International Bank Transfer Fees: All Costs Revealed [2026]
International bank transfers allow you to send or receive money anywhere in the world. But how much do international bank transfers really cost?
The true cost of international transfers can be confusing to work out, as several different fees can apply when you send a payment overseas. Plus, the costs can vary based on the provider you pick, the destination, the currenciesinvolved and how fast you need your money to arrive.
This guide runs through the fees to look out for when sending an international bank transfer, including a comparison of some major Australian banks against specialist money transfer providers like Wise and OFX. Picking a specialist like Wise, WorldRemit or OFX can be a smart way to avoid some of the costsinvolved with sending money overseas with a bank – and may mean your money arrives faster too.
At a glance: International bank transfer fees
- Hidden exchange rate costs: Most banks add a markup to the mid-market exchange rate, which can often be the most expensive part of your transfer.
- Three main fee types: Total costs usually consist of a transparent sender fee, third-party intermediary (SWIFT) fees, and the currency conversion markup.
- Bank vs. specialist providers: Banks often charge higher fees and offer less competitive rates compared to money transfer providers like Wise or OFX.
- Transparency matters: Using a provider that uses the mid-market rate and splits out fees clearly makes it easier to calculate the true cost of your payment./li>
- Intermediary charges: On the SWIFT network, partner banks can deduct service fees as the money moves, meaning your recipient might get less than you originally sent.
International bank transfer fees explained
Banks are obliged to tell you the fees you’ll pay for any international bank transfer you make – but the real costs of your payment can still be complicated, thanks to several different fees and – often – a whole bunch of different ways to set up your transfer.
As a general rule, transferring money in person will usually be more expensivethan doing so online or through your bank’s mobile banking service. You’ll also sometimes find that transferring money to another account within the same bank is cheaper than transferring money to a different bank.
That said, the total cost of sending money overseas can still be high. According to World Bank figures, the average cost of an international bank transfer can be around 6% of the amount transferred. These costs are usually divided into 3 different fee types – let’s break them down one by one
Sender fees
The sender fee, usually described as a transfer fee, is normally transparentand set out in your account terms and conditions. However, sender fees may vary based on how you set up your payment, online or in person, for example, the value of the transfer, and where the money is headed.
Receiving fees
Depending on how you set up your payment, there are also likely to be receiving fees, including third party charges and costs applied by the recipient’s own bank. Third party charges can often creep in when you send a SWIFT payment, as the money can be routed through one or more partner banks, called intermediaries or correspondent banks, which can deduct a service fee as they process the payment.
To give an idea, Commbank publishes a list of average correspondent bank fees by currency and country. This shows that the extra fee to send a Euro payment may be around 12 EUR, and when sending money to the UK you’ll pay an extra 6 GBP on average. These fees are in addition to the transfer fees you’ll pay when you set up the payment in the first place.
In some cases, the sender can choose to cover some or all of these third party fees – but if not, they’re effectively paid by the recipient, as they are deducted from the payment before it’s deposited. That means the recipient gets less than you might expect.
Exchange rate fees
Finally you’ll usually run into exchange rate fees when you send a payment overseas with a bank. These costs can be called an exchange rate markup or spread. Exchange rate fees are tricky to spot as they are usually a percentage fee added onto the exchange rate applied to change your dollars to the currency you need. Exchange rate fees can mount up quickly, until they’re often the highest of all the fees you’ll pay on your transfer.
In general, the overall costs of sending an overseas transfer with a bank can be less transparent than using a specialist provider like Wise or OFX. Specialist services also tend to offer better exchange rates compared to certain banks. Some, like Wise, pass the mid-market rate directly on to customers, and split out the full costs of the payment transparently so it’s easy to check and compare.
Cost of an international transfer: A comparison
It’s important to compare the different options available to you before transferring money abroad. Fees, exchange rates and delivery times can vary hugely between providers, with most banks often lagging behind specialist services.
From Australia you may have the choice of 2 different types of international transfer:
- International transfers with a specialist service – online and in-app providers can help you move your money all over the world
- SWIFT transfers – the most common way to send an international transfer from Australia when you arrange payment through a bank
We’ll cover the fees for these different payment types in more detail a little later.
