The best international money transfer providers 2024
Whether you are looking to send money overseas for business or personal reasons getting the best deal on your exchange is essential if you want to keep more money in your pocket than lose it to fees or poor foreign exchange rates.
There are a wide range of options available to Australians when it comes to sending money internationally, from regular banks through to specialist international money transfer (IMT) providers
We hope to make your search easier with info on a range of IMT options with the help of our editor's picks to providers that picked up Mozo awards.
Mozo’s Editors Pick
Below are some popular international money transfer providers for business and personal transfers that the editorial team believes are worth highlighting this month.
TorFX
TorFX offers transfers of over 40 different currencies to more than 120 countries. It has no fees on your international payments, but keep in mind that the minimum you can transfer is $200. According to TorFX, transfers can take between 24-48 hours. It has features like forward contracts (up to 2 years in advance) and automated regular transfers to pay overseas staff.
XE
- Send money to over 200+ countries and 100+ currencies globally
- No min or max transfer amount limits
- Dedicated Australian based client services team with personal account management for transfers over $20K
You can send money to over 200 counties with XE and if speed is of the essence, XE says most transfers can be completed the same day, some within minutes. You can set up an account within minutes and securely send to bank accounts worldwide. XE has no min or max transfer amounts and you get account and transaction protection using 2 factor authentication. XE has over 30 years of currency expertise and is regulated by authorities worldwide including ASIC in Australia.
Send Payments
- $250 transfer minimum
- No transfer fees
- Business or personal transfers to more than 180 countries
Send Payments offers transfers to 180 countries in 34 different currencies with just a $250 transfer minimum up to $50,000 daily maximum. According to Send Payments, transfers typically land at their destination account within 24-48 hours of Send receiving them from you but sometimes it can happen within a few hours! Send Payments does not charge a fee to transfer money and it is regulated in Australia by both ASIC and AUSTRAC and holds an Australian Financial Services Licence (AFSL).
WorldFirst
- Only for business transfers
- Transfers of $10,000 or more are free
- No minimum transfer amounts
WorldFirst offers transfers in more than 60 currencies to businesses around the globe. There are no minimum transfer amounts, but any transfer of about $10,000 is fee free. You have to pay a $10 fee for transfers between $2,000 and $9,999. For transfers under $2,000, there is a $20 fee. According to WorldFirst, transfers may take between 24-48 hours, but if you are sending USD to a country other than the US, it may take up to four days. WorldFirst services are only available for business transfers.
OFX
OFX (formerly known as OzForex) can transfer money to over 197 countries in 50 different currencies. Any transaction less than $10,000 will have a $15 flat fee, but if you send more than $10,000, your transaction will have no transfer fee. OFX says most transactions should take 24-48 hours, and they also offer same day transactions for the USA and UK. OFX offers forward contracts (up to 12 months), spot deals, automated regular payments, and limit orders (minimum transfer amount is $30,000).
The best international money transfers providers in Australia
Each year, Mozo money experts compare quotes from international money transfer providers and banks across a handful of different currencies and weigh up any potential fees that could be charged. Then they crown the top value providers as the winners of the 2024 Mozo Experts Choice Awards.^
Coming out on top for the best value IMT services this year for a second year running were specialist providers Revolut and Wise. Meanwhile, HSBC was crowned the best International Money Transfer (Bank) again.
“Out of the 28 international money transfer providers our research team compared, the winners stood out with great exchange rates and minimal fees on international transfers,” Mozo’s Expert Judge, Peter Marshall said.
Revolut Business
- Send money in 35+ currencies, to over 150 destinations
- Flexible plan options depending on your business needs
- Competitive exchange rates at the interbank rate
Revolut has three business plan options to choose from depending on the transfer needs of your business. Each plan comes with a local and international transfer allowance, and if the recipient is a Revolut customer transfers are super quick and no transfer fees will apply. You can track your transfers in real-time, set up single or multi-currency payments and upload bulk payment files. Transaction limits depend on the currency.
CurrencyFair
- Securely send money to over 150 countries
- Flat fee of $4 when sending or receiving funds
- Enjoy five fee-free transfers (T&Cs apply)
CurrencyFair boasts competitive exchange rates, fast transfers and a low flat fee of $4 for international money transfers. CurrencyFair says it can provide access to same-day transfers on major currencies as it has local bank accounts in multiple countries across the world which means that most transfers on its platform are treated as domestic transfers and this can save you time and money.
Best bank for international money transfers: HSBC
If a traditional bank is more your style for overseas money transfer HSBC was named the best IMT bank in the Mozo Experts Choice Awards^ bank category.
“As an international bank, with branches not only in Australia but throughout Asia, Europe and the US, HSBC
can offer better prices on their international money transfer service than other local banks due to this global branch network,” said Marshall.
Customer favourites: Best international money transfer providers from Mozo People's Choice Award winners
In addition to our Mozo Experts Choice Awards, every year, Mozo sends out a survey asking everyday Australians to rate providers on a range of factors from customer service through to value.
The highest rated are then crowned winners of the Mozo People’s Choice Awards^. This year, 1,506 Aussies rated international money transfer providers and we saw Wise win awards in all six awards categories.
2024 Mozo People’s Choice Award winners
Here are the categories that this year's Mozo People’s Choice International Money Transfer Award-winners won in:
- Revolut: Outstanding Customer Satisfaction, Value for Money, Transfer Experience, Transfer Speed and Most Recommended.
- Wise: Outstanding Customer Satisfaction, Value for Money, Transfer Experience, Transfer Speed, Excellent Customer Service and Most Recommended.
- Commonwealth Bank: Transfer Experience, Excellent Customer Service
- Westpac: Excellent Customer Service
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 the Mozo Experts Choice Awards winners? Jump over to our Mozo Experts Choice International Money Transfer Awards page for the full methodology report and list of winners. If you want to learn more about IMTs check out our money transfer resources.
* 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.
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