Finding the best way to send money back to Australia isn't easy.
Using a bank is quick and easy, but not always the cheapest way to do it. In fact, you can lose thousands of dollars in exchange rates and fees on larger money transfers without even realising it.
To avoid getting ripped off, use our comparison table to check the exchange rates and fees based on your currency amount or review different money transfer companies based on your situation.
Take into account that we have not compared absolutely every bank and company in Australia. We compare the large, safe and reputable banks and money transfer 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 won't affect the exchange rates or fees you get.
Compare Bank Transfer Exchange Rates and Fees
Calculate how much you could receive from Australia's largest money transfer experts
Transferring a Large Amount of Money Back to Australia
If you are transferring more than $10,000 it is critical that you track down the best exchange rate from a company you know is safe and secure. With larger amounts, it’s also really important to avoid percentage based fees as they can really add up.
It can be stressful transferring large amounts of money, so make sure you use a company or bank that offers phone support. A lot of people send a small amount first to test the fees, speed and safety of a new company before sending a larger amount.
When transferring a large amount of money, consider using TorFX
TorFX is an ideal choice for larger transfers, because each customer has a local account manager who can guide them through each step. They have no transfer fees and better exchange rates for larger amounts.
They are fully licenced and regulated in Australia and also offer the extra peace of mind of a global support network.
Unfortunately their site is not that easy to use when compared to TransferWise or OFX, so if you like to do all your banking online, there may be better options out there for you.
Moving Back to Australia from Overseas
Living and working overseas can be a great experience. Unfortunately, moving the money back to Australia often isn’t. Loaded exchange rates and fees can reduce the amount you receive into your bank account in Australia.
Our Verdict: With the right foreign exchange specialist like Transferwise, it is possible to achieve the ‘real exchange rate’ that you see on Google or xe.com
When transferring money back to Australia, consider using TransferWise
TransferWise offers you the wholesale exchange rate that you see on Google. They also reduce their percentage based fee for larger amounts.
They have a global network of customer support hubs with extended hours. We also like that you can contact them by email, online, or via facebook. Also, the pricing is transparent and clear. They always offer the same exchange rate you see on Google and the fee they charge is clearly displayed so you know exactly how much the transfer will cost.
Sending Back Money from an Inheritance
Repatriating funds from overseas after the passing from overseas can be a stressful process. You really want to make sure you have the security of a larger company but also have access to lots of help both online and over the phone.
When sending money relating to an inheritance, consider using OFX
In this situation, consider using OFX. They have a large global network of banking relationships.
They also have a dedicated customer service team that have experience dealing with these type of transfers.
Select a company with a strong presence in Australia. You also need to consider the support provided both online and over the phone. This will provide you with the support and flexibility you may require when purchasing a property.
When transferring money for property, consider using XE Money Transfers.
XE is one of the only foreign exchange companies in the world that is as big as a bank. Importantly, they consistently have excellent exchange rates, particularly for large amounts. They don’t charge a transfer fee either.
International Money Transfers for Business
Transferring money for your business? It's vital to consider these 2 things:
1. A low cost of currency conversion - look at the fees and exchange rates you will receive
2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders
When transferring money for a business, consider using a Borderless Account
If you are a business in Australia that receives money in foreign currency – the TransferWise Borderless Account is worth a look.
What makes it different to every other type of foreign currency bank account, is the ability to open up a local bank account in USD, GBP, EUR or AUD. This unique feature makes it incredibly easy to receive money from customers and suppliers overseas.
Related Video: Cheaper Ways to Transfer Money Overseas
Frequently Asked Questions