Best International Money Transfer Australia

Send Money Australia helps Aussies living abroad and foreign nationals in Australia as well as small businesses in Australia with their international money transfer needs. The FX industry can be confusing. When transferring money overseas, there’s a great number of banks and international money transfer services to choose from. We review the best international money transfer companies in Australia, and present our conclusions to you.

When we test companies, we compare their money transfer rates, their fees, how safe they feel and how credible they are based on prior customer experiences. We try to comb through the fine details of each service’s offering to present a well-summraised overview. For starters, we will present exactly how much money you are going to pay for a transfer on average with Australia’s leading banks, and what is the cost of an international money transfer alternative.

Banks Aren’t Worth It For International Transfers: Compare Money Transfer Costs

This comparison of AUD 10,000 to the UK was conducted on April 5, 2022. The AUD/GBP interbank rate was 0.58.
Bank / FX FirmMoney sentMoney received incl. feesDuration
ANZAU $10,000£5,5702-3 working days
CBAAU $10,000£5,5612-3 working days
WestpacAU $10,000£5,4772-3 working days
BendigoAU $10,000£5,4892-3 working days
NABAU $10,000£5,5942-3 working days
Money Transfer ServiceAU $10,000£5,7712-3 working days

 

Total saving: The designated international money transfer service fees for this transaction were £29, or 0.5% of the transaction. By comparison, Bendigo Bank’s fees were £311, or just over 5%. The differences can be staggering. So whilst the gap between the best banks for international money transfer and the worst money transfer companies in Australia may be insignificant, the top money transfer services can offer huge savings and superior rates making up 50% to 80% of the cost of the transfer.



What is Send Money Australia?

Send Money Australia is the ultimate guide for expats, immigrants, investors and international business who want to transfer money abroad from Australia. We offer a combination of industry expertise alongside a wide selection of companies that we cover, with groundbreaking comparison technology powered by MoneyTransfer.com.au. We are not a money transfer company ourselves, but we feature companies.

Is Send Money Australia safe to use?

All the companies featured on this website are appropriately regulated by ASIC to transfer money from Australia, exchange money and withhold customer funds.

Is Send Money Australia free to use?

Our comparison is free to use, as is the information. But it is protected by copyrights.

How does Send Money Australia make money?

We make money through affiliate referrals. When we recommend certain companies, they pay us back in return. Our process is carefully made so that this will not impact the accuracy of the data.

How safe is my data with Send Money Australia?

Other than Google Analytics essential cookies we do not use any personalisation and we do not collect data let alone sell it to anyone.
Sources We Used to Create Our Guide & Comparison Widget
mny.com.au: Up to date overview of Australian personal finance
MoneyTransfer.Com.Au
ASIC: AFS LicenceReserve Bank of Australia: Money Transfer Scams
ABS: Australian Overseas Migration
Expat Network: Moving to Australia from Abroad
moneytransfercomparison.com: Compare International Money Transfers in Australia
immigration2australia.com: Best 5 International Money Transfers
nab.com.au: Surge in Aussies Sending Money Overseas

 

Top 5 International Money Transfer Companies

These international money transfer services in Australia will help you transfer money overseas for cheap and hassle-free. The process is simple enough – you fund your transfer by paying domestically in AUD to the provider’s domestic bank account in Australia. The money will then be held in a segregated account which the money transfer company has no access to, until they transfer those funds internationally to the recipient you have specified.

#1
Friendliest Website, Platform and Staff
Editorial Rating 99.6%
  • Very Friendly and Helpful Service
  • Very Easy to Register
  • Excellent Website
  • Experienced Staff
  • Highly Competitive Rates
  • Close to 100% Positive Feedback
  • No Trading App
Established
2017
Available
Only in Australia
Currencies
37
Min transfer
A$100 or eq.
Trading via
Offices
Australia United States United Kingdom China
#2
Large Transfers Specialists, Strong Service
Editorial Rating 97.3%
  • More than 100 Years of FX Experience in Trading Staff
  • Hassle-Free Transfer Process
  • No Fees Worldwide and Competitive Rates
  • Many Hedging Tools Including Forwards
  • Bespoke Service and Quotes
Established
2004
Available
Worldwide
Currencies
59
Min transfer
£/€/$ 100
Trading via
Offices
Australia United States United Kingdom China
#3
Largest FX Firm in Australia
Editorial Rating 92.2%
  • Publicly Traded Firm in ASX
  • 94% Customer Satisfaction
  • Australian Born and Bred
  • 24/7 Customer Support
Established
1998
Available
Worldwide
Currencies
55
Min transfer
£/€/$ 100
Trading via
Offices
Australia United States United Kingdom China
+ 3 more
  • New Zealand New Zealand
  • Canada Canada
  • Singapore Singapore
#4
Best Globally (But No Local Australian Offices)
Editorial Rating 89.6%
  • Global Approach with 30+ Offices Worldwide
  • 150,000+ Clients
  • Zero Fees from Everywhere
  • Extremely Easy Sign Up from Australia
  • No Australian Offices
Established
1996
Available
Worldwide
Currencies
39
Min transfer
£/€/$ 100
Trading via
Offices
Australia United States United Kingdom China
+ 6 more
  • Spain Spain
  • France France
  • Portugal Portugal
  • India India
  • South Africa South Africa
  • Canada Canada

