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 .

4 Best Ways to Take Travel Money Overseas [2024]

Travelling can be exciting. From trips to see family and friends overseas, to exploring new cities or taking a beach break, or even travel for business. But whether you’re off on a well earned break to Bali, or headed to the US for work, you’re going to need to figure out the best way to spend money overseas.

Deciding the best way to travel with money overseas without getting hit by high fees and bad exchange rates can be a headache. But it doesn’t have to be. There are plenty of different ways of taking money overseas, each of which has its own pros and cons. This guide walks through 4 of the best ways to pay overseas so you can decide on the option that suits you best.

What are the best ways for Australians to spend money abroad?

As Australians, we love travelling. And while we travel, we need access to money. It's not the most glorious part of our travel plans, but it's equally important to decide on the best travel money option for us so we're not left feeling negative at any stage of our trip.

The problem is, it can be tricky working out the best travel money option to use. The fact is, the best one for you will really depend on what you need from the travel money type you're using.

Wise card - our pick for travel debit card

Open a Wise account online or with your card, and order a Wise travel debit card to make it easier and cheaper to spend while you’re away. Plus if you need cash for travel you can get some fee free ATM withdrawals overseas every month, too.

Once you have a Wise account and card you’ll be able to top up your account in AUD and either switch to the currency you need in your destination, or just let the card do the conversion for you at the point of payment. In either case you’ll get the mid-market exchange rate and low fees from 0.43%, with no foreign transaction charge to worry about.

Find out more about the Wise card.

Pros	Cons
✅ Hold, spend and exchange 40+ popular global currencies ✅ Free to spend any currency you hold in your account, conversion fees from 0.43% if you need to exchange from one currency to another ✅ You’ll always get the mid-market exchange rate ✅ Some fee free ATM withdrawals every month - once your account limit is exhausted you’ll pay a low fee to withdraw ✅ Accounts and cards have no ongoing fees and no minimum balance requirement ✅ Available as a virtual card	❌ Transaction fees apply to some services ❌ You’ll need to add funds to your account before you spend (unlike with a credit card)

Pros

Cons

✅ Hold, spend and exchange 40+ popular global currencies

✅ Free to spend any currency you hold in your account, conversion fees from 0.43% if you need to exchange from one currency to another

✅ You’ll always get the mid-market exchange rate

✅ Some fee free ATM withdrawals every month - once your account limit is exhausted you’ll pay a low fee to withdraw

✅ Accounts and cards have no ongoing fees and no minimum balance requirement

✅ Available as a virtual card

❌ Transaction fees apply to some services

❌ You’ll need to add funds to your account before you spend (unlike with a credit card)

Debit Cards offer the convenience of a credit card, but work differently. They draw money directly from your bank account when you make a purchase. It's designed for everyday money transactions and means that you're not accumulating debt.

A debit card could make you stick to your travel budget, because you can't overdraw money from your account.

Benefits include:

Direct access to your savings
ATM withdrawals worldwide
Security features like disposable virtual cards and zero-liability if lost or stolen

Tips when travelling with a travel debit card

If you get a travel debit card from a specialist like Wise you won’t usually need to tell the provider you’re headed on holiday. However, there are a few smart things you can do to make using your debit card easier and more convenient when you’re away:

Make sure you know how to top up your account so you can add more money easily if you need to
Check you know how to freeze and unfreeze your card (this can usually be done in the app)
Keep a note of how to contact the provider, just in case your card is lost or stolen while you’re away
Use a currency conversion tool to keep an eye on exchange rates - if rates change in your favour you might want to lock them in by converting some AUD to your destination currency in advance
Always pay with the local currency wherever you are to avoid dynamic currency conversion (DCC)

Revolut - out top pick for prepaid travel cards

Revolut offers digital accounts you can manage through their app, and prepaid travel debit cards that can be used to spend in 25+ different currencies. You’ll need to open an account online or in the Revolut app and have your card sent to your home address, but you can then add funds in dollars and spend easily at home and abroad.

There’s no fee to spend a currency you hold in your account, and all accounts get some fee free ATM withdrawals and some currency conversion which uses the mid-market exchange rate. However, there are limits to the free transactions you can get, which are set according to the account type you choose, with fair usage fees after that.

Pros	Cons
✅ Choose from 3 different account tiers - there are no monthly fees for the Standard plan, or you can upgrade to an account with monthly charges and more features ✅ All accounts get some free ATM withdrawals and currency conversion ✅ Hold and exchange 25+ currencies in the account - it’s free to spend a currency you hold ✅ Top up and manage your account from your phone ✅ Higher tier accounts have extra features including cashback on spending and discounts on international transfers	❌ You’ll need to pay a monthly fee to get all the features available ❌ Fair usage and out of hours fees can mean you pay extra when you convert or spend in foreign currencies

Pros

Cons

✅ Choose from 3 different account tiers - there are no monthly fees for the Standard plan, or you can upgrade to an account with monthly charges and more features

✅ All accounts get some free ATM withdrawals and currency conversion

✅ Hold and exchange 25+ currencies in the account - it’s free to spend a currency you hold

✅ Top up and manage your account from your phone

✅ Higher tier accounts have extra features including cashback on spending and discounts on international transfers

❌ You’ll need to pay a monthly fee to get all the features available

❌ Fair usage and out of hours fees can mean you pay extra when you convert or spend in foreign currencies

Prepaid travel cards are a good alternative to carrying cash. With prepaid travel cards, you load the card with a set amount of money in the currency you need. You can then use it to make purchases online, in stores and to withdraw money at ATMs.

