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

Provider Exchange
Rate
Transfer
Fee
Transfer
Time
Total (AUD) Rates last updated August 15 2018
XERead Review 0.7210 $0.00 2-3 Days $13,869.37Lowest Cost Option Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7210 will cost you $13,869.37 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 0.7242 $63.64 1-2 Days $13,871.98$2.61 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7242 will cost you $13,871.98 which includes a fee of $63.64

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 0.7199 $0.00 2-3 Days $13,891.69$22.32 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7199 will cost you $13,891.69 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 0.7199 $0.00 2-3 Days $13,891.69$22.32 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7199 will cost you $13,891.69 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 0.7199 $0.00 2-3 Days $13,891.69$22.32 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7199 will cost you $13,891.69 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 0.7144 $0.00 1-3 Days $13,997.76$128.39 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7144 will cost you $13,997.76 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$199.29 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$475.44 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$483.72 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


 

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

Why?
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

Why?
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.


 

Buying or Selling Property

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.

Why?

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

Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.

Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:

Setting things up (only has to be done once)

  • Log on to their website and register your details. You’ll need to have some I.D handy
  • Once your account has been approved, you’ll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”

Tranferring Money

  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in Australian dollars
  • You’ll get a deal confirmation. Finally you’ll need to pay them the Australian dollars before the money is sent.

1. The Bank Overseas Sending the Money

Getting the bank overseas to convert the money before it is transferred to Australia is an easy option but you don’t always know what exchange rate they will use. In some cases, the overseas bank will give you a better exchange rate than a local bank. This is particularly true for transfers from Thailand, Malaysia and India.

2. Your Bank in Australia

This is by far the easiest option. Unfortunately, banks generally have higher fees and uncompetitive exchange rates. But this doesn’t mean you should never use a bank. For small amounts under 1000 dollars they are worth considering.

3. A Money Transfer Company

Money Transfer Companies like OFX and TransferWise are often the cheapest option when you are receiving between $1000 and $1,000,000 from overseas. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you’ll have to set up an account with them first. Once you have registered your details, you’ll need to ask for their bank account details and transfer your foreign currency to their account before it’s converted and deposited in your local Australian dollar account

The banks and Paypal don’t have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Australia and intend to use a money transfer company, make sure you check their minimum transfer amount.

 

 

Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

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.