$6,370 USD
$0.6370 USD
1-2 days
$200 minimum
$6,354 USD
$0.6358 USD
1-3 days
none
$6,324 USD
$0.6324 USD
1-2 days
$250 minimum
$500 monthly minimum for regular transfers
$6,318 USD
$0.6321 USD
1-2 days
Minimum transfer amount is $10 AUD
^See information about the Mozo Experts Choice International money transfers Awards
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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.
China!
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 Mozo.com.au to find out how you can get the best deal on an international money transfer.
Compare today's exchange rates for international money transfers, updated hourly, all in one place. And read on to learn more about how to choose the right option for you.
Assuming you’re not a currency trader, and you’re someone just wanting to send some money overseas, you can think of an international money transfer (IMT) as similar to a domestic bank transfer: sending money moving from one account to another, albeit between different countries and different currencies.
But going on in the background, there are some elements of stock market trading at play. When you initiate the transfer, you’re basically telling your IMT provider to purchase the foreign currency at the going exchange rate, and then deposit that foreign currency into an overseas account. While exchange rates can fluctuate, day-to-day shifts aren’t usually drastic. So, unless you’re a professional currency trader, trying to time the market shouldn't be a major concern for your transfers. However, it's worth noting that the amount you receive can vary somewhat significantly from month-to-month or year-to-year based on market trends.
IMTs can involve varying amounts, from a few hundred dollars to millions. They can be one-off transactions or occur on a regular basis, depending on the transfer's purpose.
In Australia, there are four main money transfer options:
Specialist international money transfer providers: Companies like Wise, TorFX, and WorldFirst specialise in moving money internationally. They usually offer more competitive rates and lower fees than traditional banks. Plus, their online platforms mean you can send money anytime you need to.
Banks and credit unions: While your bank can handle international transfers, it's usually more expensive than specialised services. They're good if you need to do a transaction in person, but you might pay more for that convenience.
Online payment platform. Services like PayPal and Revolut offer fast, convenient transfers internationally, though they may have higher fees and less favourable exchange rates. Their digital platforms allow for immediate transactions any time.
Wire transfer service. Western Union and MoneyGram enable quick international cash transfers. They provide options for cash pickup, useful in areas with less banking access, but often come with higher fees and varied rates.
The right option for you will depend on factors like whether it’s a one-off or regular transfer, how much money you need to transfer, where you're sending your funds to, and how quickly you need to transfer money.
The best way to send money overseas really depends on your situation, since each option has its own benefits and drawbacks. Take a look at the comparison table below to get a clearer idea of which method might work best for you.
Service Type |
Pros |
Cons |
Best For |
IMT specialists (eg: Wise, TorFX, WorldFirst) |
✅ Competitive exchange rates ✅ Generally lower fees than banks ✅ Available 24/7 online |
❌ No physical branches ❌ May require identity verification delays |
✅ Frequent, large transfers ✅ Users wanting the most competitive rates and fees ✅ Regular transfers |
Banks (eg: CommBank, ANZ, NAB, Westpac) |
✅ High level of security ✅ Integrated with your existing banking services ✅ Familiar and trusted |
❌ Generally higher fees ❌ Less favourable exchange rates |
✅ Those needing in-person service or already banking with the provider ✅Large institutional transfers |
Online payment Platforms (eg: PayPal, Skrill, Revolut) |
✅ Fast, convenient transfers ✅ User-friendly platforms ✅ Supports e-wallet and bank transfers ✅ Works well for smaller amounts |
❌ Generally higher fees, especially with frequent use ❌ Generally less favourable exchange rates ❌ Limits on larger amounts |
✅ Small, infrequent, or urgent transfers |
Wire transfer services (eg: Western Union, MoneyGram) |
✅ Quick transfers ✅ Cash pick-up available in most countries ✅ Ideal for recipients without bank accounts ✅ Extensive global network |
❌ Generally higher fees ❌ Generally less favourable exchange rates ❌ Limits on large amounts depending on the provider |
✅ Transfers to under-banked areas ✅ Transfers to people without bank accounts like students or travellers ✅ Emergency situations |
Here are a few things to keep in mind when comparing IMT providers:
Fees and exchange rates. These are the two main costs to watch for. Fees are straightforward—this is a flat charge or percentage of the transfer amount. But a poor exchange rate can act as a hidden fee. The provider pockets the difference between the rate they charge you and the actual market rate, meaning you’re effectively paying more than just the fee. .
Speed. Faster transfers can be more expensive, especially if you go with something like PayPal. If the transfer isn’t urgent, a slower option might save you money.
Transfer limits. Check the minimum and maximum transfer amounts to make sure they match your needs.
Receiving options. Does the recipient need a bank transfer or cash pickup? Make sure the provider offers the right option.