Most travel cards allow for different currencies to be loaded onto the card. So it's important to know what currency you'll be using on your travels. Airlines also offer prepaid cards so the money you spend can earn you reward points.

Benefits include:

Load money upfront so you can budget
Access multiple currencies
Lock-in your foreign exchange rates
Replaceable if lost or stolen
Frequent flyer points
Back-up card sometimes on offer

Tips when getting with a prepaid debit card

Prepaid debit cards can be convenient and safe ways to spend when you’re overseas. Generally using a prepaid card is as easy as using your bank card - but you might find your foreign currency spending costs you less in the end. Here are a few extra tips:

Check that the prepaid travel card you’ve selected supports the currency you need in your destination
Look out for foreign transaction fees or conversion fees, which may apply if you don’t switch your funds over to the destination currency in advance
Make sure you know how to add more funds and manage your account and card once you’re away
Keep a record of who to call if your card is lost or stolen
If you intend to use your card again for next year’s holiday make sure there are no inactivity fees - these often apply if you don’t use your card for 6 or 12 months
Choose a card on a major network like Visa or Mastercard for the best global acceptance

Westpac - travel credit card

If you’re considering a travel credit card, the Westpac Reward Altitude Black might be a good bet. You can earn rewards every time you use your card, but the rate at which you earn is far higher at 6 points per dollar, when you spend with partner airlines including Qantas, Jetstar and Emirates. There are also some other retailers which offer higher points earning opportunities, such as Airbnb and Uber, with all other spending accruing rewards at 1.25 per dollar.

Once you have reward points banked you can use them to pay for purchases, as cash back, to get gift cards, or when buying flights. Bear in mind that this card has a minimum income requirement of 75,000 AUD/year, plus annual fees, foreign transaction fees and cash advance costs.

Pros	Cons
✅ Earn points on all spending with higher reward rates for travel purchases ✅ Pay with points in a range of ways including with partner airlines ✅ Some complimentary insurance and airport lounge passes ✅ Get bonus points when you sign up, plus a reduced annual fee for the first year ✅ Spread the cost of your travel spending over several months if you choose to	❌ 75,000 AUD minimum income requirement ❌ 3% foreign transaction fee, plus cash advance when you use an ATM ❌ Annual fee, interest and penalty fees may apply depending on how you use your card

Pros

Cons

✅ Earn points on all spending with higher reward rates for travel purchases

✅ Pay with points in a range of ways including with partner airlines

✅ Some complimentary insurance and airport lounge passes

✅ Get bonus points when you sign up, plus a reduced annual fee for the first year

✅ Spread the cost of your travel spending over several months if you choose to

❌ 75,000 AUD minimum income requirement

❌ 3% foreign transaction fee, plus cash advance when you use an ATM

❌ Annual fee, interest and penalty fees may apply depending on how you use your card

Credit cards have been around for a long time. But now there are specialised travel credit cards. These cards give you longer to pay back what you've spent, but the interest rates can be quite high.

The main advantage with travel credit cards are the reward points you get in return when you spend. But it only works if you pay off the balance in full each month.

Credit cards are great to use for car hire, restaurants and accommodation - larger expenses that are easier for you to pay back over time. Some services only take credit cards to hold purchases so it's handy to have while you travel.

Benefits include:

Access to credit - often greater than your savings
Security features like card fraud protection and zero-liability
Low or no transaction fees
Frequent flyer points or rewards
Extra perks - travel insurance, purchase protection, airport lounge access, wifi, or concierge services
Widely accepted - visa and mastercard is accepted almost everywhere

Tips when getting a travel credit card

If you’re interested in using a credit card to spread the cost of your travel, and don’t mind paying a few fees to do so, a travel optimised credit card can be a great option. You’ll usually find you earn extra points, miles or rewards when you spend on travel - and you can then normally switch points for discounts on your next travel booking, too. Here are a few tips to bear in mind when you get a travel credit card:

Make sure you’ve checked eligibility requirements as there may be a minimum income to apply
Look for a card which offers extra rewards for spending with merchants you use anyway
Check out how you can redeem points, and whether there are expiry dates or black out dates for travel booking, which can limit your options
Weigh up the costs of the annual fee and any interest charges against the points or rewards you’ll earn
Bear in mind you might have to pay a foreign transaction fee when you’re abroad, which may mean this is a better option for spending at home and accumulating points to get a cheap flight, rather than to take along with you

Best way to withdraw money overseas?

