Bank beating overseas money transfer rates


03 May 2021

Overseas money transfer girl article image content

Using your existing bank for international money transfers might seem like the simplest and most convenient option, but did you know that using a specialist transfer provider can make the process more streamlined and considerably more cost-effective?

If you're using a big bank to handle your overseas money transfers, you're more than likely being slugged with uncompetitive exchange rates and high transfer fees, according to a recent report from the ACCC which reveals that the big banks are especially unlikely to offer the best deals when it comes to exchanging common currencies, like the US Dollar or the British Pound.

As the report explains, if you’re planning to send an overseas money transfer of USD7000, you could save over AUD500 by opting for the cheapest IMT supplier instead of the most expensive big four bank.

The good news is that there are now a range of specialist money transfer dynamos taking on the banks in Australia, with ultra competitive exchange rates, fee-free transfers, fast and secure online services and specialist account support.

So if you're sick of being robbed every time you make an overseas money transfer, read on for the low down on three top specialist transfer providers taking on the big banks in Australia right now.


TorFX International Money Transfer
  • Excellent exchange rates that beat the banks

  • Safe and secure transfers over the phone or online 24/7

  • No transfer fees or commission

Our verdict

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, and its exceptional value saw it recognised for Best Value International Money Transfers in the 2017 Mozo Expert's Choice Awards. 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.

OFX International Money Transfer
  • Bank beating rates on global money transfers*

  • $0 fees on transfers over A$250 or equivalent

  • Hassle-free same day account openings

Our verdict

OFX has transferred over AUD$150 billion since 1998, and it's no wonder customers are loving them, given their competitive exchange rates and promise of no fees on transfers of $250 or more. You can transfer money to 190 countries in all the major currencies and a wide range of exotic ones too. What's more, OFX offers specialist 24/7 service over the phone and online. Transfers to most countries take 1-2 business days and you can track your transfer online or with the mobile app.

Send International Money Transfer
  • Exchange rates up to 8x cheaper than the banks*

  • Fee-free AUD transfers to over 200 countries

  • Mozo Experts Choice Winner 2020^

Our verdict

Since 2019, Send has been shaking things up with zero transfer fees and better exchange rates than the banks. So it’s little wonder that just one year after launching, Send impressed our expert judges and won a 2020 Mozo Experts Choice Award for best value International Money Transfers. Besides excellent pricing, Send is also committed to making  your transfers as hassle-free as possible. Signing up takes just a few minutes, while any money you’ve sent overseas should arrive in under 24 hours.

^See information about the Mozo Experts Choice International money transfers Awards

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.

*Want to know how these providers offer such big savings? Find out here at OFX and here at Send.