ANZ international money transfer alternatives

If you have an account with ANZ, it might seem logical to use the same bank to transfer money overseas. But, depending on the features you need, you might find a better or cheaper service from a money transfer specialist.

By   |   Verified by David Boyd   |   Updated 21 Mar 2024

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Comparing ANZ international money transfer alternatives

Wise Money Transfer

On website

Wise Money Transfer

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

  • Low transfer fee. Wise fees for sending a foreign currency start at a low 0.41%. ANZ has a complex flat fee structure which can be as high as $32 per transfer.
  • Mid-market exchange rate. Wise does not add a profit margin to the exchange rate. ANZ does.
  • No need for a bank account. You can fund your Wise transfer with a debit card, credit card, or Apple Pay. For ANZ transfers, you need to open an ANZ bank account.
  • Multi-currency account and debit card. Hold, receive and spend money in more than 50 currencies. ANZ does not have this feature.

Pros

  • Low and competitive fees.
  • Easy to understand fee structure.
  • Easy to use website and mobile apps.
  • High transfer limit.

Cons

  • Limited currencies and destination countries compared with some competitors.
  • Can only send funds to the recipient's bank account.
Send

On website

Send

Minimum Transfer Amount

$250.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Fee-free transfers. Unlike ANZ, Send does not charge a transfer fee.
  • Personal account manger. Your dedicated account manager will help with any questions or problems. ANZ does not have this feature.
  • Competitive FX margin. Although Send makes its only profit from the margin it adds to the exchange rate, it still promises a competitive rate compared to banks like ANZ.

Pros

  • No transfer transaction fee and no account-keeping fees.
  • Competitive foreign exchange margin compared to banks.
  • Wide range of currencies and destination countries.
  • Suitable for businesses as well as individuals.

Cons

  • Bank account is the only delivery method.
  • Minimum transfer amount of $250.
  • Limited funding methods.
torfx

On website

torfx

Minimum Transfer Amount

$200.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Fee-free transfers. Unlike ANZ, TorFX does not charge a transfer fee.
  • Competitive exchange rates. Like ANZ, TorFX does add a margin to the exchange rate, but promises to keep rates as close as possible to the mid-market rate. In some cases it will match lower rates quoted by competitors.
  • Dedicated account manager. TorFX will assign you a personal account manager to assist you with your transfer. ANZ does not offer this service.

Pros

  • No transfer fee.
  • Competitive exchange rates.
  • Wide range of currencies and destination countries.
  • Phone and email support are available.

Cons

  • Minimum transfer amount is $200.
  • Only accepts bank transfers.
  • Transactions under $2,000 can be expensive.
OFX Money Transfer

On website

OFX Money Transfer

Minimum Transfer Amount

$250.00

Transfer Speed

1 - 2 days

Transfer Fee

$15.00

Highlights

  • $0 transfer fee for amounts over AUD 10,000. ANZ still charges a fee for foreign currency transfer amounts over the equivalent of $10,000.
  • Lock in exchange rates for up to 12 months. TorFX offers locked-in rates and also target rates to trigger your transfer when reached. ANZ only offers exchange risk management to businesses (not personal customers) making transfers of more than $100,000 p.a.
  • 24/7 support. Talk to a real person, day or night. ANZ only has an online support page, although you can make transfers over the phone for a higher fee.

Pros

  • Easy and quick account opening.
  • Wide range of supported currencies and countries.
  • No fees if transferring more than $10,000.
  • Enjoy additional features for business transfers.

Cons

  • Limited payment options.
  • $15 fee if transferring less than $10,000.
WorldFirst

WorldFirst

Minimum Transfer Amount

$2,000.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Business money transfer specialists. Unlike ANZ, World First are business money transfer specialists. They focus on businesses (e.g. eBay sellers) importing and paying overseas suppliers.
  • No transfer fee. Take advantage of a $0 fee for each transfer. ANZ charges a transfer fee.
  • Bank-beating exchange rates. World First adds an exchange rate margin of 0.6% or less. ANZ and other banks don't disclose their margins, but they're almost certainly higher than this.

Pros

  • Transparent and competitive fees.
  • Margins of 0.60% or less.
  • Wide range of products and services.
  • Dependable customer support.

Cons

  • The minimum transfer amount is $2,000.
  • No options for cash pickups or mobile transfers.

ANZ vs money transfer specialists

  • Transfer speed. ANZ says your transferred funds will arrive "usually within two business days or earlier". But TorFX, Send, and World First have one-day transfers.
  • Transfer fees. ANZ's complex fee structure depends on the amount transferred, the currency, and the destination. Wise, TorFX, Send, and World First makes it simpler and cheaper with lower—or even $0—transfer fees.
  • Availability. To make a money transfer via ANZ, you must have an ANZ bank account or credit card. Setting up an account can be time-consuming, and monthly or annual fees could be involved. However, specialist transfer services like Wise, TorFX, OFX, Send, and World First lets you set up a free account online in minutes.