International Money Transfer Comparison

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.

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How to transfer money overseas

With the wonders of modern technology, transferring money overseas has never been simpler. There are lots of ways to transfer money overseas, but being careful about what provider you transfer with could save you a pretty penny.

Generally speaking, international money transfers are done in person, by phone or online. Fees for overseas transfers vary between each option and also between banks and IMT providers, but you can expect to pay anywhere between $0 and $32 per transfer. Compare from a range of international money transfer options below or read up our detailed how to send money overseas money guide.

How do I find the cheapest international money transfer?

If you’re looking for the best way to transfer international money overseas without paying high exchange rates and transfer fees, Mozo has you covered. We make searching for the right international money transfer provider easy, comparing a range of IMT specialists and big banks side-by-side, so you can clearly find fees that can be hidden in fine print and up-to-date exchange rates.

For a more personalised quote, get started by entering the amount you want to transfer, and your start and end currencies. Hit ‘Go’ for an estimate of how much you’ll get in the currency of your choice, as well as information about transfer speed and transfer limits.

Can I complete a international money transfer online?

Not only can you transfer your money online, but it’s usually cheaper than over-the-phone and in-person transfers. In fact, there are many international money transfer providers like XE, World First and OFX that solely focus on the service of sending money overseas, encouraging you to transfer through their specialised website. This option can cost as little as nothing, helping you get the best bang for your buck.

Starting your online international money transfer is as easy as comparing the options below, picking the right provider for you, and pressing the blue ‘Go to site’ button to go directly to the provider page.

What are my best international money transfer options?

Two of the most popular money transfer options are using an IMT specialist or making an international bank transfer.  

IMT specialists are independent from banks, and offer some of the most competitive exchange rates on the market, helping you get the most from your money. They don’t offer face-to-face service, but their phone and online service options are often fee-free.

International bank transfers happen with your Australian bank account, making transfers easy and convenient. Banks may charge higher fees and offer lower exchange rates, but have the option of in-branch customer service, where a banker can assist with the transfer process (though there are often fees attached to this).

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Today’s foreign exchange rates

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$6,841 USD


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$6,824 USD


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$6,827 USD


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*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 Transfers 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.

International Money Transfer Resources

Your options when transferring money overseas

Getting the best deal on your international money transfer

Sending money as a gift, or to help out loved ones overseas is a great thing to do, but it can be trickier than you think.


If you want to be sure as much of your money makes it where you want it to go - Ow! - an international money transfer can be perfect for you. But how do you find the best deal?

Setting up an account with an international money transfer specialist can be a good choice, as their rates are generally better than the major banks. If you’re transferring large amounts, you could save serious money. The amount of foreign currency you wind up with can vary on a couple of factors. The exchange rate, where the provider margin can affect the rate you receive - an IMT specialist will generally have a lower margin - and the fees you pay if you submit the transfer over the phone, in person or online. Mozo compares deals from specialist providers as well as the major banks, with rates update hourly, supported by a load of information, guides and calculators.

So, if you want to transfer money overseas an international money transfer could help you hit your target.

Head to to find out how you can get the best deal on an international money transfer.

There are several options available in here Australia for sending money overseas.
The best option for you will generally depend on things like, whether it’s a one off or regular transfer, how much money you need to transfer in any one hit, where you are sending your funds to and how quickly you need to transfer money. 

options for transferring money overseas

You’ve got a choice between: 

  • Specialist international money transfer providers: these are the companies that we have listed in the tables on Mozo. These providers whole business is built around transferring funds around the globe and they generally have very sharp exchange rates and lower fees than other options. Most of the platforms are online so you can
    make transfers anytime of the day or night. 
  • Banks and credit unions: most banks and credit unions will have money transfer facilities. They will usually charge more money if you go to the branch to do a transfer than if you did it yourself online. 
  • Cash transfers via paypal or western union: You can set up a transfer to either a bank account, arrange a cash pick up or even send it to a mobile wallet via the recipients mobile phone. 

How does transferring money overseas work?

If you opt to go with an international money transfer provider, you’ll first need to set up an account with this provider. This is usually a quick process and can be done online. Once the provider has verified your information you’ll be issued with an account number. Once you’ve got an account you can transfer funds to this account from your bank account in your local currency. You can also receive funds from overseas into this account. When it is time for you to make an overseas transfer, you’ll simply go onto the platform, select the currency you want to transfer and the amount and agree on the exchange rate. Then you’ll need to provide the account details of the recipient. Once the funds are cleared the money is sent. It can take up to five business days for the money to appear in the recipients bank account but in many instances it will take less than 24 hours. 

how does transferring money overseas work

What happens if I have a problem and the money doesn't arrive

International money transfers can take up to five business days to be delivered so if your recipient hasn’t received your transfer after this period, it could be worth tracking your transfer with your confirmation number. This will show you if the transfer was delayed and allow you to make sure you’ve entered the correct details. Getting in touch with your IMT provider could also provide you with an update or more information on the status of your transfer. 