SWIFT payments can be pricey, and can take a few days to arrive. However, even with SWIFT transfers, the fees and exchange rates you’ll get can vary widely between different certain banks and specialist providers. If you send your money with a money transfer provider instead, your payment could be routed through a different payment network, which may be more efficient – and cheaper.
To illustrate, let’s look at a comparison between 2 major Australian banks and a couple of specialist services – Wise or OFX.
In this comparison we are assuming you’re sending a standard transfer online, of 1,000 AUD to be deposited in USD. To show the impact of both exchange rate fees and sender fees, we’ll focus on how much your recipient gets in the end with each provider:
| Provider | Fees | Exchange rate | Recipient gets |
|---|---|---|---|
| Wise | 5.45 AUD | 0.7047 | 700.86 USD |
| OFX | 15 AUD | 0.6893 | 689.30 USD |
| ANZ | 9 AUD | 0.6851 | 678.93 USD |
| NAB | 0 AUD | 0.68661 | 686.61 USD |
Information correct at time of writing – 18th March 2026.
As you can see in this comparison, the recipient gets more if you pick a specialist money transfer provider like Wise, as opposed to a major Australian bank.
In most cases, the difference in how much your recipient gets comes down to the exchange rate used to convert your funds from Australian dollars to US dollars, rather than the upfront transfer fee. That’s why it’s important to pick a provider which uses the mid-market exchange rate – or as close as possible to it – to get the best available deal.
What factors impact the cost of international bank transfer fees?
When you send money overseas, there are several factors that can influence how much you’ll pay:
- Delivery speed: Some providers and banks offer expedited services which might get your money moving faster, but can cost more
- Currencies and countries involved: Many banks and money transfer services have variable rates and fees depending on the country you’re sending to, and the currency you need to have deposited at the other end
- Payment provider: Which payment provider you select can make a huge difference to the overall cost of your transfer. Specialist services often beat certain banks on costs and offer better exchange rates, too
Fees applied on international SWIFT transfers
If you’re arranging your transfer through your bank you’ll usually be offered a SWIFT transfer. SWIFT is the payment network favoured by most banks for over 50 years, in which a sending bank works with one or more intermediary banks to route a transfer to its destination – a bit like taking a journey involving several connecting flights. SWIFT fees can vary widely, and can often be costly.
You might find you’re better off choosing a specialist payment service like Wise to get lower fees and a better rate compared to your bank. That’s because specialist services have built their own payment networks to avoid SWIFT, and the fees which come along with it, to get your money moving faster and for a lower fee.
Currency conversion fees
We mentioned earlier that you’re likely to pay exchange rate fees when you send money overseas with a bank. But what does that really mean?
When you look for an exchange rate on Google or with a currency converter tool, you’ll be shown the mid-market exchange rate. That’s the rate a bank or specialist transfer service gets when they buy currency on wholesale markets. However, it’s not usually passed on to customers. Instead, most banks add a markup (an extra fee) to the rate they use for retail transactions, which can be in the region of 3% to 5% depending on the currencies and the specific provider in question.
That may not sound like too much but it quickly mounts up. Here’s an overview of what a 3% markup will do to your overall costs on a few different transfer values:
- If you’re sending a payment of 1,000 AUD, a 3% markup will add 30 AUDto your overall transfer costs
- If you’re sending a payment of 5,000 AUD, a 3% markup will add 150 AUDto your overall transfer costs
- If you’re sending a payment of 10,000 AUD, a 3% markup will add 300 AUD to your overall transfer costs
Exchange rate markups are also difficult to spot, making it harder to work out the true cost of your payment. Compare your bank’s rate to the mid-market rate to see the difference.
Writer’s tip: Spotting hidden international bank transfer fees
To uncover the true cost of your payment, check the exchange rate markup before you hit send. Most banks advertise a low upfront fee but apply a rate that is 3% to 5% worse than the mid-market exchange rate you see on Google. This difference is a hidden fee that often costs significantly more than the official transaction charge itself.
