Find the Best Way to Transfer Money to the United States
To find the best way to transfer money to the United States, you should compare your options. Even before you do that, it's important to understand how it actually works.
How to transfer money to the US from Australia
While each bank and money transfer service is different, you will always need to follow these steps to transfer your money safely and quickly:
- Setting up an account usually takes 5-10 minutes and make sure you have some I.D. on hand
- Enter the bank details of the person or company you are sending the money to
- Pay for your transfer using a card or bank transfer
Now that you know how to transfer money to the United States, you can compare your options. We understand, this isn't easy. Every bank and money transfer company offer different foreign exchange rates and transfer fees depending on how much you want to send.
That's why our table below compares the total cost of the transfer, based on the amount you want to send.
How to transfer money to a bank account in the USA?
Using a money transfer service
What are the costs to transfer money to the United States?
There are 3 types of costs in a money transfer to the US:
- Exchange rates - The better the exchange rate, the more money you get in US dollars. Money transfer services that offer better rates will usually charge you a separate transfer fee.
- Transfer fees - These can range anywhere between AUD $0 to $10. Some online transfer companies like OFX even offer fee-free transfers for sending larger amounts. Banks can charge up to $35 per money transfer.
- Hidden fees - Banks ofter call these 'Overseas Delivery Fees" and include receiving fees or intermediary bank fees that can cost up to $30 each. These are only disclosed once the money arrives in the US bank account.
Total costs are lower with money transfer companies than banks.
How long does it take to send money to the United States?
Money transfer services can take 0 - 3 business days to convert your Australian dollar to US dollar and deliver them to a local bank. Quite often the money transfer is delivered in under 2 days.
For example, when using a money transfer service like TransferWise they tend to quote arrival time in hours not days. They are that fast.
And unlike banks, most money transfer services keep you updated on the movement of your funds. This includes the estimated arrival time of your funds to the account you're sending money to.
What is the best way to make an international money transfer?
The best way depends on what is most important to you, frequency of transfers, customer service, reviews or your may have business needs that require forward, lock in or spot contracts.
How often will you need to make an online money transfer? Being able to make regular and quick payments to family, friends or employees can be important and some mobile apps are better than others provided by money transfer services.
2. Good customer service
Do you need to speak an account manager for assistance? Look for a money transfer provider that works for you, whether you need 24/7 support via phone, email or online chat.
3. Reviews or trustworthiness
Do reviews give you peace of mind when making an international transfer? If so, Trustpilot is a great source of 3rd party reviews. We also have reviews to help you choose the best money transfer service.
4. Cash pick-up
Does your friend or relative need to arrange a cash pick up? If so some money transfer providers offer this service and they can access the cash quickly.
5. Right product or service for your situation
Are you making a personal or business transfer? Business products include spot contracts, forward contracts and lock-in contracts to help you buy foreign currency at the best rate.
Get the best exchange rate from your money transfer service
To get the best exchange rate when transferring money to the United States from Australia, it's always better to use a money transfer service.
We recommend the following 4 money transfer companies:
What to avoid when you transfer money to a US bank account
Instead of picking the absolute best deal or company to make your overseas money transfer, sometimes you'll save more money by avoiding the worst. Either way, we think it's wise to avoid these 3 things:
Sending money directly from your bank to a US bank account can be expensive as they don't offer great exchange rates. Banks also have hidden costs which can make it difficult to know the final amount of US dollars the US bank account will receive.
2. Last minute cash transfers
Companies like Western Union allow the person you transfer money to in the US to pick up cash instantly from certain locations. This is convenient if you're sending money to the US without a bank account. However, it's expensive.
3. International money orders
You pay your bank or post office in return for an internationally guaranteed cheque. You then post this cheque to the person you're sending money to in the US. International money orders are typically the most inconvenient way to make an overseas money transfer, because they take ages and you run the risk of losing it in the post.
Can I use PayPal to transfer money internationally?
PayPal is good for paying small amounts under $200 and if the person in the US has a PayPal account. But avoid it for larger transfers as it's more expensive. If the person you're sending money to doesn't have an account, they can wait ages (28 days) to receive funds. One of the biggest problems is the sudden freezing of accounts. If your account is frozen, you can't add or withdraw funds.
How much money can I send to my US bank account from Australia?
The maximum limits set by the money transfer companies are usually very large. However, they depend on which currencies you send to and from and how you pay.
For example, to send money from Australia to the US, the maximum limit for TransferWise is AUD $1.8 million in one transfer.
Transfer money to the United States safely
One of the main questions people ask us is “will my money be safe online?" The answer is yes.
Money transfer services are usually regulated by governing bodies that look into financial conduct. For Australia, it's ASIC and AUSTRAC. Money transfer services generally have very stringent guidelines to be allowed to send money.
These money transfer services implement strict verification processes to ensure they fully identify all of their customers. They also invest in identity protection, fraud prevention and encryption to create a secure connection with your browser when you register and login into their online services.
More helpful information, tools and videos
Here at The Currency Shop, you’ll learn how to save on transfer fees when sending money overseas from Australia.
FAQs about sending money to the US from Australia
What information do I need to make a transfer?
To send money to the United States from Australia, you’ll normally need the following information:
- Your full name, address, valid identity verification, date of birth and payment details.
- The name and address of person you’re sending money to.
- Their bank account details including the name of the bank and account number and routing number.
- In all cases you will need to provide the BIC, SWIFT or ABA code.
What ways can you send money to the US from Australia?
- Money transfer companies are the cheapest and fastest way to send money from Australia to the US.
- Remittance companies like Western Union and MoneyGram allow you to send cash to a person in the US who may not have a bank account or may need a small amount in an emergency. It is more expensive way to send money to the US.
- Banks are the slowest and generally the most expensive but are the most well known to people.
How can I pay for my money transfer to the United States?
Depending on your provider, there are several different ways to pay. Many providers accept direct bank transfers, wire transfers, or debit or credit card payments. They may charge a small additional fee, depending on how you decide to pay.
How to wire transfer money from Australia to USA?
A wire transfer is a term used to send money electronically from one destination to another. It is a similar process to transferring money with a money transfer company like Currencies Direct or World Remit
- Sign up and provide your valid id
- State where and how much you would like to send
- Give the person you would like to pay's bank account details
- Pay and money is sent via the wire transfer to the person you would like to pay
Is it safe to use The Currency Shop to compare?
Yes. The Currency Shop holds an Australian Financial Services Licence (462269) and is a member of the Financial Ombudsman Service. We closely vet our providers and only partner with the largest, safest and most trusted money transfer companies in the world. That just makes sense.
How does The Currency Shop make money?
The Currency Shop does not charge you. Instead, we receive a referral fee from the banks and money transfer companies that we are partnered with. This does not affect the price you pay.
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