Looking for a way to send money to family, friends or a business in Australia? Don't head straight to your local bank – compare specialist money transfer services instead. They nearly always offer better exchange rates and lower transfer fees so your recipient will receive more Australian dollars.
Best ways to send money to Australia from abroad
The best way to send money to Australia depends on your payment method, the amount and how fast you need it to arrive.
Online money transfer provider. When buying Australian dollars, money transfer specialists typically offer better rates and cheaper fees than banks. Transfer specialists markup ranges from 0.4% to 3% and the markup is lower on major currency pairs (USD, GBP and Euro). More volatile currencies such as the INR attract higher markups.
Bank transfer. Bank transfers are an easy way to send money but they charge extra for the convenience and are often slower. Big Four Banks like CBA and ANZ generally add a 3% to 6% markup onto exchange rates.
Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money sent to their agent location in Australia. Western Union, Ria and MoneyGram are popular but are more expensive than their online counterparts. Thanks to their partnership with Australia Post, Western Union has over 3,500 locations in Australia.
Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached. Wallets are more commonly used in remittance countries in Africa and Asia.
Compare the best money transfer companies to send money to Australia
Bank transfers are typically the cheapest way to fund your transfer to Australia. TorFX and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.
When you're hunting down the cheapest ways to send money, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Transfer fees. While still cheaper than your local bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
Exchange rates. Another way money transfer providers make money is adding a margin to the mid-market exchange rate.
Providers such as Wise offer the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Australian dollars your recipient will end up with.
Fastest way to send money to Australia
Many online providers can offer transfers to Australia within minutes, although you're likely to pay a premium for the convenience.
Here are some of the fastest transfer speeds:
Xe Money Transfers — within minutes
Revolut — within minutes
Wise — within minutes
Instarem — within minutes
Actual transfer times can depend on several different factors including transfer amount, payment method and currency. Sometimes your first transfer can take longer than normal due to security measures.
Safest way to send money to Australia
The safest way to transfer money is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in Australia.
A great way to dive deeper is by reading our reviews and researching first-hand customer feedback on Trustpilot.
Large money transfers to Australia
If you need to make a sizable money transfer to Australia, consider using a provider such as TorFX and OFX to benefit from its expertise in handling larger transfer amounts.
Using a large transfer specialist can have the following advantages:
Tax guidance.Large transfers may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on Australian Taxation Office's latest advice.
Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the AUD exchange rate you want..
Account manager. Currency brokers assign a personal account manager to help and advise you on your transfer needs.
Phone service. If you want to talk your transfer through with someone, providers such as Qantas Business Money and OFX can provide support over the phone.
How to send money to Australia from abroad
To send money to Australia, you'll need the necessary documentation, your recipient's details and a way to pay. Whether you're sending money from the UK, US or New Zealand, the process is the same.
Compare your options.
Use our table to find a money transfer provider that sends funds to Australia. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
Create an account.
You'll need to give your name, address, contact details, proof of ID and method of payment. Generally this should take 10 minutes to complete but it can take one to two business days to get your account verified.
Provide your recipient's details.
Enter your recipient's name and contact information. If you're sending straight to their Australian bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
Enter your transfer amount.
Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total amount your recipient gets.
Complete your transfer.
Send your money transfer to Australia. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.
How to choose the best money transfer companies
When choosing a money transfer provider, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the AUD you're offered to the mid-market rate and look for the smallest difference.
Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to Australia for a flat or low fee might work out better if you plan to send a large amount.
Transfer type. Does your recipient have an Australian bank account or is cash or cell phone top-up a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as Ria Money Transfers offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value and get your money to Australia faster and cheaper than banks.
Transfer limits. Find out how much you can send with each service. For example, Ria Money Transfers has a transfer limit of $5,000 while TorFX has no maximum transfer limit.
Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of Australian dollars.
Frequently asked questions
The most common payment methods include bank transfer, credit card and debit card. How you pay can influence how quickly your money arrives and the total cost of your transfer, so consider both when deciding.
Photo identification: Most providers require a driver's license, passport or another government-issued ID.
A way to pay: Your options depend on the provider's services. Popular methods include cash, debit or credit card and bank account transfers.
Recipient information: You'll need their name (matching their ID) plus contact details. If sending to an Australian bank account, you'll need their account number, SWIFT and branch details.
Transfer number: The reference number – sometimes called a PIN, MTCN or tracking number.
Government-issued ID: An official ID, such as a passport or driver's license.
The transfer amount: To know how much has been sent, usually to within 10% of the total.
Sender information: The sender's name and address and the transfer's country of origin.
This depends on the provider you choose as each will have its own sending limit. For example, services such as Xe Money Transfers and Revolut allow you to transfer as little as $1 while others will have a significantly higher minimum threshold.
Remember that some providers will have maximum transfer amounts as well, either as a result of Australian tax policies or because their service is more limited. If you need to send a large transfer, look for a provider that has higher or no sending limits.
The turnaround time for a money transfer to Australia depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer – usually 2–5 days.
Yes, you can still send a money transfer if neither you nor your recipient in Australia has a bank account. Look at cash transfer providers such as Xe Money Transfers where you can pay with cash and your recipient can collect it as cash or as mobile phone reload on the other end.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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