Australia's Best International Money Transfer

At Mozo, we’re passionate about getting Australians a better deal on their finances and the Experts Choice Awards provide us with a platform to highlight international money transfer providers and banks in the marketplace that we believe offer great value to Australian consumers. See below the banks and specialist foreign exchange providers awarded Mozo Experts Choice Awards in 2016.

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Experts choice awards hero 2016

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Best Value International Money Transfer Provider

To find Australia’s best value international money transfer provider we collected exchange rates and fees from 28 providers licensed to operate in Australia. Here’s the providers that offer the most cost-effective service to personal customers. See here for full awards methodology.

To find Australia’s best value international money transfer Read more...

*Rates shown are for a transfer of AUD$10,000 to the currencies shown. 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.

Best Value International Money Transfer Bank

Using the results from the analysis performed, we identified the bank which offers personal users the best value international money transfer. For the full listing of the 12 banks considered in the Experts Choice Awards see the IMT methodology report.

Using the results from the analysis performed, we identified Read more...

Best Value International Money Transfer Big 4 Bank

Using the results from the analysis performed, we identified the Big 4 bank which offers personal users the best value international money transfer.

Using the results from the analysis performed, we identified Read more...

*Rates shown are for a transfer of AUD$10,000 to the currencies shown. 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.

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About the Mozo Experts Choice Awards

For the Mozo Experts Choice IMT Awards we collected exchange rates and fees from 28 providers licensed to operate in Australia. We considered providers of international money transfers where client rates are readily available either on the Mozo website or on the provider’s website.

There were three award categories for the Experts Choice International Money Transfer Awards: Best Value, Best Value Bank and Best Value Big 4 Bank. Gold medals were awarded to the top 10% of products that meet the selection criteria in each awards category.

Mozo has been researching and comparing financial products since 2008, and hundreds of thousands of Australians use our comparison services each month.  Our research team is headed by our Research & Insights Director and our Product Data Manager who have over 50 years of financial services experience and 21 years in online financial comparison.

More information on the methodology and awards criteria can be found here.

Best international money transfer tips

Now that you’ve got a shortlist of providers that offer great value international money transfers, your next move is to set up an account and get all the information you’ll need to transfer your money in the cheapest and most hassle free way possible.

There are a number of considerations when choosing which IMT provider to use and what services are available. Here are some of our top tips:

  1. Open an account ASAP. Don’t wait until the last minute to set up an account with an IMT provider. You can register with most online providers for free so it’s a good idea to set up your account well ahead of when you want to make the transfer so that you don’t miss out if exchange rates go in your favour.
  2. ID. You’ll need to provide ID to comply with money laundering and anti-terrorist organisation funding regulations so make sure you have copies of all documentation such as passports, bank account details etc well in advance of your transfer date.
  3. Large transfers. If you’re making a transfer of more than $10,000, due to online banking or withdrawal limits you might need extra time to move your funds across to your IMT customer account. Plan this in advance, some IMT providers will have a ‘rate lock’ which allows you to lock in an exchange rate, giving you time to get your funds across without running the risk of a drop in rate.
  4. Rate tracking. Many IMT providers have rate alerts which allow you to track exchange rates of currencies you’re interested in. If you are planning on making regular overseas transfers some IMT providers have specific products that allow you to lock in at a set exchange rate so that you can budget more effectively around currency fluctuations.
  5. Transfer speeds. International money transfers for major currencies usually take anywhere between 1 - 3 business days for funds to clear in the recipient's account. For more exotic currencies it can be longer. So if you need to make an international payment by a set date you’ll need to set up your transfer several days prior to this to ensure it gets there on time.