For Business Customers in Australia:

Incredible Rates for Currency Transfers from Australia
Editorial Rating 80.2%
  • Very High Positive Client Feedback
  • Fixed Margins- Auto Applied, not Based on Negotiation
  • Large and Trusted
  • Unavailable in the USA, and in Quebec
  • Doesn't Accept Private Clients
Established
2004
Available
Except USA
Currencies
130
Min transfer
£/€/$ 1000
Trading via
Offices
Australia United States United Kingdom China
+ 4 more
  • Netherlands Netherlands
  • Hong Kong Hong Kong
  • Singapore Singapore
  • Japan Japan

Foreign Currency Transfers: Which Currencies Are Supported

Australian Dollar
aud
Australian Dollar
Eurozone Euro
eur
Eurozone Euro
Great Britain Pound
gbp
Great Britain Pound
United States Dollar
usd
United States Dollar
New Zealand Dollar
nzd
New Zealand Dollar
Canadian Dollar
cad
Canadian Dollar
Japanese Yen
jpy
Japanese Yen
United Arab Emirates Dirham
aed
United Arab Emirates Dirham
These are the most popular currencies for transfers to and from Australia, and the ones we currently cover. With that being said, we are working on expanding our product to include more currency pairings so that you can compare money transfers with ease also to additional locations, using more currencies.

Money Transfer FAQ

For any inquiries or additional information, refer to the FAQ below or contact the respective company directly.

FAQ
What Exactly is a Foreign Exchange (FX) Transfer?

An FX transfer involves the exchange of one currency for another before transferring it to a recipient’s bank account in the target currency. This process allows for international money movements across different currencies.

How Do Money Transfer Companies Operate?

Money transfer companies act as intermediaries between the customer and banks. They facilitate the exchange of currencies and the international transfer of funds. The customer’s funds are held at a bank before being sent to the recipient’s bank account in the desired currency.

What is the Expected Duration for International Money Transfers?

For transfers involving Australia, the average processing time is 3-4 days. Transfers to and from Australia to regions like the USA, Europe, or the UK may take longer due to the SWIFT network. Conversely, transfers within Europe or the USA are typically instant.

How Safe is My Money with Money Transfer Services?

Money transfer services in Australia are regulated by the Australian Securities and Investments Commission (ASIC), ensuring that they adhere to strict financial standards and conduct. ASIC’s role includes protecting consumers, investors, and creditors, thereby enhancing the security of your funds during the transfer process.

What Information is Needed to Make an International Transfer?

To complete an international transfer, you’ll need the recipient’s full name, their bank’s name, the account number, SWIFT/BIC code, and the IBAN for countries where it’s applicable. Additionally, the purpose of the transfer should be clear to comply with international regulations.

Can International Clients Use Australian Money Transfer Services?

Yes, many Australian money transfer services accept international clients. It’s advisable to check the specific service provider’s list of accepted countries to ensure compatibility with your requirements.

What Happens If I Transfer Money to the Wrong Account?

If you transfer money to an incorrect account, contact the service provider immediately. The resolution process may vary, but acting swiftly increases the chances of recovering your funds. The procedure may become more complex if noticed after an extended period.

How Can I Ensure I Get the Best Exchange Rate?

To secure the best exchange rate, monitor the market trends and consider using tools like limit orders, which allow you to set a target exchange rate. Some money transfer services offer rate alerts to help you make informed decisions.

What is the Impact of Currency Volatility on Transfers?