Withdrawing money from a local ATM once you arrive in your destination is convenient, and can be safer than carrying a lot of cash all at once - but it can also be expensive.

The exact costs you incur will depend on the specific card you use, including whether it’s a credit or debit card. With either card type you’ll need to check what foreign transaction fee is levied - this is often about 3% every time you withdraw. If you’re using a credit card you’ll usually also pay a cash advance fee which is a further percentage charge, and you may start to accrue interest instantly, too.

Getting a travel debit card, like the Wise card, can be a good option for taking money out from ATMs in the local currency. With Wise you get some fee free withdrawals every month, with low costs after that - plus there’s no foreign transaction fee, and you’ll get the mid-market rate every time.

How much cash can I take overseas

There’s not actually a cash limit for overseas - but you’ll need to report to AUSTRAC or at the border if you’re exporting currency (AUD or any other currency) of 10,000 AUD or more in value.

In reality, the more cash you carry, the more you’re risking if you’re unfortunate enough to be the victim of crime. Carrying a small amount of cash, plus one or more cards to make withdrawals as and when you need to, is usually a more sensible option.

We review some of the best travel money cards on offer from the following providers. They’re some of your cheapest options to take travel money with you. We’ve shared information on:

An overview of each travel money card, giving you some quick, useful insight.
The advantages and disadvantages of each travel card or account and why you might choose to use them.
Fees, exchange rates and limits.
The currencies and extra benefits the card has to offer.
Safety and security of the provider that offers the card.

To find out how to compare travel cards, use our travel card guide.

FAQ - Best ways to take money overseas

What is the best travel card?

We recommend 5 top travel money cards for Australians going overseas:

TransferWise is our best value travel debit card
Revolut is our best multi-currency travel card
Citibank Saver Plus is our best bank travel debit card
28 Degrees Platinum Mastercard is our best travel credit card
Travelex Money Card is our best prepaid travel card

What is the cheapest way to get foreign currency?

The cheapest way to exchange currency really depends on what currency you are buying, how much and where you are.

It's usually cheapest to buy foreign currency at your destination, but not as convenient. If you're more prepared, there is very little difference between buying currency in-store or online. For in-store currency exchanges, you'll get better rates in the CBD than further out. The most expensive option is to exchange your currency at the airport - so don't do it! There are smarter ways to buy currency.

What is a cross currency conversion fee?

This fee is also known as Dynamic Currency Conversion (DCC) and is the amount charged by a merchant to make the currency conversion to your local currency.

For example, you're travelling in Italy and your bill is delivered to you in AUD, instead of EUROs. The good news is you can view your purchases in your local currency, without stressing about converting it. The bad news? Many merchants add huge exchange rate mark-ups compared to your travel card issuer.

We recommend you refuse the DCC when a merchant asks you if you want to transact in Australian dollars while you're overseas.

How can I avoid ATM withdrawal fees?

Avoid ATM withdrawal fees by using an everyday debit card to withdraw cash, rather than a credit card. Some banks waive the overseas ATM fee for your everyday debit card. Especially banks that have international ATM alliances, like Westpac.

On the other hand, a cash advance fee applies to credit cards at ATMs, even if you preload money with additional funds to avoid interest charges.

Unfortunately some ATMs overseas will charge additional withdrawal fees. If your Australian bank charges you too, you'll be paying double the amount of ATM fees when you withdraw money.

We recommend you choose a debit or prepaid travel card that won't charge you when you withdraw cash from ATMs overseas.

Can I just use my bank card instead?

Yes. As long as you have a card with a Visa or Mastercard symbol you'll be able to access funds. Use your card to withdraw cash from ATMs and at EFTPOS terminals. However, foreign currency fees may apply depending on whether you use a debit or credit card.

What currencies can I buy online?

Claire Millard

Author

Claire Millard

Fintech copy and content writer

Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.

Ileana Ionescu

Reviewer

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

March 18th, 2024

4 Best Ways to Take Travel Money Overseas in 2024

What are the best ways for Australians to spend money abroad?

Wise card - our pick for travel debit card

What are the fees?

How do you get a travel debit card?

Tips when travelling with a travel debit card

Revolut - out top pick for prepaid travel cards

What are the fees?

How do you get a prepaid travel card?

Tips when getting with a prepaid debit card

Westpac - travel credit card

What are the fees?

How do you get a travel credit card?

Tips when getting a travel credit card

Foreign Currency Cash

Getting cash is best when you:

Getting cash is not great if you:

What are the fees?

How to organise foreign cash online?

Buying money at the bank before you go

Best way to withdraw money overseas?

How much cash can I take overseas

Want to learn more about travel money card providers?

Thinking about getting your travel card through your bank?

Do you know what currency you want to exchange?

FAQ - Best ways to take money overseas

What is the best travel card?

What is the cheapest way to get foreign currency?

What is a cross currency conversion fee?

How can I avoid ATM withdrawal fees?

Can I just use my bank card instead?

What currencies can I buy online?

Where is the best place to exchange money travelling?

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