Money transfer services

Do you need to send money overseas, or to someone else in Australia? Compare your options from the leading money transfer companies right here.

By   |   Verified by David Boyd   |   Updated 1st October 2021

Comparing money transfer services

Wise

On Wise's website

Featured

Wise

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

  • Wise Borderless multi-currency receiving accounts. This gives you access to a digital currency wallet that you can hold and transact in over 50 currencies.
  • Borderless Debit Card. The FX optimised debit card is attached to your Wise Borderless account that can be used to withdraw or pay for purchases in foreign currency within or outside Australia.
  • Android and Apple Apps. Indulge convenience by transacting thru the Wise App anytime and anywhere!
  • Fund options. Loads of options to fund your Wise account including transfer from Debit and credit cards, or thru a local bank transfer. Quick and easy!
Send

On Send's website

Minimum Transfer Amount

$2,000.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Make and receive fee-free, real-time payments in 37 different currencies.
  • Feel like a VIP with your own dedicated account manager.
  • Moving house? Get the best rates on your property sale or purchase and you could save thousands compared to using a bank. 
Airwallex

On Airwallex's website

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Sign up for your first $20,000 of foreign exchange free.
  • Spend less on FX fees and more on growth.
  • Make payments in 23 currencies, into over 130 countries and counting.
  • You always get access to Airwallex's best rates, no matter the transaction volume.
Azimo

On Azimo's website

Azimo

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$1.99

Highlights

  • Instant or one-hour transfers possible to 80+ countries.
  • Your first two transfers are fee-free.
  • Great rates & low fees.
  • Save up to 90% compared to banks and traditional money transfer providers.
Remitly

On Remitly's website

Minimum Transfer Amount

$10.00

Transfer Speed

Within an hour

Transfer Fee

$2.99

Highlights

  • Enjoy great exchange rates and low fees.
  • Every transfer carries a delivery promise. Have your money delivered on time or get your money back.
  • Safety and security. Remitly uses industry-standard security protocols and encryption.
torfx

On torfx's website

torfx

Minimum Transfer Amount

$200.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Provide clients with excellent foreign exchange rates.
  • Manage your international currency payments for free, with no hidden fees.
  • A personal Account Manager is on hand to ensure a fast, seamless transfer.
Xe Money Transfer

On Xe's website

Xe Money Transfer

Minimum Transfer Amount

$0.00

Transfer Speed

Real-time

Transfer Fee

$0.00

Highlights

  • Send money to 220+ countries and territories.
  • Xe rates are consistently some of the best in the business and trusted by millions.
  • With millions of transfers under its belt last year, Xe knows how to ensure your money and information are treated accordingly.
WorldFirst

WorldFirst

Minimum Transfer Amount

$2,000.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • With no hidden fees, you can set-up an account for FREE and benefit from single rate, transparent tiered pricing with a value of up to 50% less than the competitors and 8 times cheaper than the banks.
  • Built with intuitive same-day account opening you can also make same-day payments in 30 different currencies.
  • Make transfers online 24/7 or over the phone via your dedicated currency specialist.
OFX

Minimum Transfer Amount

$250.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

  • Enjoy better rates and fees.
  • Transfers to most countries take 1-2 business days. Track your transfer online or with the OFX mobile app.
  • With support staff that are located in Australia, USA, UK, Canada, New Zealand, Hong Kong and Singapore.
Skrill

Skrill

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$0.00

Highlights

  • Send money online and take advantage of some of the best rates around.
  • Send money to an email address. You can choose from 40 different currencies and the money will be available instantly.
  • Download the Skrill app and transfer money to friends and family, anytime and anywhere.
Western Union

Minimum Transfer Amount

$1.00

Transfer Speed

Real-time

Transfer Fee

$0.00

Highlights

  • Send money the way that’s convenient for you: online, via the app, or in person at an agent location.
  • Send money in minutes for fast cash pickup and easily track your money along the way.
  • Western Union handle an average of 25 transfers per second and move money from Australia to over 200 countries and territories.
MoneyGram

MoneyGram

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$2.99

Highlights

  • MoneyGram offers many send and receive options with money arriving in minutes.
  • Its global network includes agents in over 200 countries and territories.
  • Send money from Australia with a few taps using the MoneyGram app.
Revolut

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$0.00

Highlights

  • Make fast and free transfers to Revolut users in more than 27 countries.
  • Wire internationally at excellent exchange rates.
  • There are no hidden fees. You know exactly what you’re sending and receiving.
Payoneer

