The best international money transfer providers in 2021

Woman using Mozo Experts Choice Award winning International Money Transfer service on her phone

Finding a way to send money overseas can be tricky. From securing the best conversion rates to dodging hefty transaction fees, there are a fair few things to think about. 

So, choosing the cheapest international money transfer (IMT) provider is crucial if you want to keep more money in your pocket.

That’s where the 2021 Mozo Experts Choice Awards for International Money Transfer come in. Out of 28 IMT providers (both banks and non-banks), Mozo’s experts have named the top three services for 2021, as well as the best bank for sending money overseas. 

The judges compared quotes from providers across a handful of different currencies, and weighed up any potential fees that could be charged to a customer making the transfer.

“Out of all the IMT providers our research team compared, this year’s winners stood out with great exchange rates and minimal fees on international transfers,” Mozo’s Expert Judge, Peter Marshall said. 

When it comes to the best value IMT services, CurrencyFair, InstaReM and Wise all snagged 2021 Mozo Experts Choice Awards as IMT providers. Meanwhile, Citi was crowned best International Money Transfer (Bank) for the sixth year in a row, and remains the only bank to have ever won in this category.

“Online specialist services shone brightly again this year, as they offer competitively sharp prices when compared with similar services from traditional banks,” Marshall explained. 

“That being said, since 2016 when the IMT Mozo Experts Choice Awards first began, Citi has continued to dominate among the banks that offer this type of service.”

The best international money transfers providers in 2021

InstaReM
  • 2021 Mozo Experts Choice Award winner^ for best International Money Transfer
  • $50 transfer minimum (no maximum)
  • Low transfer fees

Need to transfer money overseas quickly without hefty fees and below par exchange rates? InstaReM may be what you’re after. Whether you need to transfer $50, $500 or $5,000, this award-winning online IMT specialist offers competitive exchange rates across a bunch of different currencies. Plus, InstaRem also offers transfers that can take as little as one business day, and has low fees between 0.25% to 1.00% per transfer.

CurrencyFair
  • 2021 Mozo Experts Choice Award winner^ for best International Money Transfer
  • $10 AUD transfer minimum (no maximum)
  • Low transfer fees

CurrencyFair is a peer-to-peer marketplace IMT option that boasts competitive exchange rates, fast transfers and low fees. CurrencyFair operates between users of the platform in Australia, the UK and Ireland, and offers transfers across a range of currencies. There is a minimum transfer amount of $10 AUD and don’t forget the small fee of $4 AUD per transfer as well as a standard rate adjustment on each transfer. CurrencyFair may transfer funds within 1-2 business days, but depending on which currency you are converting some transfers can take up to 5 business days.

Wise
  • 2021 Mozo Experts Choice Award winner^ for best International Money Transfer
  • No minimum transfer amount (maximum limit can apply)
  • Low transfer fees
Find out more

If a top online international money transfer specialist is what you need, Wise is worth some attention. Not only does this provider offer solid exchange rates across a number of foreign currencies, fees are low at 0.7% per transfer under $10,000 AUD and 0.5% per transfer for those over $10,000 AUD ($2 AUD minimum fee). There is also no minimum transfer amount with Wise. But just remember if you are transferring from another currency to AUD, the maximum limit is $1,500,000, while the maximum limit differs depending on the currency if you are transferring from AUD. Around 90% of Wise transfers are processed within 1 business day, however some transfers can take up to 3 business days.

Best bank for international money transfers: Citi

If a traditional bank is more your style, that’s not a problem as you can still find a Mozo award-winning option. 

As mentioned above, Citi was once again named the best IMT bank in the Mozo Experts Choice Awards^ bank category. 

“Citi is an international bank, with branches not only in Australia but throughout Asia, Europe and the US,” Marshall said. 

“The bank can offer better prices on their international money transfer service than other local banks due to this global branch network.” 

With Citi, customers have the option of using Citibank OnlineTransfers (from Citi account to non-Citi account) or Citibank Global Transfers (from Citi account to Citi account). Here's a rundown of what you need to know about these services.

Citibank Online TransfersCitibank Global Transfers
Transfer limit: $100,000 AUD per dayTransfer limit: $100,000 AUD per day
Fees: None (may be subject to fees from other bank transferring into)Fees: None
Transfer time: Within 72 hoursTransfer time: Instant

It’s important to note, whether you opt for an online IMT specialist service or a bank, all providers compared for these awards have an Australian Financial Services Licence issued by ASIC.  

Want to know more about this year’s Mozo Experts Choice Awards? Jump over to our 2021 Mozo Experts Choice International Money Transfer Awards page for the full methodology report and list of winners.

* The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.

^See information about the Mozo Experts Choice International Money Transfer Awards

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