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 .

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 Biggest and Best Money Transfer Services in Australia

Q: 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.

Compare rates and fees from money transfer services in Australia

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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 that’s available online is known as the mid-market rate or interbank rate. Generally looking for a provider which uses the mid-market rate or as close as possible to it will mean getting the best deal.

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, or may waive this fee for digital payments. 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, or as quickly as possible.

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 deposited 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. The providers we cover at The Currency Shop have already checked, and are licensed and reputable. 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. Check the limits available from different providers if you need to transfer large amounts overseas. Sometimes limits vary based on account use or how you want to pay.

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?

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

You may be able to save on your international money transfer by using an international money transfer service like Wise. Let’s look at an example, where we imagine making a payment of 5,000 AUD from Australia to the United States, to be deposited to a bank account in USD.

If you send your money with Commonwealth Bank, the recipient will receive: 3,116.16 USD

If you send your money with Wise, the recipient will receive: 3,231.75 USD

In this example, the recipient gets 115.59 USD more in the end, just because you picked Wise as the provider which processes your payment instead of Commonwealth Bank*.

Of course, exchange rates and fees change all the time, so you’ll need to compare services yourself to find the right one for you. Be sure to look at the exchange rate as well as the fee you’ll be charged by each provider. In the example above, Commbank has no transfer fee, while Wise does have a transparent fee of just over 20 AUD. The key here is that Wise uses the mid-market exchange rate, while Commbank has added a fee to the rate used to convert your AUD to USD. This fee is hard to spot - but it means the recipient gets less in the end compared to with Wise.

*Information correct at time of research - 26th November 2024

Cost - Small fee based on which currency and amount required
Speed - 45% of payments are instant, most arrive in 1 business day
Method - Online bank transfer - transfer to mobile wallet available in some countries
Safety - ASIC licence number is 456295 & TrustPilot - 4.3 stars from 241,000+ reviews
Limits - No limits for minimum transfer amounts and Wise can send large amounts safely with limits set by country and payment method
Bonus Features - Wise Account to hold and exchange 40+ currencies, and receive payments with local and SWIFT details in 8+ currencies

Go to Wise

You can send a high value payment online with your bank, or you can use an online money transfer service from a provider like Wise or OFX instead.

Banks usually allow you to send pretty much whatever value transfer you need to - but you will often need to go to a branch in person to arrange your payment if it exceeds the online banking service maximum limit. This is inconvenient and can mean you pay a higher transfer fee. On top of the transfer fee you pay, there’s also often an exchange rate markup which is a percentage fee added to the rate usd for conversion. On a high value payment this fee can add up significantly, until it costs far more than the transfer fee you’re quoted.

Before you decide to use a bank, check out some of the best international money transfer services in Australia, such as Wise and OFX. These are not banks, but they offer secure, digital and high value payments which can have excellent exchange rates and low overall costs. OFX has no maximum transfer limit in most cases, and Wise has high transfer limits which vary a little by currency.

There’s no single best remittance service in Australia. The good news is that you've got a really wide choice of options, so you’ll be able to find a provider which matches your needs with a bit of research. Here at The Currency Shop we compare and review the best money transfer services available in Australia, looking at costs, convenience, service and safety.

You can use our guides and comparison tools to find the best international money transfer services for your transfer, and get everything set up online or in the provider’s app.

Here are some ways to save money when transferring money internationally:

Have your bank details and recipient's details on hand and images of your ID documents stored electronically to make it quick to fill in online forms.
Ask how long the conversion rate is guaranteed for.
Look at the total cost, a great rate might be undercut by a large transfer fee.
Try to transfer your money before the cut off time to ensure a speedy transfer.

What is an International Money Transfer (IMT)?

When you transfer money between bank accounts within Australia it is known as a money transfer, bank transfer or bank wire transfer. It is a simple transaction in the same currency (Australian dollars) with minimal fees. When you transfer money overseas it is known as an International Money Transfer (IMT). Methods of sending money overseas include using a bank to send an international money order or an international bank wire transfer. You could also use a non-bank specialist service, such as Wise or Revolut.

What is a Remittance Service?

A common way of sending money overseas is through a remittance service provider like Western Union, MoneyGram or PayPal. Money is sent through an electronic payment system and payment is collected through a bank account or in person in cash. Remittance service providers have been around for a while and earned a decent reputation for reliability.

What information do I need to make a transfer?

To send money from Australia, you’ll normally need the following information:

Your name, address, identity verification and payment details.
The name and address of the beneficiary or recipient you’re sending money to.
The recipient’s bank account details including the name of the bank and account number.
In all cases you will need to provide the BIC or SWIFT code.

How do I keep my money online safe?

Safety is very important and all of the online companies above take their legal responsibilities very seriously. They take extreme measures to protect the sensitive data you provide them like your personal details and identification. However, it's still better to be safe than sorry. Here are some additional ways you can transfer funds safely:

Double check privacy policies and tracking process for your money transfer provider
Use a strong, long and unique password with a combination of uppercase and lowercase letters, numbers and symbols when you set-up your account
Ensure your money transfer service provides two-factor authentication, including SMS or email-based security code

What are the SWIFT / BIC codes of the major banks in Australia?

To make a deposit into an Australian bank account, a swift code or BIC (Bank Identifier Code) is required. The Swift code helps identify each bank in Australia and the code is unique to the bank. It is a combination of numbers and letters. The major banks are listed below:

Westpac - WPACAU2S
Commonwealth - CTBAAU2S
NAB - NATAAU33
ANZ - ANZBAU3M
HSBC - HKBAAU2S

How long does an international money transfer take?

The length of time it takes for an international money transfer to arrive can vary depending on the country you’re sending to and the method you’ve chosen for the recipient to get the payment in the end. You may find your money can be available in minutes, but sometimes transfers to banks passing through the SWIFT system may take several days to arrive.

Ileana Ionescu

Author

Ileana Ionescu

Content manager

With a background in business journalism, Ileana is an experienced content manager, creating content for Exiap that helps its audience make informed decisions about their finances.

Last updated

December 14th, 2024

The Best International Money Transfer Services in Australia in 2024

What is a Money Transfer Service?

Compare rates and fees from money transfer services in Australia

How do I compare money transfer service providers?

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

How does a Money Transfer Service Work?

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Wise (formerly known as TransferWise)

OFX

WorldRemit

XE Money Transfer

SendFX

Torfx

Revolut

CurrencyFair

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Which remittance service is best in Australia?

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