TorFX
- No transfer fees
- Price match guarantee
- Dedicated account manager assigned to you
- Forex tools available
The cheapest ways to transfer money overseas
We break down the best ways to transfer money for cheap from Australia.
Whether you're sending money home to family, friends or your own bank account overseas, you want to make sure you're not paying more than you need to.
While lots of people still use their bank to move money overseas, it's far from the cheapest option.
Compared to Australian banks, dedicated money transfer providers typically offer lower fees, better exchange rates and more options to send and receive cash internationally.
But there's a number of ways to send money overseas. We've ranked them below in terms of likely cost:
Cheapest ways to transfer money internationally
1. Online money transfer services
Based on our experience, money transfer services provide the best value for money for international transfers.
Money transfer providers specialise in foreign exchange and therefore offer much better exchange rates than the banks and other providers.
Transfer services like Xe and Remitly normally add a margin of 0.4% to 2% onto the mid-market rate (which is the exchange rate that banks and money transfer services use when transferring to each other).
Providers like Wise actually give you the mid-market rate without any margin, making them one of the cheapest ways to send money overseas.
If you're looking to use a money transfer service, it's normally best to deposit the funds via bank transfer.
Some providers charge extra fees for credit card and debit card payments that can increase the cost of the transfer.
2. Bank transfers
Major Australian banks can safely transfer your funds but are more expensive than dedicated money transfer companies, especially for large transfers.
While some major banks now waive the fees on international money transfers, they make up for it by offering much less competitive exchange rates.
If you're sending AUD $5,000 to the US, for example, Commbank will add a margin of around 4.13% on to the exchange rate.
You can also be charged a separate transfer fee of up to $30 per transaction.
3. Cash pickup
Cash pickup services can be a convenient and quick way to get your money to more exotic destinations. It's also a useful option if your recipient doesn’t have a bank account.
Western Union and Remitly offer cash pickups - sometimes within minutes. Once processed, your recipient generally has instant access to the funds at a specific location.
However, cash pickups are likely to attract higher additional fees than using an online service.
4. PayPal
Digital payment processor PayPal offers transfers to over 200 countries in more than 25 currencies.
If you and your recipient both have PayPal accounts, it can be a convenient way to transfer money overseas.
PayPal calculates its transfer fee as a percentage of the amount you're sending - meaning it's often better for sending smaller amounts of money.
In terms of exchange rates, PayPal generally offers similar rates to the banks.
5. International money order
You can get an international money order, similar to a cheque, issued by your bank or local Australia Post Offices and mailed to your recipient.
There’s a charge for the printed money order and you’ll have to pay the amount you wish to send upfront.
While money orders can be issued and sent straight away, they will take a couple of days to reach your recipient.
Your recipient may be charged a fee by their own bank to cash in the money order.
Compare money transfer services to send money overseas
1 - 25 of 29
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder survey: What do people think is the cheapest way to transfer money overseas?
Response | Female | Male |
|---|---|---|
| I do not send money overseas | 46.22% | 37.11% |
| Bank transfer | 29.53% | 30.8% |
| International money transfer | 16.34% | 22.82% |
| Mobile wallet | 4.75% | 6.12% |
| Cash pickup | 2.11% | 1.86% |
| Money order | 1.05% | 1.3% |
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
Best providers to send money overseas
We’ve highlighted four of the top providers to cover every scenario:
XE - For small transfers
If you wish to send a small amount to your recipient of money overseas, for example, under $2,000, certain money transfer services specialise in small international remittances. XE doesn’t charge transfer fees but instead, adds a margin to the exchange rate so check your happy with the amount your recipient will receive.
XE’s online currency calculator won’t show you how much your transfer will cost as it only shows the mid-market rate. Once you create an account, you can see the exchange rate you’ll get.
TorFX - For large transfers
If you need to send a large amount of money to your recipient, for example, more than $10,000, TorFX allows you to do so with no added transfer fees. Instead, it adds a markup to the exchange rate.
There’s no limit on how much you can transfer when TorFX handles your transfer over the phone.
However, you will be limited to sending up to $50,000 when using its online services.
Wise - For the best exchange rates
If you’re after the best exchange rate going, you can’t get any better than the mid-market rate. This is the “true” exchange rate between two currencies that the banks and other money transfer services use. Banks and other money transfer services will usually add a markup to this rate in order to make a profit, which can vary from 0.1% to 10%.
However, there are select services that don't. Wise is renowned for passing on the mid-market rate to customers so you’ll always get the “true” exchange rate alongside transparent fees.
Remitly - For cash pickups
If your recipient doesn’t have a bank account, one of your options is a money transfer with cash pickup.
Remitly offers cash pickups delivered to specific locations and can send money to more than 100 countries.
Your recipient will need to bring an ID that matches the name on the transfer but you can choose how to pay for it and how quickly you need the funds to reach your recipient.
