Why international money transfers should be your next savvy business move
For Aussie businesses that import goods or pay staff and suppliers abroad on a regular basis, transferring money overseas is just regular practice. But if you’ve been relying on one of the big banks to make these transactions, chances are you’re spending a lot of unnecessary dollars to make up for a poor exchange rate.
According to IMT provider SendFX’s Co-Founder Ian Cragg, a money transfer through your local bank could see you paying a higher rate than what you need to.
However, switching to a specialist international money transfer (IMT) provider can be a simple way to save your business heaps of cash, said Cragg.
For instance, Mozo data found specialist exchange rates when you convert Aussie dollars to US dollars are 4.04% better value than the Big 4 banks’ rates (fees not included).^ So if you’re exchanging $10,000AUD, you could potentially save $271.75USD with an IMT provider.
As specialists, IMT providers can give your business a foot over competitors by “providing market updates and allowing you the opportunity to secure an exchange at a potentially higher rate than the current market rates,” Cragg said.
“Even a small amount of funds transferred weekly or monthly could add up over a 12-month period and really prove to be significant cost savings to your business,” he added.
Keen to get your hands on a more competitive exchange rate and make those big business savings today? Check out the IMT providers below to get started, or head over to our guide on business money transfers for the must-knows.
Send - International Money Transfer
Our verdict
SendFX is shaking things up with highly competitive exchange rates, zero-fee transfers and fast transactions that take 1-2 days to complete - so you can send money to over 200 countries in a breeze, without having to pay more than you need to. With SendFX, you’ll be able to set up weekly, monthly or even customised recurring payments. Creating an account is simple, as you can easily sign up online. You can also hold multiple currency accounts of your choice, all within a single digital wallet, and transfer instantly between them. And if you need any help along the way, SendFX provides a personal account manager at no extra cost.
TorFX - International Money Transfer
- Excellent exchange rates for international payments
- Mozo Experts Choice Winner 2017*
- Free transfers
Our verdict
TorFX has been beating the banks with excellent international money transfer rates for over ten years. When you make an international payment with TorFX either online or over the phone, you won’t be charged any fees or hit by hidden costs - so you can expect to save money with TorFX. As a specialist IMT provider, TorFX is committed to fast, accurate and seamless transfers, and it also offers exceptional value for its transactions, so much so it won in the Best Value International Money Transfers category in the Mozo Expert’s Choice Awards two years running in 2016 and 2017.
OFX - International Money Transfer
- Bank beating exchange rates on global money transfers
- Save up to 70% on rates banks charge**
- Low fees for transfers
Our verdict
OFX processed transactions worth over AUD$20 billion in 2017, and it’s no wonder they’re a popular choice with customers, given their better-than-bank rates and promise of no fees on transfers of $250 or more. You can securely transfer money to 190 countries in all the major currencies and a wide range of exotic currencies too. Same day transfers are available for the USA and UK, while most other transfers take between 1-2 days. And should you have a query at any time of the day or night, OFX is there to help, as it offers a specialist 24/7 service over the phone and online.
WorldFirst - International Money Transfer
- Exchange rates up to eight times better than the banks**
- Mozo Experts Choice Winner 2018*
- $0 fee on transfers
Our verdict
WorldFirst boasts a global customer base of more than 400,000, and has transferred $125 billion for them since 2004 when it was first launched. With great exchange rates that are hard to beat, WorldFirst places no fees on international money transfers and it also offers a price match guarantee if you’re already on a better margin. In fact, WorldFirst is such good value that it bagged a 2018 Mozo Experts Choice Award for Best Value International Money Transfer Provider. With WorldFirst, you can make fast and secure transfers 24/7, either online, via the app or over the phone.
XE - International Money Transfer
- Better exchange rates than the banks
- Zero transfer fees
- No min. & max. transfer limit when you pay via phone
Our verdict
XE has been a part of online currency conversion world since 1994, and today, it’s a one-stop shop for all things foreign exchange including international money transfers. With XE, you can get your hands on competitive exchange rates and avoid transfer fees, while tools like rate alerts can help you keep ahead of the competition. And if you’re looking for flexibility, XE has your business’s back, offering features like early draw downs and the ability to roll contracts. You’ll also have access to 60 world currencies which you can transfer across 170 countries. When you pay over the phone, XE has no minimum or maximum transfer limit, which means you can send overseas as little or as much money as you like.
^As of 10am, 13 August 2019
*Find out more about the 2017 Mozo Experts Choice Awards and 2018 Mozo Experts Choice Awards for International Money Transfers
**Curious about how these providers offer such huge savings? Find out more at OFX and WorldFirst .
Want to compare today’s international money transfer rates?
Head over to Mozo’s international money transfer hub to compare top business foreign exchange rates today, so you get started on finding a deal that suits you.
* 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
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.