There's plenty of ways to send money overseas from Australia, but are they all the same? Absolutely not!

Every bank or money transfer specialist offers different exchange rates, fees and features. It's important to consider all of these factors along with possible hidden fees and each provider's safety.

What To Look For

There's three key things that make all the difference when working out the best way to transfer money:

Exchange Rates

There's no 'standard' rate, each provider offers different rates based on the amount and currency, we help find the best.

Transfer Fee

Every Australian bank and transfer provider charges fees to send money. It's usually $10 to $32, compare to find the best value.

Safety and Security

All providers we compare are:

  • Australian Financial Services Licensed
  • Registered with Austrac
  • Member of the Financial Ombudsman Service

Compare Leading Australian Banks and Money Transfer Specialists

Provider Exchange
Rate
Transfer
Fee
Transfer
Time
Total (AUD) Rates last updated October 20 2018
TransferwiseRead Review 0.7122 $64.68 1-2 Days $14,105.68Lowest Cost Option Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7122 will cost you $14,105.68 which includes a fee of $64.68

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 0.7086 $0.00 2-3 Days $14,111.56$5.88 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7086 will cost you $14,111.56 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 0.7084 $0.00 2-3 Days $14,117.23$11.55 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7084 will cost you $14,117.23 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 0.7079 $0.00 2-3 Days $14,125.75$20.07 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7079 will cost you $14,125.75 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 0.7079 $0.00 2-3 Days $14,125.75$20.07 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7079 will cost you $14,125.75 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 0.7042 $3.99 1-2 Days $14,205.11$99.43 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7042 will cost you $14,205.11 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 0.6989 $0.00 1-3 Days $14,308.20$202.52 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6989 will cost you $14,308.20 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 0.6857 $0.00 1-2 Days $14,583.64$477.96 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6857 will cost you $14,583.64 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 0.6735 $12.00 1-2 Days $14,859.81$754.13 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6735 will cost you $14,859.81 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

How It Works

Step 1
Enter currency and amount you need
Step 2
Compare great exchange rates from top providers
Step 3
Make the transfer right in the provider website!

Tips for making an international transfer 3m 15s

All Your International Money Transfer
Questions Answered

Is it safe?

Yes. The Currency Shop holds an Australian Financial Services Licence (462269) and is a member of the Financial Ombudsman Service.

We have partnered with the largest, safest and most trusted money transfer companies in the world. For more information, click here.

What does it cost?

The Currency Shop does not charge you. So how do we make money?

We may receive a referral fee from the banks and money transfer companies that we are partnered

Why should I use The Currency Shop?

You can lose up to 8% of your money each time you transfer money internationally, depending on how you do it.

The Currency Shop will help you find the best way to transfer your money and avoid the common hidden fees and charges.

What is The Currency Shop?

The Currency Shop is a free currency comparison service. Every bank and currency exchange will offer you a different exchange rate and fee.

Instead of spending hours visiting every website and branch, we make it easy for you to find the best deal and save money. We also have a team of local currency consultants that can help you over the phone.

I need to transfer money into cash

If you need to transfer money into cash instead of a bank account overseas, head back to our homepage and select Currency Exchange

When is the best time to transfer money?

Unfortunately there isn't a particular time of the day, week or month that is consistently the best time to send money abroad. Generally, if you are sending money overseas, you want the exchange rate to be as high as possible but there is no way of knowing when this will be.

Still have questions? We're here to help! Call 1800 004 930