How to send international transfers over A$10,000: Full guide 2025

You can easily send high value payments both locally and internationally, through your bank or with a third party provider.  If you’re sending payments of over 10,000 AUD in value, the transfer is likely to be reported to AUSTRAC – the Australian Transaction Reports and Analysis Centre.

This guide has all you need to know about how transaction reporting works, and also covers some providers you may like to use for your next high value international payment.

Key points: Sending transfers internationally over A$10,000

• You can send payments to and from Australia with your bank or by using a specialist provider like Wise or OFX
• Payments of over 10,000 AUD are reported by the bank or money transfer service to AUSTRAC which is tasked with preventing financial crime
• Individuals do not need to take action to report electronic payments to AUSTRAC in most cases, this is handled by the banks processing the payment
• Specialist services like Wise can offer good exchange rates and fee discounts if you’re sending a high value payment

This guide is for information only – seek professional advice if you need support about taxes in Australia or abroad.

Do wire transfers over A$10,000 get reported to AUSTRAC?

Yes. When a bank or money transfer service organises a payment which is worth 10,000 AUD or more, it must complete an international funds transfer instruction report, which is submitted to AUSTRAC.

AUSTRAC is the agency which monitors financial transactions to identify and prevent crimes like money laundering, tax evasion, and terrorism financing.

Do I need to report my large money transfer to AUSTRAC?

No. Generally you do not need to take any action to report an electronic payment. The bank you use, or the money transfer service, will complete the reporting on your behalf.

Individuals may be responsible for reporting payments which are not processed electronically. If you’ve been send money – cash and cash like items such as travellers cheques – through the mail or through a freight shipment you’re responsible for reporting this to AUSTRAC.

So, what happens if you wire transfer more than A$10,000?

If you make a high value wire payment your bank or money transfer service will usually pass details of the payment to AUSTRAC.

When you send a large payment, the bank or provider you use may be obliged to get some extra paperwork from you, showing where the money has come from. This step is used to prevent financial crime, and to make sure illegally obtained funds can’t be transferred. Your bank will let you know what’s needed based on the circumstances of your specific payment.

Whether or not there’s any tax to pay which is related to the payment will depend on the nature of the transfer. Because tax can be a complicated area, you’ll need to talk to an accountant to understand if you have any further obligations if you’re unsure.

Bear in mind also that when sending or receiving an international payment, the other country or countries involved may also have laws and regulations which impact your payment.

How to send money internationally over A$10,000

You can send money internationally with a bank or with a specialist third party service. Using a specialist usually means you can get everything set up conveniently online or through an app, with low fees and strong exchange rates. The exact process you follow can vary, but usually the steps will be fairly similar:

1. Sign up for an account with your preferred provider
2. Complete the verification step by uploading an image of your ID
3. After verification, enter the payment details
4. Upload any additional documents depending on the payment details
5. Fund the payment from your bank, and the money will be deposited in your recipient’s account

We’ll take a look at some providers you may want to pick for your next high value international wire payment, next. Firstly let’s look at some options side by side for comparison:

*Details correct at time of research – 25th February 2025

Wise pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

Wise

Wise offers payments to 160+ countries, which you can arrange online and in the Wise app. Currency exchange uses the mid-market exchange rate with no fee added, and a small, transparent transfer fee which starts from 0.65%. Fees are discounted if you send high value transfers, or send cumulative payments which add up to more than the equivalent of 20,000 GBP in a month. Transfers are processed quickly and securely, and you’ll be able to track your payment by logging into the Wise app.

You can also open a Wise account to send and receive international payments in a broad range of currencies. Accounts come with local and SWIFT details so you can be paid by others in global currencies and without needing to convert back to AUD if you don’t want to.

Wise best features

• Wise has automatic fee discounts for transfers which are equivalent to 20,000 GBP or more
• Get help from a dedicated customer support teams for large amount transfers
• High limits, around 1 million GBP per payment

What is the international transfer limit for Wise?

Wise payment limits depend on the currency you’re sending, but are usually set at the equivalent of around 1 million GBP per payment. Check your account terms and conditions to understand the specific limits, or reach out to Wise customer service for help.

Does Wise report to tax authorities?

Wise is registered in Australia and implements local and international law regarding reporting payments. In Australia, Wise is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL).

OFX

OFX is a specialist in international payments and currency conversion, which offers international transfers with no upfront transfer fee if you send more than 10,000 AUD. There’s also no limit to the amount you can send with OFX – if your bank has a limit you can send in partial payments to fund your transfer in stages. OFX exchange rates are likely to include a small fee.

You can arrange your payment online or in the OFX app, but the service the brand is best known for is offered by OFX brokers, who you can talk to on the phone 24/7. If you’re a business customer you can also open a Global Currency Account which lets you receive payments from others in a selection of foreign currencies conveniently and with no OFX fee.

