International money transfer providers in Australia
Whether you’re sending money overseas for personal or business reasons, finding a good exchange rate is key to getting the most value from your transfer. You could use a major bank or a specialist international money transfer provider – it's tricky to know which is best.
To help you choose, we’ve outlined some of the key information about international money transfer services in Australia.
How to send money overseas from Australia
Sending money overseas can be simple and cost-effective with the right provider. Here’s how:
- Choose a provider – Banks, apps or online international money transfer services.
- Set up an account – Register and verify your ID.
- Add recipient details – Include name, bank details and country.
- Lock in a rate – Review fees and confirm your transfer.
- Send your money – Track delivery online or via app.
Banks vs online money transfer providers
Should you stick with your bank or use a specialist service? Here’s, broadly, how they compare:
| Feature | Banks | International Money Transfer specialists |
|---|---|---|
|
Exchange rates |
Often include markups |
Mid-market or near it |
|
Transfer fees |
Typically $10–30 |
Often $0 |
|
Delivery time |
2–5 days |
Same day or next day |
|
Best for |
Simplicity |
Cost, speed and value |
How much does it cost to send money overseas?
The total cost of an international money transfer depends on a few key factors, including the provider you use, the destination country, the amount being sent and the currency involved.
Typically, costs fall into two main categories:
- Transfer fees: These can be flat-rate charges or a percentage of the amount sent. Some providers offer fee-free transfers depending on the method or minimum transfer amount.
- Exchange rate margin: The difference between the real (mid-market) exchange rate and the rate you’re offered. Even a small markup can reduce the amount your recipient receives.
It’s essential to review the total cost, not just the transfer fee or exchange rate in isolation. A low-fee provider may offer a poor exchange rate, and vice versa. Comparing the effective amount received at the other end is the most accurate way to assess value.
What to watch out for when sending money overseas
Keep these key factors in mind:
- Hidden fees: Check if costs are bundled into the exchange rate.
- Speed: Some providers take longer than others.
- Destination charges: Some banks overseas may deduct fees.
- Transfer limits: Minimum or maximum amounts may apply.
International Money Transfer FAQs
What is an international money transfer?
An international money transfer allows you to send money from your Australian account to a person or business overseas. Funds are converted into the recipient's local currency and delivered to their nominated account.
How do international money transfers work?
You provide the recipient’s details and the amount to transfer. The provider converts the currency and processes the payment, either online or through a bank. Timing and costs depend on the method you choose.
Do I need any documents to send money overseas?
In most cases, all you need is a valid government-issued ID to complete an international transfer. However, for transactions of $10,000 or more, providers are required to report the transfer to AUSTRAC – Australia's financial intelligence agency – as part of anti-money laundering regulations.
How much does an international money transfer cost?
Costs vary based on the provider, destination and amount. You might be charged a transfer fee, a margin on the exchange rate, or a receiving fee from the recipient’s bank.
What’s the fastest way to transfer money overseas?
The fastest transfer methods are typically digital or app-based services that support instant or same-day delivery. The exact speed depends on factors like the destination country, currency, time of day, and payment method used.
How do exchange rates affect my transfer?
The exchange rate determines how much foreign currency your Australian dollars will buy. Even small rate differences can significantly impact the final amount received, especially for large transfers.
How long does an international money transfer take?
Transfer speeds vary. Some transfers arrive within minutes or hours, while others can take several business days depending on the provider, country and payment method.
Are there limits on how much I can send overseas?
Yes. Many providers have minimum and maximum transfer limits, which can vary by currency or transfer method. Larger transfers may also require additional identity verification or documentation.
Are international money transfers safe?
Yes. Reputable providers and financial institutions in Australia are regulated and use secure encryption to protect your funds. Always check that a provider is registered and licensed.
Do I need to verify my identity?
Yes. Australian laws require providers to verify your identity before processing international transfers. This typically involves submitting ID and personal details.
Are international money transfers taxable?
In most cases, sending money overseas is not a taxable event. However, transfers related to income, business payments or large gifts may have tax implications. It’s best to seek independent advice if you’re unsure.
Can I send money to a specific country?
Yes. Most services support a wide range of international destinations. Be sure to check whether your chosen provider offers transfers to the country you’re sending money to.
What’s the best time to transfer money overseas?
Exchange rates fluctuate, so transferring when the rate is more favourable can help you save. Some services allow you to monitor or lock in exchange rates to plan your transfer accordingly.