Compare international money transfer companies and banks

The best deal for you

TransferwiseRead ReviewTotal (USD)$7,107.08Exchange Rate0.7138Transfer Fees$43.32Transfer Time1-2 DaysLearn MoreTotal (USD)$7,107.08Rate Updated less than 2 mins ago
So, sending 10,000 AUD to the United States comes to $7,107.08 including $43.32 in fees
So, sending 10,000 AUD to the United States comes to $7,107.08 including $43.32 in fees

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


  • 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


  • 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

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (USD) Rate Updated less than 2 mins ago
TorFXRead ReviewTotal (USD)$7,102.31$4.77 more expensive Exchange Rate0.7102 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $7,102.31$4.77 more expensive GO TO SITE
So, sending 10,000 AUD to the United States comes to $7,102.31 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.


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


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (USD)$7,096.60$10.48 more expensive Exchange Rate0.7097 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $7,096.60$10.48 more expensive GO TO SITE
So, sending 10,000 AUD to the United States comes to $7,096.60 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


  • 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.


  • 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 ReviewTotal (USD)$7,095.17$11.91 more expensive Exchange Rate0.7095 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $7,095.17$11.91 more expensive GO TO SITE
So, sending 10,000 AUD to the United States comes to $7,095.17 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


  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (USD)$7,064.28$42.80 more expensive Exchange Rate0.7067 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $7,064.28$42.80 more expensive GO TO SITE
So, sending 10,000 AUD to the United States comes to $7,064.28 including $3.99 in fees

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


  • 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


  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (USD)$7,031.44$75.64 more expensive Exchange Rate0.7042 Transfer Fees$15.00 Transfer Time1-3 DaysGet discounted rate $7,031.44$75.64 more expensive GO TO SITE
So, sending 10,000 AUD to the United States comes to $7,031.44 including $15.00 in 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.


  • 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


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (USD)$6,879.00$228.08 more expensive Exchange Rate0.6879 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $6,879.00$228.08 more expensive GO TO SITE
So, sending 10,000 AUD to the United States comes to $6,879.00 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.


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


  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (USD)$6,716.93$390.15 more expensive Exchange Rate0.6725 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $6,716.93$390.15 more expensive GO TO SITE
So, sending 10,000 AUD to the United States comes to $6,716.93 including $12.00 in fees
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.


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


  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates
Take into account that we have not compared absolutely every bank and company in Australia. We compare the large, safe and reputable banks and foreign exchange companies that we have already researched, tested and approved. We also may receive a referral fee if you choose one of these banks or companies, but that wont affect the exchange rates or fees you get.

How to transfer money internationally

  • Step 1
    Thankfully, you only have to do this once. You'll have to register your details like name, address email and provide some identification.
  • Step 2
    You'll need to enter the bank account details of the person you are transferring the money to. This is also when you lock in the exchange rate.
  • Step 3
    Before the money is transferred overseas, you'll need to pay for it. All companies offer their bank account details for a direct bank transfer. Most companies offer Bpay and some even allow you to pay using a debit or credit card.
4 Tips for Making an International Money Transfer 4m 08s

Making sure your money is secure

The most important part of any payment overseas is the safety of your money. When it comes to international money transfers, Australia is one of the most highly regulated countries in the world. This doesn’t mean there are no scams, but it does give you the opportunity to do your homework first on the company you're thinking of using.

Make sure the bank or company you use has these 3 things:

  1. An Australian Financial Services Licence (AFSL)
  2. Is registered with AUSTRAC
  3. A member of the Financial Ombudsman Service (FOS)

All the banks and companies that we compare on our table meet these requirements.

Transferring a large amount of money overseas

When it comes to money transfers, transferring larger amounts overseas is different.

If you're sending more than $20,000 internationally, it’s really important to choose the right way to transfer your money. Getting it wrong usually means you end up paying massive fees and charges.

For larger amounts, the most important cost to focus on is the exchange rate you receive. Any change in the offered rate can make a huge difference to the final amount you send.

Fees and charges: what to look for
  1. The baseline exchange rate
  2. The exchange rate margin
  3. Any commission fees
  4. Any flat fee

While there are many fees you may be charged, these are particularly important with bigger transfers.

Related: Transferring Large Sums of Money to and from Australia


Sending money to family and friends

Using a bank

Using an Australian bank is the most common way to send money to another country. Unfortunately, it is also one of the most expensive methods to transfer money overseas.

