Which is the best international money transfer company?

This depends on what is most important to you. Whether you want the cheapest company, looking for fee-free transfers, the fastest speed, excellent customer service, or you have specific business needs. To find out what we recommend for the best international money transfer companies in Australia read our comprehensive guide to help you choose.

What is a SWIFT/BIC code?

A SWIFT code is a unique identification code for a particular bank throughout the world. These codes are Bank Identifier Codes (BIC) and companies use the SWIFT/BIC codes to send money to overseas bank accounts. SWIFT and BIC codes are the same thing. It consists of 8 or 11 characters. They are a combination of various kinds of letters and are used to identify the branch codes of the banks. It is often a requirement when making an international money transfer. If you would like to find the SWIFT/BIC code of your account, they often have it on your banks website or you can look it up on the SWIFT website .

How long does an international money transfer take?

The actual length of time between you paying for a transfer and the recipient getting the money varies depending on a few different factors: The international money transfer provider or bank that you’re using The country and currency you’re sending from The country and currency of the person receiving the transfer How you’re paying for the transfer (e.g. by a wire transfer, bank transfer, credit or debit card) Whether your transfer needs an extra review or validation That may not be a good enough quick answer though. So, we’ve looked at all the different providers to come up with some average transfer times: Online international money transfers: 0 to 5 business days Bank to bank transfers: 2 to 5 business days Wire transfers and telegraphic transfers: 1 to 5 business days And here are some average times for some of our most popular specialist providers: TransferWise: 0 to 3 business days XE Money Transfers: 0 to 3 business days WorldFirst: 1 to 2 business days Western Union: 0 to 3 business days OFX: 0 to 3 business days Learn more about how long your transfer could take.

Why do international money transfer exchange rates and fees vary?

You’re probably not looking forward to a long, exhaustive explanation of currency exchange rates and fees, so we’ll keep this mercifully brief! When you send money abroad using your bank or a specialist international money transfer company, exchange rates and fees vary because money transfer companies need to make money too. The question is, how much does it cost them to transfer money overseas relative to what you pay them? We don't know. But what we do know is the different ways they can charge you for your international money transfer: 1. They may offer a slightly worse exchange rate The “best” exchange rate available is the “base” exchange rate.* Some currency providers make money by offering you a slightly worse rate, and take a profit on the difference — this is known as the “margin” or “spread.” For example, the base rate might get you $1,000 US dollars for $1,412 AUD, but a provider charges you $1,430 AUD. That $18 difference is their margin, where they make a profit. *The standard exchange rate is also known as the standard, mid-market or interbank exchange rate. 2. They may charge a fixed fee Some providers, especially banks, will charge you a fixed fee to send money. These fees can range from anywhere between $1 to $25 or more. High street banks are particularly bad at charging high, fixed fees — but don’t worry, we’ve got some good alternatives for you. 3. They may charge a commission or service charge Some providers like TransferWise charge a fee based on the total amount you’re transferring as a commission or service charge. These will typically be shown seperate to the exchange rate, and as the amount you send increases, the service charge will also go up. Comparing charges for international money transfers Providers do vary in how they charge for international money transfer services, and they may apply a combination of different types of fees. When we compare providers, we show you the total amount you’ll pay, so you always get a fair, side-by-side comparison. Something else to bear in mind — if you’re sending money to someone else’s bank account, their bank may charge processing fees. A money transfer company has no influence on these fees, and you should speak to the receiving bank to understand how much they might be. Find out how much it really costs to send money internationally, and get the best rates by using our international money transfer comparison tool .

The Best Way to Make a Business Money Transfer Overseas

Transfer amount - under $1,000 there are plenty of money transfer companies competing for your business. For larger amounts of money, it's best to find a provider with a higher limit
Frequency - for regular payments some companies offer special deals and the ability to make automatic recurring transfers
Location - payments to major countries and currencies are covered by most money transfer services. Other countries may require extra research
How you make your transfers - online is always cheaper than making a transfer in-person. When you're on-the-go using a mobile app is best, so finding a provider with a good app might be valuable
Foreign exchange products - you might need a range of products to manage your currency risk. For example, you might want to lock in the exchange rate when you pay your New Zealand contractor in NZD from your Australian dollar account
Support needs - you might need a personal account manager to handle your transactions or at the very least, 24/7 online support