Payoneer

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Eliminate international wire transfer costs so you keep more of what you earn.
  • Get paid in multiple currencies from international marketplaces.
  • Gives customers a simple way to pay in a currency that suits them.
PayPal

Minimum Transfer Amount

$1.00

Transfer Speed

Real-time

Transfer Fee

$0.00

Highlights

  • Send money in seconds. Do more with friends – send money, split bills and pool funds from PayPal friends quickly and easily, with just a mobile number or email address.
  • Get instant spend notifications, so you can easily keep track of all your online hauls.
  • With the PayPal app, the only thing you need to touch when you pay in-person, is your own phone.
Xoom

Xoom

Minimum Transfer Amount

$1.00

Transfer Speed

Real-time

Transfer Fee

$0.00

Highlights

  • Send money to the top cash pickup locations throughout Australia such as Ria. Make bank deposits to all banks, including Commonwealth Bank of Australia (CBA) and ANZ (Australia and New Zealand) Banking Group.
  • Conveniently send money and track transactions right from your phone with the Xoom mobile app.
  • For existing PayPal account holders, start sending money right now with your PayPal payment options.
WorldRemit

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$0.00

Highlights

  • Send 70 currencies to 130 countries, from your smartphone or computer.
  • WorldRemit uses industry-leading technology that protects your money and guarantees it arrives safely every time.
  • See WorldRemit's low fees and their best exchange rates upfront, with no hidden costs
CurrencyFair

CurrencyFair

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Send and receive money to and from 150+ countries in 20+ currencies.
  • Get same-day transfers on most major currencies.
  • Exchange currencies immediately at bank-beating rates or choose your own rate and wait for a match on CurrencyFair's unique peer-to-peer marketplace.
ANZ International Money Transfer

ANZ International Money Transfer

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 business days

Transfer Fee

$9.00

Highlights

  • Send money to over 99 countries around the world.
  • Save on correspondent bank fees on select countries.
  • Send money overseas via ANZ Internet Banking and get the security of ANZ Fraud Money Back Guarantee and ANZ Shield App.
AMEX FX International Payments

AMEX FX International Payments

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Simple Online Enrollment.
  • 24-hour access to FX payment specialists, Monday to Friday.
  • Transfer to 110+ countries and 80+ currencies.
  • Receive Membership Rewards points, if enrolled (Terms and Conditions apply).
Westpac International Payments

Westpac International Payments

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 3 business days

Transfer Fee

$10.00

Highlights

  • Transfer money to and from international bank accounts in over 130 countries.
  • Pay a lower fee when you send your International Payment in a foreign currency.
  • Feel secured with Westpac's Online Banking Security Guarantee.
CommBank International Money Transfer

CommBank International Money Transfer

Minimum Transfer Amount

$1.00

Transfer Speed

3 business days

Transfer Fee

$6.00

Highlights

  • Send money overseas starting at just $6.
  • Send an International Money Transfer to more than 200 countries, in over 30 currencies from the NetBank or the CommBank app.
  • When converting funds to USD, GBP, EUR or NZD, CommBank will cover any correspondent bank fees that may apply (Terms and Conditions apply).
Currency Solutions

Currency Solutions

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Have a dedicated portfolio manager.
  • Fast, easy and secure cross border payments.
  • Get the latest intelligence on currency risk management.
NAB International Money Transfer

NAB International Money Transfer

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$10.00

Highlights

  • No minimum transfer required. Plus you can trade with over 40 global currencies and send to over 230 countries.
  • A flat transfer fee of $10.
  • You’ll never be charged by an overseas bank for sending an international transfer online.

Overview

Many Australian citizens and residents have family and friends located overseas. They may want to send cash to them, or settle their own bills payable in another country. Both of these situations need an international money transfer, either via a traditional bank or through one of the many specialist money transfer organisations. Your Australian dollars are converted into the required currency and sent to your specified destination.

You can also make money transfers to other people and businesses located in Australia.

Here’s how it works.

Transferring internationally via a traditional bank

A transfer through a bank is called a telegraphic transfer (TT), a wire transfer or a SWIFT transfer. This is usually a more expensive option (for both transfer fees and currency exchange rates) than using one of the many international money transfer specialists. You’ll also need a lot of information about the recipient’s bank account, including:

  • The bank’s name and address
  • The account name
  • The account number
  • The receiving bank’s BIC/SWIFT code, or other code depending on the destination country
  • The recipient’s bank account IBAN code

Transferring via a money transfer specialist

You can make transfers through a money transfer specialist either in person or online at a branch or agency. Some agencies allow you to make transfers by phone. You’ll first need to register once only with your chosen transfer company. The registration process involves providing identification documents, such as a driver’s licence or passport.

Next, each time you want to make a transfer, you’ll need to specify:

  • The destination country
  • The amount you want to send in either Australian dollars or the destination country’s currency
  • The delivery method (e.g. bank account or cash pick-up)
  • Your payment method

Once you confirm the details and make the payment, the funds will be transferred. You’ll normally get lower fees and a better exchange rate than you would with a standard bank.

Transfer methods available from money transfer specialists

You have four methods available when it comes to transferring money overseas:

  • In person, over the counter at the money transfer specialist’s branch
  • Online
  • Via a mobile app
  • By phone

Pick-up methods available to the recipient

When you use a money transfer specialist, there are just as many ways for the person at the other end to receive the money:

  • Into a bank account
  • Cash pick-up in person
  • Into a mobile wallet (not available from all providers or for all currencies)
  • Door-to-door cash delivery (not available from all providers)

How to fund a transfer via a money transfer specialist

No matter what currency you choose for the recipient to collect the funds in, you’ll need to pay the equivalent amount, plus fees, in Australian dollars. Your payment options include:

Alternatives to an international money transfer

There are other ways to send cash if you don’t like the idea of a money transfer:

  • Sending banknotes in the mail. Definitely not recommended because the cash could be lost or stolen. It is, in any case, prohibited to send banknotes and coins overseas using Australia Post.
  • International money order. Banks can issue you with a paper international money order or international bank draft in the currency of your choice, payable to a person or business you specify. You send the money order in the mail. It’s slow, and costs more than an online transfer.

Learn about money transfers

How money transfer services work and how you can use them to save.

  • Pros & cons

  • Tips

  • FAQs

  • Glossary

  • Guides

Specialist service

Unlike traditional banks, money transfer specialists are exactly what it says on the tin. They are experts in delivering fast, efficient and low cost international money transfers.

Lower costs

Money transfer specialists typically charge less in fees for international transfers, and may have better exchange rates, than traditional banks.

A variety of payment options

Specialist money transmitters let you pay with cash (over the counter), or a card as well as a bank transfer (over the counter, online, or in some cases by phone).

A choice of delivery methods

When using a specialist international remitter you can choose between a deposit into a bank account or a cash pick-up, or even delivery to your recipient’s door in some cases.

A cash pick-up can be available in minutes

If you choose to have your recipient collect the transferred amount in cash, and they are waiting at a specified agency during business hours, they could have your payment in their hands almost at once.

A target for scammers

International money transfers – and also domestic money transfers – are a favourite target for scammers. Don’t transfer money to someone you don’t know and trust.

Not reversible

Once the recipient has received your money, you can’t get it back. This is a problem if you were targeted by a scammer, or if you paid in advance for goods or services you didn’t ultimately receive.

Fees are not as transparent as they seem

You may appear to be getting your money transferred without paying a fee, or for a low fee, but there is an extra charge built into the exchange rate you are given.

Compare exchange rates

Money transmitting companies make some of their profit out of the exchange rate they give you, so shop around amongst competing transfer companies for the best exchange rate. Compare the rates for your chosen currency on the same day and at the same time. If you make regular transfers, or transfer a large amount, a better exchange rate could make a significant difference to your cost.

Compare transfer fees

Transfer fees will vary from company to company. Fees could be charged at a flat rate, or as a percentage of the transferred amount, or a combination of both. There may also be varying fees from the same company, depending on:

  • The amount you are transferring (larger sums may be free)
  • The destination country and currency for the funds
  • The delivery method for the funds
  • Your payment method

Most companies will have an estimator on their website, where you can see the exchange rate, the amount your recipient will receive in their local currency, the transfer fee applicable, and the amount you will pay in Australian dollars. Even if there is no transfer fee for your transaction, you are still paying for the service via the exchange rate margin.

Compare delivery times

If your funds transfer is urgent, you may want to compare estimated delivery times. Bear in mind that a cash pick-up during office hours at the destination will usually be faster than a credit to a bank account, which could take 1-5 business days.

