The best international money transfer providers 2023
Finding a way to send money overseas isn’t always easy. From securing the best currency conversion rates to dodging hefty international transaction fees, making sure you're getting the best deal on your exchange, there are a few things to think about.
Above all else, choosing the cheapest international money transfer (IMT) provider is essential if you want to keep more money in your pocket rather than lose it to fees or poor foreign exchange rates.
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 in 2023.
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.
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.
InstaReM
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 different currencies. It also offers transfers that can take just one business day and has low fees between 0% to 1.00% per transfer.
SendX
SendX offers transfers to more than 200 countries in 40 different currencies with just a $250 transfer minimum. According to SendX, transfers take less than 24 hours to send. With its app, you can set up notifications when your target exchange rate is reached. Also, SendFX says it has no transfer fees when you send money abroad.
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 2023 Mozo Experts Choice Awards.^
Coming out on top in this year's awards for the best value IMT services were specialist providers CurrencyFair, EbonFX, Revolut and Wise. Meanwhile, HSBC was crowned the best International Money Transfer (Bank).
“Out of all the IMT 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.
Wise
- 2023 Mozo Experts Choice Award winner^ for best International Money Transfer
- 2023 Mozo People’s Choice Award winner in every category
- Low transfer fees and no minimum transfer amount
This multi-award winning international money provider offers transfers to 80 countries in several different currencies. Fees start at a low 0.7% fee per transfer under $10,000 and 0.5% per transfer over $10,000 ($2 minimum fee). There are no transfer minimums but be aware that there is a maximum limit depending on the currency. Take note, Wise won every category in the 2023 Mozo People’s Choice Awards and it's a 2023 Mozo Experts Choice Award winner for best international money transfers.
CurrencyFair
- 2023 Mozo Experts Choice Award winner^ for best International Money Transfer
- $10 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 among users of the platform in Australia, the UK and Ireland and offers transfers across various currencies. There is a minimum transfer amount of $10 and don’t forget the small fee of $4 per transfer. CurrencyFair says it can transfer funds within 1-2 business days, but depending on which currency you are converting, some transfers can take up to 5 business days.
Best bank for international money transfers: HSBC
If a traditional bank is more your style, that’s not a problem as there is a Mozo award-winning option.
As mentioned above, HSBD was named the best IMT bank in the Mozo Experts Choice Awards^ bank category.
“HSBC 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.”
HSBC IMT
- 2023 Mozo Experts Choice Award winner^ for best International Money Transfer
- Up to a $20 transfer fee
- No minimum transfer amount
HSBC offers transfers of over 19 currencies anywhere in the world. There is an $8 transfer fee if you make the transaction online and $20 if you go to a branch. There is no minimum transfer amount and HSBC says that its transfers take 1-3 business days. It also offers a special feature where, if you have an HSBC Premier account, you’ll have access to open accounts in 29 different markets and transfer instantly between HSBC accounts.
Customer favourites: Best international money transfer providers from 2023 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, close to 4,000 Aussies rated international money transfer providers and in landslide victory Wise claimed the top honours in every category.
International Money Transfer
- 2023 Mozo Experts Choice Award winner^ for best International Money Transfer
- 2023 Mozo People’s Choice Award^ winner in five category
- Low transfer fees and no minimum transfer amount
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.
And let's not forget that Wise won in five category for the 2023 Mozo People’s Choice Award^ making it the people’s favourite. If that’s not enough to wow you, Wise also won the 2023 Mozo Experts Choice Award^ for best International Money Transfer.
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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