When sending large amounts, even a small decimal difference in the rate can mean hundreds of dollars less for your recipient. Use an independent currency converter to verify the mid-market rate in real time so you can accurately compare what a provider like Wise or OFX is saving you versus a bank.
How to avoid international transfer fees
There’s no such thing as a completely free international transfer, but it’s possible to find ways to reduce the cost when sending money abroad.
Compare exchange rates
We saw in our comparison earlier how much a bad exchange rate can impact the amount of money your recipient gets in the end. Bank exchange rate markups vary, and can be high. Compare a few providers, like Wise and OFX, against your own bank, to see if you can get a better rate.
Comparing your options has never been easier. Just use the Currency Shop price calculator to easily see what the cheapest providers are for any currency route.
Go for transparency
Bank fees for overseas payments are complex. And that makes it difficult to see exactly what you’re paying, or how much your recipient should get in the end.
You may find it easier with a specialist provider to see the full costs of your payment – plus you can usually control the amount your recipient gets at the other end. Check out services like Wise for fully transparent fees and the mid-market rate, or alternatives like OFX and WorldRemit which also offer easier ways to control the costs you pay, and how much your recipient gets in the end.
International bank transfer fees explained
Sending a payment overseas with your bank may be familiar – but it could mean you’re in for higher fees and a worse exchange rate, compared with a specialist service like Wise or OFX.
Before you start to arrange your payment, compare a few alternative options on the Currency Shop price calculator. You might be surprised at how much you can save.
FAQ – International bank transfer fees
How much does it cost to send an international transfer?
International transfer fees vary widely based on the value of your payment, where you’re sending money to, and the specific bank or provider you pick. You may find that specialist services like Wise, OFX and WorldRemit offer more transparent fees and a better rate compared to a bank.
Are international transfers free?
International transfers are not free. However, some banks and providers may state that they can offer ‘fee free’ transfers overseas. In this case, they’re likely just hiding their fees in the exchange rates used to convert your dollars to the currency you need. That’s not transparent and may mean you end up spending more than you realise on your transfer.
Which bank is best for international transfers?
There’s no single best provider for international transfers. It’ll usually come down to the specific payment you need to make. Money transfer providers like Wise and OFX can often offer exchange rates which beat most banks, and lower overall costs. Compare a few options before you get started to make sure you get the best available deal.
Who covers the fees of an international bank transfer?
There are several fees involved with sending an international transfer, which can mean that both the sender and recipient end up paying some of the costs. If you want to limit the costs of your international payment, try using a specialist service like Wise which cuts the overall fee, and is completely transparent in what you’re paying for your overseas transfer.
What are the fees for international money transfers?
The total cost of a transfer is usually made up of several layers. These include an upfront sender fee, a markup on the exchange rate (often the largest hidden cost), and third-party intermediary bank charges. Additionally, the recipient’s bank may charge an incoming fee to deposit the funds.
How much does it cost to do an international money transfer?
The total cost varies depending on the provider and the amount sent. For a standard 1,000 AUD transfer, a bank might charge $0–$30 in upfront fees but add $30–$50 through a 3%–5% exchange rate markup. Specialist providers could reduce these total costs by using tighter margins and the mid-market exchange rate.
How much does an international money transfer cost?
The total cost depends on your chosen provider. For banks, costs are often composed of an upfront fee and an exchange rate markup, which can significantly increase the total price of sending money. Specialist money transfer providers like Wise can be cheaper as they use the mid-market rate and charge a small, transparent fee, ensuring more of your money reaches its destination.
What is a SWIFT money transfer fee?
A SWIFT money transfer fee is a charge for using the standard global network favored by banks, and can increase if intermediary banks are involved in the process. Many money transfer providers now avoid these extra costs by using their own local payment networks instead of SWIFT.
Useful resources
- Reserve Bank of Australia (RBA): Analysis of international payment trends and costs
- World Bank: Global database for remittance prices and transfer costs
- SWIFT: Information on frameworks for global and consumer payments
- Wise: Official pricing and fee transparency for Australian users
- OFX: Details on international transfer rates and service fees