In-person service. Banks or providers with branches offer face-to-face service, but usually at a higher cost.
By focusing on these factors, you’ll be able to compare IMT providers more effectively and choose the right one for your needs. If you get stuck, just check out the comparison table above.
If you’re looking for a cheap way to transfer money overseas, Mozo has you covered. In our 2024 Mozo Experts Choice Awards, we’ve compared a host of options and identified the providers that offer the most competitive rates and fees across a variety of transfer amounts. Let’s have a look:
Here are the most cost-effective specialist IMT providers we identified:
This multi-award winning international money provider offers transfers to 80 countries in several different currencies. Fees start at a low 0.7% fee per transfer under $10,000 and 0.5% per transfer over $10,000 ($2 minimum fee). There are no transfer minimums but be aware that there is a maximum limit depending on the currency. Take note, Wise won every category in the 2024 Mozo People’s Choice Awards and it's a 2024 Mozo Experts Choice Award winner for best international money transfers. |
Join 30+ million people worldwide who have been using Revolut to transfer money abroad and conveniently send money at a low cost in 30+ currencies. Easily track the status of your transfers in real time and make cross-border transactions a breeze. Sign up today to get 3 months of premium access for free (valid til 31/12/2024, T&Cs apply). |
If you prefer to do your transfer with a big bank, HSBC was our top pick:
|
These days, most international money transfers are sent directly to a bank account. But what if your recipient doesn’t have one? It’s more common than you might think, especially for travellers in emergencies or when sending money to underbanked regions. In these cases, you’ll want an IMT service that offers cash pickup.
Cash pickup allows the recipient to collect money from a local remittance service. Traditionally, wire transfer services like Western Union dominated this market. You would send the money through their system, and they’d make it available for pickup at one of their branches or partner locations.
While wire transfer services still offer this option, newer IMT providers have expanded their services by partnering with local banks, remittance centres, and other agents. This means recipients can pick up cash at various convenient locations, including banks, supermarkets, or even mobile money agents.
Depending on your provider, international money transfers from one bank account to another can take anywhere between 1-3 business days for major currencies, although some IMT specialists like OFX and TorFX also offer same-day transfers for frequently traded currencies like USD and GBP.
Transactions usually take a few days’ longer if you’re sending in more uncommon currencies (although they shouldn’t be any longer than a week). Either way, it’s worth confirming the timing with your provider before making a transfer.
There's a whole range of reasons why you might consider an international money transfer, including:
Gifting cash to family and friends abroad
Providing emergency funds to loved ones in need
Transferring part of your income back home (if you’re an expat)
Paying overseas bills, such as mortgage repayments and tuition fees (if you’re an international or exchange student)
Financially preparing for retirement abroad.
Specialist IMT providers offer a great example of how international money transfers work. The process is pretty simple and involves just a few steps:
Open an account. Set up an account online with your chosen provider. Have your ID documents ready (like your driver’s licence or passport) to verify your identity.
Transfer funds. Once verified, transfer funds from your bank to your new account in your local currency. You can also receive funds from overseas into this account.
Provide transfer details. Enter the recipient’s details: name, address, account number or IBAN, their bank’s name, and BIC/SWIFT code. Agree on the currency, amount, and fees.
Complete the transfer. After your funds are cleared, the provider will send the money. Transfers can take up to five business days but often clear within 24 hours for major currencies like the USD or EUR. Check with your provider for exact timings.
Collect the funds (if necessary). If the transfer is for cash pickup, let the recipient know where and when they can collect the money. They’ll need to bring valid ID and the transaction details, such as a reference or confirmation number, to the designated location.
As you start crunching numbers to figure out what the best IMT deal is for you, you can also go through our list of frequently asked questions to simultaneously get some of your queries answered.
Whether you’re an expat sending funds to family back home or you’re an investor handling a mortgage on an overseas property, chances are you'll need to make international money transfers every month or fortnight. But instead of going through the hassle of completing a new transaction every single time, it’s usually far more convenient to sign up for a regular payment plan with your IMT provider. This plan may work for people who:
Transfer the same amount each time
Want to secure an exchange rate for future transfers
Want peace of mind that their payments will stay the same for each transfer
Speak to your provider to see if they allow for regular scheduled transfers, and make sure you understand all the costs involved before hopping on board.
Absolutely! Opting to tie up with a service provider can save you both time and money. For instance, some companies may offer to lower or completely waive their commission if you set up a regular account with them, especially if you’re transferring above a specific amount. You may also be able to negotiate a transfer limit and lock in an exchange rate if your transfers stay fixed, helping to protect your money from any periodic negative fluctuation in rates.