Another potential reason your international money transfer hasn’t been received is because your provider is performing a security check to make sure all transfers are legit. But before  

If it’s been over a week and your transfer still hasn’t been delivered, you might want to consider cancelling the transfer. This can be done either online or by calling your IMT provider directly, and while you should receive a full refund, you may have to pay a cancellation fee. 

For more information, check out our guide to what happens if your overseas transfer isn't received.

Are international money transfers safe?

Yes, both banks and international money transfer specialists must undergo regular audits and are regulated by ASIC to ensure they’re following best practise. And not only do they use top of the line security systems to get your cash where it needs to be safely, but to also protect your personal details. 

Is it better to go with a bank or IMT specialist?

There is no right or wrong answer when it comes to making an international money transfer, as the decision should be based on which provider is right for you.

For instance, while banks are convenient to access and offer face-to-face customer service and assistance, you might not get a competitive exchange rate and may have to pay a high transfer fee. 

On the other hand, although IMT specialists typically provide a more competitive exchange rate and are often fee-free, most of the time they’re 100% online and can only be reached by phone.

More International Money Transfer FAQs

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.

How often is the information on exchange rates on your website updated?

The information on IMT rates are updated hourly, but due to the fluctuating nature of foreign exchange, there may be a small difference to the ‘live’ price you receive at the exact time of your overseas money transfer.

What’s the best way to transfer money overseas when I’m moving permanently?

If you’re planning on moving overseas permanently, then you may have to do things differently than a regular IMT transfer, as you’ll need to have access to the money the second you land. But when it comes to finding the best way to transfer large sums of money, the decision is up to you and what best suits your circumstance. Your three options are:

A spot rate contract - A spot rate contract is when you organise a transfer and lock in the current exchange rate then and there. Exchange rates fluctuate all the time and once you’ve locked in yours, you’ll need to transfer the money to the provider within 24 hours.

A forward contract - A forward contract involves fixing the exchange rate that will apply to a future transfer. This is a great way to safeguard yourself against potential currency fluctuations. However, the downside of a forward contract is that you are only able to transfer large payments at a time.

A limit order - A limit order allows you to nominate an exchange rate that you would like for your future transfer, and then the IMT provider monitors rates for you, and will make the transfer only when the rate you’ve requested is available. While this is a good option if you aren’t in a rush to transfer the funds, limit orders are usually only available for major currencies, for example, USD, EUR, GBP and may have larger minimum requirements for a transfer. Depending on the provider, this can be as much as $50K.

I need to make overseas business transactions every month. Can I tie up with a service provider for a long term relationship?

Absolutely! Opting to tie up with a service provider can save you both time and money. You may also find that some companies may even offer to lower or waive their commission if you transfer above a specific amount. You’ll also be able to negotiate a transfer limit and even lock in an exchange rate if your transfers stay fixed, helping you avoid periodic negative fluctuation in rates. But you should always check if the provider allows for scheduled transfers, so you don’t have worry every time you need to make a transfer. To see today's business rates head over to our business transfer page.

Can I transfer money if the recipient does not have a bank account?

This will depend on your IMT provider, as some do not allow transfers to be processed if the recipient doesn’t have a bank account. Your next option would be to transfer money as an international money order, or as an overseas bank cheque. For this to work, your provider would need to have an office in the country the money is being sent to, so the recipient can pick up the payment upon presenting their ID. Just keep in mind that this can be a more expensive option than a electronic money transfer.

Is it cheaper to go with a bank or an international money exchange agency?

While using your bank is the more convenient option, it's not always the cheapest way to transfer money overseas. Foreign exchange agencies specialise in IMT and usually offer multiple services that your bank may be unable to. For example, the exchange rate is almost always better with an agency and they also often offer a wider range of currencies than banks.

What is a SWIFT/BIC code? How can I get one?

A SWIFT or BIC (bank identifier code) is a unique identification code for a specific bank. These codes are used when you transfer money to an overseas bank account, to help make sure your money goes to the right place. They should be pretty easy to find - you can ask the bank for the appropriate code or check online for that particular bank.

What do I need to do to set up a transfer with an international foreign exchange provider?

If you’ve decided a specialist IMT provider is the best way to transfer money overseas for you, then there are a few steps you’ll need to take to get the ball rolling. You’ll first need to register with the IMT provider of your choice - either online or over the phone and complete an IMT transfer form. The provider then needs to verify your identity and set up your account, but this usually doesn’t take very long. Once the registration process is complete, you can get an exchange rate quote, add the bank account details of the recipient and book your transaction. You’ll then be able to transfer the funds to your provider via BPAY or Electronic Funds Transfer.

How many international money transfer providers does Mozo compare?

Mozo compares rates for many of the major IMT providers operating in Australia, including online-only foreign exchange specialists and the the big four banks.

So if you’re now wondering ‘how can I transfer money to an overseas bank account in Norway’ or maybe ‘how to transfer money overseas when you’re moving abroad’, check out our range of guides that can help you understand the basics of transferring money to many destinations around the globe.

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