Banks have different charges to send money abroad. The ‘Big 4’ charge between $22 and $32 to wire money from a branch and between $18 and $22 to do it online.

Related: How Much It Costs to Transfer Money Overseas
Related: 8 Sneaky Bank Fees and How to Avoid Them

Online Money Transfer Specialists

Money Transfer specialists are companies that transfer money from your account to your family members account overseas. It’s similar to using a bank, except with much lower fees and better exchange rates.

Some specialists in Australia include OFX (formally Ozforex) TorFX and World First

You will have to register and account with them online. From there, the process very similar to using internet banking:

  • Get a exchange rate quote to send your money overseas
  • Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”
  • Confirm the details and lock in the exchange rate
  • Transfer the Australian dollars to the specialists (usually through BPAY or bank transfer)

Related: VIDEO: How to Transfer Money to an Overseas Bank Account Without High Fees

No Bank Account? Cash Pick-up Options with Western Union or Moneygram

Not every family member is going to have a bank account. Western Union and Moneygram both offer a cash pick-up service. The advantage of this service is that your family member can access the cash very quickly on the other side of the globe, provided they have the right identification. The disadvantage is the cost. The fees and exchange rates for cash pick-up are considerably worse than a transfer to their bank account.

Related: Western Union vs Moneygram
Related: Western Union Review
Related: Moneygram Review

Sending Money to Family Overseas Using Paypal

Paypal is great for paying small amounts under $200 to family and friends. Unlike many other options, Paypal have a no-minimum payment size, allowing you to transfer any amount. Paypal may be a cheaper alternative to using the bank transfer because they charge a relatively small transfer fee.

Paypal is particularly fast if your family member has a Paypal account as well. If they don’t there is a set-up required and your relatives may wait up to 28 days for funds to arrive.

Related: Converting and Sending Currency via PayPal – How does it compare?

Buying or selling property

Whether you have sold an investment house in the USA or a unit you bought while working in the UK, the whole process can be riddled with hidden costs. Once the property has settled and you need to get the foreign currency back to Australia, you have a few choices of how to do it.

Transferring money after a property sale is a big deal. Because of the size of your transfer, the small difference in exchange rate when you send the money can work out to be a huge difference in overall cost.

This guide will take you through the most common methods of getting the money back into Australia. It details the pros, cons, benefits and costs of each approach.

The 3 most common ways of transferring the proceeds of your property sale back to Australia

1. Get a cheque

Try to avoid this at any cost, unless you have a local bank account in the same country of the property. If you bring a bank cheque in a foreign currency back to Australia and convert it, it can be a nightmare.

Banks and only a handful of financial institutions will even provide the service of converting it back to Australian dollars. Those that do offer the service, often take weeks to convert it, will charge you a host of fees and usually provide an uncompetitive exchange rate because you are tied in with them.

2. Local help

This is by far the quickest, easiest and most convenient way to send the money back to Australia. Unfortunately, it can also be the most costly. You have no control over what exchange rate you receive from your bank and most of the time, you’ll only find out after the money has already been converted.

The exchange rate you receive is particularly important for large amounts so make sure you compare exchange rates before you transfer the funds.

3. Use a money transfer company

When you don’t have time to shop around for the best way to transfer you money back to your home country, using a money transfer company you trust to be reliable and affordable is a smart way to deal with international money transfers.

Our currency conversion specialists at The Currency Shop have lots of information about the best way to deal with your international money transfers.

Related: What you need to know when transferring $100,000 overseas

Living and working abroad

Life as an expat is exciting but it also has unique challenges.
If you’re an expat sending money overseas, some basic knowledge helps you compare exchange rates and avoid some of the common problems.

Here are 4 common issues you may face – and some tips on how to overcome them.

1. Poor exchange rates

The rates listed as ‘official’ refer to the interbank rates and the fact is, this is not the rate you will be offered. This is why you can do better by shopping around. Comparing your options is the best way to get a good rate and avoid getting ripped off.

2. Fees

Beware of banks that charge flat fees for each transfer. If you send money overseas regularly, you may end up spending a small fortune in fees.

3. Lack of personalised service

When you choose a big financial institution to look after your foreign exchange conversion, you may find you get lost in the mix. Instead, consider looking for a local currency exchange expert and aim to create a positive, personal relationship. With some genuine customer service, you can have your questions answered to help you make the best currency conversion decisions that minimise your costs.

