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How to send money overseas from Australia
Discover the best way to send money overseas from Australia.
Whether you're sending money home to family, friends or your own bank account overseas, you need to research. Most people still use banks but they charge extra for the convenience. Money transfer services focus on one thing: sending money across borders. Compared to Australian banks, these providers typically have lower fees, stronger exchange rates and more options to send and receive cash.
Cheapest ways to transfer money internationally
1. Online money transfer services
Based on our experience, money transfer services provide the best value for money. Banks struggle to compete as they offer multiple financial products while money transfer providers specialise in foreign exchange. Transfer specialists normally add a margin of 0.4% to 2% onto the mid-market rate. Funding your international transfer via bank transfer is the cheapest option, some providers charge extra fees for credit card and debit card payments.
2. Bank transfers
Major Australian banks can safely transfer your funds but are more expensive, especially for large transfers. Banks rely on existing links between banks and banking systems worldwide and it'll often be called a telegraphic transfer. However, two downsides are the high fees and weak exchange rates you'll receive in comparison to other options. If you're sending AUD $5,000 to the US, Commbank will add a margin of around 4.13% on to the exchange rate.
3. Cash pickup
Cash pickup services can be a convenient and quick way to get your money to more exotic destinations. And a particularly 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.
4. PayPal
Known for digital payments, PayPal offers transfers to over 200 countries and supports 25 currencies. This is useful if you and your recipient both have PayPal accounts. 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. Its exchange rates are similar to banks, if not slightly worse.
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.
6. Bitcoin
Although complex for the average person, it’s possible to use Bitcoin to send money overseas. You and your recipient both require Bitcoin wallets. You can load your wallet with AUD that is then converted to Bitcoin and transferred to your recipient overseas via a decentralised network. Your recipient then receives your Bitcoin in their wallet and can convert and withdraw it in their chosen currency. However, the value of Bitcoin is volatile, and there may be additional risks associated with using it for money transfers.
Compare money transfer services to send money overseas
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Finder 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 - 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 - 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 - 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 - 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 minimise costs when making a money transfer
- 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.
How do I send money with a money transfer specialist?
Although the process differs by company, to send money overseas you'll generally need to do the following:
How do I send money from my bank?
Please note that the process is different for every provider. The example below shows just one of the ways you can initiate a transfer.
How to get the best exchange rate
Frequently asked questions
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Ask a question
Hi I want to send $4,000 aud to my fiance who is working on a contract in Nigeria. I’m having a lot of trouble doing this and its urgent. Is there any way you can help me please? I can send it but before it gets received, its knocked back
Hi Linda,
Thanks for your question.
You may want to try one of these international money transfer services that advertise they can send money to Nigeria. Please let us know how you go.
Hi,
Am from Melbourne, I need to send US$100 from Australia to company called NANO67 in the UK, if i send through PAYZA how much do they charge? i have already asked this matter from them but they did not reply to me yet, do you trust Payza? how reliable they’re? they said there going to reply to me in 24Hrs when i open my account with Payza
Hi Paul,
Thanks for your question.
Please see a review of Payza fees and charges. We are not in a position to comment on a service’s reliability – our regulatory body, the Australian Securities and Investments Commission is in a much better position to do this.
You may compare other money transfer services you can use to send money overseas and compare their rates, fees, and transfer time. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you initiate a money transfer.
Cheers,
Shirley
I understand that finder.com.au is a comparison site and assume that quoted conversions are based on actual customer prices. Is this correct as I have setup an account from the list and the quoted exchange does not reflect that on your site?
Hi Currency,
Thanks for your question.
The quoted conversions are generated from figures that are provided to us by the international company services. In some cases there are discrepancies due to the volatile nature of exchange rates and your transfer amount.
Cheers,
Shirley
Would like to send a large amount of money ($500,000) to Poland – If I was to transfer $10,000 every week into a Bank account in Poland – Does the person I am sending the money have to pay tax on each deposit and how much?
Hi Christine,
Thanks for your question.
Please note that finder.com.au is an Australian comparison site and can only provide general advice regarding products issued in Australia. Please have your recipient ask his or her bank if they would need to pay tax on the money sent on each deposit and how much, as this will depend on the tax regulations of Poland.
Cheers,
Shirley
Any idea how much most Canadian banks such as CIBC or Western union would charge if I were to go in and send all of my 44,000 Canadian dollars to a Chinese bank account? I read someone had to pay 174$ plus 27$ transfer fee to get 150$ to the US!!!
Hi Brendon,
Thanks for your question.
Outgoing wire payments for amounts in between $10,000 – $50,000 is $50 per payment.
On their website it states “outgoing wire fees will be charged in Canadian currency. For wires from foreign currency accounts (including U.S. accounts), the equivalent fee will be charged in the same currency as the account using an exchange rate set by CIBC on a date determined by CIBC.”
For more information, please get in touch with CIBC directly.
Cheers,
Shirley