Compare International Money Transfers Services in Australia

5 of the Best international money transfer companies in Australia

We know what you're looking for — the best international money transfer company in Australia most suitable for your needs. Don't worry, we’ve reviewed over 40 banks and money transfer companies to find 5 of the best ways to transfer money overseas from Australia and share them with you in our list below.

We also provide a quick overview for each company, including their key advantages and disadvantages.

Who Offers the Best Money Transfer Exchange Rates?

As we’ve explained above, Wise gives you the most competitive exchange rates of all, because the rates they offer are identical to the base exchange rate. In other words, you won’t find a better exchange rate anywhere, which is awesome.

Instead of offering you a worse exchange rate, Wise simply charge a small, percentage-based service fee. Even with this fee, they’re consistently better priced than pretty much any other international money transfer company.

  • It’s very fast and easy to create an account.
  • You can create and send a money transfer in fewer than five minutes.
  • They offer the best exchange rates available.
  • Their service charge is low, fees and pricing are transparent and easy to understand.
  • You can pay via bank transfer, credit or debit card.
  • They’re loved by customers, scoring nine out of ten on Trustpilot.
  • There’s no minimum transfer size.
  • Can't pay for your transfer via cash or cheque.
  • There’s limited customer support, you can’t call them so need to interact via email or through their website.
  • If you’re transferring more than around $40,000, their service charge can make them less competitive than other providers.
  • They don’t support all global currencies.

Looking for the Best Fee Free Transfer?

XE Money Transfer don’t charge a fee for sending money, instead they make a profit by offering you a slightly worse exchange rate than the base rate.

The overall XE business has been around since 1993, so they know a thing or two about sending money overseas! XE provide a wealth of trusted information on exchange rates, including currency price history, news and more.

In addition to providing currency exchange information to financial institutions, they also have their own foreign exchange service, but how does it stack up.

  • XE are a worldwide, trusted authority for currency exchange.
  • They don’t charge any fees for sending money overseas.
  • There’s no minimum transfer amount.
  • It’s easy to get in touch with and use their customer service.
  • They’re loved by customers, scoring 9.2 out of ten on Trustpilot.
  • Their website is quick and easy to use.
  • You can’t pay for your transfer using cash or a cheque.
  • There’s limited customer support over the weekend.
  • They don’t support all global currencies.

Sending money to family and friends

WorldRemit is an online money transfer company that focuses on remittances. They're especially good for transfers to regions such as Asia, Africa and South America.

  • Website is easy to use, and you can set up an account very quickly.
  • WorldRemit has competitive rates, and a lot of the time these will be better than what you'd find a your bank.
  • They don't have a minimum amount you can transfer.
  • 24/7 support available in nearly 20 countries worldwide.
  • Can easily get an accurate quote for your transfer using their online calculator.
  • Maximum transfer size of $10,000 and is even lower for some currencies.
  • Don't offer support for businesses.
  • Their transfer fee is not fixed, so it can change between different currencies.
  • WorldRemit are unable to offer financial advice.
  • Not all transfer methods are available in all countries.

Awesome customer service

TorFX have the best customer service in the business, hands down. If you need someone to talk you through your currency exchange, they’re the perfect choice.

We know that sending money overseas can sometimes be daunting, and so does TorFX. That’s why they’ve invested in a superb customer service experience. You get a personalised account manager who talks you through every aspect of your transfer — the rates you’ll get, how to pay, how long until the recipient gets their money and more.

If you want helpful advice for your international money transfer, TorFX are hard to beat.

  • Dedicated account manager and customer service team.
  • Simple website, you can get a quote in a few moments.
  • Good exchange rates to the UK (GBP), New Zealand (NZD) , South Africa (ZAR) and Europe (EUR).
  • An excellent score from their customers of 9.2 out of ten on Trustpilot.
  • Best for overseas transfers of $2,000 or more.
  • No transfer fees.
  • They’re not as competitive if you’re sending less than $2,000.
  • You can only pay by bank transfer from an account in your name.
  • Although getting a quote is easy, the rest of their website can be awkward to use.
  • Minimum transfer amount of $200.
  • You can’t pay for your transfer using cash, credit card or a cheque.

Looking for the Best Money Transfer Provider for Businesses?

OFX are an Australian based money transfer company. They are particularly good at reducing the cost of international payments for small to medium size businesses.

  • They’re not as competitive if you’re sending less than $2,000.
  • Minimum transfer amount of $250.
  • You can’t pay for your transfer using cash, credit card or a cheque.
  • Foreign currency account limited to online sellers

International money transfer reviews

We’ve reviewed some of the very best money transfer providers below, and they’re some of your best options if you want to send currency overseas, all with differing fees, exchange rates and services. We’ve shared information on:

  • An overview of each provider, giving you some quick, useful insight.
  • The advantages and disadvantages of each provider and why you might choose to use them.
  • Fees, exchange rates and minimum transfer amounts.
  • What customers think of the provider, based on Trustpilot reviews, including good and bad points.
  • How to setup an account, create and pay for a currency transfer.
  • The currencies the provider can exchange between.
  • Safety and security at the provider.

You can find links to all of these reviews below. Remember that to find the best deals for international money transfers, you should use our comparison table.

Transferring money internationally through your bank?

Banks are almost always more expensive than companies that specialise in overseas transfers. They charge high fixed fees and worse exchange rates than you can get from companies like Wise, XE Money Transfer, WorldRemit and similar businesses.

We think it’s vital for you to make a fair comparison though, so we’ve reviewed all of these banks and shared what’s good and bad about each one.

Best bank for international transfers

CitiBank charge the lowest transaction fees and offer the best foreign exchange rates if you want to make a transfer through a bank.

We don’t typically recommend banks for international transfers as they always charge more than specialist providers. Despite this, we have to admit, making a transfer through a bank is convenient. If you’d like to exchange currency with a bank, then CitiBank is your best choice.

Although their fixed fee ($25) for a transfer is higher than many competitors, they offer much better exchange rates than other banks. This means that as long as you’re transferring a decent amount (more than around $1,000 AUD), your money will go further than with most other high street banks. We’d still suggest you look at other providers though, as you’ll save much more money.

  • It’s easy to send money internationally to another bank account or to Citibank accounts.
  • CitiBank offers competitive exchange rates, compared to other banks.
  • CitiBank charges a relatively high, fixed fee of $25 for most international money transfers.
  • Transfers can take up to five days for processing and receipt.

Your currency knowledge centre

5 Cheaper Ways to Transfer Money Overseas

Using a bank is one of the easiest ways of transferring money overseas, but can also be the most costly. There are alternatives that can make the whole process cheaper.

How International Money Transfers Work

When sending money overseas, you’ve got heaps of options. One of the most popular is through an “International Money Transfer”. This is a financial service offered by most banks that gives you a simple, safe and convenient way to send money overseas.

How to Transfer Money Overseas from your Australian Bank Account

Transferring money overseas from your Australian bank account is simple once you know how to do it, but you might be short on time to figure it out.

By Justin Rampono Updated October 9th, 2021