TorFX
- No transfer fees
- Dedicated account manager assigned to you
- Fix your exchange rate up to two years in advance
TorFX
Revolut
Xe Large Transfers
The platforms shown above are promoted picks, which means they've been chosen from among the partners we work with and are based on factors that include special features or offers and the commission we receive. Keep in mind that our promoted picks may not always be the best fit for you – it's important to compare for yourself and find a platform that works for you.
PROMOTED FOR LARGE TRANSFERS
Xe Large Transfers
Transfer speed
1 day
Min. transfer
$1
Currencies covered
100+
Transfer fee
$0
PROMOTED FOR BUSINESS TRANSFERS
Airwallex
Transfer speed
Same day
Min. transfer
$1
Currencies covered
60+
Transfer fee
$0
PROMOTED FOR SMALL TRANSFERS
Revolut
Transfer speed
Same day
Min. transfer
$1
Currencies covered
30+
Transfer fee
$0
PROMOTED FOR INVESTMENTS
TorFX
Transfer speed
1 day
Min. transfer
$200
Currencies covered
30+
Transfer fee
$0
An international money transfer is what happens when you send money to someone overseas. You provide funds and your recipient's details to a bank or an independent transfer provider, which then exchanges the money into your desired currency and sends it to your recipient. You can send money over the phone, in person, through a mobile app or online.
There are two main ways to send money out of Australia: a specialist money transfer service or your bank. Both banks and transfer services offer online transfers, with some offering in-branch transfers or the ability to send money over your phone via an app or by calling an agent.
We'll go through the steps each method takes if you were sending it online.
The following steps give a good example of a typical transfer using a money transfer company.
If you choose to use a bank to carry out your transfer, the process is a little different.
While there's no best way to transfer funds overseas, there are a few things you can do to make it cheaper.
Keep an eye out for the following when you send money overseas:
The length of time it takes for your money to arrive depends on the transfer service you choose and how you pay. In general, if you pay with a credit or debit card, your money will arrive fast – often within the day. Paying by bank transfer is a lot slower and will generally take two to five days to clear.
You can read more about what to expect and the different factors affecting transfer speed in our guide.
Each service charges different amounts and this can vary between currencies as well. In general, there are two ways you're charged for money transfers. Let's break it down.
Other fees will depend on how you're paying for your money transfer and how you'd like your recipient to pick it up. Credit or debit card transfers are often your most expensive option, though often the fastest, while cash pick-ups can also increase what you'll pay.
You can send as much or as little as you want, but it all depends on the service you choose. Some are aimed at bigger transfers and will have minimums that can get as high as $5,000. You can also find several that specialise in smaller transfers and have minimums as low as $1.
There are no limits in Australia to how much you can send out of the country, but the service will need to do extra verification on you to comply with the law. This could mean presenting more proofs of identity or address, like utility bills, car registration or your passport.
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