Large International Money Transfers From Australia

Whether you’re buying property in New Zealand, moving to the UK or buying a car from overseas, there might come a time when you’re looking to transfer a large sum of money from Australia. And when it comes to transferring large sums of money, individuals and businesses have to be extra vigilant in choosing a payment provider that keeps costs to a minimum and ensures that the money arrives to its destination account promptly and securely.

Research from Wise (formerly TransferWise) and Capital Economics found that Australians were paying $3.9billion in foreign currency fees every year. Make sure you aren’t one of the thousands of Aussies or SMEs being severely overcharged when making large international money transfers. In this guide, we provide a detailed run down of your transfer options and answer other questions related to sending large sums of money including how much money can I transfer overseas from Australia?

The Best Ways to Transfer Large Sums of Money from Australia

If you are an individual or business set to transfer a large sum of money from Australia, then you will absolutely require an experienced foreign exchange partner that will help you achieve the best currency exchange rates. This could be because the provider has the lowest FX margins or because a dedicated foreign exchange dealer has assisted you in trading at a time when the rate moves in your favour. Good FX companies can:

  • Guide you how to transfer large sums of money from Australia with ease. A local, Australian account manager will be contactable by phone with no wait times.
  • Help you to understand the currency markets and recent currency trends. This could help you to time trades and achieve a better exchange rate on large international money transfers.
  • Provide FX hedging tools. For example, if you’re transferring money overseas from Australia for a house purchase you may want the security of knowing exactly how you’ll have to pay. A forward contract locks in today’s rate for the future and provides certainty on the amount you’ll receive after currency conversion.
  • Offer the best exchange rates. A low FX margin can drastically improve the amount your AUD converts to when transferring large sums of money from Australia.

What are good money transfer options to send large international money transfers? View our list below of the best foreign exchange companies that are specifically recommended high-value transfers:

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
Only in Australia
Min transfer
A$100 or eq.
Trading via
Australia United States United Kingdom China
Large Transfers Specialists, Strong Service
Editorial Rating 97.3%
  • More than 100 Years of FX Experience in Trading Staff
  • Hassle-Free Transfer Process
  • No Fees Worldwide and Competitive Rates
  • Many Hedging Tools Including Forwards
  • Bespoke Service and Quotes
Min transfer
£/€/$ 100
Trading via
Australia United States United Kingdom China
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
Min transfer
£/€/$ 100
Trading via
Australia United States United Kingdom China
+ 3 more
  • New Zealand New Zealand
  • Canada Canada
  • Singapore Singapore
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
Min transfer
£/€/$ 100
Trading via
Australia United States United Kingdom China
+ 6 more
  • Spain Spain
  • France France
  • Portugal Portugal
  • India India
  • South Africa South Africa
  • Canada Canada

Common Reasons for Transferring Large Sums of Money from Australia

  • An individual who is emigrating from Australia
  • Buying a property in a foreign country
  • Purchasing a car from overseas
  • Any high-value items that require importing, for example a piece of art or home decor in a house renovation
  • Any business that imports goods from overseas. This could be to buy capital goods such as farming or medical equipment or stock

There are an unlimited number of use cases. So long as the source of funds can be tracked and one of the bank accounts involved in the transfer is in your name then you are perfectly entitled to transfer large sums of money from Australia with any regulated payment provider.

How Can Money Transfer Specialists Save Me Money?
FX specialist

For a long time, banks have been rubbing their hands when it comes to making money from currency conversion. Despite advertising ‘no commission’ banks can still take huge sums from individuals and SMEs when converting large international money transfers. The payment fee is a very obvious charge but the amount lost on the account of a poor exchange rate is left intentionally vague. A bank will trade the currency at the interbank exchange rate but offer a much worse exchange rate to its customers (particularly when they are individuals or SMEs). On large money transfers, customers could be losing thousands on the account of a bad exchange rate. Just as the bureau de change at the airport offers the worst currency rates for travel money, banks generally offer the worst exchange rates on money transfers. *If you want to read more about how international money transfers work, we have an entire post here.

Through the currency brokers recommended on Send Money Australia, there are usually no payment fees and the exchange rate offered is much better for individuals and SMEs. By our reckoning, specialist FX payment companies are the best way to transfer large sums of money from Australia. There are no hidden fees and the savings could be huge, particularly on large international money transfers. You should find that the FX rates represent a saving of at least 50% against banks. In some instances they’ve been shown to be up to 10x cheaper.

How To Get Going?

