Bank-beating international money transfers

When it comes to sending money overseas, many people may default to using their bank. It's familiar, it's easy, and you probably already have an account set up. 

But what if using a dedicated international money transfer service could potentially save you money? In fact, it could be cheaper, faster, and more convenient than using your bank.

An ACCC report on transparency and competition in overseas money transfers found specialist providers deliver highly competitive exchange rates, undercutting the Big Four banks on price.

Every year, the Mozo Experts Choice Awards for International Money Transfers recognise the providers offering Australians the best value when sending money overseas. For the 2025 awards, Mozo’s research team assessed 28 IMT providers, analysing real exchange rates – not interbank or promotional rates – for transfers from Australian dollars to USD, GBP and EUR.

This year’s results were clear – non-bank providers came out on top, offering better value than the big banks, earning them their ‘bank-beating’ reputation.

Let’s dive into why international money transfer specialist services might be a great option.

You might think your bank’s transfer fees are standard, but chances are, you're paying more than you need to. Banks often add hefty markups on exchange rates, which means you’re losing money even before the transfer fee is applied.

• High fees. Banks typically charge both a fixed fee for sending money and a percentage of the transaction. These fees can quickly add up, especially for larger transfers.
• Poor exchange rates. Banks are known for offering less-than-competitive exchange rates. Even a small difference in rates can result in a significant loss of money, especially when transferring large amounts.
• Long transfer times. Bank transfers can take several days to complete, and sometimes, they get held up in processing. You can expect delays, particularly if you're transferring to a non-major currency.

Dedicated money transfer companies are designed to give you a better deal than traditional banks. Here’s how they stack up:

Cheaper fees and better exchange rates

Specialist providers like Wise, OFX, and Revolut typically offer lower fees and much more competitive exchange rates than big banks. In some cases, their exchange rates are close to the mid-market rate (the one you see on Google or XE.com), with little to no markup. Here’s a breakdown of the savings:

• Lower fees. Specialists often charge only a small, transparent fee, and sometimes none at all for certain transfers. In contrast, banks can charge a mix of fixed fees and percentage-based fees.
• Better exchange rates. A dedicated provider’s exchange rate might be a few cents better than the bank’s, which can add up to significant savings. For example, if you’re transferring $10,000 AUD to USD, you could potentially save hundreds of dollars if the money transfer service you chose simply offered a better rate than your bank.

Faster transfers

Time is money. Traditional banks can take days to process an international transfer, and the process isn’t always transparent. In contrast, many specialist services offer transfers that can be completed within minutes or within the same day.

• Instant transfers for certain currencies. Many providers offer the option to send money immediately, particularly when transferring to countries or currencies that are more commonly traded, such as the US dollar, Euro, or British pound.
• Track your transfer. You're typically provided real-time tracking of your transfer, so you always know where your money is.

Secure and hassle-free transfers

Security is a top priority for both banks and international money transfer companies, but specialist providers are often more flexible when it comes to ensuring a smooth, hassle-free process.

• Robust security measures. Just like banks, specialist providers are regulated and must adhere to strict security standards, such as encryption and fraud protection.
• Simpler process. The process of sending money with a provider is often more user-friendly. Most services allow you to send money directly from your phone or computer, with fewer steps and less paperwork.

More flexible options

International money transfer specialists are built to cater to a wider range of transfer needs. Whether you’re sending a one-off payment, paying for overseas services, or making regular transfers, these providers offer a variety of options that cater to different needs.

• Send money to anyone, anywhere. Many providers offer the option to send money to someone’s bank account, or to mobile wallets and even cash pickup locations in certain countries.
• Multiple payment options. You can often pay using different methods, such as bank transfer, credit card, or even PayPal, depending on the provider.

Using your bank for overseas money transfers might be convenient, but it may often be more expensive and slower compared to dedicated providers. With low fees, competitive exchange rates, fast processing times, and flexible transfer options, switching to a specialist international money transfer provider could potentially save you money and make the process more efficient.

If you’re looking to save on international transfers and avoid the pitfalls of bank fees, compare your options. Check out money transfer winners from the Mozo Experts Choice Awards 2025.