Same Day International Money TransfersSometimes you need same day international money transfers i.e. URGENTLY and you don't know how to get it there quickly. In other cases, you might be experiencing painful delays for overseas payments that need to be on time.

A speedy service can be critical, especially if you don’t want to incur extra charges when you’re perhaps paying an overseas bill that you’ve forgotten about until the last minute or if you’re helping family/friend out with money.

The good news is, there are money transfer options for you that offer same-day money transfers from one country to another. Plus, with countries now implementing new technologies to deliver instant money transfers, even MORE options for instant or same day international money transfers will become available over the coming year.

For those of you who want a speedy solution NOW, check out our list of 3 companies below:

 

1. WorldRemit

Instant or Same Day International Money Transfers with WorldRemit

WorldRemit is a UK-based company established in 2010. This is a good option if you want to make speedy transfers for remittance purposes, particularly to Asian countries. One of WorldRemit’s key offerings is its’ instant transfers to selected banks, instant cash pick-ups, instant or near-instant mobile money transfers.

The Currency Shop Says:

There are 3 things to note if you decide to use WorldRemit.

  • While WorldRemit offers same-day overseas money transfers, it’s only available for selected banks. The good news is, the expected delivery time will be displayed to you before you make a payment, so you’ll know how long it will take.
  • You can pay for your WorldRemit transaction by bank account transfer only from Japan, Singapore and the UK. For all other countries, you must use your card to make the transfer. Payment methods may differ in different countries so make sure you double check.
  • Some currencies have maximum transfer limits. For example, $2,000AUD is the maximum amount that can be transferred to China. You can find out more information on limitations for your country in WorldRemit’s FAQ section.

Video: World Remit Review

 


Learn More About WorldRemit

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2. TransferWise

Instant or Same Day International Money Transfers with Transferwise
Valued at over 1.5 billion dollars, TransferWise is the fastest growing global money transfer company. If you want to avoid paying high fees and you want to get the best exchange rate, then yes, Transferwise is a fantastic way to deliver money overseas quickly.

The Currency Shop Says:

It's a good idea to use Transferwise’s transfer calculator to give you a rough idea on how long your overseas money transfer will take. However, there are 4 factors that can influence your timing estimate:

  • The countries you’re sending from and to. Converting your money can take a maximum of 2 days, but it is very rare it takes this long. How quick your transfer arrives also depends on how quickly your receiving bank processes your money.
  • Your payment method. Card payments are normally instant, while bank transfers can take longer.
  • What time you pay for your transfer. Transferwise only handle money during normal banking hours and national holidays can make things take a little longer.
  • Security checks. Verifying your ID could add extra time to your transfer, but it’s an important part of keeping you and your money safe.

How Does It Work?

 


Learn More About TransferWise

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3. OFX

Instant or Same Day International Money Transfers with OFX
OFX (formally known as Ozforex) is the largest Australian owned money transfer company. The company was born online and continues to develop easy, intuitive products. It is also backed up by exceptional customer service.

The Currency Shop Says:

OFX’s global bank network allows them to transfer money overseas securely and quickly, so if you’re sending money from Australia to the US, for example, they offer the same day delivery. For most other major currency transfers it may take 1-2 days. Overall, OFX says it can take 1-4 business days to complete the entire process of receiving your funds and sending them to your recipient, especially if you’re a first-time user. Luckily, OFX operate 24 hours a day, 7 days a week, so you can make your transactions outside of work hours if you need to.

However, there are some disadvantages with OFX including:

  • OFX only accept bank transfers from your account (e.g. BPay, Electronic Bank Transfer) with no cash, credit card, cheques or bank drafts allowed.
  • You must provide proof of payment and overseas money transfers are subject to approval, which could lengthen the time it takes to send money overseas.
  • How quick your transfer arrives also depends on how quickly your receiving bank processes your money.

How Does It Work?

 


Learn More About OFX

Go to Site

 


 

Compare Companies that Offer Same Day International Money Transfers

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 August 15 2018
XERead Review 0.7188 $0.00 2-3 Days $13,911.63Lowest Cost Option Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7188 will cost you $13,911.63 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.

