Mozo's time-saving international money transfer comparison table makes it easy for you to transfer money overseas. No need to check out multiple websites, compare today's exchange rates and fees for your international money transfer in the table below.
If you've been racking your brain over the best way to transfer money overseas, you've reached the right place. Mozo's international money transfer comparison table can help you conveniently analyse the current exchange rates and fees for international money transfers (IMT) as well as other key factors that you need to keep in mind before dealing with foreign exchange.
Whether you are relocating to another country, sending money to friends or family living overseas or purchasing goods and services for your business, you'll want to find the cheapest, safest and most convenient way to transfer money internationally.
Mozo's comparison table gives you a comprehensive snapshot of exchange rates, fees and features for many of the international money transfer providers in Australia including banks and foreign currency specialists.
Do remember however, Mozo is not a provider of international money transfers. We are a cost comparison website that helps you compare international money transfer providers, which saves time and of course, money, when you need to transfer funds to an overseas bank account. Say for instance, if you want to send money to the United States, the UK, Europe or New Zealand (to name a few countries we help you compare) our time-saving tool lets you calculate how much Australian dollars (AUD) you will need to convert to your currency of choice whether its EURO, USD, GBP or NZ dollars or other local currencies. Our results are ranked by price so you can then choose the provider that best suits your transfer needs.
If you are simply looking for foreign exchange options for your next international holiday or business trip, this section isn't for you - head over to our travel money section where you can compare everything from prepaid travel cards, exchange rates, holiday insurance to overseas debit card fees and travel credit cards.
Before you start comparing the different exchange rates, it is important that you understand the basic platforms through which you can convert your money into another currency and which one works best for you. This can vary depending on the amount of money you are dealing with and how frequently you need to make overseas transactions. Here are the options you can choose from:
Banks: Most banks have a provision to convert amongst a number of currencies, however, banks usually charge high conversion fees compared to specialist international money transfer providers. If you decide to go with your bank, the money will be debited from your account and transferred to the designated overseas account. This would be a good option if you are in a hurry and don't have the time to compare rates and set up an account with a international money transfer provider or if it is a small amount and you are unlikely to make repeated transactions.
International money exchange agencies: These are agencies or providers who specialise in foreign currency and are likely to offer you an attractive exchange rate at a relatively low conversion fee. If you register with such a business, money would first be transferred from your bank account to the account you create with this business and then to the international account you choose. They should also have a wider range of currencies to deal with. This is usually the cheapest option for international money transfer and is a great idea for individuals and businesses who regularly deal with foreign exchange.
Credit and debit cards: Your regular credit or debit card will be able convert Australian dollars into the required foreign currency when you are travelling or even if you are shopping online at overseas stores, but on most cards, you will pay foreign transaction fees and ATM withdrawal charges. An alternative when you are overseas is to get a special prepaid travel card from your bank, add money to it, lock in the foreign currency at a specific rate and get the international transaction charges waived.
PayPal: This is a safe and trusted method for transferring a small amount of money online, say if you are dealing with a few hundred dollars. The transaction usually takes no longer than a few minutes but given its fee structure, it turns out to be expensive if you are dealing with larger sums of money.
Here are the main features you need to keep in mind while comparing the different modes of money transfer:
As you start crunching numbers, you can go through our list of frequently asked questions so that you can simultaneously get some of your own queries answered.