TorFX

- No transfer fees
- Price match guarantee
- Dedicated account manager assigned to you
- Forex tools available
You have a number of options if you're looking to send a large amount of money overseas. While traditionally your bank may have been the best way to transfer funds internationally, it's now arguably cheaper and quicker to use a dedicated international money transfer service or provider.
While many banks and providers now have high transfer limits on international transfers, you may want to check directly with the provider if you're looking to move extremely large amounts of money.
Here are the most popular ways to transfer large sums internationally:
Money transfer specialists typically offer better exchange rates and charge lower fees than Australian banks.
Providers such as TorFX and OFX specialise in helping users make large transfers overseas.
These providers charge a markup of around 0.5% to 3% on major currency pairs and will lower their markup or waive transfer fees above a certain amount, which can make them more cost-effective if you're looking to transfer large amounts of money.
You can also use a forward contract to set up the transfer at the exchange rate you want.
For example, if you're transferring $100,000 to the US and the Australian dollar is weak, you can use providers like TorFX to set up a limit order that will transfer your money once AUD hits your target exchange rate.
However, your transfer will only be completed if AUD hits that exchange rate.
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
Most of the big banks in Australia will let you send money overseas, whether that's sending Australian dollars directly, or converting your AUD to a different currency and sending that to a foreign bank account.
However, despite the potential convenience of using your existing bank, this method will generally be more expensive than using a dedicated money transfer service.
Banks are likely to charge higher fees and offer less competitive exchange rates, which can end up costing you a lot more if you're looking to transfer large amounts of money.
Some banks like NAB and CBA now waive the transfer fee for sending money overseas, but are likely to offer less favourable exchange rates that mean the overall cost of the transfer will still be more expensive.
It is also worth keeping in mind that your bank may have wire transfer limits in place, so you'll need to ask ahead of time if you plan on making a large international wire transfer over a certain amount.
Sending money for cash pickup is a convenient way to complete your international money transfer, particularly if you or your recipient is under or unbanked.
While this may be a necessary requirement depending on your circumstances, for those looking to transfer large amounts overseas, using a cash transfer is likely to be extremely expensive.
There are several companies that offer cash-to-cash transfers including Ria Money Transfer, MoneyGram and Western Union.
Also known as a money order, an international bank draft is issued by a bank on behalf of the payer. It allows another bank, typically in another country, to draw funds directly from the issuing bank.
International bank drafts can be drawn in a foreign currency, which means you can lock in the current exchange rate when sending the transfer.
When you take out an international money order, the recipient will be sent a cheque that can be cashed in for the funds.
Some banks and providers let you send funds via a prepaid debit card.
The sender loads a prepaid debit card with cash and the recipient can then withdraw them using the prepaid debit card.
Alternatively, you can transfer money from the prepaid card to a bank or card account.
Prepaid debit cards tend not to charge transfer fees but will still likely charge a margin on the exchange rate you get offered. You may also need to pay monthly or annual account fees.
If you hold cryptocurrency, you can send it to a wallet anywhere in the world. Many cryptocurrencies will also let you trade cryptocurrency for fiat currency (a government-issued currency like Australian dollars or euros).
This means it is possible to exchange Australian dollars for a cryptocurrency like Bitcoin, then trade your cryptocurrency for a foreign currency like euros.
However it's not a simple process, and you'll likely encounter percentage-based fees at each step, which makes it an expensive option.
Here are the key steps to take when transferring money overseas using cryptocurrency:
These are the minimum and maximum amounts you're able to transfer internationally from Australia with the big banks and popular money transfer services:
Provider | Type of transfer provider | Minimum transfer amount | Maximum transfer amount |
---|---|---|---|
Bank | $0 | $150,000 daily limit | |
Bank | $0 | $2,000 default; can be upgraded to $5,000 (NetBank limit) | |
Bank | $0 | Up to $40,000 via internet banking | |
Bank | $0 | $2,000,000 | |
Online transfer provider | $10 | $10,000,000 | |
Online transfer provider | $200 | No maximum amount | |
Online transfer provider | $250 | No maximum amount | |
Online transfer provider | $10 | No maximum amount | |
Online transfer provider | $1 | $1,500,000 | |
Online transfer provider | $1 | $50,000 | |
Cash transfer provider | $1 | $50,000 | |
Cash transfer provider | $1 | $13,750 | |
Online transfer provider | $1 | No maximum amount | |
Online transfer provider | $1 | $750,000 | |
Online transfer provider | $1 | No maximum amount | |
Online transfer provider | $1 | $2,999 | |
Online transfer provider | $25 | $1,000 | |
Online transfer provider | $1 | Around $5000, varies by country | |
Online transfer provider | $1 | No maximum amount | |
Online transfer provider | $250 | $50,000 |
The Australian Government does monitor large overseas money transfers. While it doesn't impose any restrictions on the amount you can send overseas, the federal government still tracks large transfers through regulatory body AUSTRAC (Australian Transaction Reports and Analysis Centre).
AUSTRAC collects data on overseas transfers of more than $10,000, with the aim to prevent money-laundering, funding of international terrorism and a range of other serious crimes.
The bank or money transfer provider that handles the transfer must report the details of the transaction, including your account information, to AUSTRAC.
If you're unwilling to provide the necessary information, the transaction may be declined.
Response | Female | Male |
---|---|---|
I do not send money overseas | 46.92% | 36.18% |
Bank | 31.28% | 35.62% |
Money transfer specialist | 15.47% | 22.63% |
Neither | 6.33% | 5.57% |
All the info you need to know about buying a property in Japan from Australia.
The steps you need to follow to open a UK bank account as an Australian.
If you want to buy a property in NZ, here’s what you need to know before signing on the dotted line.
How to use a forward contract to get the exchange rate you want when you send funds overseas.
Using international money orders to send money overseas? Learn about better options.
Find out how you can send and receive payments in USD in Australia with a multi-currency account.
Check out our review of TorFX's fee-free money transfers.
Ever wondered how long it takes for an international money transfer to arrive in your recipient’s bank account? Find out here.
If you’re thinking of sending a money transfer with Western Union, read our review of its transfer speed, exchange rates and fees first.