OFX best features

• 24/7 phone service if you need to discuss your options
• No transfer fee for payments of 10,000 AUD or more sent from Australia
• Unlimited payment options

What is the international transfer limit for OFX?

There is no set limit on the amount you can send overseas with OFX. If you need to send a very high value payment you might be asked to arrange it over the phone so a member of the team can help talk you through your options.

Does OFX report to tax authorities?

OFX is a large global business and complies with all legal requirements to report payments and check customer documents.

Xe Money transfer

Xe Money Transfer supports payments from Australia to 200+ countries, with variable fees and exchange rates depending on where you’re sending to. The Xe limit from Australia is set at 750,000 AUD.

You can arrange your payments online or in the Xe app, for deposit to bank accounts and mobile money accounts globally.

Xe Money transfer best features

• Large global organisation with excellent currency options
• Some transfers have no fee – this depends on the payment details
• High per payment limits

What is the international transfer limit for Xe Money transfer?

From Australia, the Xe transfer limit is 750,000 AUD per payment.

Does Xe Money transfer report to tax authorities?

Xe is a large global organisation which is bound by legislation in Australia and in other countries it operates in. To maintain its license and continue offering services, Xe will comply with all the reporting rules which apply.

Remitly

Remitly offers international payments with a variety of payout methods, including bank account, mobile wallet, or for cash pickup, on popular remittance routes.

Remitly has fairly low limits for payments from Australia, to protect customers and ensure account security. The service is intended for people sending money to loved ones, and so this is not the right pick for a very high value transfer. However, the range of pay out methods can make it appealing if you need to get a fairly large amount of money to someone quickly, in particular to a mobile wallet or as cash.

Remitly best features

• Excellent range of payout methods
• Variable fees depending on the destination you send to
• Easy to use app and online service

What is the international transfer limit for Remitly?

With Remitly you can send 45,000 AUD  per payment.

Does Remitly report to tax authorities?

Remitly acts in accordance with international regulations and will report payments to the authorities as required by law.

CurrencyFair

Currencyfair uses a flat rate for transfers, which is set at the equivalent of 4 AUD. That can make this a popular choice for higher value transfers as in relative terms the fee is pretty small. There’s also a small fee added to the exchange rate used to convert your dollars to the currency needed for deposit, which does push up the costs a bit more.

You can create your payment online or in the Currencyfair app, to be securely deposited to your recipient’s bank account.

CurrencyFair best features

• Low, flat transfer fee of 4 AUD
• Send to a very large range of countries globally
• Good exchange rates

What is the international transfer limit for CurrencyFair?

CurrencyFair does not specify a transfer limit. If a payment you’re making hits a limit you will be notified in the app.

Does CurrencyFair report to tax authorities?

CurrencyFair is bound by laws in Australia and in the other countries it operates in, and will report payments and transactions as needed by law.

Can I transfer more than A$10,000 between my own accounts?

You can move money between accounts in your own name, subject to your own bank or money transfer provider’s limits. If you’re unsure about whether a payment would be reported to AUSTRAC or any other authorities you may want to talk to your bank before you initiate it.

How much money can you legally send internationally?

There’s not a legal limit on the amount of money you can wire, but there are some practical issues to consider. Individual banks have their own limits which are often set for security reasons, so if you’re sending a very high value transfer internationally you will need to check the rules which apply to your preferred account or provider.

Can you deposit more than A$10,000 to the bank?

Banks generally do not limit the amount you can deposit to an account, although cash deposits may have fees associated. High value transactions to a bank may be subject to reporting requirements, which apply when depositing cash as well as electronic methods of payment.

Key takeaways: Sending money internationally over A$10,000

Sending a high value payment may feel a little risky but as long as you use a reputable bak or specialist provider, the transfer should be safe. In Australia, banks and money transfer providers have to record and report payments of 10,000 AUD or more. As a customer you do not usually need to take any action – the provider will handle the process for you instead.

• You can send payments to and from Australia with your bank or by using a specialist provider like Wise or OFX
• Payments of over 10,000 AUD are reported by the bank or money transfer service to AUSTRAC
• AUSTRAC is tasked with preventing financial crime and will look out for suspicious activities and patterns in payments
• Your own bank or provider may have payment limits which can be relatively low for digital transfers
• Specialist services like Wise can offer good exchange rates and fee discounts if you’re sending a high value payment

FAQs

Do I have to pay tax on money transferred from overseas to Australia?

Whether or not you need to pay tax on an international payment coming into Australia will depend on the reason for the payment among other factors. Because tax can be a complicated area, you’ll need to talk to an accountant to understand if you have any further obligations to the tax authorities, if you’re unsure.

What happens if I transfer A$10,000?

When  you transfer 10,000 AUD or more, the bank or provider you use will have to report the payment to AUSTRAC, which is the financial crime prevention agency, for checking.