The Biggest and Best Money Transfer Services in Australia

How much does it cost for an International Money Transfer using a Money Transfer Service?

You can save a lot of money on your international money transfer by using a money transfer service like Wise. They have no transaction or receiving fees. These can be as much as $30 each at the Commonwealth Bank. Wise have very competitive exchange rates. For example, if you were to exchange $5,000 Australian dollars into US dollars, you would save another $145 on the rate alone. In total:

To send $5,000 from Australia to the United States would cost roughly $54 with Wise and $240 with the Commonwealth Bank.

The total savings would be at least $180.

How do I compare money transfer service providers?

Comparing money transfer service companies can be a hassle, so we have done the research for you. In the table below we have graded the money transfer companies based on the following:

Exchange rate - An exchange rate is the price of one currency in terms of another currency. It will determine how much money your recipient receives. The rate constantly changes and is available online, this is known as the mid-market rate or interbank rate. The closer your rate is to the mid market rate, the more you will save.

Questions to consider are - am I being offered the best rate available for my currency exchange?

Transfer fees - A transfer fee is a cost to perform the money transfer. Banks can charge between $20 - $30. However, it's common for money transfer service providers to have no transfer fees. A transfer fee can significantly add to the total cost of your international money transfer and the amount your recipient receives in their bank account.

Questions to consider are - how much do they charge per transaction? Is it fee free?

Speed - The time it takes for the money transfer to be completed can be an important factor when choosing a money transfer service. If a relative needs money urgently overseas, you may need a service that provides money transfers instantly. Luckily the days of having to wait week for a international bank draft to clear are over. Most money transfer companies can send funds within 2 business days.

Questions to consider are - how fast can you make the money transfer?

Methods - This is the way money is transmitted overseas, in most cases this is performed online and between two bank accounts. Some money transfers can be remitted in cash or in a mobile wallet instantly.

Questions to consider are - how many options are available to make your international money transfer?

Safety - Making sure your money is transferred safely is crucial. Checking to see that the money transfer service is regulated by ASIC is an important step we at The Currency Shop have already checked. Trustpilot is also a great place to look at independent reviews for your safety concerns.

Questions to ask are - how trustworthy is the money transfer company? Are they regulated by ASIC? Do they have an ABN?

Limits - The amount of money you want to transfer will impact the money transfer service provider you choose. Wise, XE and WorldRemit are great for smaller amounts. OFX, TorFX and WorldFirst can be a better option to transfer large amounts overseas.

Questions to consider are - does the company have a minimum amount for international transfers? Is there a maximum?

Frequency - The number of times you need to transfer money over 12 months will play an important role in your decision-making process. Some money transfer companies have systems set up to help you make to regular transfers with ease.

Questions to consider are - how easy is it to make regular payments overseas?

Customer Service - The assistance and advice provided by money transfer companies for their customers might determine your choice.

Questions to consider - how easy is it to contact staff to help? how many different modes of help do they offer? what comments are posted online regarding customer service?