International Money Transfer Regulations

If you’re sending a high value payment overseas it’s helpful to have an overview of international money transfer regulations so you know your duties, and what is and is not allowed. This guide covers what happens when you transfer money from overseas to Australia including tax implications, reporting duties and limits to know about.

We’ll also introduce providers like Wise and Xe which offer fast and efficient ways of sending  high amount transfers.

What is the maximum amount of international transfer without taxes?

Whether you need to pay tax on an international money transfer depends on where the money came from, where it’s heading and the value – among other things. There’s not a blanket tax on transferring money to Australia from overseas, or on sending payments abroad – but taxes might apply depending on the specific details of the transfer.

If you’re sending or receiving a payment of salary, income tax may be owed. If you’re sending money from interest earned on your savings, taxes may apply here – and so on. Whether or not a tax is owed is complex, and if you’re ever unsure on your duties you’ll need to get professional advice to help.

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Learn more about tax implications of receiving money from overseas

What happens if you transfer more than 10,000 AUD?

If you send a digital payment of 10,000 AUD or the currency equivalent, the payment is reported to AUSTRAC by the bank or payment provider which processes it. As the sender you do not have to do anything.

If you’re carrying cash, or non-cash instruments like travellers cheques or bonds over the border in your luggage the duty to report this is yours. However, for electronic transfers made between banks and licensed providers, it’s the provider which takes on the reporting role.

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You may also like: Sending International Transfers Over $10000

What is the best way to send large amounts of money? overseas?

There’s no single best way to send a payment overseas. As long as you’re using a licensed and regulated provider, your transfer should be processed safely – so the best option will normally simply come down to personal preference, and the fees and rates offered by different providers.

It’s worth shopping around for different payment providers, considering the fees, exchange rates, transfer limits, delivery speeds and other factors. You’ll find a range of providers offering different features and benefits, so you’ll have to weigh up which is the best choice for your specific payment. Here are a few providers you may want to consider.

Details correct at time of research – 20th May 2025

Wise

Wise offers payments to 160+ countries, which you can arrange online and in the Wise app. Transfers are processed quickly and securely, and you’ll be able to track your payment by logging into the Wise app.

Currency exchange uses the mid-market exchange rate with no fee added, and a small, transparent transfer fee which starts from 0.65%.

Wise offers high value payments, and has discounts on fees when you send 20,000 GBP or the equivalent in a single payment, or as a cumulative amount over the course of a month.

• Sending limits: Up to 1.8 million AUD per transfer, depending on payment method
• Exchange rate: Mid-market rate
• Sending fees: Low, variable fees from 0.65%

Details correct at time of research – 20th May 2025

Is Wise safe to send money?

Yes. Wise uses industry level security as standard, and offers live tracking of all payments in the app

Wise Australia is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL). Wise is also Australian Prudential Regulation Authority (APRA) authorised and a reporting entity with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

XE

XE Money Transfer supports payments from Australia to 200+ countries, with variable fees and exchange rates depending on where you’re sending to.

You can arrange your payments online or in the XE app, for deposit to bank accounts globally.

The XE transfer limit from Australia is set at 750,000 AUD, with different limits if you use the service from another country.

• Sending limits: Up to 750,000 AUD per transfer
• Exchange rate: Exchange rate may include a markup
• Sending fees: Variable fees based on the payment type

Details correct at time of research – 20th May 2025

Is XE safe to send money?

Yes. XE is part of a huge organization which uses industry standard protocols to protect customer money, data and accounts.

Xe Money Transfer is a service provided by HiFX Australia Pty Ltd, which is registered in Australia, holds an Australian Financial Services Licence and is regulated by Australian Securities and Investments Commission.

OFX

OFX is a specialist in international payments and currency conversion, which offers high value international transfers with no upfront transfer fee.

You can arrange your payment online or in the OFX app, but the service the brand is best known for is offered by OFX brokers, who you can talk to on the phone 24/7.

There’s also no limit to the amount you can send with OFX – if your bank has a limit you can send in partial payments to fund your transfer in stages. OFX exchange rates include a small fee.

• Sending limits: No limit
• Exchange rate: Exchange rate may include a markup
• Sending fees: No fee over 10,000 AUD – 15 AUD below that

Details correct at time of research – 20th May 2025

Is OFX safe to send money?

Yes. OFX uses secure processes, and also has a 24/7 phone service if you need to track a payment

OzForex Limited (trading as OFX) is regulated by ASIC and a Member of the Australian Financial Complaints Authority (AFCA).

Remitly

Remitly offers international payments with a variety of payout methods, on popular remittance routes.

You can have money sent to a bank account, mobile wallet, or for cash pickup, depending on your recipient’s location.

Remitly has fairly low limits for payments from Australia of 45,000 AUD per transfer, to protect customers and ensure account security.

• Sending limits: 45,000 AUD per transfer
• Exchange rate: Exchange rate may include a markup
• Sending fees: Variable fees based on transfer details

*Details correct at time of research – 20th May 2025

Is Remitly safe to send money?

Yes. Remitly uses secure registration processes and has an extensive anti-fraud education centre.

Is there a limit for sending money overseas?

While there’s no legal limit on the amount you can send overseas, providers do usually impose their own limits to help keep accounts secure. In some cases you may be able to increase your basic limit if you provide additional documents to support the payment, and to show the source of the funds.

