Bank-beating overseas money transfers
Using your existing bank to transfer money internationally might seem like the simplest option, but did you know that using a specialist transfer provider can make the process a lot more cost-effective?
By using a big bank to handle your overseas money transfers, you're more than likely being slugged with non-competitive exchange rates and high transfer fees. An ACCC report** revealed that the big banks are unlikely to offer the best deals when it comes to exchanging common currencies, like the US Dollar or the British Pound.
The report explains that if you’re planning to send an overseas money transfer of USD7000, you could save over $500 AUD by comparing exchange rates and opting for the cheapest IMT supplier instead of one of the big 4 banks.
The good news is that there are now a range of specialist money transfer companies beating the banks in Australia, with ultra competitive exchange rates, fee-free transfers, fast and secure online services, and specialist account support.
If you're sick of being robbed with extra fees every time you make a transfer or change over currency, find some of the top international money transfer providers in Australia right now.
BANK BEATING MONEY TRANSFERS
TorFX - International Money Transfer
- Excellent exchange rates that beat the banks
- Safe and secure transfers over the phone, via app or online 24/7
- No transfer fees or commission
TorFX has been taking on the big banks in Australia with ultra competitive international money transfer rates for over ten years. As a specialist money transfer provider, TorFX is dedicated to providing streamlined and cost effective transfers. Opening an account with TorFX is free and easily done online, and there’s no obligation to trade. Trading is fast, free and secure and you'll get a personal account manager to help you with the process.
Instarem - International Money Transfer
- Competes with the big banks by offering low exchange rates
- Transfers typically within one business day
- $0 minimum transfer amount
Instarem offers a specialist international money transfer service that skips out on big bank fees. Offering competitive exchange rates across currencies (generally between 0.25% and 1% per transfer), the minimum transfer with Instarem is just $50 AUD. As their name implies, Instarem focuses on speed, with most transfers happening within one business day.
Revolut - International Money Transfer
- Competitive exchange rates and low fees to pay
- Enjoy instant transfers between Revolut users
- Go global and send to 100+ countries in 30+ currencies
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).
Wise - International Money Transfer
- Beats the big banks by using the interbank rate
- No minimum transfer amount
- Safe and secure transfers available 24/7 online or via app
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. Wise is a 2024 Mozo Experts Choice Award winner^ for best international money transfer.
BANK BEATING BUSINESS TRANSFERS
WorldFirst - International Money Transfer
- Send and receive money in 40+ international currencies
- Collect payment from 100+ global marketplaces
- Xero integration for seamless bookkeeping
Go beyond borders with WorldFirst to make business money transfers easy all over the globe. WorldFirst’s currency conversion rates are transparent and they guarantee a margin of below 0.60%, keeping their transfers competitive. You can collect payments from more than 100 global marketplaces like Amazon and Ebay, with more than 40 currencies from all over the world available for you to send and receive money. WorldFirst integrates with Xero to make your bookkeeping seamless.
Want to compare today's international money transfer rates?
Compare top personal and business foreign exchange rates now at Mozo's international money transfer hub.
* 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
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**ACCC 2019 Foreign Currency Conversion Services Inquiry