Currency volatility can affect the value of your transfer, leading to potential gains or losses. Utilizing forward contracts can lock in an exchange rate, protecting against adverse movements in the forex market.

Are There Any Alternatives to Traditional Money Transfer Services?

Alternatives include peer-to-peer transfer services, cryptocurrency transactions, and mobile payment platforms. Each has its own set of benefits and considerations, such as speed, fees, and regulatory oversight.

Best Money Transfer Rates in Australia (Cheapest Ways)

While some of our readers like to have an overview of each company’s capabilities like in the aforementioned top 5 money transfers table, other like to check the current exchange rates and fees offered by providers and choose the money transfer services based on that. We have recently added this function as well to make our comparison more comprehensive.
0AUD->NZD
£
  • Fee & exchange rate
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    This company provides individualised quotes that depend on many factors. To get a quote specific to your requirements, you will need to sign up with the company and ask for it. The shown rate is representative of what you can receive, but it is not guaranteed.
    0.05% below the mid-market rate
    You RECEIVE
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    0
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    i
    This company provides individualised quotes that depend on many factors. To get a quote specific to your requirements, you will need to sign up with the company and ask for it. The shown rate is representative of what you can receive, but it is not guaranteed.
    0.05% below the mid-market rate
    You RECEIVE
    0
    0
  • Fee & exchange rate
    Fee: 0
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    i
    This company provides individualised quotes that depend on many factors. To get a quote specific to your requirements, you will need to sign up with the company and ask for it. The shown rate is representative of what you can receive, but it is not guaranteed.
    2.97% below the mid-market rate
    You RECEIVE
    0
    0
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    i
    This company provides individualised quotes that depend on many factors. To get a quote specific to your requirements, you will need to sign up with the company and ask for it. The shown rate is representative of what you can receive, but it is not guaranteed.
    4.12% below the mid-market rate
    You RECEIVE
    0
    0
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    i
    This company provides individualised quotes that depend on many factors. To get a quote specific to your requirements, you will need to sign up with the company and ask for it. The shown rate is representative of what you can receive, but it is not guaranteed.
    1.66% below the mid-market rate
    You RECEIVE
    0
    0
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    i
    This company provides individualised quotes that depend on many factors. To get a quote specific to your requirements, you will need to sign up with the company and ask for it. The shown rate is representative of what you can receive, but it is not guaranteed.
    1.66% below the mid-market rate
    You RECEIVE
    0
    0

Analysis, Calculation and About the Product

Send Money Australia has used technology developed by moneytransfer.com.au and TopMoneyCompare, an Australian and British comparison sites just like ours who have done an independent research to discover the rates offered by the major money transfer companies in the world. We have implemented that technology on our websites with their help. As per their own words the data is “as accurate as we could have made it”, which means that mistakes could have occurred during the collation of data or calculation. Moreover, companies switch fees and margins rather often and we do not guarantee that the information we present is the most up to date. Additionally the whole mechanism relies on exchange rates supplied by various providers because the way the system works is that the exchange rates displayed are a calculation which is based on percentage of the current exchange rates for certain currencies. For example for a transfer from Australia to USA, if the current rates is 1.81, and the system has determined that the fees are 0.7%, then the comparison will display 99.3% of the current exchange rate. If the exchange rate is not updated, then the price becomes incorrect.

Click on the image below to view today’s rates

 

Sending Money from Australia to…

View our top country-specific Australian money transfer guides below:

USAUSA

Safely transfer money between Australia and the USA with no restriction using the best companies on the market.

CanadaCanada

To transfer money to and from Canada, make sure to choose a FinTRAC regulated money transfer company that charges low fees!

GreeceGreece

Wisely choose the company to transfer money between Australia and Greece. Take a look at our recommendations and give them a try!

Hong KongHong Kong

Find out how to make a fee-free money transfer between Australia and Hong Kong with the best exchange rates.

UKUK

Use a trusted FX company with low fees to make money transfers between Australia and the United Kingdom.

IndiaIndia

Find the best company to transfer money to and from India. Learn about the maximum amount you can send at the lowest fees!

PhilippinesPhilippines

Learn when you should make a report to the government authorities while making money transfers to and from the Philippines!

New ZealandNew Zealand

While transferring money to and from New Zealand, pay attention to the exchange rate. Choose the company that offers the best rate and the lowest fees.

ChinaChina

Make sure you know the allowed limits for money transfers between China and Australia. Learn how to save on bank fees!