To transfer money from Australia we recommend registering with multiple FX companies and comparing the exchange rates on offer. You can also compare these rates vs your bank and verify that they are indeed much cheaper.

The companies we have featured on this page all have a presence in Australia and you’ll be able to speak with a local Australian account manager in order to get your account setup and send your transfer

The Australian founded OFX (listed on the Sydney Stock Exchange) is not only one of the largest money transfer companies but also one of the most respected. Send is an up-and-coming Australian payment company that combines the best online platform, user experience and account management.

For a totally digital solution, Wise (formerly TransferWise) is a truly global payment company that makes it easier to send, hold and receive money from overseas. Though given the lack of hedging tools and currency guidance, we don’t usually recommend Wise for large international money transfers.

How Much Money Can I Transfer Overseas From Australia?

Legally, there is no transferring money overseas limit in Australia when it comes to bank-to-bank transfers. However, individual banks and other payment providers may impose their own limits. In terms of payment companies, OFX has no upper limit, nor does Send. Wise has a $1.8m AUD transferring money overseas limit in Australia.

If you send over $10,000 by cash then a threshold transaction report has to be submitted to AUSTRAC. This helps AUSTRAC to detect, deter and disrupt money laundering for criminal activities. The payment provider will take care of this and no onus should be put on you as the customer.

Despite there being no legal limits applied in Australia, there may be some rare instances where the destination country may have its own set of controls. For example, an importer might ask how much can I send overseas from Australia to China? China implements a 850,000 CNY limit per business transaction.

If you’re unsure on transferring money overseas limits in Australia, or anywhere for that matter, register with one of the dedicated international payments specialists recommended on this page and speak with your account manager.

Key Considerations on Large International Money Transfers

We’ve already touched on how much you stand to lose on large international money transfers if you opt for a bank but cost is not the only aspect to consider. When transferring large sums of money from Australia, you may also want to consider these other factors.


To ensure your money is in safe hands, you should check that your bank or international money transfer company adheres to all of the relevant regulations. To be able to transfer large sums of money from Australia, a payment company should have:

  • Australian Financial Services Licence (AFSL)
  • AUSTRAC registration
  • Membership with the Financial Ombudsman Service (FOS)
  • ASIC regulated if offering forward contracts and other FX hedging instruments

Hedging Tools

By securing today’s rate for the future, or perhaps setting a target rate, you might end up achieving a much better exchange rate than by simply opting for the cheapest provider on the day you want to trade. Similarly, using FX hedging tools can help to protect from exchange rate risk and any downside movements too. By working with a specialist international payment company you can work with a dedicated account manager (all clients sending large international money transfers will certainly be appointed one) and discuss a suitable hedging strategy that is relevant to your currency pair and upcoming requirements. It’s similar to the service that banks offer to large corporations for overseas transfers but don’t see the value in providing to individuals or SMEs. Hence why we recommend individuals and SMEs to get the same level of expert FX guidance by an independent FX provider.

Customer Service

When transferring large sums of money internationally, you may want to ensure you have a provider that you can easily get hold of should anything go wrong (such as you’ve input the wrong beneficiary details on a transfer) or simply for greater reassurance on large international money transfers. Sending $1m over an online platform, without speaking to anyone, might seem a little daunting. Likewise, if you need to urgently get hold of someone, you don’t want to be waiting for hours on hold like you are with most major banks. It might be worth opting for an FX company which is well-regarded for their customer service (such as TorFX) even if they prove a little more expensive than online platforms like Wise.

Tax Implications

Whilst there are no legal limits on transferring money overseas from Australia, there may be some tax considerations. If you are an Australian resident sending money overseas from Australia for tax purposes, the tax implications will typically lie with the destination country’s laws. Speak to your accountant or tax advisor to be sure.

Roundup: Transferring Large Sums of Money From Australia

In this guide, we’ve answered questions like how much money can I send overseas from Australia? And, why can money transfer specialists save me money? You’ll have learned that whilst the process is not necessarily complicated, it is of utmost importance to select the right payment provider. Payment fees applied by banks are expensive and, when it comes to individuals and SMEs, the exchange rates are usually by far the worst on offer. When transferring large sums of money from Australia, we recommend working with a specialist FX provider to handle your transaction. In addition to the best exchange rates, they’ll offer personalised and attentive account management too. Online providers are helpful for low-value transfers but FX companies with knowledgeable FX traders are more suited for large international money transfers. The stakes are higher for large international money transfers and you stand more to lose more by working with the wrong provider.