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 2017.

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Best Value International Money Transfer

Here’s who topped the list of best value international money transfer providers in our 2017 analysis of 28 international money transfer providers licensed to operate in Australia. See here for full awards methodology.

Here’s who topped the list of best value international money Read more...

*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.

Best Value International Money Transfer Bank

For a second year in a row, Citibank has taken out the Experts Choice Award for the best bank offering international money transfers. 12 banks were included in the awards analysis.

For a second year in a row, Citibank has taken out the Read more...

*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.

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...

*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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About the Mozo Experts Choice Awards

We collected exchange rates and fees from 28 providers licensed to operate in Australia for the 2017 Mozo Experts Choice International Money Transfer Awards. 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 22 years in online financial comparison.

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

Best international money transfer tips

Now that you’ve selected one of our experts choice winners for your next international money transfer, you’ll need to set up an account and get ready to make your transfer.

Here are some things you’ll want to know to make your transaction go smoothly.

  1. Account set up time. It really is a good idea to set up your account with the IMT provider well in advance of the date that you’d like to make your international money transfer. The reason is that while you can set up an account easily online you’ll want to jump at exchange rates when they go in your favour so if you have your account already set up you can transact fast.

  2. Documentation. To comply with money laundering and anti-terrorist organisation funding regulations you’ll need to submit ID when you set up your account. So make sure you have copies of all documentation such as passports, bank account details etc well in advance of your transfer date.

  3. Transferring more than $10,000. If you are making a large transfer, you may need some extra time to bring your money across to your IMT account because of online banking or withdrawal limits. Some IMT providers 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. Currency fluctuations. Foreign exchanges rates are fluid and can change regularly throughout a day. If you have a particular rate you want to get, 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. Speed of transfer. If you have an overseas bill payment or deadline, just be aware that for many currencies you’ll need to allow 1-3 business days for the funds to clear in your recipient’s account. To avoid being hit with late payment fees allow for your transfer to take place at least a week before the payment is due.