TransferwiseRead Review 0.7220 $63.83 1-2 Days $13,914.25$2.62 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7220 will cost you $13,914.25 which includes a fee of $63.83

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

WorldFirstRead Review 0.7177 $0.00 2-3 Days $13,934.02$22.39 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7177 will cost you $13,934.02 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

TorFXRead Review 0.7177 $0.00 2-3 Days $13,934.02$22.39 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7177 will cost you $13,934.02 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

HIFXRead Review 0.7177 $0.00 2-3 Days $13,934.02$22.39 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7177 will cost you $13,934.02 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
OFXRead Review 0.7121 $0.00 1-3 Days $14,042.97$131.34 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7121 will cost you $14,042.97 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 0.7108 $0.00 1-2 Days $14,068.66$157.03 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7108 will cost you $14,068.66 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 0.6977 $12.00 1-2 Days $14,344.81$433.18 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6977 will cost you $14,344.81 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 0.6972 $10.00 1-2 Days $14,353.09$441.46 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6972 will cost you $14,353.09 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

 

Frequently asked questions (FAQs)

A same day international money transfer allows you to send funds abroad that will arrive instantly within minutes or under 24 hours. It is the same as any other overseas money transfer, but much quicker.

  • Money transfer with cash pickup. MoneyGram, Western Union and World Remit are well-known companies for this service. The money you send with either company can be available for your recipient to collect within 10 to 15 minutes in most cases, and each company has hundreds of thousands of locations around the world.
  • Card.
  • Bank transfer. Most major Australian banks will make it possible to send international money transfers, but the time it takes is often slower than non-bank options.
  • Online money transfer. Online transfer companies like WorldFirst or OFX allow speedy international transfers
  • Fees. Make sure you are aware of each company’s exchange rates and money transfer fees when comparing. The rate of exchange you receive when you convert to another currency can have a significant influence on the cost of your transfer. For money transfer fees, some providers will waive the fee when you transfer a larger amount.
  • Methods of transfer. Are you going to do your transfer online or will you visit a branch. How many branches are near you and your recipient?
  • Method for pick-up. Some companies offer cash pick-ups, or direct money transfers to a recipient’s bank account.
  • Customer support. It’s also a good idea to look for a company with a solid reputation for providing professional and friendly customer support 24 hours a day, 7 days a week. Compare the ways in which support is offered, such as phone, email and live chat and hours available for help

The following companies will be offering same-day international money transfers in the near-future:

TorFX

TorFX are particularly useful for individuals doing regular transfers overseas. European expats are often fans of TorFX because of their exchange rates, service and extensive banking network – both in Australia and the UK.
Related Link: Click here to visit the TorFX website 

XE

With transparent information on their website and no fee structure, they are a good option when it comes to making international money transfers.
Related Link: Click here to visit the XE website 

WorldFirst

For Australian businesses still using their regular bank for international payments, choosing WorldFirst can deliver more competitive choice. They are also good for individuals that like to do everything online.
Related Link: Click here to visit the WorldFirst website 
 

A bank to bank transfer is a reliable and safe way to send money, but how long does it take? Typically an international bank to bank transfer could take anywhere from 2-5 business days*.

Usually the length of time required to transfer your money will depend upon a number of factors including:

  • Bank holidays
  • Weekends
  • The currencies that are involved in the transaction
  • The payment method that you use
  • Whether it’s a domestic or international transfer
  • The company you choose to make your money transfer.
  • An international bank to bank transfer can take 2-5 business days.

*Timings could change with the New Payments Platform (NPP, see below) commencing in Australia

NPP is a payments infrastructure for the Australian economy. It gives consumers, businesses and government departments a platform to make fast payments.

NPP offers real-time clearing and settlement for simple or complex payment solutions between two people or between many people. It also simplifies the transaction through an Addressing Service, called PayID and the ability to include more information with payments.

The NPP could enable immediate funds availability in less than a minute and faster payments from customers 24X7 with no cut-off times. 9 banks are currently involved in the NPP, which will make sending money overseas fast, but still more costly than using non-bank options.

For more information visit the NPP website.

 

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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.