Online money transfer companies offer a secure way to send money across borders almost instantly — but a tighter time frame usually means higher fees.
A same-day money transfer allows you to send funds abroad that will arrive with your beneficiary within 24 hours. It's the same as any other overseas money transfer, but quicker. Also, some providers offer instant transfers.
Providers such as Wise, WorldRemit and Western Union offer quick and near instant money transfers. Also, if your bank offers PayID and uses the Osko network then you can make real-time transfers from a provider to your bank account.
Three main ways exist to transfer money overseas on the same day:
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.
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.
Major Australian banks make it possible to send international money transfers. However, while transfers within 24 hours are possible to certain countries and currencies, 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.
| Response | WA | VIC | SA | QLD | NSW |
|---|---|---|---|---|---|
| Same day | 5.41% | 2.74% | 1.23% | 1.82% | 2.23% |
| 1 business day | 1.8% | 3.42% | 1.23% | 0.91% | 1.95% |
| 3-5 business days | 0.9% | 2.4% | 1.36% | 1.39% | |
| Unsure | 0.9% | 0.68% | 2.47% | 1.82% | |
| 2 business days | 1.37% | 1.23% | 1.36% | 1.67% | |
| 5+ business days | 1.23% |
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"When you are looking to send money and need it delivered on the same day it's important to consider the receiving method you are sending the money to, and depending on this, what time you are making the transaction too. I realised this when sending money to Colombia to a Nequi account. For the person to receive it they had to provide additional information to Nequi in Colombia (nothing to do with my provider). Also, if the money is sent during night time in Colombia it can still take a whole day to arrive, as someone will have to process the transaction."
Yes. You can use your established PayPal account to send personal payments in minutes to friends and family abroad. If you don't have a PayPal account, you can set one up in minutes if you have online access to your bank statements. This is because PayPal deposits small amounts into your account, and you're required to verify your account based on the deposits.
You'll typically receive a weaker exchange rate and pay higher transfer fees with same-day transfers, so carefully review the full details of your transfer before handing over any money. Be aware that some transfer providers — for example, your bank — will not always be able to offer a same-day transfer to your destinations.
Using a transfer provider that offers cash pickup is the most reliable way to send funds overseas almost instantly. But if you have a little extra time, you should be able to get a better deal by sending a bank-to-bank transfer. Be sure to compare money transfer services to find out more about which provider will work best for you.
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Check out these seven alternatives to XE to find the best money transfer provider for your needs.
Compare TorFX and Wise on speed, cost and exchange rates to see who’s best for your next money transfer.
We compare two international transfer services, OFX and TorFX, including their rates, fees and speed.
We compare Western Union and PayPal to see how much money transfers at each cost and which is faster.
Wise and PayPal go head to head as we determine which offers the best value for money on international transfers.
Which company should you choose for your next money transfer?
Check out our review of TorFX's fee-free money transfers.
A comparison of the money transfer services offered by Xe Money Transfer and Wise.
We pit Western Union and Wise head to head to determine which provider offers the best and cheapest way to send an international money transfer.
I want to send money from Australia to China every day for business and they receive the same day. Who is the best and the most cost effective?
Hi Rod,
Thank you for reaching out.
You may refer to our list of money remitting services from Australia to China.
You can actually use the calculator above the comparison table and set the currencies and the amount you wish to transfer. You can also use the “sort by” drop-down to arrange the results of your preference. It will show that WorldRemit will be the fastest as they can transfer within an hour. I set the transfer amount to $250 and it shows that InstaReM will have the lowest online fee at AUD 1.25. The value on our page is approximate and may change depending on the amount that you will transfer.
Hope this helps! 😊
Kind Regards,
Mai
I want to do a personal transfer to Pakistan
Hi Margaret,
Thank you for visiting Finder.
We do have a list of money transfer service providers that can help you send money to Pakistan. The page will also give you additional information on the process, the things you will need to consider before making the transfer, and other ways of sending funds to Pakistan.
Best Regards,
Joanne