There are a number of contenders for the title of best money transfer app in Australia. Over the years, we have used everything from Wise and Airwallex to PayPal and Payoneer to send money to countries around the world (mostly to pay our team).
On Finty we only list money transfer services we trust. But there are still so many of them to choose from.
In this article, we wanted to curate a list of the top contenders based on security and safety, exchange rate, transfer fees, speed of transfer and user experience. In the end, selecting the best money transfer app as an Australian is a balancing act, considering these varied factors.
Whether you are sending money to family back home, paying an overseas supplier, or paying your remote team, these are the money transfer apps we think are worth installing on your phone.
Having exchanged billions of dollars since their launch, CurrencyFair has earned a rating on TrustPilot. CurrencyFair is based in Ireland and the United Kingdom with offices in Australia, Hong Kong and Singapore.
- Fast, easy, free account setup. Multi currency accounts are available.
- Send money to or receive money from 150+ different countries.
- Flexibility to exchange currencies on the spot at bank-beating rates or choose your own rate and wait for a match in the peer-to-peer marketplace.
- Free receipts of direct bank transfers to your CurrencyFair account.
- Available on iPhone and Android with high ratings on both.
- Ability to set up automatic transfers up to two weeks in advance (which can be cancelled or adjusted).
- Fees on all transfer types other than direct bank transfers, including fees and charges of third-party institutions.
- You cannot secure an exchange rate without funds in your account.
- Mobile wallets, cash pick up, and bill payments are not available.
- To secure the best rates, you may have to wait for an exchange rate match to come through (which can take longer).
OFX — formerly OzForex — is a globally-respected digital money transfer service based in Australia with a track record for security. It supports international money transfers to 190+ countries at very competitive rates. It is more expensive compared to other services, but all OFX fees are straightforward and transparent.
The company applies a A$15 flat fee for transfers under A$10,000 and no transaction fee on transfers above the threshold.
For that money, you'll get good exchange rates, lock-in rates for larger amounts, and local phone support. The one downside is that you have to send at least A$250.
Good service and unlimited transfer amounts combined with security, reliability and great service has earned it four stars out of five on TrustPiliot.
- Free to open an account for individuals and businesses, including online sellers.
- Most transfers arrive in 1-2 days with a low flat fee below A$10,000.
- Fund your account with a debit card or bank transfer.
- Lock-in a specific currency rate before transferring.
- A range of transfer options to make the most out of fast-changing exchange rates.
- Transfers can be scheduled ahead of time.
- Transfer history can be tracked via SMS, email, app, or website.
- 24/7 customer service from around the world.
- Minimum transfer amount of A$250.
- Doesn’t support cash pick-ups. You can only transfer money electronically to a bank account.
- Credit cards cannot be used to make payments overseas.
- No same-day transfers. It usually takes 1-2 days to arrive and up to 5 days for more exotic locations.
Wise — formerly TransferWise — is one of the most popular digital money transfer services globally, not just in Australia. The recipient doesn't need a Wise account since the money is transferred directly into their bank account.
As a sender, you can pay by credit card, debit card, bank transfer, or use your Wise balance. Most transfers arrive within a few hours, but may take longer if you opt to pay by bank transfer.
Wise has no limit on how much money you can send, has transparent fees, and applies the mid-market currency exchange rate.
With 13+ million customers — including ourselves — Wise is a top contender as the best way for Australians to send money overseas.
- Minimum transfer of $10 with clear, upfront charges. No surprises or hidden fees.
- Low transfer fees, which may be as low as $1 dollar plus 10% of the total transfer amount.
- Most transfers arrive on the next day (but it can be faster for popular currency pairs).
- Huge choice of funding options, including debit cards, credit cards, bank transfer, POLi, and Apple Pay.
- Not the cheapest rates if transferring more than $10,000.
- Can be a bit heavy-handed with fraud protection / anti-money laundering. Several of our transfers were held up because of checks, even though we have been a customer for years.
- No opportunity to benefit from inflated exchange rates on transfers because Wise uses the exchange rates set by the government.
On Wise's website
Specialised in remittance and small transfers, WorldRemit is an excellent choice for personal purposes. You can send as little or as much as you like, up to A$50,000 per transaction.
Most transfers are completed in 1-3 days. Recipients can pick-up cash. Available in 130+ countries.
- No minimum amount for transfers, with competitive exchange rates and 24/7 support.
- Most money transfers arrive on the same day, subject to limitations.
- Choose from a wide range of funding options, including debit, credit and prepaid cards issued by both Visa and Mastercard as well as Klarna, Trustly, POLi and Apple Pay, among others.
- Lots of options for receiving money, including in a bank account, mobile wallet, air-time top-up. Cash pick-up and home delivery also available subject to geographic limitations.
- Individuals only. No support for businesses.
- Complex transfer fees that are not fixed and may change depending on currency.
- Not all transfer methods are universally available. For example, cash pick-up is limited to a small number of countries.
If you're looking for a free service and are prepared to pay hidden fees applied by the recipient's bank, XE could be a good option for you.
XE doesn't charge any transfer fees. They make money by applying variable currency exchange rates linked to live forex markets. This means you get better rates the more money you send.
Most transfers are processed quickly, within 1-2 days on average.
- Individuals and businesses can use the service.
- No transfer fees regardless of transfer amount (with no minimum).
- Unlimited transfer amounts with better currency exchange rates on larger transfers.
- Good customer support that’s easily accessible.
- Informative website with live rates, historical charts, market updates, and alerts. You’ve probably already used them to convert currencies.
- Limited range of currencies available to transfer.
- Not the cheapest available option, especially for smaller amounts.
- Payments by cash or cheque are not accepted.
- Customer service is not available on weekends.
- XE’s currency calculator quotes do not match the actual rate you will get for your transfer.
On Xe's website