How to keep your costs down when sending money overseas
- Shop around. The best way to save is by comparing rates, fees and transfer speeds of each provider, closely looking at their benefits and drawbacks. Use your currency's mid-market rate as a baseline to compare against the rates you're offered. You want a provider whose rate is closest to the mid-market rate with the lowest transfer fees.
- Be aware of hidden fees. Avoid surprises by reading the fine print for fees that could apply to your transfer, including charges your recipient will need to pay.
- Forex tools. Movements in an exchange rate can be unpredictable. However, with a forward contract, you can lock in a favourable exchange rate for a future transfer and avoid missing out. Similarly, with a limit order, a transfer will be executed only when your specific target rate is reached.
- Sending larger transfers. Providers such as OFX waive fees when you send more than $10,000 in one go. Even the slightest change in the exchange rate can make all the difference in the amount your recipient receives.
- Make regular transfers. You may be able to save money on exchange rates or pay lower transfer fees by setting up a plan to automate regular payments overseas.
Our expert says: How I send money overseas
"Whenever I need to transfer money overseas or convert currency, I use providers like Wise and Revolut as they offer more competitive exchange rates. However, the cheapest option will vary based on how much you're looking to transfer and where you're looking to send it, so make sure to compare a range of options to find the best deal."
Frequently asked questions
More resources on Finder
Ask a question
22 Responses
Read more on International Money Transfers
-
Find the best way to transfer money to the USA
Need to transfer AUD to USA? Learn how to pick the right service to send your money to USA.
-
Find the best way to send money to Seychelles
Sending money to Seychelles from Australia? Compare international money transfer services and save on exchange rates and fees.
-
Find the best way to send money to the Czech Republic
Transferring CZE is easy with our comprehensive guide to the best ways to send money from Australia to Czech Republic.
-
Find the best way to send money to New Caledonia
Transferring NCL is easy with our comprehensive guide to the best ways to send money from Australia to New Caledonia.
-
Find the best way to send money to Montenegro
Looking for the best way to send money from Australia to Montenegro? Services, rates, and fees compared.
-
Send money to Nigeria
Transferring NGA is easy with our comprehensive guide to the best ways to send money from Australia to Nigeria.
-
Find the best way to send money to France
Need to transfer AUD to FRA? Learn how to pick the right service to send your money to France.
-
Find the best way to send money to United Arab Emirates
Sending money to United Arab Emirates (UAE) from Australia? Compare international money transfer services and save on exchange rates and fees.
-
Find the best way to send money to Italy
Want to send AUD to Italy? We will help you pick the best international money transfer service and explain fees and exchange rates.
-
Find the best way to send money to the UK
Sending money to United Kingdom (UK) from Australia? Compare international money transfer services and save on exchange rates and fees.
I have got a US dollar account that I want to send to my son in Egypt and he doesn’t have a bank account. is there a way to send Us dollars from Australia?
Hi Elham,
Thank you for leaving a question.
Our guide for sending money to Egypt should guide you to the companies that can help you to send money to your son. You may also check with the provider if it is possible for your son to receive the amount in US dollars as well. Once you have chosen a particular provider, you may then click on the “Go to site” button to proceed with your transfer or get in touch with their representatives for further assistance. Hope this helps!
Cheers,
Reggie
hi which is the best, cheapest and safest exchange company to send approx $15k to spain, from my AUD bank account, to a bank account over there? Looking for best ex rate too obviously.
thanks,
matt
Hi Matt,
Thank you for your question.
Usually, transferring money from your bank account is an expensive way of sending money overseas. In the table above, you can compare different money transfer service providers. Using our comparison tool above, I’ve put your figures, and based on the results, the options that you may want to consider are:
You would know if the service providers are safe and legit if they are registered and with ABN.
Hope this helps.
Cheers,
May
Wanting to send money to friend in Lagos Nigeria
Hi Sharon,
Thanks for your comment.
If you want to send money to Nigeria, you can compare money transfer companies that can help you with our guide about sending money to Nigeria.
I hope this helps.
Cheers,
Anndy
What is the cheapest way to transfer money from my Australian bank account (Australian dollars) into my US bank account (US dollars, with Wells Fargo bank)?
Hi BWard Powers,
Thanks for your question.
This will depend on how much you intend to send, but our comparison tables show that World First, TorFX and OFX are worth looking at.
Hope this helps.
I need to send US$1,162 and later two instalments of US$581each, at different times. The recipient prefers not to use electronic transfer. How do I avoid high fees on sending these instalments and the hidden costs at the other end that will affect the transferred amount, and the recipient won’t receive the amount promised from me because of those hidden fees? Would you be able to help me please? Apparently my bank is not accepted in USA.
Hi Annette,
Thanks for your question.
Since your recipient prefers to use electronic transfer it narrows down your options a lot. You may want to compare international money transfer services that allow cash pick up.
These services typically won’t charge you recipient fees and have relatively competitive exchange rates.
Usually international bank-to-bank transfers charge heft fees and exchange rates.