Best Money Transfer Companies in Australia

 Our aim? Help you send money abroad with the cheapest rates

Sendmoneyaustralia.com has been designed to help expatriates and small businesses in Australia, or Aussies abroad, with their international money transfers. The market can be confusing and there’s a great number of currency companies to choose from. We review their services, compare them, and help you get most bang for your Aussie buck. Use the table below to get an indication of the saving you can achieve through using international money transfer companies over banks. This comparison was conducted on Sept 22, 2016, and spot rates were as follows GBP/AUD at 1.7064 and AUD/GBP at 0.5860.


 

Sending AUD 10,000 to the UK:

(scrollable for mobile devices)

 Bank / FX Firm Money sent Money received incl. fees Duration
ANZ AU$10,000 £5,554.98 2-3 working days
CBA AU$10,000 £5,526.81 2-3 working days
Westpac AU$10,000 £5,496.98 2-3 working days
Bendigo AU$10,000 £5,576.22 2-3 working days
NAB AU$10,000 £5,526.81 2-3 working days
CurrencyFair (FX) AU$10,000 £5,829.00 2-3 working days

Total saving: Currencyfair fees for this transaction were £31, or 0.5% of the transaction. Westpac’s fees were £364, or just over 5%. Using Currencyfair over any Australian bank would have resulted in saving of anywhere between 60% and 90%. If you want to know more about the differences between banks and  fx companies click here, or discover our top rated money transfer companies below.

 

View our company selection for money transfers to Australia and from Australia:

  • Thousands of Satisfied Clients in Australia – Average Client Rating 98% on Feefo
  • Heavily Regulated By Several Regulatory Bodies Globally, Including ASIC and FCA
  • Variety – Most Currencies, Most Diverse Offering, Tech/Service Wining Combo
  • Offices in Australia.

Our Top Choice for Money Transfers

 

  • Trading $4 bn Anually – 150,000 Clients – Review Score: 8.9 / 10 on TrustPilot
  • Global Approach – 18 Offices Worldwide.Client support in Multiple Languages.
  • No Fee – Regardless of the Amount Sent

Best Online Payment Platform

 

  • Get Unique Business Hedging Offering
  • Get Access to Additional Currency Services like Travel Money
  • Best Rates for Larger Transfers

Operating for 35 Years

 

  • UK and Australian Offices (Conrwall, Queensland)
  • Specialising at Moving Abroad
  • Personalised, Experienced, Dealers

The Relocation Experts

 

  • Publicly Traded Firm
  • Largest FX Firms in Australia
  • Rebranded from OzForex – New Payment System

20bn Annual Turnover

 


internationalmoneytransfers

And Their Australia Money Transfer Guide


Most Popular Currencies Provided by The Top FX Companies:

 

 

AUD

Australian Dollar

EUR

Eurozone Euro

GBP

Great Britain Pound

USD

United States Dollar

 

NZD

New Zealand Dollar

CAD

Canadian Dollar

JPY

Japanese Yen

AED

United Arab Emirates Dirham

Note: These are the most common currencies that are traded with the Australian Dollar. All companies recommended by us on this website support all of those. Overall World First handles 150 different currencies, OFX, Currencies Direct and TorFX handle more than 60, and Moneycorp handles more than 50 currencies. 


 

 

Sending Money from Australia?

View our top country-specific guides below:


If you want to make a personal transfer from or to Australia, have a look at the following demonstration that conveys vast amount of money you can save with our recommended money transfer services. View client experiences at InternationalMoneyTransfer.co Blog.

 

 

International Money Transfer Services: Banks VS Commercial Firms

When it comes to transferring money overseas, clients have plenty of options.The advent of non-bank currency transfers has allowed a new clique of companies to emerge and offer currency transfers abroad. Companies such as ones listed above are examples of non-bank entities that can potentially undercut banks when it comes to pricing. Newly developed platforms such as CurrencyFair and Transferwise are pushing the boundaries still further by offering an exchange-style service helping to further reduce dealing spreads and transaction costs. The rather opaque landscape of Foreign Exchange (FX) is now littered with a range of service options for various clients with differing requirements — but just how competitive (or not) are the banks in the first place? We decided to run a brief comparison of the major Australian and UK banks, to see how they stack up against each other, as well as against the horde of boutique currency transfer companies that have appeared on the scene over the past 10 years.