 

Compare Money Transfer Companies Against Banks

Is using a money transfer service truly the best way to transfer money overseas? This is the information we were able to gather about banks.

BANKRATESPREADONLINE FEEBRANCH FEEPHONECURRENCIES
ANZ0.5574%$9$28$960 countries & 30 currencies
CBA0.55614.12%$22$30$22200 countries & 30 currencies
Westpac0.55893.64%$10$32$2030 currencies
Bendigo0.54895.52%$30$30$3030 currencies
NAB0.55943.55%$10$30$30200 countries & 30 currencies

Correct as of April 5, 2022, with spot GBP/AUD at 1.72 and AUD/GBP at 0.58 The most glaring observation is the size of the dealing spreads. On average, Australian banks are quoting a spread between 3.5%-5.5%. For example, we used a transaction size of $10,000 AUD transferring to the UK at the best possible spot rate. The bank offering the worst rate was Bendigo with a rate of just 0.5489, when the actual interbank rate at the time was 0.58. The bank that offered the most competitive rate to an Australian client sending money from Australia to the UK was NAB with a rate of 0.5594. Though even this constitutes a spread of 3.55% away from the interbank rate – far higher than savings possible through an international money transfer company in Australia.

Here is a table of what a $10,000 transfer to the UK would look like, at the other end:

Bank / FX FirmMoney sentMoney received incl. feesDuration
ANZAU $10,000£5,5702-3 working days
CBAAU $10,000£5,5612-3 working days
WestpacAU £5,589£4,6772-3 working days
BendigoAU $10,000£5,4892-3 working days
NABAU $10,000£5,5942-3 working days
Money Transfer ServiceAU $10,000£5,7712-3 working days

NAB offered the best conversion rate, and even after considering the fees, it was the best bank to transfer AUD to GBP.

 

Summary – How Companies and Not Banks

This is why we compare money transfer companies and have created these general guidelines on how we view the Australian economy in 2022. It is also important that you will discuss this topic with the foreign exchange broker you have opted to use. All companies recommended by us have a team of FX experts.

Service

Like other financial services in Australia, such as unsecured small business loans, banks aren’t competitive not only on pricing but also on service and availability. The thing about a bank is that it’s an old establishment with very little appetite to go above and beyond for their customers. Whereas money transfer companies often do that. You should get a dedicated transfer manager if you are sending large amounts of money internationally with one of our top 5 – that means you will have someone you know by name, email and telephone and if you need something – whether guidance, performing an action, following up, an invoice or a receipt – that person would be happy to fulfill it for you.

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.They actually can but they won’t bother competing because it’s not a big issue for banks. For money transfer services, it’s the whole core of the business and hence you will get a lot more flexibility – they want your business whereas the bank is indifferent to that unless you are a multi-million global organization.

Fees (!)

We wrote on that in detail and we have a live exchange rate comparison that shows exactly how much you will pay with Australia’s best money transfer companies – which is a number you can compare against your bank’s quote in real time. We will just say this one more time – non-bank currency transfer services will always TRAMPLE the rates offered by banks. If they weren’t offering wholesale currency rates then it is likely they would not have a business at all.

 

Our Audience

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 (read about immigration to Australia). 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.

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 ’90s. There are of course a slew of Australian investors who are buying property abroad, both as an investment and as a second home in Europe/ the UK / the U.S / Asia (these are the most popular destinations). With inflation hitting Australian investors like never before over the past decades (as it does globally), the topic of foreign exchange is become even more meaningful than ever before. A research about investments during inflation that we have conducted shows Australians are still heavily investing in property, ever more so than high interest bank accounts, with as much as 5% of all participants below the age of 34 looking to still invest in overseas property.

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 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 for Cheap?

View Recommended Companies

 

How to send money abroad through an international money transfer service

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  • Fill in your details, get a representative quote via telephone or via online platform.
  • If you like the price you’ve been quoted, you then 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 the Task Force on Money Laundering.
  • 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 2 days to send your money to the FX company via a domestic wire. Please note, agreeing to a verbal quote is legally binding, similar to signing a contract.
  • 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 international money transfers. In fact, there are transfer limits with each of the companies. There is no upper limit at all, which means you can transfer overesas any amount – hundreds of thousands or even millions, through an online platform or via telephone.

Ready to Send Money Abroad from Australia for Cheap? View Recommended Companies