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Looking for the best provider to send money overseas? Don't worry, we've gone ahead and done the hard work. We've researched providers' fees and compared their exchange rates to come up with our top picks for 6 different transfer options - including large transfers, business transfers and cash transfers. Let's take a look.
If you're sending a large sum of money, we recommend using a reputable provider with low exchange rate markups and no transfer limits. TorFX is just that sort of service as they offer fee-free transfers and a price-match guarantee on its exchange rate.
When we reviewed exchange rates on 3 July 2023, TorFX had one of the best exchange rates on the top five currency pairs for transfers above $10,000. You'll also get access to a dedicated account manager and forex tools to hedge your risk against a weak Australian dollar. TorFX isn't competitive for transfers under $2,000 as you will get a better rate with XE or Wise.
Why we picked TorFX for large transfers:
Excellent exchange rates on transfers above $10,000 on all major currencies.
Fee-free transfers and a price match guarantee on valid quotes from other providers.
Top rated provider on Trustpilot with a rating of 4.9 from 2,566 reviews.
Strong banking partners and 10+ years experience handling large transactions.
Forex tools such as forwards contracts and spot transfers.
When it comes to small money transfers, you don't want expensive transfer fees or weak exchange rates eating into the amount your recipient gets. Revolut's app is as user-friendly as they come which makes sending money overseas quick and easy. It also doesn't have a transfer limit on the majority of major currencies. However, keep in mind that limits may apply depending on your plan.
Why we picked Revolut for small transfers:
User-friendly app and easy sign-up process.
Transfer over 30 currencies abroad.
Get the real exchange rate during market hours.
Lowest cost provider when we reviewed exchange rates when converting AUD $1,000.
It's hard to beat Wise when it comes to exchange rates as it's one of the few providers that give the mid-market rate. This means that the exchange rate you are quoted by Wise is the best possible rate available. However, exchange rates are just one piece of the puzzle, so it is still worth comparing the overall cost of the transfer to make sure you are getting the best deal.
Close runners-up were OFX and Remitly. OFX offers competitive exchange rates but doesn't quite have the same reach or easy-to-use user experience as Wise. Meanwhile, if you are a new customer with Remitly, you can benefit from a promotional rate which makes them cheap for the first few transfers.
Why we picked Wise for exchange rates:
Always offers the mid-market rate.
Wide reach - send money to 80 countries.
Multiple payment options including Google Pay & Apple Pay.
Learn more about how to get the best exchange rate in our helpful guide.
Instarem - Best for fast transfers
It was neck and neck when it came to picking the top money transfer service for fast transfers. Instarem narrowly won out over Wise because - as the name suggests - it specialises in making instant transfers.
When using Instarem you can expect your money to arrive at your chosen destination within minutes or on the same day. The exact time varies depending on the currencies involved. But if you want to ensure an early arrival, pay with your debit or credit card for an almost instantaneous transfer.
Why we picked Instarem for fast transfers:
Most transfers arrive instantly or within the same day
If you need to get cash to a loved one abroad then Western Union's massive network of locations is a convenient option. Western Union has around 525,000 agent locations globally in over 200 countries, making it one of the largest money transfer services.
With Moneygram being its main competition, you are likely to find a Western Union location in whichever country or city you need. So if you need to send cash to someone without a bank account, or it's important the funds get there fast, Western Union is among our top recommendations.
Why we picked Western Union for cash transfers:
525,000 agent locations in more than 200 countries.
If you are a business that makes regular international money transfers, you will be looking for a service that offers competitive exchange rates and even perks like loyalty points.
We compared the best business transfer services around and our top pick is Qantas. Qantas Business Money is powered by Airwallex and helps your business make payments at exchange rates of up to 70% cheaper than traditional banks. There's also a Business Rewards program where you can earn 1 Qantas Point on every $10 equivalent converted on foreign currency conversions. These points can be redeemed to save on flights, hotels and other purchases — making it an attractive option in Australia.
Why we picked Qantas for business transfers:
Competitive exchange rates on business transfers
Attractive business rewards program for Australians
Batch transfers feature to make multiple transfers at once
Our top picks are selected out of 26 money transfer services and sorted into 6 specific categories to meet all of your transfer needs. Our editorial team reviews brands according to the most important features for each category and compars them against other providers. We also took into account first-hand experience with providers and additional services we felt were relevant.
When choosing a money transfer service, be sure to consider your own personal objectives, needs and circumstances before making a decision using our top picks. Read our full methodology here to find out more.
Features we prioritise:
Total cost for bank transfer above $10,000
Maximum transfer amount
Discounts for larger transfers
FX tools to hedge currency risk
Dedicated account manager
Features we prioritise:
Total cost for transfers $1,000 - $9,999
Mobile app user experience
Easy sign-up process
Customer service
Coverage
Transfer speed
Features we prioritise:
No exchange rate markup
Exchange rate alerts
Multi-currency account
Features we prioritise:
Delivery speeds for bank transfers
Delivery speeds for cash pickup
Offer same-day transfers
Features we prioritise:
Number of agent locations
Transfer speed
Receiving methods
Payment methods
Features we prioritise:
Total cash for bank transfers
Forex tools to hedge risk
Personal account manager
Accounting tool integration
Reputation
Still looking for other options?
Check out the table below to see some other money transfer specialists and what they can offer.
There isn't a one size fits all approach when it comes to international money transfers, as it depends on your circumstances. This makes it difficult to declare a "best overall money transfer service", each provider has different pros and cons.
Having said that, there are some stand-out money transfer specialists that are worth considering. We believe that Wise, TorFx and Revolut offer pretty good and versatile services overall, covering most of what you need from a money transfer service.
Kate Steere is a deputy editor at Finder, specialising in fintech, cryptocurrency and banking. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
The fee would depend on the service you choose. If you wish to send a money to Germany you may want to consider the options from our comparison table. You should be able to compare different services based on their minimum transfer amount, speed, fees, and exchange rates.
When you are ready, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with your transfer or get in touch with their representatives for further inquiries you may have.
Please ensure you review the relevant Terms and Conditions before sending.
If the invoice accepts international money transfers directly, then it should be possible to pay from your credit card. You can learn more about this topic through our guide about transferring money using credit cards.
In terms of cost, the transaction might be treated as a cash advance which means you could get charged more interest plus a cash advance fee. It’s best to check with your credit card provider directly to enquire about how the transaction will be treated.
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i want to transfer 5000 aud into euro to a bank in berlin Germany
what are the charges by bank here and in berlin
Hi Andy,
Thank you for your inquiry.
The fee would depend on the service you choose. If you wish to send a money to Germany you may want to consider the options from our comparison table. You should be able to compare different services based on their minimum transfer amount, speed, fees, and exchange rates.
When you are ready, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with your transfer or get in touch with their representatives for further inquiries you may have.
Please ensure you review the relevant Terms and Conditions before sending.
I hope this information has helped.
Cheers,
Harold
Is it possible to use a credit card to pay an invoice in US$ and how does that compare in costs?
Hi Annet,
Thanks for your question.
If the invoice accepts international money transfers directly, then it should be possible to pay from your credit card. You can learn more about this topic through our guide about transferring money using credit cards.
In terms of cost, the transaction might be treated as a cash advance which means you could get charged more interest plus a cash advance fee. It’s best to check with your credit card provider directly to enquire about how the transaction will be treated.