 Bank Bid Ask Spread Online Fee Branch Fee Phone Countries/Currencies
ANZ 0.6075 0.5565 557 $18 $32 $32 60 countries & 30 currencies
CBA 0.6073 0.5539 555 $22 $40 $30 200 countries & 30 currencies
Westpac 0.6099 0.5508 551 $20 $32 $20 30 currencies
Bendigo 0.6142 0.5593 560 $30 $30 $30 30 currencies
NAB 0.6082 0.5539 555 $22 $30 $22 200 countries & 30 currencies
  • Correct as of 22nd September 2016 with spot GBP/AUD at 1.7064 and AUD/GBP at 0.5860

The most glaring observation is the size of the dealing spreads. On average, Australian banks are quoting a spread of around 550 pips around the current spot price. In the example above, with a spot price of 0.5860 the banks routinely add around 250 pips onto either side of the current price when doing spot transactions. For our example, we used a transaction size of $10,000 AUD transferring to the UK at the best possible spot rate. The bank able to offer the most competitive rate to an Australian client sending money to the UK was Westpac with a price of £0.5508. Here is a table of what a $10,000 transfer to the UK would look like, at the other end:

  Money sent Money received incl. fees Duration
ANZ $10,000 £5,554.98 2-3 working days
CBA $10,000 £5,526.81 2-3 working days
Westpac $10,000 £5,496.98 2-3 working days
Bendigo $10,000 £5,576.22 2-3 working days
NAB $10,000 £5,526.81 2-3 working days

Westpac offered the best conversion rate, but it was Bendigo that delivered the best final total to the client.

Service

Not only do banks compete on pricing, they also compete on service. All the banks surveyed offered very similar additional services such as online functionality, wide range of destination countries and seamless integration with other services offered by the bank. All the banks strongly encourage new customers to open a bank account with the bank in order to cross-sell other services and reduce administrative functions such as repeat requests for proof of identity and other KYC details. To incentivise greater use of their own service as opposed to a rival bank, a variety of incentives are offered including better dealing spreads, lower transaction fees and insurance. The key point to remember for customers is they will get nothing unless they ask and negotiate. If a customer has an existing mortgage or current account with the bank, better transaction conditions are likely to be considered and accepted by any of the large banks.

Banking focus

Banks have vastly different operational objectives which mean they cannot possibly service the millions of their clients with dedicated customer support and personalised account managers. They also cannot offer preferential rates to all customers. Banks rely the fact that customers with small transaction sizes will simply “avoid the hassle” of opening a new account with an alternative provider when the bank takes care of everything including insurance, directly from the customers standard bank account. This feature is what is known as the ‘default option’ for customers and banks therefore leave their headline rates fairly wide and profitable. For large corporate customers, repeat transactions and forward transactions, banks offer a dazzling array of various perks and cost-saving features that aims to retain the larger volume business. For reasonably small one-off transactions such as $10,000 banks will only offer a best-rate. But if the transactions are the first of a series, the bank may consider waiving the transaction fee or reducing it for future deals. For large transfers, or transfers done by small businesses, banks tend to provide a more engaged service which tends to be charged for as part of the company’s business account with the bank. Also, for large one-off transfers, banks will always be flexible with their advertised rates and all their transaction fees. The bottom line in FX, is that everything is negotiable — but there are expectations on both sides of the equation.

Is an FX Company for me?

Ultimately, some people will opt for boutique FX companies in the hope of obtaining better dealing spreads and reducing transaction costs. FX companies are now famous for offering around 2%+ in savings on any transaction which can add up to a huge amount of money for anyone doing several currency transactions per year. To sign up with an FX company, Australian customers merely need a current ID and proof of address as part of the company’s account opening procedure. For businesses, a more detailed set of documentation is required including incorporation certificates and Director approval for account opening, in addition to the standard ID and address documents. Given the relatively low level of financial services regulations in foreign exchange, customers are able to open an account and initiate a currency transaction in the same day. Currency companies are not permitted to hold client money which means they merely redirect or route the funds from the customer to the intermediary that will be doing the actual conversion (which is usually a bank). Currency companies are able to obtain much better rates from banks or other ‘liquidity providers’ than individuals because of aggregation and scale. By having a competitive rate for a large sum with a bank, currency companies then dole out smaller transaction sizes at higher rates to make their profit. One last important note is that things are generally simple and straightforward in low-risk regulatory countries and major currencies such as the US and Aussie dollars, British pounds and Euros. But when it comes to exchanging Roubles, Brazilian Reals, South African Rand or Indian Rupees, there can be other important considerations including longer delivery times, higher bank charges at the destination country, greater KYC checks and most obviously, wider dealing spreads — although everything is negotiable.