How to compare banks and other business transfer providers

To compare banks and other international money transfer companies, it's important to look at the key costs and features. Here are the main ones:

Exchange rates – getting a competitive exchange rate is where you can save the most money on your transfer costs. Banks tend to offer worse exchange rates than international money transfer services
Fees – banks usually charge fixed fees for international money transfers, but in recent times this fee has been lowered or removed completely. For business accounts, some money transfer specialists remove fixed fees for large amounts or regular transfers
Card – having a card to pay for online subscriptions or online purchases that does not charge you foreign currency conversions like Revolut or Wise's Borderless Debit Card will be mighty handy for your business
Foreign currency account – banks usually offer individual foreign currency accounts for businesses. Some banks offer multi-currency accounts. They're great products, but can be expensive. Make sure to check the fees and conversion costs for transferring currencies between each other and look for alternative options
Transfer options – foreign exchange contracts (FECs or forward contracts), limit orders, and options to manage exchange rate risk. These are products mainly offered by banks
Solutions for e-commerce – selling goods online requires specific intel for taking payments from international customers. Usually this involves installing a plugin on your website to accept payment which involves more technology than banks have to offer
Personal account manager advise – tailored advise on how to manage your company's foreign currency risk can be important. However, banks tend to assign currency experts to help get the best exchange rates when you're a medium to large business

Account name	ANZ	NAB	TransferWise	Revolut	OFX	WorldFirst	XE	InstaReM	TorFX
Exchange rate	2-6% margin	2-6% margin	0% margin	0-2% margin	0.5-2% margin*	0-0.5% margin	2-4% margin	0% margin	2-4% margin
Fees AUD to USD <$1,000	$9	$10	0.33-3.56%	Standard Plan $0; Premium Plan $10.99/month	$15	$0	$0	0.25-1.00%	$0
Fees AUD to USD >$10,000	$0	$10	0.33-3.56%	Standard Plan $0; Premium Plan $10.99/month	$0	$0	$0	0.25-1.00%	$0
Card
Foreign or multi currency account
Market/limit orders
Foreign exchange forward contracts
Foreign exchange derivative (options)
API Integration
eCommerce/online merchant solutions
Personal account manager & advise

Wise (formerly known as TransferWise) offer a multi currency account in Australia, called the Borderless Account. It's easy to set-up, receive and send foreign currency. The fee structure is better than any of the banks listed.

The thing that makes it different is that it allows you to up a local bank account in AUD, GBP, EUR, NZD or USD. That means if you open up a USD account, you’ll have your own ABA and account number (think BSB and account number). Having your own local bank account makes it significantly easier, faster and cheaper to receive money.

Wise now offer a debit card with your Borderless account for business travel overseas. This means you can spend like a local, too and not worry about annoying exchange rate conversions or extra ATM fees.

Read our full Wise Borderless Account review here

Companies with Great Exchange Rates

InstaReM operates globally. With competitive exchange rates and fast turnaround times, this company can be a solid financial platform for international money transfers for business. Especially for sending money to and from India.

The primary service InstaReM offers for businesses is its MassPay platform. It allows companies to configure how and when payments are disbursed to multiple recipients at once. It's useful for payrolls or to pay for large multinational product orders.

If your business is just starting to send money overseas or receive money in other currencies, banks are worth looking at. Only because it's a good starting point. However, banks may not be cost-effective given the fees that come with it.

Medium to large businesses can also benefit from the whole range of complex hedging products and detailed business reports and research intel a bank can offer.

Banks offer foreign currency accounts that might be suitable for your business needs. However, these are also expensive. You can apply at a branch, but chances are banks will refer you to their business banking or corporate banking department.

When should I use my bank for a business transfer?

There is no magic number at which point banks become useful. If you're making 1 to 2 payments under $1,000 each year, going through your bank for convenience makes it useful. Even if it's still more expensive.

Banks charge high fixed fees and worse exchange rates than you can get from companies like Wise, XE Money Transfer, WorldRemit and similar businesses.

We think it’s vital for you to make a fair comparison though, so we’ve reviewed all of these banks and shared what’s good and bad about each one: