Compare international money transfers

We compared 26 providers and surveyed 883 Australians to help you find the best rates on your next money transfer.

Promoted

TorFX

TorFX logo
  • Great rates on large transfers
  • No transfer fees
  • Dedicated account manager
Go to site

With a fairly weak Australian Dollar (especially against the US dollar), it's important to compare your options before sending money overseas.

We've scoured the market to find the best international money transfer services based on the amount you're sending, transfer fees, exchange rates and flexible options.

Compare international money transfer companies

Blue icon of a padlock
We only list services regulated by ASIC or AUSTRAC.
Finder's logo
Every service we compare has been reviewed by our editorial team.

What is an international money transfer?

An international money transfer is the process of sending money between people or financial accounts in different countries.

Typically, you need to give a bank or money transfer service your recipient's details and the money you want to send.

They will convert your funds to the currency of your choice and electronically send the payment to your recipient.

Depending on the money transfer provider, you will be able to send funds online, via mobile app, over the phone or in person.

Every day, trillions of dollars are transferred between people and businesses all over the world.

How to compare money transfer services

  • Exchange rate markup. Find out what margin they add to exchange rates. Based on our research, when converting $10,000 AUD into GBP, TorFX adds a 1.90% markup to the mid-market rate while ANZ adds a 2.91% markup.
  • Transfer fees. Services that offer fee-free transfers typically make up for it with a weak exchange rate. This is why it's important to look at the total cost of your transfer, not just the transfer fee or exchange rate.
  • Coverage. Review the number of currencies and countries they support, especially if you're transferring a less popular currency.
  • Transfer speed. International transfers can take two to five business days. If you need a fast transfer, a cash pickup with Western Union could be a suitable option. If you're not in a rush, online money transfer services offer the best value.
  • Transfer options: Some providers offer a range of transfer options such as bank transfer, cash pickup and mobile wallet. Bank transfer is the most common option. Also, you should be able to fund your account with a debit card or credit card.
  • Transfer limits. Find out how much you can transfer with each provider, Remitly has a transfer limit of $2,999 while TorFX has no limit.

Best (and cheapest) ways to transfer money overseas

Transfer methodDescriptionProsCons
Money transfer service
Electronic funds transfer through an online money transfer service.
  • Can be done from anywhere via mobile
  • Cheapest option
  • Most transfers completed within 24 hours
  • Cannot pay in cash
  • Many online services don't support cash pickup (some like WorldRemit and Remitly do)
Cash pickup
Cash or electronic transfer by visiting a money transfer service location in person.
  • Multiple transfer options
  • In-person customer service
  • Requires local travel
  • Can only be done during business hours
Bank
Wire transfer or international money transfer through a bank.
  • Considered a secure way to send money
  • Add a big markup to exchange rates
  • Can only be funded through your bank account
PayPal
Digital payments company that also allows you to transfer money overseas
  • Quick and convenient way to transfer money
  • Available in over 200 countries
  • Weak exchange rates, PayPal adds a markup of 4.1% when converting AUD to USD
  • Recipient is changed fees to receive money
Money order
Get a certified money order printed and mail it to your recipient with Australia Post.
  • Difficult to cash fraudulently
  • Can be cancelled in transit
  • Additional time for delivery
  • Money order could get lost in the mail

Compare money transfer services

Best banks for international money transfers

As of February 2025, NAB, HSBC and CommBank are some of the best banks for international transfers, offering fee-free transfers on certain international money transfers.

If you're looking to receive money from overseas, Westpac waives its fee on transfers under the value of $100.

In terms of conversion fees, most banks typically charge a 2% to 6% markup onto exchange rates and can charge extra for receiving money from overseas.

BankBank transfer feesReceiving feesFX rate markup
CommBank1$0-$30Up to $353% to 5%
ANZ2Up to $32Up to $152% to 4%
NAB3$0-$30Up to $352% to 5%
Westpac4Up to $32$0-$123% to 5%
HSBC5$0-$20$102% to 5%

How to send money using an online money transfer service

Sending an international money transfer through an online service is simple:

  1. Compare services, and select one that suits your needs.
  2. Create an account by entering personal details such as your name, email, address and phone number.
  3. You may need to submit a scanned copy of your personal ID (i.e. passport photo or driver's license) and proof of address to qualify for higher transfer limits.
  4. Link your bank account, debit card or credit card to your newly-created account, so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.

Most of the time, you can access your account immediately after submitting the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.

Angus Kidman's headshot
Our expert says

"Don't just choose your bank! Specialist money transfer services have much cheaper rates. Loyalty to a single provider doesn't pay off either - if you regularly need to send money to family, compare to make sure that you're still on the best deal."

Editor-at-large

What do I need to send and receive money abroad?

