It's fairly common for people to send large amounts of money abroad. The best way to do that will depend on your specific situation. When making your decision, it is important to take into consideration things like speed, fees and more.
What are the best ways to transfer large amounts of money overseas?
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. Their mark-ups range from 0.5% to 3% on major currency pairs and will lower their markup or waive transfer fees above a certain amount. This discourages people from splitting up transactions.
These providers also have forex tools to help you lock-in the best exchange rates. For example, if you're transferring $100,000 to the US and the Australian dollar is weak, TorFX can set up a limit order and convert money once AUD to USD hits your target rate.
Pros
Account managers offer step-by-step guidance for the entire process.
Cheaper than bank transfers for large transactions
Diverse payment options, including payment by credit card, debit card, bank account and more.
Can be sent entirely online.
Cons
Many options exist, so finding the best one may seem tricky.
Some money transfer specialists don't have transparent fees and exchange rates.
You have to trust a company with your money, so vetting them is important.
We've vetted our favourite money transfer specialists for you to save time and money. However, if you would rather compare providers yourself, you can use our comparison table to look at transfer speeds, fees and exchange rates. When you have made your choice, simply click Go to site.
Compare money transfer specialists
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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2. Bank-to-bank transfers
While most banks are able to initiate an overseas transfer, they tend to be the most expensive option. When dealing with smaller transfers, the ease of using your local bank can be worth the fees and unfavourable exchange rate. But for larger transfers, you'll see a noticeable cut taken. 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.
Wire transfer. This is where you send money directly from your bank account to another bank account, usually by filling out a form with the contact and account details of the recipient. This tends to be the more expensive option, and you should double-check how much your bank charges for outgoing international transfers before sending money. For example, CBA charges a $6 transfer fee through their app and adds a 3-5% markup onto the exchange rate.
Pros
You already trust your bank with your money.
You can typically initiate the transfer online, in-person or by phone.
You don't have to trust any companies with your money.
Cons
More expensive than other options.
Typically far slower than other options.
Have to pay with funds that are already in your bank account.
3. Cash-to-cash transfers
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. There are several companies that offer cash-to-cash transfers including Ria Money Transfer, MoneyGram and Western Union. Finding the right company for your cash-to-cash transfer is important, so make sure to compare your options.
Pros
Recipient doesn't need a bank account.
Sender doesn't need a bank account.
Cash transfers often transfer faster than bank-to-bank transfers.
Cons
Most cash-to-cash specialists have a low maximum sending limit.
Large amounts of cash will have to be picked up by the recipient, which could be dangerous.
Higher fees are typically applied to cash-to-cash transfers, compared to using an international money specialist that transfers to a bank account.
4. International bank draft
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, removing the need to speculate on future exchange rates.
Overall, international bank drafts operate similarly to domestic orders sent within Australia, except that they are created in a foreign currency.
Pros
Accepted in many parts of the world.
Relatively cost effective when compared to wire transfers between international banks.
Can only be cashed at a bank by the person listed on the international bank draft.
Cons
Slow, as they have to be physically mailed or hand delivered between countries.
Difficult and time consuming to replace if lost or stolen.
5. Prepaid debit cards
With some services, you can send funds via a prepaid debit card. The sender loads a prepaid debit card with cash funds. 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. However, you will most likely have to pay an activation fee or monthly fee.
Pros
Relatively cost effective when compared to bank transfers
Recipient doesn't need a bank account
You can lock in a set exchange rate
Cons
Most prepaid debit cards carry an activation fee or a monthly fee
There may be a limit on how much you can load onto the card
6. Cryptocurrency
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). Which means it is possible to exchange Australian dollars for a cryptocurrency like Bitcoin, then trade your cryptocurrency for 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:
Transfer funds to an online cryptocurrency exchange.
Use your local currency to buy cryptocurrency, which goes into a digital wallet.
Sell your cryptocurrency for a foreign currency.
Withdraw your funds from the exchange platform.
Pros
You can send money directly to your recipient's cryptocurrency wallet address, removing the need for companies as intermediaries.
Your transaction can't be cancelled.
Cons
Requires a lot of technical know-how to avoid errors.
Prices can be volatile, so although you may save money by avoiding fees, you could lose it if the price of the cryptocurrency you're using as an intermediary drops.
Depending on the route you use, there may be many fees to pay.
Finder survey: Do Australians prefer banks or money transfer specialists to send money abroad?
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%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
Frequently asked questions
The cheapest and fastest option is most likely an international money transfer provider. Specialist money transfer companies tend to offer the most competitive exchange rates and charge lower fees than your local bank. Use our table to compare providers' transfer speeds and fees.
There is no maximum limit on how much you can transfer overseas. However, you will need to make sure that you file the appropriate tax forms. Additionally, if you are sending $1 million or more overseas, check that your transfer provider can securely handle transfers of that size before getting started.
One of the fastest ways to transfer money internationally is to use a cash pickup service. They allow your recipient to have almost instant access to the money you have sent, without the need for a bank account.
One of the safest ways to send large amounts of money abroad is to use a reputable, regulated money transfer provider or your bank. You will most likely find that specialist money transfer services are less expensive, and have robust security measures that will protect both parties involved.
There is no limit on how much cash you can bring into or out of Australia but you must report it to customs if you're carrying $10,000 AUD or more in foreign currency equivalent.
Kevin Joey Chen was a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, The Dallas Morning News, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software. See full bio
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