Here at The Currency Shop, we want to help you get the most out of your international money transfers

We compared all the different ways to send your money from Australia abroad — via two of our most popular banks, PayPal, and two specialist currency providers.

We’ll share the results below, so you can see how much sense it makes to use a specialist money transfer service over any other method.

1. Overseas Money Transfers via ANZ Bank

Overseas Money Transfers via ANZ

ANZ Bank — Typical Fees and Exchange Rates

  • Internet banking — $18 per transfer for most transfers, reduced to $12 per transfer if you’re sending more than $10,000 AUD.
  • In branch, over the phone, or via a foreign exchange center — $32 per transfer.
  • $9 per transfer if you’re sending to Fiji, Samoa, Vanuatu, Kiribati, or Tonga.
  • The ANZ Bank currency exchange rate is 4% worse than the interbank, mid market rate.
  • Here’s what the combination of these fees looks like in practice, and how much you can expect to lose when sending money via ANZ Bank.

Comparing Money Transfer Services – ANZ Bank

Converting $1000 AUD to $USD Converting $10,000 AUD to $USD
Base Exchange – Mid-Market Rate $756 $7,565
ANZ Bank – Online Exchange $714 $7,259
Difference – ANZ Bank vs. Base Exchange Rate -$42 -$306
Percentage Difference -5.6% -4.0%



2. Overseas Money Transfers via Commonwealth Bank

Overseas Money Transfers via CBA

CommBank — Typical Fees and Exchange Rates

  • Internet banking — $12 for sending money online via NetBank or through the CommBank app or $6 for amounts under $1,000
  • In branch — $30 for sending money from a branch.
  • The CommBank currency exchange rate is 5.6% worse than the interbank, mid market rate.


Comparing Money Transfer Services – Commonwealth Bank

Converting $1000 AUD to $USD Converting $10,000 AUD to $USD
Base Exchange – Mid-Market Rate $756 $7,565
Commbank Bank – Online Exchange $710 $7,174
Difference – Commbank vs. Base Exchange Rate -$46 -$391
Percentage Difference -6.1% -5.2%




3. Sending Money Overseas via PayPal

Overseas Money Transfers via Paypal

Paypal — Typical Fees and Exchange Rates

  • The PayPal currency exchange rate is 3.5% worse than the interbank, mid market rate.
  • You will pay an additional fee of 1% if you fund your transfer via your PayPal balance or a bank transfer.
  • You will pay an additional fee of 3.9% plus $0.30 AUD if you fund your transfer via a debit or credit card.


Comparing Money Transfer Services – Paypal

Converting $1000 AUD to $USD Converting $10,000 AUD to $USD
Base Exchange – Mid-Market Rate $756 $7,565
PayPal – Funded by PayPal balance or bank transfer $722 $7,225
Difference – PayPal vs. Base Exchange Rate -$34 -$340
Percentage Difference -4.5% -4.5%
PayPal – Funded by PayPal credit or debit card $700 $7,004
Percentage Difference -7.4% -7.4%




4. Sending Money Overseas via OFX

Overseas Money Transfers via OFX

ANZ Bank — Typical Fees and Exchange Rates

  • For lower amounts, OFX typically charges around $15 depending on where you are sending money to.
  • For larger amounts, there is no transfer fee from OFX to send money internationally.
  • The OFX currency exchange rate is 0.5% worse than the interbank, mid market rate.


Comparing Money Transfer Services – OFX

Converting $1000 AUD to $USD Converting $10,000 AUD to $USD
Base Exchange – Mid-Market Rate $756 $7,565
OFX – Online Exchange $737 $7,530
Difference – OFX vs. Base Exchange Rate -$19 -$35
Percentage Difference -2.5% -0.5%




5. World First

Overseas Money Transfers via World First

World First — Typical Fees and Exchange Rates

  • World First is fee free for transfers over US $10,000 or US $10 for transfers under that amount.
  • The World First currency exchange rate is 0.5% worse than the interbank, mid market rate.


Comparing Money Transfer Services – World First

Converting $1000 AUD to $USD Converting $10,000 AUD to $USD
Base Exchange – Mid-Market Rate $756 $7,565
World First – Online Exchange $750 $7,530
Difference – World First vs. Base Exchange Rate -$6 -$35
Percentage Difference -0.8% -0.5%



 


 

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.

 

Provider Exchange
Rate
Transfer
Fee
Transfer
Time
Total (AUD) Rates last updated September 22 2018
TransferwiseRead Review 0.7294 $63.19 1-2 Days $13,773.09Lowest Cost Option Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7294 will cost you $13,773.09 which includes a fee of $63.19

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

Pros

  • 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

Cons

  • 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 0.7258 $0.00 2-3 Days $13,778.79$5.70 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7258 will cost you $13,778.79 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.

Pros

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

Cons

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

XERead Review 0.7255 $0.00 2-3 Days $13,784.33$11.24 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7255 will cost you $13,784.33 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

Pros

  • 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.

Cons

  • 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 0.7250 $0.00 2-3 Days $13,792.65$19.56 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7250 will cost you $13,792.65 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

Pros

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

Cons

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

HIFXRead Review 0.7250 $0.00 2-3 Days $13,792.65$19.56 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7250 will cost you $13,792.65 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 Xe.com. 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

Pros

  • 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

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead Review 0.7211 $3.99 1-2 Days $13,871.12$98.03 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 $13,871.12 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

Pros

  • 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

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead Review 0.7154 $0.00 1-3 Days $13,978.19$205.10 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7154 will cost you $13,978.19 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.

Pros

  • 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

Cons

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

ANZRead Review 0.7035 $0.00 1-2 Days $14,214.64$441.55 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7035 will cost you $14,214.64 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

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

Cons

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

Commonwealth BankRead Review 0.6893 $12.00 1-2 Days $14,519.47$746.38 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6893 will cost you $14,519.47 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

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

Cons

  • $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$1082.52 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.

Pros:

  • Fast payment processing times
  • Secure transfers

Cons

  • 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

 


 

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.