GMT Money Transfer Review

GMT Money is an international transfer service that provides cash exchanges mainly to India, but also offers services around the world. It additionally provides 24/7 service for money transfers at, as described by the company, the best exchange rate.

If you are considering exchanging money to an individual or loved one in an Asian country, then you will find our GMT Money Transfer review beneficial.

Pros
  • 24/7 service
  • Secure transactions
  • Best exchange rate
  • No transfer fees
  • Instant money
Cons
  • Transfer fees for cash exchanges under $2,500
  • Transfer limits of $2,500
  • No 24/7 online support service
  • Does not accept cash or check payments, only internet transfers
  • High administrative fees for refunds

How Does GMT Money Transfer Work?

GMT Money works strictly through online money transfers between bank accounts. In other words, your initial deposit or transfer is made to GMT from your local bank account. GMT Money then takes your deposit and transfers it to your beneficiary.

How Safe is it to Use GMT Money?

GMT Money is regulated by AUSTRAC. You can also view AUSTRAC and its policies here. In addition, GMT Money is a certified member of the Australian Remittance and Currency Providers Association (ARCPA).

 

GMT Money ensures the security of its clients with levels of protection before, during, and after the international money transfer as well. The company uses digital SSL certificates to validate its identity. In addition, GMT Money protects all back-and-forth communication between its serves and client computers with 128-bit encryption.

 

Your GMT Money online account is protected three ways:

 

  1. Account lockouts. After a series of unsuccessful log-in attempts, member accounts are locked to prevent hackers or fraudulent users from accessing your information.
  2. Automatic logouts. GMT Money issues portal timeouts and logs off users after periods of inactivity.
  3. Email alerts. Customers can receive instant communication on any information changes or payment updates made with their account.

 

To read more about GMT Money security, visit here.

How Much Does It Cost?

When you transfer money online, there is zero commission. If using an operator to assist you, a $5.00 fee is charged.

 

To learn how to transfer money to an overseas bank account without high fees, watch our video on the subject.

 

What Exchange Rate Will I Get?

GMT Money offers lower exchange rates than most of its competitors by cutting out third-party companies and online platforms for money transfers. View their exchange rates to popular destinations, such as Bangladesh, India, and the Philippines here.

 

What is The Refund Policy for GMT Money?

  1. Transactions are processed in real-time with early confirmation. All submitted transactions are legally binding – they cannot be canceled.
  2. If you wish to amend the details of your money transfer, you may submit a modified payment instruction. However, GMT Money processes all client information at the time of the money transfer. It is imperative that you provide accurate information before you fill out a payment instruction.
  3. To avoid creating copies and marginal duplicates of your payment instruction, only submit instructions when Foreign Exchange Central confirms the cancellation of your previous instructions.
  4. All refunds will be delivered at the original transfer amount and the current transfer rate. All fees are nonrefundable.
  5. Technical and human errors happen. So if you see an exchange rate by GMT Money that is not reflective in the market, the company asks that you contact them. Only in this case are the commission and transaction fees refundable, as well as your original transfer amount.
  6. In the event of law enforcement intervention, all frozen accounts and subsequent fees seized are nonrefundable.

 

Additional Fees

Refunds incur administrative charges of AUD 25.00 plus the difference between the exchange rate.

How Do I Send or Receive Money from Overseas with GMT Money?

You must fill out an application form to send money abroad. There are four parts to the application, which you’ll need to provide information for:

 

  1. Transaction details – Foreign currency type and amount, exchange rates, equivalent amount in local currency, and any fees or charges
  2. Sender details – Full name, photo identification, address, contact number, occupation, money transfer purpose, and additional information if sending on behalf of an individual or company
  3. Beneficiary details – Full name, address, contact number, occupation, account name, account number, bank details, routing and code
  4. Payment details – Purpose of received funds

 

Applications can be submitted in a variety of ways:

 

  • Visit a GMT Money office or branch to file in person, or
  • Download the request from the website and submit it by fax, or
  • Scan your copy of the completed application form and send by email, or
  • Apply and send through the online portal on the website

 

Here’s a video on how to fill out a GMT Money Transfer online application and the remittance procedure in action.

How Do I Pay Funds to GMT Money?

GMT Money only offers online bank transfers with verified funds. This can be provided by direct deposit from your bank account to the GMT Money bank account. However, the company does not allow cash or checks payments for international money transfers.

 

Does GMT Money Accept Credit Cards?

Yes. Customers should note that GMT Money only accepts credit card payments up to AUD 500.00. In addition, you must be the primary cardholder to send money. Third-party credit cards are not allowed, which can result in the cancellation of your money transfer transaction and the issuance of a refund.

What Currencies Can I Transfer?

GMT Money offers international money transfers for the Australian Dollar only. You may deposit or transfer funds that can be converted into Indian Rupees, Bangladeshi Takas, Philippine Pesos, and Sri-Lankan Rupees.

 

Use our currency converter to learn how your cash compares to the market.

What Services Do GMT Money Offer for Businesses?

GMT Money provides international money transfer service for corporate clients. Business associates should note that additional documentation may be requested for large cash transfers. Such documentation could include company pay slips, bank statements, loan agreements, or sales invoices. This effort ultimately helps prove where the funds are coming from. It also helps verify your corporate identity.

Compare money transfer services like GMT

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,810.95Exchange Rate0.7274Transfer Fees$63.36Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,810.95Rate Updated 11:50PM 15/11/2018GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7274 will cost you $13,810.95 which includes a fee of $63.36

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

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated 11:50PM 15/11/2018
TorFXRead ReviewTotal (AUD)$13,816.68$5.73 more expensive Exchange Rate0.7238 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,816.68$5.73 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7238 will cost you $13,816.68 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
XERead ReviewTotal (AUD)$13,827.80$16.85 more expensive Exchange Rate0.7232 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,827.80$16.85 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7232 will cost you $13,827.80 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.
WorldFirstRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 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
HIFXRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 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
WorldRemitRead ReviewTotal (AUD)$13,864.77$53.82 more expensive Exchange Rate0.7215 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,864.77$53.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7215 will cost you $13,864.77 which includes a fee of $3.99

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

Pros

  • 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

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$13,933.40$122.45 more expensive Exchange Rate0.7177 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $13,933.40$122.45 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7177 will cost you $13,933.40 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 ReviewTotal (AUD)$14,226.77$415.82 more expensive Exchange Rate0.7029 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,226.77$415.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7029 will cost you $14,226.77 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 ReviewTotal (AUD)$14,498.46$687.51 more expensive Exchange Rate0.6903 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,498.46$687.51 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6903 will cost you $14,498.46 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