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 for you. We compare their money transfer rates, safety, credibility and overall offering, helping you get the most bang for your Aussie buck. Use the table below to get an indication of the savings you can achieve and why we believe the cheapest way to transfer money abroad is via designated foreign exchange specialists.

Our aim? Help our readers find the best way to send money overseas from Australia. Transfer large, or small, amounts of money abroad with the best foreign exchange rates and bespoke service.

Sending Money Abroad to UK: Compare Money Transfers

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 £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

 

Money Transfer Comparison Australia

Total saving: The designated 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 the best money transfer companies in Australia can nowadays offer huge savings and rates of as low as 0.15% (WorldFirst, starting from August 2019, is offering 0.15% for large transfers. That’s 33 times cheaper than a bank charging 5% FX markup).

 

Send Money Overseas from Australia: Top 10 Money Transfers

The best international money transfer companies 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 bank account in Australia. The money will then be held in a segregated account which the money transfer provider company has no access to, until they transfer those funds internationally to the recipient you have specified. View our top 10 options to send money overseas for cheap below:

#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 90.2%
  • 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

We are still researching the Australian international payments landscape to find more viable options to present on this list of the best international money transfer services for 2022. Our focus is on transferring large amount of money abroad for cheap through a services that have an received overwhelmingly positive reaction from their existing clientele. If you have any suggestions please contact us through our Abous Us page.

The Best Money Transfer Rates in Australia for Businesses?

WorldFirst is one of the most advanced and best known foreign exchange companies globally, operating for more than 20 years, and owned by one of the world’s largest conglomerates (Ant Financial). It has changed its business model to ULTRA SHARP MARGINS of 0.15% to 0.5%, which can’t be beaten. For large international transfers, they are even remarkably cheaper than Wise.com. You can view a Wise vs OFX comparison here.

Please note that WorldFirst can help business customers transfer money overseas but does not deal with private customers.

Click on the image below to view today’s rates

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
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 these currencies for both inbound and outbound overseas transfers. For example, WorldFirst handles 150 different currencies and OFX, Currencies Direct and TorFX handle more than 60 each.

 

Sending Money from Australia Abroad?

View our top country-specific 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!

 

Best Way to Transfer Money Overseas Demonstrated

When it comes to transferring money overseas, clients have plenty of options. The growing awaraness of non-bank currency transfers has allowed a new clique of companies to emerge and offer currency transfers abroad. Companies such as the 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 Wise 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 services to send money from Australia overseas 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 money transfer 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.

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 1, 2020, with spot GBP/AUD at 2.04 and AUD/GBP at 0.49

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 our 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 was able to offer 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 because of that, even after taking into consideration the fees, it was the best bank to transfer AUD to GBP.

 

Forward-looking at the Australian Economy

One of the most important aspects of transferring large amounts of money abroad from Australia, or to Australia, is the Australian Dollar rate at that time and its future prospects. Transferring currency at the right timing can, eventually, be more important than the direct fees paid on any FX transaction. As currencies shift between 2-5% per year against their pairings, selling at the top and buying at the bottom can have a huge impact on one’s financial situation. It’s not only about knowing how to send money abroad but also WHEN to send it.

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 hot industries in Australia, such as unsecured small business loans, banks will not only compete on pricing, but on service too. All the banks surveyed offered very similar additional services such as online functionality, a 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. That’s why it is important to compare money transfer services and choose the one that offers the best rates.

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 on 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 customer’s standard bank account. This feature is what is known as the ‘default option’ for customers and banks, therefore, headline rates are normally fairly wide and profitable. For large corporate customers, conducting repeat transactions and forward transactions, banks offer a dazzling array of various perks and cost-saving features that aim to retain the larger volume business. For reasonably small one-off transactions such as $10,000, banks will not offer the 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. Comparing international money transfer options beforehand is important.

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 technology investment that dedicated FX companies have made , the entire process is done online and customers are able to open an account and initiate a currency transaction on the same day. Regulated currency companies are not permitted to hold client money, unless you have directed them to do so, 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 can then pass on some of these savings to their customers. One last important note is that things are generally simple and straightforward in low-risk 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.

Compare Money Transfer Rates (Sample)

A quick money transfer 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 April 5th 2022:

For $10,000 AUD you'll get £5,774 GBP
Editorial Rating 90%
  • 0.4% Overall Markup Reported
  • Highly Positive Client Rating
  • Low Flat Fees
  • Revolutionary P2P Marketplace
Established
2010
Available
Worldwide
Currencies
19
Min transfer
£/€/$ 8
Trading via
Offices
Australia United States United Kingdom China
+ 1 more
  • Ireland Ireland

Compared to the best bank offer from NAB (£5,594), the best online offer we could find was CurrencyFair; offering £5,774, and thereby creating a saving of £180 or just over 3%. If we compare the worst bank offering to the money transfer service we get to a £285 or 4.9% saving. CurrencyFair was by no means the only ‘best offer’ FX company. Other names like Compass Markets, HiFX, TorFX and WorldFirst were all able to comfortably beat what banks had to offer, 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 intending to do a 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 the UK/Australia contain similar financial services regulations. Intriguingly, the UK’s five biggest banks; 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?

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. 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 & hedging 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 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

 

Best Money Transfer Services: Signing Up

Signing up with a money transfer company might take a little bit of time but if cost is important to you, then it’s almost always worth it. Of course, if you are sending large amounts of money abroad and/or trading frequently, it’s certainly worth your hassle, but if you aren’t (or in a rush to transfer) the sign-up process might make you go with your bank instead, even though you know you aren’t getting the cheapest international money transfer rates out there.

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