange rate he got on the transfer would make all the difference in the conversion of AUD-USD.

With this in mind, he researched about and found that OFX seemed like his best bet. He was not only impressed at their easy and strong online presence, but the rates he received were great. He found that he saved over $3500AUD on his transfer in comparison to his bank. Joseph flew back to California happy with his choice, both in career and finance.






We know that a lot of people will have questions regarding their transfer and the details that surround this. That’s why we have put together a list of frequently asked questions below that might help you in your enquiry. If not, please feel free to call one of our experts.


How do I know when my transfer has been completed?

When you set up an account with a money exchange provider, you will need to provide your personal details, including either your email address or phone number. This is for the exact reason of notifying you when your money has successfully transferred – with some companies/banks you can set up SMS alerts, or simply just receive an email.


Are there different types of transfers that I can do?

Yes there is. Providers offer various types of transfers to their customers. You will have the options 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.


Should I compare currency providers before transferring my money?

Yes. All banks and currency providers will offer competitive rates against one another. These rates will reflect the details of your transfer i.e. where to and how much you are transferring as well as what payment method you choose. It is important to research this before you transfer.


Do some currency providers offer fee-free transfers?

Yes. All providers will waive their flat rate fee for larger transfers such as $100,000.


How quickly will my money take to transfer?

Money will usually take between 2-4 working days depending on when you transfer during the day, and whether you choose to transfer through a provider or a bank.


What other charges should I look out for?

The bank you are transferring to abroad will usually take their own cut, so it is important to research how much this will be and be aware that it will be taken off the final amount you or your recipient will receive.

Are there minimum and maximum limits to transferring money overseas?

Yes. These limits will vary with each company or bank, for instance WorldFirst have a $250 minimum transfer, as does OFX. In comparison, HiFX has a $50 minimum amount and TorFX have no minimum transfer amount. Depending on how much you wish to transfer, it is worth researching.



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.