Which is the best international money transfer company?

This depends on what is most important to you. Whether you want the cheapest company, looking for fee-free transfers, the fastest speed, excellent customer service, or you have specific business needs. To find out what we recommend for the best international money transfer companies in Australia read our comprehensive guide to help you choose.

What is a SWIFT/BIC code?

A SWIFT code is a unique identification code for a particular bank throughout the world. These codes are Bank Identifier Codes (BIC) and companies use the SWIFT/BIC codes to send money to overseas bank accounts. SWIFT and BIC codes are the same thing. It consists of 8 or 11 characters. They are a combination of various kinds of letters and are used to identify the branch codes of the banks. It is often a requirement when making an international money transfer. If you would like to find the SWIFT/BIC code of your account, they often have it on your banks website or you can look it up on the SWIFT website .

How long does an international money transfer take?

The actual length of time between you paying for a transfer and the recipient getting the money varies depending on a few different factors: The international money transfer provider or bank that you’re using The country and currency you’re sending from The country and currency of the person receiving the transfer How you’re paying for the transfer (e.g. by a wire transfer, bank transfer, credit or debit card) Whether your transfer needs an extra review or validation That may not be a good enough quick answer though. So, we’ve looked at all the different providers to come up with some average transfer times: Online international money transfers: 0 to 5 business days Bank to bank transfers: 2 to 5 business days Wire transfers and telegraphic transfers: 1 to 5 business days And here are some average times for some of our most popular specialist providers: TransferWise: 0 to 3 business days XE Money Transfers: 0 to 3 business days WorldFirst: 1 to 2 business days Western Union: 0 to 3 business days OFX: 0 to 3 business days Learn more about how long your transfer could take.

Why do international money transfer exchange rates and fees vary?

You’re probably not looking forward to a long, exhaustive explanation of currency exchange rates and fees, so we’ll keep this mercifully brief! When you send money abroad using your bank or a specialist international money transfer company, exchange rates and fees vary because money transfer companies need to make money too. The question is, how much does it cost them to transfer money overseas relative to what you pay them? We don't know. But what we do know is the different ways they can charge you for your international money transfer: 1. They may offer a slightly worse exchange rate The “best” exchange rate available is the “base” exchange rate.* Some currency providers make money by offering you a slightly worse rate, and take a profit on the difference — this is known as the “margin” or “spread.” For example, the base rate might get you $1,000 US dollars for $1,412 AUD, but a provider charges you $1,430 AUD. That $18 difference is their margin, where they make a profit. *The standard exchange rate is also known as the standard, mid-market or interbank exchange rate. 2. They may charge a fixed fee Some providers, especially banks, will charge you a fixed fee to send money. These fees can range from anywhere between $1 to $25 or more. High street banks are particularly bad at charging high, fixed fees — but don’t worry, we’ve got some good alternatives for you. 3. They may charge a commission or service charge Some providers like TransferWise charge a fee based on the total amount you’re transferring as a commission or service charge. These will typically be shown seperate to the exchange rate, and as the amount you send increases, the service charge will also go up. Comparing charges for international money transfers Providers do vary in how they charge for international money transfer services, and they may apply a combination of different types of fees. When we compare providers, we show you the total amount you’ll pay, so you always get a fair, side-by-side comparison. Something else to bear in mind — if you’re sending money to someone else’s bank account, their bank may charge processing fees. A money transfer company has no influence on these fees, and you should speak to the receiving bank to understand how much they might be. Find out how much it really costs to send money internationally, and get the best rates by using our international money transfer comparison tool .

3 Things You Need to Know About Receiving Money from Overseas

Before you receive money from your sender overseas, you should figure out:

how will the money be sent to you?
how much money will be sent?
what currency?
who will cover the costs of the money transfer?

Once you know these answers and your sender is ready to make the international payment, your sender will need certain details depending on how they're doing the transfer. There are generally 4 ways you can receive money.

We summarise how to receive your money and how long it takes using each option:

bank-to-bank transfers
online money transfers
cash pick-up
PayPal

Here is a summary of details required for Australia's major banks:

Bank Name	SWIFT / BIC Code	Branch Address Locator
Commonwealth Bank of Australia	CTBAAU2S	CBA Branch
Westpac Bank	WPACAU2S	Westpac Branch
ANZ Bank New Zealand Limited	ANZBNZ22	ANZ Branch
National Australia Bank	NATAAU3303M	NAB Branch

Banks have a variety of ways for you to receive money. Including a mixture of payment systems and payment types and receiving fees. That's why we've put together these detailed step-by-step guides on how to receive money in Australia for the 'Big 4' banks:

You may be using an online money transfer specialist like Wise or WorldFirst to receive money from your sender.

This is often the cheapest and fastest way to receive money; most of the time it's free to receive money with an online company.

Online money transfers take between 1-3 business days for the money to arrive.

Just like banks, every money transfer provider is different. There are a variety of ways to receive money internationally and money transfer companies have a mixture of payment systems and payment types. Check out the following popular companies for detailed step-by-step guides on how to receive money in Australia from overseas:

Foreign exchange rates

Exchange rates apply to you if you're receiving a different currency from your sender. For example, if your parents live in England and send you some British Pounds (GBP), but you want to receive the money in Australian dollars (AUD), there may be an automatic conversion fee. In other words, if there is a need to convert currency, there may be a fee for that service.

It's important to get the best possible currency exchange rate for receiving your money. There are several ways you can manage this including:

Take into account the exchange rate before you agree on the amount your sender will transfer to you
Convince your sender to transfer money with a company that provides the best exchange rates and fee-free international money transfers
Agree with your sender that they pay all the costs for the money transfer

Fees

If you've taken into account exchange rates and the amount you have in your account is less than you calculated, you've been charged a transfer fee for receiving your money. Altogether, there are 3 fees that may be charged for an international money transfer including:

Sending bank transfer fees - your sender's bank may charge your sender for the transfer or pass this cost to your bank
Intermediary bank (middleman) fees - some banks pass this fee on to their customers
Receiving bank fees - banks may charge you a processing fee, which is deducted from the amount paid

Unfortunately, when you receive money from overseas the fees aren't always transparent. A lot depends on your bank's relationship with your sender's money transfer provider, which you can't possibly know. There isn't much you can do to reduce receiving fees with your bank.

Here's what you can do:

If your sender wants to compare online money transfer providers, you might not have to pay any receiving fees and they can benefit from better exchange rates
Alternatively, you could negotiate with your sender to pay the 'correspondent fee' so they pay all the costs for the money transfer