Different providers can have very different payment limits – here’s a summary of the services we’ve looked at in this guide:

Source: Provider websites, May 2025

Do banks and providers have to report international transfers?

If you send a digital international payment of 10,000 AUD or the currency equivalent, the payment is reported to AUSTRAC by the bank or payment provider which processes it.

Do I need to notify my bank of a large transfer?

The most convenient way to send a large wire transfer is online or in your mobile banking service. However, if your transfer is over the bank’s specific electronic transfer limit for your account, you may need to visit a branch instead. This can cost more.

Banks may have low limits on the amount you can send electronically. However, you’ll usually find you can have these limits increased if you arrange your payment in a branch.

To give an example, Commbank’s limit for digital transfers overseas is just 5,000 AUD. To send more you need to go to a branch in person. The default limit for NAB is the same – you may be able to increase this by calling the bank. With ANZ the default digital daily limit is only 1,000 AUD – to increase this you need to get additional security features, and then you can send up to 25,000 AUD online.

If you don’t have the time to visit your bank’s branch to set up your payment, using a digital specialist provider with high transfer limits, like Wise or OFX might be more convenient. As digital first services, providers like these will allow you to submit any required paperwork electronically rather than needing you to go to an office in person.

How are international transfers regulated in Australia?

Digital transfers of over 10,000 AUD are overseen by AUSTRAC which monitors, prevents and detects financial crime.

What are the taxes on international money transfers?

The tax on transferring money to Australia from overseas, or on sending a payment from Australia to another country depends on a number of factors. If you’re unsure about whether or not you need to report an international payment, or whether or not you need to pay tax on it, it’s important to take professional advice.

Different types of tax may apply, depending on the nature of the payment, where the funds originated and the value. For example, if you’re sending a high value payment to someone as a gift, you need to check on whether Gift Tax is required in the destination (although this is not usually needed in Australia). If a payment relates to income including employment income, interest, dividends or similar, income taxes may be due. Get professional help to ensure you comply with the relevant law.

International transfer reporting requirements

If you send a digital international payment of 10,000 AUD or the currency equivalent, the payment is reported to AUSTRAC by the bank or payment provider which processes it. If you’re carrying cash or other similar instruments, or if someone is mailing you a cash payment, cheque or other form of money, you may be required to report this to AUSTRAC yourself.

Keeping on top of your taxes is essential, and it’s not always straightforward. We’ve not set out all the rules regarding tax on international payments here – so you’ll still want to seek professional support if you’re at all unsure.

Information needed to make a transfer overseas

When you send money overseas to be deposited in a bank account you’ll need to have all the information needed to process the payment safely, which will usually include:

• The recipient’s name, as shown on their account
• The recipient’s bank account number
• The recipient’s bank name and address
• The recipient’s bank SWIFT/BIC code

Some countries also need some additional information, such as a sort code for payments to the UK. Your recipient will be able to tell you if there’s more detail needed for the transfer.

Aside from this, you may be required to prove the source of the funds, particularly if you’re sending a very large payment abroad. In this case you’ll be asked to provide some extra documents to the bank or payment provider which is processing your transfer, to demonstrate that the funds have been legally obtained. The paperwork you need can vary a lot depending on where the money came from, but may include the following:

What are penalties for not following the rules?

Penalties, including fines and imprisonment, can apply for not reporting monetary instruments when you enter or leave Australia, or send or receive money overseas – for example by mail or using a courier. If you’re using a remittance service or bank, the provider is responsible for the reporting, so there is usually no need for you to take any reporting action yourself.

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Learn more about international money transfers

Conclusion

You can send money overseas easily enough these days, but it’s important to be aware of the rules and regulations which apply both in Australia and in the destination country. Generally there’s not a limit to how much you can send, but individual banks and providers will usually impose limits on payments for security. You’ll also often need to provide extra paperwork with high value international payments, to prove the source of the funds and to comply with law.

This guide covers some of the basics related to sending international payments – but it is still very important to get individual professional advice if you’re not sure whether you need to report a payment, or pay taxes.

• Send money overseas with a bank or a regulated provider like Wise, Xe or OFX – fees and exchange rates vary so shopping around is important
• There’s not a legal limit to the amount you can send overseas, but payments over 10,000 AUD are reported to AUSTRAC, and tax may apply depending on the type of payment
• When you send a high value payment you’ll often need to provide some additional documents to support your transfer, proving the money has come from legal sources
• Your bank might ask you to visit a branch to make a high value international payment while digital first providers like Wise and XE can help you complete the necessary verification steps with your phone or laptop

International money transfer regulations in Australia FAQs

What law governs international transfers?

The key laws which apply on international transfers are around anti-money laundering and counter-terrorism financing. AUSTRAC and other agencies enforce and oversee these laws for digital payments.

Do transfers over 10,000 AUD get reported?

If you make a transfer using a bank or money transfer service the bank or provider will report your payment to AUSTRAC if it is over 10,000 AUD in value.

If I receive money from overseas is it taxable in Australia?

Whether tax is owed on a payment received in Australia from abroad depends on factors like the value, the origin and the reason for the payment. Get professional advice if you’re unsure how to comply with the law.

Do I have to pay tax on money transferred from overseas to Australia?

Whether or not tax needs to be paid when you make a transfer out of Australia depends on things like the reason for the payment and its value. You’ll need to get professional advice to assess whether you need to report your transfer, or to calculate any owed taxes.