Keep your receipt

You’ll need your receipt if you need to cancel the transfer or claim a refund because the transfer did not go through.

Beware of scammers

Money transfers, especially if picked up in cash, are a favourite way for scammers to trick you, and you will find it virtually impossible to get your money back. It’s best to only transfer money to individuals or organisations you know and trust.

Can an online money transfer be cancelled?

Possibly, but only if the recipient hasn’t yet picked up the funds. You’ll need to contact the transfer company without delay if there’s been a mistake or you change your mind.

How can I pay for a money transfer?

You can pay from your bank account using internet banking, or with a Visa or Mastercard credit card, debit card or prepaid card.

How do I know if I can send money to my chosen country?

Most money transfer specialists are able to send money to virtually anywhere in the world, in almost any currency. But if you are not sure, you can go to a remitter’s website and model the transaction you want to make (amount, destination, currency, delivery method) to see if it is available and how much it will cost in Australian dollars.

How long does it take before the recipient receives the cash?

The transfer itself usually takes only minutes, so in theory the recipient can access the funds almost immediately. However, it can be delayed by time zones, regulations and office opening hours in the destination country. The amount sent, the currency, foreign exchange complications and ID requirements for the recipient can also hold things up. Transfers to a bank account can take 1-5 days before the cash can be withdrawn.

How much does an international money transfer cost?

Cost vary depending on the currency, destination, and the amount transferred, but typical fees charged by money transfer specialists range between $0 and $7.50 per transaction. The exchange rate applied to your transaction also includes a built-in profit margin for the transmitting company. You may also be charged a cash advance fee and interest by your credit card company if you choose to pay with a credit card.

Is it safe to make an international transfer via a money transfer specialist?

International money transfer risk management starts with you. You need to be aware of scammers, and only make transfers to persons or businesses you know and trust, especially if your transfer involves a cash pick-up at the other end.

Beyond that, do thorough research, always choose a reputable money transfer service, and check their website to see what they say about their encryption protocols and secure payment technologies.

Is there a minimum age for the sender of an international money transfer?

Yes. You must be at least 18 years old.

Is there any limitation on the amount I can transfer?

Some transfer services are designed for larger amounts, and may have a minimum transfer amount as high as $5,000, while others would let you transfer one dollar if you wanted to. There’s no legal limit on the amount you can send out of Australia, although all international money transfers must be reported to AUSTRAC, and large amounts will be monitored. But some money transmitters may have a self-imposed transfer limit (e.g. $50,000 per person per day).

What ID documents do I need when registering with a money transfer company as a sender?

You’ll usually need either a current driving licence or current passport.

Will my credit card issuer charge a cash advance fee?

If you use a credit card to pay for your money transfer, your card issuer may regard it as a cash advance, charge you a cash advance fee and begin charging interest from the day the transaction was made until you repay the amount to your card provider.

AUSTRAC

An acronym for the Australian Transaction Reports and Analysis Centre, the government agency responsible for detecting, deterring and disrupting the criminal abuse of the financial system.

BIC/SWIFT code

BIC (Bank Identifier Code) and SWIFT (Society for Worldwide Interbank Financial Telecommunication) are two terms for the same thing – an 8 or 11-digit code that identifies a banking institution and the country and location of the branch. These codes are available for around 230 countries worldwide.There are other code types in use in various parts of the world, including CHIPS (US and Canada) and IFSC (India).

Cash advance fee

A fee charged by credit card companies each time a cardholder withdraws cash from their credit card account, including taking out banknotes from an ATM, transferring money to another bank account, and making money transfers or wire transfers. A typical cash advance fee would be the greater of $3 or 2.5% of the amount advanced.

Exchange rate

The value of one nation’s currency versus another nation’s currency. E.g. the value of one Australian dollar (AUD) in British pounds (GBP) could be expressed as AUD1.00 = GBP0.56.

IBAN

An acronym for International Bank Account Number, a number used to uniquely identify a customer’s bank account. It is required when transferring money to an account in many European countries, plus some countries in Asia.

International money order

An internationally guaranteed paper cheque issued by a bank.

Mobile wallet

A virtual wallet storing payment card and other account information on a mobile device, such as a smartphone. In order to receive funds from a money transfer and use them to make payments, a transfer recipient must have an open wallet such as PayPal or Google Wallet.

Money transfer specialist

A financial services company, one of whose main services is the transferring of money between individuals and businesses both nationally and internationally.