4. No access to hedging tools

This isn’t about gardening – just trimming costs. Hedging tools limit your exposure to the fluctuations in foreign currency that can add up to wasted dollars.

Which company is best for expats?

The top two on our list are and TransferWise and OFX

What we looked for included:

  • The ability to make regular payments.
  • Customer service that is dedicated and personalised.
  • No (or very low) fees.
  • Impressive exchange rates.

If you are an expat, look for a professional currency provider in your local area by asking some questions that matter to you. This will ensure you are happy with the answers provided.

Choose a provider that suits your needs and won’t cost you a fortune in either precious time or money.

Making international business transfers

Transferring money for business purposes shouldn’t be a negative experience. With the right information at your fingertips and a professional currency conversion expert at your disposal, you can boost the potential benefits for your company and minimise your risks. But you need to look at your options.

With the right foreign exchange specialist, it is possible to:

  • Achieve a spread of 1% – and even lower.
  • Reduce or remove fees.
  • Create a strategy for purchasing currency.
  • Access hedging tools. These types of contracts enable you to buy currency at a fixed rate for a set period of time – often 1 or 2 years. With your rate fixed, you will avoid the stress of market volatility and have a clear idea of what you will pay and how much you will receive in exchange, before each transaction is completed.


How to make an international business transfer?

If you wish to send money internationally on behalf of your business, you will need to register your business details for the account.

This includes the business name and registered address, the ABN, ACN or ARBN number, details of the company directors, owners and/or shareholders and a description of what the business does. You will also need to register a bank account that is in the same name as the business.

Once you have registered your company and bank account, you can either make a transfer using a money transfer company or your bank. Refer to our 3-step guide on how to make an international money transfer.


International fees and charges for businesses

The most common international fee for business is on credit and debt cards. If you pay for something in US dollars, banks will charge an international transaction fee that can be between 2-5% of the transaction. It’s no big deal if it’s a $10 monthly subscription, but if you are buying more than $1000 of products or services, you should look at more affordable options.

Banks do charge fees for sending money overseas and for receiving foreign currency into a local Australian dollar account.

For a better run-down of all the fees and charges, check out The Real Cost of Transferring Money overseas


Related: Foreign Currency Accounts: Explained and ComparedForeign Exchange Insights To Help Your Business Grow,

Need a hand? Call to speak to a human 1800 004 930 or send us an email.

Our most frequently asked questions

What is an international money transfer?

An international money transfer means you can send money to an overseas recipient for a variety of reasons. You either choose to make your international money transfer with your bank or an independent money transfer provider.


How long does it take for a money transfer?

There are dozens of factors that affect the speed it takes to send money overseas. Generally, it can take anywhere between 0-5 working days, depending on the method you choose to transfer your money. If you are transferring money between two banks in different countries you will mostly use the SWIFT payment network, which can be slow.

Related: how long an international money transfer takes.


Are international money transfers safe?

Yes. Many international money transfer services hold an Australian Financial Services Licence and are members of the Financial Ombudsman Service. It's an industry standard for international money services to use a 128 bit SSL encryption system as a minimum. In most cases you can also check the progress of your international money transfer from your account or via an online tracker.

What’s the maximum or minimum amount I can send overseas?

The minimum or maximum amount you can send depends on both the transfer service you use and the type of transfer you're making. Some have a minimum of $500, while others go as low as $1. There are also certain providers that waive money transfer fees or give you a better exchange rate when you plan to send larger amounts, for example, over $10,000.

Why can’t I send money to a particular country with my selected transfer service?

Banks and money transfer services are unable to send money to a country if they haven't yet built the facilities and networks required to send money to that country. Banks and money transfer services are also unable to send money to economically sanctioned countries (e.g. Iran).

Related: International Money Services Reviews


Can I cancel a transfer after I have placed it?

It varies from one transfer provider to the next, so you need to check with your provider. Some companies allow you to cancel or change a money transfer within a certain time limit of lodging your transfer, for example 30 minutes. Meanwhile, others will allow you to amend your order any time before your recipient picks up the funds. However, some companies do not allow you to cancel or change an order once it has been lodged.


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Need a hand? Call to speak to a human 1800 004 930 or send us an email.