Make sure you have the following on hand when making an international money transfer.

  • Your personal details. Name, phone number, and government-issued identification like a driver's license or passport. Additional details may be required for security purposes, particularly for very large transfers.
  • Your recipient's personal details. Name, phone number and residential address.
  • Your recipient's bank information. Bank name, address, routing number, SWIFT code and your recipient's account number.
  • Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.

You don't need any particular documents other than a government-issued ID. However, it is worth knowing that money transfers over $10,000 get automatically reported to Australia's regulatory body, AUSTRAC.

How much does it cost to transfer money internationally?

The cost of sending money overseas varies between service providers. Factors like the type of transfer, destination country and amount being sent affect your total cost.

Generally, banks and money transfers services make money from international transfers in two ways:

  1. Transfer fee. This is typically a flat fee or a percentage of the transfer amount.
  2. Exchange rate margin. Most banks and money transfer services make a profit by adding a markup to the mid-market rate (the "true" exchange rate between two currencies). To save money, look for services that have as small a markup as possible.

Services that charge no transfer fee sometimes make up for it with a poor exchange rate. This is why you should review the total transfer cost, not just the fee or exchange rate.

Let's crunch the numbers: Sending $10,000 to the US

According to our research, using a money transfer provider could save you $244.99 on a $10,000 transfer to the US.

We've compared the likely cost of sending money to the US using a money transfer service or an Australian bank.

OFXCommonwealth Bank
Transfer fee
$0.00
$0.00
Exchange rate
1 AUD = $0.7047
1 AUD = $0.6804
Transfer speed
1-2 days
2-5 days
Total amount received
$7,047.17
$6,802.18

CBA adds a 4.13% markup on the USD exchange rate while OFX just adds a margin of 0.51%.

This isn't surprising as an inquiry by the ACCC in 2019, found that the big four banks were rarely the cheapest option.6

Compare money transfer services

What's the fastest way to send money internationally?

Providers such as Wise, WorldRemit and Western Union offer quick and near instant money transfers.

Here's a breakdown of your options if you're looking to send money overseas within 24 hours:

Blue icon representing money transfers Image: Infogram

Digital money transfer services

Companies like OFX and TorFX specialise in foreign currencies, making them some of the most cost-effective transfers. These services are found online and typically have no physical offices.

You'll need to visit a provider's site and initiate the transfer online using a debit card, credit card or bank account.

Picture not described: BlueCoinsCashIcon_Infogram_94x62.png Image: Infogram

Cash transfers

MoneyGram, Western Union and WorldRemit offer cash pickups. Your money is typically available for pickup within 15 minutes at hundreds of thousands of locations around the world.

To use this option, visit your nearest agent location to start your transfer. The funds can then be collected by your recipient at a branch in their country of residence.

Picture not described: BlueBankIcon_Infogram_62x56.png Image: Infogram

Bank transfers

Some major Australian banks may let you transfer money internationally within 24 hours to certain countries and currencies. However, funds sent to other destinations could take as long as five days to arrive.

Visit your local bank branch or the bank's website to initiate a transfer, just be sure to check the processing time.

Rebecca Pike's headshot

"With all my family and friends overseas we end up transferring money back and forth to eachother a lot. So I've tried and tested a few ways to send money. Some of the banks can stack up the fees and make it so much more expensive, but if you take a look at some of the top providers like Wise or Revolut it can save you a lot."

Senior Money Writer

Money Transfer Customer Satisfaction Ratings

We asked 800+ people to rate their favourite money transfer provider based on value for money, customer service, features and more – here's who came out on top. Wise topped the charts, followed by PayPal and Remitly.

BrandOverall satisfaction
OFX
4.53/5
Wise
4.64/5
MoneyGram
4.21/5
PayPal
4.63/5
Remitly
4.49/5
Ria
4.28/5
Western Union
4.18/5
Revolut
4.44/5
WorldRemit
4.37/5
XE
4.44/5

Sending to a specific country?

Frequently asked questions

Richard Whitten's headshot
To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten as part of our fact-checking process.
Sarah Megginson's headshot
Personal finance expert + Media spokesperson

With over 20 years of experience in property, finance and investment journalism, Sarah is a trusted expert whose insights regularly appear across television, radio, and print media, including Sunrise, ABC News, and Yahoo! Finance. She has previously served as managing editor for Your Investment Property and Australian Broker, and her expert advice has been shared over 2,500 times in 2023-2024 alone. Sarah holds a Bachelor’s degree in Communications and a Tier 1 Generic Knowledge certification, which complies with ASIC standards. See full bio

Sarah's expertise
Sarah has written 198 Finder guides across topics including:
  • Home loans
  • Personal finance
  • Budgeting and money-saving tips
  • Managing the cost of living

Read more on International Money Transfers

Go to site