Currency transfer companies

A quick comparison check of the same $10,000 transfer to the UK — only via currency companies, shows the savings that are possible: Here is CurrencyFair’s best personal offer for September 22nd : Compared to the best bank offer from Bendigo (£5,576.22), the best online offer we could find was CurrencyFair; offering £5,829, and thereby creating a saving of £253 or 4.5%. If we compare the worst bank offering to the money transfer service we get to more than  £325 or 5.8% saving. CurrencyFair was by no means the only ‘best offer’ FX company. Others names like Compass Markets, HiFX, TorFX and WorldFirst were all able to beat what banks can offer comfortably and generating savings of ~4% each. If you are buying a house abroad for $250,000 – that’s a saving of $11,250. If you are going on holiday next week and taking $5,000 — that’s a saving of $225. The decision is yours. Note: If you are a intending to the do currency transfer the other way — from the UK to Australia — the UK banks are similarly priced and conditioned as their Australian counterparts. A commonwealth connection means UK/Australia contain similar financial services regulations. Intriguingly, the UK’s five biggest banks such as Barclays, HSBC, Lloyds, Natwest and RBS — do not publish their personal FX rates in great detail on their websites, whereas Australian banks have dedicated platforms advising on both bid/ask prices and rate differences subject to transfer amount.

Private Clients Sector – Who Can Benefit The Most?

 

geography-875350_640

Expats In Australia

Many countries have won the title “The land of infinite opportunities” over the years, but Australia has definitely demonstrated over time that it’s a terrific place to live in. With a strong economy ranking 12th in the world in GDP, and an advanced social juridical system in place, you can expect wonderful things if you move Down Under. Stunning views, incredible beaches, top 15 educational system, friendly peoplebeautiful ladies, and it’s easy to get a visa if you are from other commonwealth countries. (read more about moving to Australia, or visa to Australia here). Expats who live in Australia in one of 5 large expat communities in the country, need to move money internationally between their domestic and overseas bank accounts on a regular basis, and can save plenty of money using the right providers.

suitcase-160345_640

Investors

The Australian market has been one of the most lucrative, and profitable, markets over the past 15 years, and in particular with real estate, climbing about 6% year-by-year since the 90’s. Another popular investment opportunity is the stock market which made an incredible leap forward over the past 5 years. There are a lot of clients who invest in Australia, as well as a significant number of Australians investing abroad. Moving large sums of money through commercial FX companies is a great idea – the larger the transaction is, the better currency exchange rate you can negotiate. Additional Audiences: Business clients can look at our corporate fx & heding guide.

 


Australian Expats Abroad

It is estimated there are 1,000,000 Aussies living abroad. About 50% live in Europe in various Eurozone countries, and 30% of them resides in the UK and in the USA. The rest are are spread across the rest of the world – from nearby NZ, to far places like Israel, Dubai and China. What’s common between all Australians who live abroad is the fact a significant amount of their income is transferred into Australia, or a part of their pension/rent is sent from Australia to where they currently reside. This regular monthly transfer would cost more than AU$250 on average and can be reduced by more than 50%.

 

 

Ready to Send Money Abroad or Repatriate Funds from Abroad?  

   

Signing Up with Global Money Transfer Companies – The Process

Signing up with a money transfer company might take a little bit of time and be not as straightforward and quick as we would like it to be. Of course, that if you are moving large volumes and/or trading frequently, it’s worth your hassle, but if you aren’t (or in a rush to transfer) you can consider doing it through the bank.

Here is the process of transferring or repatriating money with FX services:

1. Fill in your details, get a representative quote via telephone or via online platform.

2. If you like the price you’ve been getting, you need to complete your registration. If you are from anywhere in Europe, you only need to show a utility bill (whereas in the UK you don’t need to supply anything but your details). If you’re USA-based you might be required to present some additional data in accordance with Task Force on Money Laundering.

3. After registration is complete, you can get an updated quote via telephone or via the online platform. You can lock the price you are offered in an instance – as soon as you accept the quote, it will not change, and you will have up to 5 days to send your money to the FX company via domestic wire. Please note, agreeing to a verbal quote is legally binding, similar to signing a contract.

4. After your money has been transferred to a segregated account (separated from the company’s current accounts), it will be exchanged and transferred to its destination.

 

Limitations: Currency brokerages, or Foreign Exchange firms, are more specialised towards large transfers. In fact, there are transfer limits with each of the companies. With Currency Solutions the minimum transfer amount is AUD $5,000, but Currencies Direct are more flexible and transfer also as little as AUD $100. There is no upper limit at all, which means you can transact hundreds of thousands through their online platform or telephone.     

Ready to Send Money Abroad or Repatriate Funds from Abroad?