If you’re planning on moving overseas permanently, then you may have to do things differently to a regular IMT transfer, as you’ll need to have access to the money the second you land.
When it comes to finding the best way to transfer large sums of money for your big move, the decision is up to you and what suits your situation the most. Here are your three options:
Spot rate contract: This 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. Bear in mind that even though these transactions would occur as soon as your provider has received your funds, they can take a bit of time to reach your chosen destination. For major currencies like USD, EUR or GBP, it could be 1-3 working days before the money enters your foreign bank account, and it may be even longer for less common currencies. So remember to factor in those timeframes to minimise delays.
Forward contract: This involves fixing the exchange rate that will apply to a future transfer, three months up to two years in advance. This is a great way to safeguard yourself against potential currency fluctuations. However, the downside of a forward contract is that you could potentially miss out on even better rates down the track.
Limit order: This allows you to nominate an exchange rate that you would like for your future transfer. Your IMT provider then monitors the market for you and will make the transfer only when the rate you’ve requested becomes 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 and may have larger minimum requirements for a transfer. Depending on the provider, this can be as much as $50K.
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 an electronic money transfer.
While using your bank is the more convenient option, it’s not always the cheapest way to transfer money overseas. Instead, you may find that specialist FX agencies offer more value for money, as they tend to have stronger rates and fewer fees. Plus, they often give their customers access to a wider range of currencies than banks and equip you with features like forward contracts and limit orders that your bank may be unable to.
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 on their website.
Depending on your provider, international money transfers from one bank account to another can take anywhere between 1-3 business days for major currencies, although some IMT specialists like OFX and TorFX also offer same-day transfers for frequently traded currencies like USD and GBP.
Transactions usually take a few days’ longer if you’re sending in more uncommon currencies (although they shouldn’t be any longer than a week). Either way, it’s worth confirming the timing with your provider before making a transfer.
Generally speaking, all reputable IMT specialists should be able to facilitate IMTs in popular currencies like the USD, GBP and EUR, and many may extend their services to less frequently traded currencies or more exotic countries too. You’ll need to get in touch with your provider or find a full list of offered currencies on their website for the specifics.
If you need a hand, our comparison table above can also help, as it gives you the option to search for providers in our database based on currency. Just scroll up and fill in the blanks, including the amount you want to move as well as your start and end currency, then click on the green ‘Go’ button to see which exchange rates are available for your transfer today.
There are two types of limits to watch out for: one that restricts how much you can send per transfer, and the other that restricts how much you can send over a certain period of time.
Some IMT specialists require a minimum amount for every transaction, ranging from $50 to $10,000, while many have little to no maximum limits. By contrast, with the big banks, your transfers will usually be capped at your ‘pay anyone’ limit (which may be $10,000 to $25,000 a day). For this reason, IMT specialists are often a more suitable option if you’re moving larger sums of money across borders.
Check our comparison table above for further details on each provider’s transfer limits.
Depending on the provider, transfer fees for your IMT could go anywhere from $0 to $32. However, even if your provider doesn’t directly charge any transfer fees, your transaction could still be subject to what’s known as ‘third party fees’. These are fees that your recipient’s bank may charge for processing your money transfer, and there’s not much you can do about them.
Yes, but only if your funds haven’t yet been picked up or deposited into another account. You can cancel your transfer by calling your provider or jumping online and doing it yourself. However, you may have to pay a cancellation fee.
Just bear in mind that any cancellations you request aren’t guaranteed to go through. For instance, if your money has already been processed by your receiving bank, it’s most likely too late to cancel, but you could still be hit with a cancellation fee regardless.
Your IMT tax obligations will come down to the source of the funds you’re receiving from abroad. The rule of thumb for an Australian resident is that if it’s income, then it’s taxable. This could include any money that you’ve earned from a business venture, employment or investment property. However, if it’s a cash gift or a one-time occurrence such as a lottery win, then the transaction is likely to have no tax implications.
But at the end of the day, it’s always best to seek out professional advice, as every person’s circumstances will differ, and there could be consequences if you don’t report your IMTs properly to the Australian Taxation Office (ATO).
For more information, read our article covering the ins and outs of international money transfer tax.
If you’re running a business, you’ll probably need to pay overseas suppliers or contractors at some point. The good news is, banks and IMT specialists usually extend their services to business money transfers, so you’ll have plenty of providers to pick from when making these international payments. Just as you would with a personal money transfer, it’s worth shopping around and looking out for features like high exchange rates, low to no fees, fast transfer speeds, few transfer limits and top-notch customer service. That way, you can ensure you’re getting the most bang for your buck while also minimising any delays to your payments.
The information on IMT rates is 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.
Mozo compares rates for many major IMT providers operating in Australia, including online-only foreign exchange specialists and the big four banks.
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